On 27 June 2024, a press conference was held that Thai Revenue Department initiates Financial Account Information Exchange under the Foreign Account Tax Compliance Act (FATCA Agreement) with the United States. As Thailand signed an agreement between the Government of the Kingdom of Thailand and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA for cooperation in improving international tax compliance. The agreement facilitates the automatic exchange of financial account information. The purpose of this agreement is to prevent international tax evasion, enhance tax transparency, and improve the efficiency of government tax administration.
The Revenue Department of Thailand announces that the Director-General of the Revenue Department of Thailand, as the authorized competent authority, has signed the Competent Authority Arrangement (CAA) with the United States. This arrangement supports the implementation of the FATCA agreement. Consequently, Thailand is able to exchange information under the FATCA agreement. Reporting entities can submit financial account information under FATCA through the International Data Exchange Service (IDES).
However, the Revenue Department informed, that due to the improvement on technical difficulties on IDES system of the United States, which requires system testing for data submission in July 2024, the Revenue Department will grant a relaxation of fines or penalties for reporting under the FATCA agreement during 2024. The person who has duty to report can submit a report through the IDES system by 30 September 2024.