On 4 December 2019, the Department of Business Development (DBD), the Ministry of Commerce issued the Notification of the DBD Re: Rules and Procedures for Submission of Financial Statements B.E. 2562 (the Notification)

According to the Notification, effective from 1 January 2020 onwards, companies submitting hard copies of financial statements with the official in charge are also required to submit the financial statements electronically via the DBD e-filling system. Electronic submission must be done within seven days from the due date prescribed by the law, i.e., within one month from the date of the Annual General Meeting held to consider and approve such financial statements. The required submission period has changed from previously 30 days to seven days. In this regard, financial statements and supporting documents submitted via the DBD e-filing system must be accurate and complete in order for the company to be considered as submitting financial statements within the required time prescribed by the law.