From January 1, 2022, Thai financial institutions will be required to collect and share financial account and tax information with the Thai Revenue Department in order to comply with the automatic exchange of information (AEOI) requirements set by the Convention on Mutual Administrative Assistance in Tax Matters (MAAC).
On June 3, 2020, in Paris, Thailand signed the MAAC, and even if ratification by the August 31, 2021 deadline wasn’t made and Thailand was included in Annex II on the EU’s list of non-cooperative (grey list) jurisdictions for tax purposes, now Thailand is engaged.
The Convention enables jurisdictions to engage in a wide range of mutual assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations, and assistance in tax collection. It guarantees extensive safeguards for the protection of taxpayers’ rights.
Thailand has committed to undertaking its first exchange of information by September 30, 2023, meaning financial institutions such as banks, insurance companies, or investment companies will collect the relevant information on January 1, 2022.
Be aware that AEOI takes effect on businesses, and don’t hesitate to contact us about taxes and legal matters to comply with laws and regulations. If you are starting your business or expanding, our business lawyers can help, for more information please contact us.