On 30 Mar 2023, Thailand enacted its domestic laws for the implementation of Automatic Exchange of Information (AEOI).

This Insight summarizes the enacted Thailand AEOI laws.

The Thailand AEOI Laws

The Emergency Decree Governing Exchange of Information for Complying with International Agreements on Taxation BE2566,gazetted on 30 Mar 2023, enacts Thailand's domestic laws for Automatic Exchange of Information, as follows:

Effective

From 31 March 2023.

The Laws

1. The Director-General of Revenue, as the competent authority of Thailand, has power to automatically exchange information with the competent authorities of participating countries.

2. The following are the Reporting Entities for which the Minister of Finance may prescribe duties to report to the Director-General of Revenue:

1. Financial institutions under the law governing financial institutions;
2. Securities companies under the law governing securities and exchange;
3. State-owned financial institutions established under their specific laws;
4. Life insurance businesses under the law governing life insurance;
5. Derivative businesses under the law governing derivatives;
6. Escrow agents under the law governing escrows;
7. Credit card business under the National Executive Council Notification;
8. Trustees under the law governing trusts for capital markets; and
9. Other entities as may be prescribed by the Minister.

3. The Minister of Finance may also prescribe exemptions for Reporting Entities to not have a duty to report to the Director-General of Revenue.

4. Reporting Entities shall arrange for customers to notify or confirm tax residency information at least every time a financial account is opened.

5. When customers notify or confirm tax residency information, a Reporting Entity shall perform due diligence procedures to determine whether or not a customer's account is reportable.

6. A customer's notification or confirmation of tax residency information and the due diligence procedures of a Reporting Entity shall be according to regulations.

7. If a Reporting Entity has determined a customer's account to be reportable, the Reporting Entity shall report the following information to the Revenue Dept by the 30th June after the end of a calendar year:

1. Information about the financial account owner or a person who controls the financial account - Name, address, Tax ID, date, month, year of birth, place of birth, and other information specified by the Director-General;
2. Information about the financial account - Financial account No., account balance or value, the amount of the income paid, and other information specified by the Director-General; and
3. Information about the Reporting Entity - Name and identification No. of Reporting Entity.

8. If a customer's account becomes a reportable account or it is not any longer a reportable account a Reporting Entity shall add it or delete it as the case may be.

9. A Reporting Entity shall keep the records of a reportable account and their due diligence procedures they performed for determining an account as a reportable account for 6 years from the end of the calendar year an account is reported.

10. The Director-General of Revenue has the power to issue orders to a director, manager or agent of a Reporting Entity to take action, provide statements or to submit explanations, documents or evidence as required.

11. If a Reporting Entity does not comply or does not report correct or complete information, the Director-General of Revenue has the power to order Reporting Entities to comply or to order corrections to be made to information reported.

12. If a Reporting Entity takes any action to change a reportable account to be a non-reportable account the Director-General of Revenue has the power to order Reporting Entities to comply and report properly.

13. For the purposes of commencement of Automatic Exchange of Information, a Reporting Entity shall review customer accounts that exist before the date of this Royal Decree, and if any customer's account is found to be subject to reporting, a Reporting Entity shall treat the account as a reportable account.

14. ​The rules and procedures for reviewing customers' accounts under 13 and the specified time for reporting to the Director-General of Revenue shall be according to regulations prescribed by the Minister.*

* The regulations prescribed by the Minister are Thailand's Common Reporting Standard (CRS) laws. See our page Common Reporting Std (CRS) Laws. 

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