The Bangkok Post reports that it is going to become a lot harder to use overseas account to hide investments from US tax collectors.
More than 77,000 foreign banks investment funds and financial institutions have agreed to share information about US account holders with the Internal Revenue Service to try and crack down offshore tax evasion.
Nearly 70 countries have agreed to share information with the US including Switzerland, the Cayman Islands and the Bahamas, all popular choices for offshore bank accounts with US citizens.
The Foreign Account Tax Compliance Act was implemented in 2010 and was designed to encourage foreign financial institutions to share information about US account holders.
However banks in many countries are prevented from sharing account information with foreign governments due to local privacy laws.
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US Thailand Double Taxation Treaty
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