Thailand

United States (US) Foreign Account Tax Compliance Act (FATCA)

The intergovernmental agreement (IGA) between the United States and Thailand regarding the US FATCA was signed on 4 March 2016.

The Director-General of the Revenue Department of Thailand, as the Competent Authority of Thailand, and the Competent Authority of the United States of America have signed the Competent Authority Arrangement (CAA) between the Kingdom of Thailand and the United States of America to support the implementation of the FATCA agreement. As a result, Thailand is now able to exchange information according to the FATCA agreement. Entities required to report can now report financial account information in accordance with the FATCA agreement through the International Data Exchange Service (IDES) from 27 June 2024.

Common Reporting Standard (CRS)

Thailand has joined the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) under the OECD. This move aims to enhance transparency in international tax administration and prevent tax evasion or avoidance.

As part of this commitment, Thailand has signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA CRS) and began the automatic exchange of financial account information according to the CRS in September 2023.