FATCA: Thai Cabinet Approves Draft

On 3 September 2013, the Cabinet agreed a draft negotiation framework for the cooperation in international taxation and the implementation of the Foreign Account Tax Compliance Act provisions between the governments of Thailand and the United States and passed to Parliament for further approval.

Keywords: Mazars, Thailand, Tax, FATCA

10 October 2013

Under this agreement, financial institutions in Thailand and the United States will communicate to their respective tax authorities information regarding financial accounts maintained by their residents, and this information will be automatically exchanged between the tax authorities using a standardized procedure.