accountants and business advisers
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.
Due diligence is critical in today’s business environment as regulator, shareholder and public scrutiny is greater than ever. At PKF, our business intelligence offering is designed to provide our clients with the necessary information to minimise the risks associated with a variety of commercial transactions including mergers and acquisitions, appointment of channel partners, procurement and/or pre-approval of contractors, appointment of senior executives and many more.
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 12 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 12 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.
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