BANGKOK, 15 July 2015 – The Ministry of Commerce is imposing an additional penalty on businesses that fail to submit their financial statement on time, by having the Revenue Department probe each of the businesses’ tax records for any irregularity.
Pongpun Gearaviriyapun (ผ่องพรรณ เจียรวิริยะพันธ์), director-general of the Department of Business Development, has disclosed revealed that some 100,000 juristic persons still have not submitted their financial statement even though the June 2 deadline has long passed. In addition to having to pay for the late penalty, the names of the businesses will be forwarded to the Revenue Department for the latter to inspect tax records.
Ms. Pongpun also disclosed that 5,161 new businesses were registered in June, which was 38 fewer firms, or 0.7%, than the figure from the same period of last year. She attributed the drop to the decline in the registration of businesses with more than 5 million baht worth of registered capital, which resulted from additional requirements of evidence of investment.
On the whole, some 30,000 businesses were registered in the first half of the year, which represented a 7% increase compared to that of the same period of the previous year. Business closure during the same period, however, increased by 18% to 6,898.