Deputy Spokesman for the Prime Minister’s Office reveals that the Cabinet has passed two draft Ministerial Regulations prescribing rules for exchanging Thai-US tax information. Prevent international tax evasion
Today (25 Jan.), Ms. Ratchada Thanadirek, Deputy Spokesperson for the Prime Minister’s Office Revealed the results of the Cabinet meeting (Cabinet) on January 24, 2023 that the Cabinet approved the draft Ministerial Regulation No. .. (B.E. ….) issued under the Operations Act. By agreement between the Government of the Kingdom of Thailand and the Government of the United States of America For cooperation in improving compliance with international taxation B.E. 2560, totaling 2 copies as proposed by the Ministry of Finance To provide reporters and officials with rules for complying with tax information exchange agreements.
In 2016, Thailand signed an agreement between the Thai government and the United States government for cooperation in improving international tax compliance and implementation of FATCA (Foreign Account Tax Compliance Act). United States of America To prevent tax evasion in international financial transactions. Thailand has therefore issued the Agreement on the Implementation of the Agreement between the Government of the Kingdom of Thailand and the Government of the United States of America for Cooperation in Improving International Taxation Compliance B.E. And proceeding according to FATCA by prescribing criteria for collecting and submitting information to officials. Therefore, the Ministry of Finance has drafted 2 ministerial regulations issued under the Act. The details are as follows:
The first issue is a draft ministerial regulation prescribing rules, procedures and conditions for the reporter to collect and submit the reportable information to the competent authority B.E. Gather information and submit it to the Minister of Finance or his authorized representative. Including the duty to store information for the purpose of auditing as follows:
1. Determine the duties of the person responsible for reporting. by collecting the information that must be reported to authorized authorities, such as financial account information, tax information such as 1) name, address and US Tin (tax identification number of a US person), 2) account number, 3) or identification number of a Thai financial institution must be reported, etc.
Person responsible for reporting
2. Person responsible for reporting Information must be submitted by June of the following year. from the last day of the calendar year of the acquisition of the reporting information
3. Submission of information will be considered complete. When the Thai authorities have approved and submitted the data through the IDES (International Data Exchange Service) system.
4. The person responsible for reporting must keep the customer’s information and documentary evidence for at least 6 years from the year the information was received.
The second issue is a draft ministerial regulation stipulating the criteria and procedures for requesting a status certificate or not. is responsible for reporting B.E. Applying for a certificate of status as a person responsible for reporting Time frame for submitting an application and the procedure for considering the status of the person with the duty to report as follows:
1. Person entitled to apply Must be a person or juristic person with a duty to report according to Act under the Agreement between the Government of the Kingdom of Thailand and the Government of the United States of America B.E. Derivatives 6) Custodians according to the law on escrow 7) Credit card operators and individuals who conduct securities depository or investment business
2. Submit a request for a certificate of status and supporting documents as required. through the website of the Revenue Department
3. Set up a committee to consider the status certificate. by the Minister of Finance appointed The duties and responsibilities are: 1) to consider requests for the issuance of status certificates; 2) to give opinions and recommendations to the competent authorities.