Transcript of the above video:

As the title of this video suggests, we are discussing the calendar year as opposed to the tax year here in Thailand. We are talking about this from the standpoint of what are called Audited Financial Statements which have to be undertaken on a yearly basis in order for a Company in Thailand to maintain both corporate compliance and tax compliance in order to continue operating on a year to year basis.

What we are talking about here is you may have actually your tax year set to operate simultaneously with the calendar year. So you may have your tax year set as it ends on December 31^st and it begins on January 1^st. Although that may not be the case if you form your company in the middle of the year, you may opt to have your tax here be a full year from that time and have that tax year end a year from your beginning. In most cases where we see incorporations happen, folks kind of like to do that although there is something to be said for just doing everything on the calendar year because in a sense, well this is the accountant side of the firm talking, they sometimes like it because it makes everything cleaner. I also think maybe they want to get everything done all at once and then January is kind of a rest period.

That being said, it just kind of depends on the circumstances of your company but understand the tax year for a given company may not be the calendar year. It may not even be for example something akin to a fiscal year. Instead it is just that Company's particular tax year, when their tax year has ended and they need to go ahead and deal with matters pertaining to compiling, filing and processing their audited financial statement.