Thailand and the United States signed an historic tax agreement today to promote tax transparency between the two nations.
The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, aims to combat offshore tax evasion and improve transparency on accounts held by US taxpayers in foreign countries.
Under the agreement signed today by US Ambassador to Thailand Glyn T. Davies and Thailand Minister of Finance Apisak Tantivorawong, Thailand will share information about accounts held by US people, and the US in turn will share information about accounts held by Thai people.
“Today’s signing marks a significant step forward in the partnership between the United States and Thailand to combat offshore tax evasion — an objective that mutually benefits our two countries,” Davies said.
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