accountants and business advisers
News - 29 03 2018
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.
News - 01 02 2018
Continuing our focus on cyber-security as Thailand prepares for Thailand 4.0. Another year behind us as technology marches onward. The pace is breathtaking: remember describing to your grandparents how a fax machine works? Now, try explaining the “cloud” or “wifi” or “cryptocurrency.” With these awesome cyber capabilities comes a need for heightened awareness. Just as brilliant as the minds are that bring us these new technologies, so are the minds of the bad actors working to take advantage of them.
The conditions for the new SMART VISA in Thailand have just been announced on the 14th January and can be applied for from the 1st February. Some commentators have suggested that the “Smart” in Smart Visa applies to those who can understand how the qualifications actually work. This may also be why the BOI estimates only 1,000 people are expected to apply for them this year. Our smart team get to work on breaking it down for you.
Thailand and many other countries are looking more closely at VAT paid by e-commerce companies especially those shipping across borders. With internet sales rapidly increasing year on year, we can get some insight from measures the EU is putting into place to simplify VAT for online businesses to combat VAT fraud. These rules were adopted in December 2017, coming in to effect from 2019.
News - 23 01 2018
PKF in Thailand has dramatically expanded its highly skilled Assurance team with the addition of PKF Fidelity Audit to its family of PKF companies in Thailand. The newly added all-Thai team consist of 3 Partners – all ex-management of one of the Big 4 - with nearly 100 years of combined experience, and adds another highly skilled team of Assurance professionals. It also further deepens PKF’s commitment to help build the accounting profession in Thailand in policy and education.
News - 05 01 2018
A data strategy does not need to be complicated. In fact the best data strategy can often fit on the back of a napkin. The key is to keep it clean and lean – focused on the key items that will add real value to the business.
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