On February 23, 2021 at the Government House, Ms. Ratchada Thanadirek, Deputy Spokesman for the Prime Minister’s Office. Announce the results of the Cabinet meeting (Cabinet) that the Cabinet has passed a resolution approving a draft Royal Decree (Royal Decree) prescribing rules and conditions on the type, nature, size of service or transactions of persons charged with reporting. …. (US accounting data report in Thai financial institutions As stipulated in the agreement The US government also has to report), as the Thai and US governments have concluded a cooperation agreement on improving international tax compliance and implementation of the Foreign Account Tax Compliance Act: FATCA, which aims to provide Mutual assistance in taxation through an automated information exchange operating system There will be no double taxation and prevent tax evasion with respect to taxes on income.
It is also for the agreement to have legal force. The Act on the Compliance with the Agreement between the Government of the Kingdom of Thailand and the Government of the United States has been issued. For cooperation in improving compliance with international tax 2017 and taking effect From February 18, 2017 to enable Thai financial institutions to comply with the Agreement. Correctly
The essence of the report is to be assigned as follows: 1. Financial Institutions under the Financial Institutions Business Law 2. Securities companies under the law on securities and exchange. 3. Financial institutions of the state established under specific laws. 4. People who have a license to operate the life insurance business under the law on life insurance and people who have a license to operate the life insurance business under the law on non-life insurance
5. Derivatives business operator under the derivatives law 6. The escrow agent of the counterparty under the contract’s stewardship law. 7. Credit card business operators and 8. Any other person engaging in securities depository business, depository deposit or investment business.
Except for the person who is not responsible for reporting under the Agreement Or has no reporting duties, or is exempt from reporting by type, nature, size, or service or transaction as stated in Annex 2, or as required by the U.S. Treasury Regulations.
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