accountants and business advisers
News - 05 Jan 2018
Continuing our focus on cyber-security as Thailand prepares for Thailand 4.0. This month’s update runs the gamut: from shopping scams to hackers-for-hire; from schools being targeted to cryptocurrency security bugs. While efforts are being made by the best and the brightest among us to ensure the protection of our data and its use, we still have to face the possibility that we will become victims — as they say “it’s not if, it’s when.”
One of the Department of Business Development’s (DBD) Missions in Thailand is “strengthening corporate governance”. Recently the DBD published examples of errors found from their investigation in to work performed by accounting professionals. Apart from punishments available under the Accounting Act B.E. 2543 (2000) this can cause serious issues for a) the client - who may find financial (or even criminal) issues accumulating over time and b) the accounting firm – suffering severe reputational harm. We translate and summarise the advice from the DBD on “Ethical Problems facing Professional Accountants and Auditors”.
News - 13 Dec 2017
Anticipating a pickup in middle-market mergers and acquisitions (M&A) next year, having a detailed quality of earnings (QE) report as part of the due diligence process will be key in getting any deal across the finish line.
News - 12 Dec 2017
Anyone with international cross-border business will have, or certainly should have by now, heard about “Transfer Pricing” and “Base Erosion Profit Shifting” (with the more cuddly-sounding but still-take-it-seriously acronym “BEPS”). This Tax publication provides a comprehensive overview of the implementation of BEPS action 13 (there are 15 action points in total). It covers documentation standards but also deals with specific local requirements in some countries on domestic exemptions, timing and penalty regimes.
Continuing our focus on cyber-security as Thailand prepares for Thailand 4.0. Here is a round-up of key cyber-attacks from around the world in the last month on for-profit, non-profit, publicly-listed and government-related entities.
After a previous article concerning the changes in retirement age in the Amended Labour Protection Act in Thailand we had some questions relating to a) What if we had already had a policy of 55 years old before the changes? b) What if our retirement age was set to more than 60? c) What if we had no policy before? and d) What if we had a policy but the amount of compensation is less than the rate of severance pay for termination in the case of Section 118? Our Corporate Legal team are on the case and answering your questions.
News - 23 Nov 2017
Our Autumn Budget 2017 edition of Tax Insights provides a summary of the Chancellor's main announcements. We analyse not just the headline measures but also the less-publicised changes that are likely to affect you and your business.
News - 13 Nov 2017
For the 3rd year running the Thai government have announced tax breaks on a number of items aimed at individual taxpayers as they do their shopping on the run-up to Christmas and New Year. Each year the time period has extended, the allowable goods and services has expanded and the eligible retailers and distributors has grown. In 2015 it lasted only 7 days whilst in 2016 it lasted 18 days. This year it will run from 11th November to 3rd December – 23 days, expanding to items like air tickets (if VAT is payable on them and travel is within this period). Whilst this has been gratefully received by tax payers in Thailand not everyone is clear on how it actually works. Our Tax team break it down and explain how you can take advantage of these tax breaks.
Every year PKF produces the “Worldwide Internationally Mobile Employee Guide”. The latest version is dated October 2017. This provides details of the rules and regulations for employment and Personal Income Tax for those working in countries across the world. The full text of the Thailand entry to be publication is in the attached link, as well as a link to the full global guide.
In this final quarter issue for 2017, the PKF Worldwide Tax Update newsletter again brings together notable tax changes and amendments from around the world, with each followed by a PKF commentary which provides further insight and information on the matters discussed. PKF is a global network with 400 offices, operating in over 150 countries across our 5 regions, and its tax experts specialise in providing high quality tax advisory services to international and domestic organisations in all our markets.
For more information on how our services can help your business get in touch.