From the 1st January 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).

In 03rd June 2020 in Paris, Thailand signed the MAAC and even if ratification by the 31 August 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 undertake its first exchange of information by 30 September 2023, meaning financial institutions such as banks, insurance companies or investment companies) collect the relevant information from 1 January 2022.

Be aware, and don’t’ hesitate to contact us about taxes and legal matters to comply with law and regulations. More information please contact us.