Thailand and USA To Enter Tax Sharing Agreement

The Thailand Revenue Department ammounced that Thailand will aid the US with enforcing the Foreign Account Tax Compliance Act (FACTA) by the end of 2014 by entering into a tax sharing agreement.

FACTA is a US federal law which requires Americans (including nationals living abroad) to report any financial accounts and assets held in foreign countries to the US government.

The Thai Revenue Department and the US Treasury will share financial information from banks, mutual funds and life insurance firms.

It is thought a further 80 countries are in talks with the US about entering similar agreements.