Chapter 2 Person
Having the Duty to Keep Accounts
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Section 8. A registered partnership, limited company, public limited company established under a Thai law, juristic person established under a foreign law engaging in a business in Thailand, joint venture under the Revenue Code, shall be the person having the duty to keep accounts, and must provide the bookkeeping for its business operations in accordance with the details, rules and procedures prescribed under this Act.
Where the person having the duty to keep accounts engages in a business regularly in many separate places, the person responsible for the business management of such places shall have the duty to keep accounts.
Where the person having the duty to keep accounts is a joint venture under the Revenue Code, the person responsible for the operations of such business shall have the duty to keep accounts.
The Minister with the approval of the Cabinet shall have the power to notify in the Government Gazette in order to prescribe that any natural person or unregistered partnership engaging in any kinds of business in Thailand under any conditions shall have the duty to keep accounts under this Act.
Such notification of the Minister under paragraph four shall be notified in the Government Gazette in advance not less than six months before the enforcement date.
Where there is the notification of the Minister under paragraph four, the Director-General shall prescribe rules and procedures concerning the commencement date of bookkeeping, and shall prescribe the procedures of keeping accounts of such natural person or unregistered partnership.
Section 9. The person having the duty to keep accounts must provide the bookkeeping as from the commencement date of bookkeeping, as follows:
(1) A registered partnership, limited company or public limited company, shall commence the bookkeeping from the registration date to be a juristic person under the law of such registered partnership, limited company or the public limited company.
(2) A juristic person established under a foreign law engaging in a business in Thailand, shall commence the bookkeeping from the date such juristic person established under the foreign law starts its business operations in Thailand.
(3) A joint venture under the Revenue Code, shall commence the bookkeeping from the date such joint venture starts its business operations.
(4) A place operating business regularly under Section 8 paragraph two, shall commence the bookkeeping from the date such place operating business regularly starts its business operation.
Section 10. The person having the duty to keep accounts must close the accounts for the first time within twelve months from the commencement date of bookkeeping as prescribed under Section 8 paragraph six, or from the commencement date of bookkeeping under Section 9, depend on the case, and shall close the accounts every twelve month thereafter, except:
(1) When a change of the accounting period is approved by the Chief Accounts Inspector or the Accounts Inspector, the accounts may be closed before the completion of the required twelve months.
(2) Where having the duty to keep accounts under Section 8 paragraph two, the accounts shall be closed at the same period with the head office.
Section 11. The person having the duty to keep accounts who is a registered partnership established under a Thai law, a juristic person established under a foreign law, and a joint venture under the Revenue Code, must prepare and submit financial statement to the Central Accounts Office or Local Accounts Office within five months from the day the accounts are closed under Section 10. For the case of a limited company or a public limited company established under a Thai law, the financial statement shall be submitted within one month from the day the general meeting approves such financial statement. In this respect, except there is a necessity that the person having the duty to keep accounts cannot perform within the specified period, the Director-General may consider the order to extend or postpone the defined time according to the necessity in each case.
The submission of financial statement shall be in accordance with the rules and procedures prescribed by the Director-General.
The financial statement must contain brief particulars as prescribed and notified by the Director-General with the approval of the Minister, except there is a specific law prescribing in addition to the brief particulars in the financial statement prescribed by the Director-General, brief particulars prescribed in such specific law shall be used.
The financial statement must be audited and expressed an opinion by an authorized auditor, except the financial statement of the person having the duty to keep accounts which is a registered partnership established under a Thai law having any one or every item of capital, assets, or income less than the value prescribed by the Ministerial Regulations.
Section 12. In the keeping of accounts, the person having the duty to keep accounts must deliver the relevant documents used in the entry of accounts to the bookkeeper precisely and completely, so that the accounts prepared show results of the operation, financial status or changes in financial status in accordance with the facts and accounting standards.
Section 13. The person having the duty to keep accounts must keep the accounts and the documents relevant thereto at the place of business, or the regular place of production or storage of goods, or the regular place of work, except the person having the duty to keep accounts shall get a permission from the Chief Accounts Inspector or the Accounts Inspector to keep the accounts and the documents relevant thereto elsewhere.
The application for permission and the granting thereof under paragraph one shall be in accordance with the rules and procedures prescribed by the Director-General. And during the pending period of the granting, the person having the duty to keep accounts shall temporarily keep the accounts and the documents relevant thereto at the place being applied.
Where the keeping of accounts is operated by computer or any other equipment at any other places within the kingdom than the places prescribed under paragraph one, but there is a link from computer network or such equipment to the places under paragraph one, in this case it shall be deemed that the accounts are being kept at the places under paragraph one.
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