Despite the broad impact and cost of the US's new Foreign Account Tax Compliance Act (Fatca), Thailand's financial institutions are preparing to comply, says Twatchai Yongkittikul, secretary-general of the Thai Bankers Association.
The association discussed the issue with the Bank of Thailand and the Revenue Department. Initially, these authorities will report the financial information of American clients to the US Treasury as part of a government agreement, rather than have each institution report separately, he said.
Fatca is a US law meant to prevent tax evasion overseas. It requires foreign financial institutions to report annually on US clients or face a 30% withholding tax on their revenue from US sources.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.