• Locations
  • Desks
  • Awards
  • Careers
  • Solutions
  • Teams
  • Insights
  • Our Firm
  • Locations
  • Desks
  • Awards
  • Careers
© Copyright DFDL 2023. All Rights Reserved.
  • Privacy Policy
  • Solutions
  • Locations
  • Teams
  • Insights
  • Our Firm
  • Search
  • Contact Us
  • Back
Legal and Tax Updates

Thailand Tax Update: Thailand Becomes the 137th Signatory State to The Multilateral Convention on Mutual Administrative Assistance in Tax Matters

Jun 15 2020
Written by Ramandeep Bhamra

As a follow-up to our previous Client Alert discussing Thailand’s having been Gray-Listed by the EU as a potentially non-cooperative tax jurisdiction, we note now that on 03 June 2020, Thailand went ahead and signed an amended version of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (the “Convention”), thus making Thailand the 137th State to sign this agreement. 

As a signatory state to the Convention, Thailand has agreed to legislated, implement, and follow the automatic exchange of information requirements known as The Common Reporting Standard (“CRS“) and Country-by-Country Reporting (“C-b-C“). These require the automatic exchange and reporting of certain taxpayer information on accounts of individuals and operations of international countries to other country revenue departments. The process for formalizing these automatic collection and reporting processes will begin in earnest once Thailand ratifies the agreement and deposits the instrument of ratification with the OECD.

Thailand has been given until 30 August 2021 to ratify the agreement or face being placed on the EU blacklist, which could result in significant tax related issues for Thai residents having investments outside Thailand. It is anticipated that Thailand will ratify the agreement by this deadline and then proceed to implement the collation and exchange procedures required thereunder.

While the actual timing of the initial exchanges of information are uncertain, we will continue to monitor for future developments.

Disclaimers

While this document is updated on a regular basis, it has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice.


Contacts


Jack Sheehan
Partner, Head of Regional Tax Practice
jack.sheehan@dfdl.com


Jonathan Blaine

Thailand Tax Director, Head of Regional Compliance & Investigations Practice
jonathan.blaine@dfdl.com

Read more Legal & Tax Updates

Read more about DFDL

Read more about DFDL Thailand

Ramandeep Bhamra
View Profile

Related Articles

Legal and Tax Updates
Sep 20 2023
Jack Sheehan

Thai Revenue Department Issues Game Changing Personal Income Tax Instruction

Legal and Tax Updates
Feb 7 2023
Kraisorn Rueangkul

Legal Update on Amendment of Civil and Commercial Code

Legal and Tax Updates
Sep 22 2022
Kraisorn Rueangkul

Thailand Legal Update on Credit Term Criteria for SMEs

Legal and Tax Updates
Sep 13 2022
Kraisorn Rueangkul

Thai SEC Enacts New Advertising Rules for Digital Asset Operators

We provide practical and creative legal solutions
and insights to complex business challenges.

Sign up for our Newsletter
  • Solutions
  • Teams
  • Insights
  • Locations
  • Desks
  • Networks
© Copyright DFDL 2023. All Rights Reserved.
  • Privacy Policy