The Organisation for Economic Cooperation and Development (OECD) in late January 2017 announced that Thailand has joined the Global Forum on Transparency and Exchange of Information for Tax Purposes as its 139th member.
The Thai Revenue Department subsequently explained that by joining the Global Forum, Thailand is committing to update its reporting standard to be in accordance with the common reporting standard (CRS) provided by the OECD, which requires members of the Global Forum to annually and automatically report financial information.
Thailand now must enact a law to direct financial institutions in Thailand to comply with the CRS requirements; however, it is still in an early stage. The Thai Revenue Department said that there will be an OECD first peer review in 2018, regarding compliance under the Global Forum. There currently is no specific requirement or enforcement in Thailand regarding the CRS, but it is expected to be in full force by 2022.
At present, Thailand can provide and exchange financial information upon the request by other countries through the exchange of information clause in double tax treaties.
For more information, contact a tax professional with the KPMG member firm in Thailand:
John Andes | +66 2 677 2430 | firstname.lastname@example.org
Kaewta Winyoopradist | +66 2 677 2557 | email@example.com
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