Regulatory offense, accusations, penalties and correct practices when the company financial statements submission is not found.
Accusation of Regulatory Offense
The Company/Limited Partnership has responsibility to submit financial statements to the Department of Business Development or the Office of Provincial Commercial Affairs within 1 month from the date that the financial statements are approved at the annual general meeting, according to Section 11, paragraph one of the Accounting Act B.E. 2543.
If the company does not proceed for such, it committed an offense under section 30 of the Accounting Act B.E. 2543 and must pay a penalty not exceeding Baht 50,000. As a company’s director who is responsible for the company’s operations, the aforementioned offense was caused by an order or an act of omission, which led to the company committing the offense. Therefore, the company committed an offense under Section 40 of the same Accounting Act and must pay a penalty not exceeding Baht 50,000 on another basis.
Regulatory Offense Penalties
Upon the company’s admission of such offense, it is obliged to pay the penalty of Baht 12,000 and you will receive a receipt (blue paper) as evidence of payment. If you choose to clarify, the company must provide a valid reason that the company’s financial statement has been submitted, along with supporting evidences. Or if there is a reasonable cause, such as fire, flood, or other clear reason, you can explain to request a reduction or alleviation of the penalty (which we do not recommend for this).
How to proceed after receive the regulatory offense letter?
When the company receives the letter- report an allegation, you have 30 days to complete the process which:
- To clarify and correct the allegations or
- Admission and take action
Remark: After the deadline, the government official will consider the penalty order as a regulatory offense and has a statute of limitations for 2 years.
Panwa Accounting provides services for contact with the Department of Business Development on your behalf, along with paying penalties