Period Extension for Submission of the Audited Balance Sheet and Financial Statement

Due to Covid-19 pandemic and the government has issued the defensive measure to restrict areas in order to limit the spread of coronavirus, the Department of Business Development, Ministry of Commerce (“DBD”) had then additionally issued the Announcement of the Department of Business Development, Re: Extension Period for Submission of the Audited Balance Sheet and Financial Statement for Partnerships, Entities Incorporated under Foreign Law  Operating Business in Thailand and Joint Venture under Revenue Code, B.E. 2564 (2021) on 3 May 2021 to align with the said measure.

The said DBD’s Announcement allows partnership, entity incorporated under foreign law operating business in Thailand and joint venture under Revenue Code that have the fiscal year ended during 1 December 2020 - 31 December 2020 to submit their Audited Balance Sheets and Financial Statements by 30 June 2021.

Unlike private/public limited company, please note that partnership, entity incorporated under foreign law and Joint Venture under Revenue Code are not required to organise the annual general meeting of shareholders to approve their audited balance sheets and financial statements for the recent fiscal year ended. Hence, the DBD’s Announcement on Organizing a corporate meeting under the Announcement of the Provinces, Re: Order to close premises temporarily issued on 26 April 2021 is not beneficial to those three business forms. Thus, the DBD issued this Announcement to support partnership, entity incorporated under foreign law and Joint Venture under Revenue Code  in case they have difficulties and are unable to submit the audited balance sheets and financial statements within the regular timeline as prescribed by the law.