FATCA: Where Does Thailand Stand?

The U.S. Treasury recently released its final regulations regarding the Foreign Account Tax Compliance Act (FATCA). FATCA requires international financial institutions to report on information regarding the holdings and accounts of U.S. taxpayers living abroad.

But countries who comply with FATCA are not going to have an easy time. Reporting on all foreign accounts will be an expensive and time-consuming process for financial institutions.

Will Thailand oblige?

The Nation reported that the Thai Bankers Association and the Federation of Thai Capital Market Organisations are asking for the Thai government to enter into an Intergovernmental Agreement (IGA) with the U.S. An IGA would require both small and mid-sized Thai financial institutions, as well as larger ones who already have contracts with U.S. markets, to be compliant with FATCA.

For these smaller institutions that wouldn’t otherwise enter an IGA, it would cost them a significant amount in compliance costs and burdens.

Read the full article here.

Related texts: The Income Tax Treaty Between the U.S. and Thailand 

Related blog posts: Expats on Alert with New U.S. Tax Law

The U.S. Hire Act

If you’re looking for US lawyers in Thailand, consider Chaninat and Leeds. The American and Thai attorneys have been handling international cases for decades.