accountants and business advisers
News - 07 05 2018
Continuing our focus on cyber-security as Thailand prepares for Thailand 4.0. In such a connected world, these global cyber-happenings have important implications for any Thai organization operating in today’s digital age. This edition includes a cyber-attack on a petrochemical plant in an attempt to trigger an explosion as well as attacks on the US energy grid.
New fee rates for registration of partnerships and limited companies were announced in the Government Gazette on 20th April 2018 meaning the date for these to become effective was 21st April 2018. The new rates provide flat rates for establishing partnerships and limited companies and also give discounts for e-registration and special development zones. Our team have translated the Thai text and it can be found in the attached link.
The 19th century thinker Elbert Hubbard said “The typical accountant is a man, past middle age, spare, wrinkled, intelligent, cold, passive, non-committal, with eyes like a cod-fish; polite in contact but at the same time unresponsive, calm and damnably composed as a concrete post or a plaster of Paris cast; a petrification with a heart of feldspar and without charm of the friendly germ, minus bowels, passion or a sense of humor. Happily they never reproduce and all of them finally go to Hell.” Of course today we know that is not true, But what about the future accountant? Do they even have a job? Andrew McBean writes about Digital Disruption in the accounting industry.
PKF will shortly publish its Worldwide Tax Guide for 2018/19. The seasoned professionals from our tax team in Thailand submitted a 13 page summary for that guide which will be useful for anyone doing business in, or looking to do business in, Thailand.
News - 29 03 2018
PKF O’Connor Davies through their subsidiary O’Connor Davies Administration, LLC have announced the launch of a new administration service offering for cryptocurrency hedge funds. Also announced was news that three cryptocurrency hedge funds already rely on their team to provide fund administration services.
Continuing our focus on cyber-security as Thailand prepares for Thailand 4.0. Welcome again to the month’s multifaceted world of cyber criminality. Precipitated by spoofing, spamming, sniffing, sandboxing, phishing, spyware, ransomware, adware, etc., the results are an almost infinite number and variety of cyber crime. All aspects of our individual and business lives are now infused with electronic technology of some sort. It’s unavoidable and, actually, should be welcome because it empowers us. BUT knowing the vulnerabilities for ourselves and our businesses is the first step to self-preservation and from there we can go on to use the technology to its utmost benefit.
News - 02 03 2018
On 3rd January 2018, Thailand’s Cabinet approved the draft Transfer Pricing Law and it is effective for tax year 2017. This means that any company with revenues “not less than 30m” must complete a Transfer Pricing Disclosure Form (interestingly a form which does not yet exist), and Transfer Pricing Documentation with their tax return of 2017.
Continuing our focus on cyber-security as Thailand prepares for Thailand 4.0. Back in the 1980s, in addition to fire and flood precautions, safeguarding company equipment and documents came down to a “key” to a door and/or to a file cabinet and maybe a “combination” to a safe or a vault. These days, the pervasiveness of technology-driven security cameras provides additional protection for us and our property. If we back-up our electronic documents offsite, should a fire or flood (or other natural disaster) occur today, data loss can be greatly mitigated — thus leaving us with our major challenge: restricting access to our electronic data by outsiders.
The Tax Cuts and Jobs Act Bill was passed by the US Congress on December 20, 2017. The Act contains significant tax changes which clearly require separate analysis to see how specific provisions impact each individual. Most of the individual provisions are effective from January 1, 2018 through December 31, 2025, then sunset back to the law as it was in 2017 unless otherwise changed or extended. The new legislation presents many opportunities and, of course, potential pitfalls. Our team at PKF O’Connor Davie team starts examining these.
Coming into force on 25th May 2018 the GDPR strengthens all data protection rights for EU individuals and this new legislation will affect any European member state business offering goods or services. With the existing laws overdue for revision and varying between countries, the GDPR will provide more consistent protection of personal data rights. It has some sharp teeth if you fail to comply.
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