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
Thailand's Royal Decree Governing the Exchange of Information for Internation'l Agreements on Taxation BE 2566, gazetted on 30 Mar 2023, enacts the domestic laws for Exchange of Information on Request and for the Automatic Exchange of Information under the Convention.
A summary of the enacted laws for the Automatic Exchange of Information is as follows:
Applicability
Financial account information as at the end of the 2022 calendar year and each calendar year end thereafter.
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 may prescribe reporting responsibilities to the Director-General of Revenue:
Financial institutions under the law governing financial institutions;
Securities companies under the law governing securities and exchange;
State-owned financial institutions established under their specific laws;
Life insurance businesses under the law governing life insurance;
Derivative businesses under the law governing derivatives;
Escrow agents under the law governing escrows;
Credit card business under the National Executive Council Notification;
Trustees under the law governing trusts for capital markets; and
Other entities as may be prescribed by the Finance Ministry.
3. Reporting Entities shall arrange for customers to notify or confirm tax residency information at least every time a financial account is opened.
4. The Reporting Entities and the financial accounts under the previous paragraphs shall be those prescribed in a Ministerial Regulation.*
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. The customer's notification or confirmation of tax residency information and the Reporting Entity's due diligence procedures shall be according to prescriptions in a Ministerial Regulation.*
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, or other date specified by the Director-General of the Revenue Department:*
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;
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
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.
* The prescriptions in the Ministerial Regulations and by the Director-General of Revenue are the Thailand Common Reporting Standard (CRS) laws. See our page Common Reporting Standard (CRS) for these laws.
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