Tuesday, June 17, 2014

Thailand Close To Agreeing Tax Information Sharing Agreement With US

The Thailand Revenue Department has announced that Thailand and the USA have tentatively agreed to a tax information sharing agreement.  Pursuant to the agreement the Thai Revenue Department and the US Treasury will share the financial information of citizens of both countries including banks, mutual funds and life insurance firms.
The USA has been increasing awareness and enforcement of the new Foreign Account Tax Compliance Act (FACTA). According to the term sof the agreement, Thailand would assist the US in collecting information they need to enforce FACTA with regard to US nationals holding assets outside of the USA. 
Chaninat & Leeds law firm in a Bangkok based full service law firm assisting new and existing commerical ventures with  Thailand company registration 
FACTA is a US federal law which requires Americans, including expatriates (they have no exemption)  to file an annual report to the US Treasury Department, regarding any financial accounts or assets held in foreign countries.
Another 80 countries are in talks with the US regarding similar agreements for tax information sharing.

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