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Buchhaltungsgesetz
Accounting Act B.E. 2543 (2000)
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Kurz gesagt
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Section 8: Duty to keep accounts
Registered partnerships, limited companies, public companies and foreign entities operating in Thailand, including joint ventures, must maintain proper bookkeeping records. This obligation matters for developers and property-holding vehicles owned by foreign investors, since non-compliance can jeopardize corporate standing and property transactions.
Section 9: Commencement of bookkeeping
Bookkeeping duties begin from the date of registration, establishment, or commencement of business operations in Thailand. Foreign-owned property companies must start compliant accounting immediately upon formation, which affects timing for opening bank accounts and completing land or condominium purchase registrations.
Section 11: Appointment of a bookkeeper
Every accounting entity must appoint a qualified bookkeeper meeting prescribed standards. Property-holding companies used by foreign buyers to acquire condominium units or leasehold rights must ensure a properly qualified person manages their financial records at all times.
Section 12: Accounting period
An accounting period generally spans twelve months, though a shorter first period is allowed for newly formed entities. This provision affects the initial financial reporting cycle of newly incorporated property investment vehicles or joint ventures established for real estate projects.
Section 13: Language and currency of accounts
Accounts must be kept in Thai language and Thai currency (Baht), though foreign language notations may accompany entries under certain conditions. Foreign-owned companies purchasing property must ensure their bookkeeping complies with these formal requirements to avoid regulatory issues.
Section 14: Supporting documents for entries
Every bookkeeping entry must be supported by proper documentary evidence such as invoices, receipts or contracts. Real estate transactions, including deposits, installment payments and transfer fees, must be documented accordingly to satisfy statutory bookkeeping evidentiary standards.
Section 15: Retention of accounting records
Accounting books and supporting documents must be retained for a minimum period, generally five years, and may be extended for certain entities upon request. Property companies should retain transaction records related to land, buildings and unit sales for audit and dispute purposes.
Section 17: Preparation of financial statements
Registered entities must prepare financial statements according to prescribed accounting standards and submit them within statutory deadlines. Real estate development companies and property funds must ensure timely and accurate financial reporting to maintain good standing with authorities.
Section 19: Submission of financial statements to authorities
Financial statements must be filed with the designated government registrar within a specified period after the close of each accounting year. Property companies must comply to avoid penalties that could affect their capacity to hold or transact in real estate.
Section 20: Penalties for non-compliance
Failure to keep proper accounts, retain documents, or submit financial statements may result in fines imposed on the entity and responsible individuals. Foreign investors managing Thai property-holding companies should ensure strict compliance to prevent legal and financial exposure.
Section 21: Ministerial regulations and standards
The Minister is empowered to issue regulations specifying accounting standards, formats and procedures for different categories of entities. These rules can directly affect how property companies, especially those with foreign shareholders, structure and present their financial records.