ROYAL ACT IN THAILAND FOR EXCHANGE OF INFORMATION

On March 2023, Thailand has released a Royal Act for the Exchange of Information. The Act was issued in accordance with the commitment of Thailand made in 2017 at the Global Forum on Transparency and Exchange of Information for Tax Purposes to implement the Common Reporting Standards ("the CRS"). The CRS require participating countries to share financial information on taxpayers and comply with the Automatic Exchange of Information requirements.

Under the Act, reportable information includes the following:

1. Information on the owner of or person who controls a financial account (such

as name, address, tax identification number etc. );

2. Information on financial accounts; and

3. Information on the reporting entity.

Generally, the Act requires reporting within the month of June in the following year (i. e. , financial information for the year 1 January 2023 – 31 December 2023 should be reported by June 2024).

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