The US Internal Revenue Service (IRS) released the official text of the competent authority arrangement (CAA) that the US government signed with Thailand under the Thailand—United States FATCA Model 1A Agreement (2016) (IGA) to implement the Foreign Account Tax Compliance Act (FATCA).
The Thailand-US IGA mandates that the competent authorities of Thailand and the United States formulate an agreement to establish and enforce the rules and procedures necessary for implementing specific provisions of the IGA.
Additionally, the Thailand-US CAA clarifies that the CAA becomes effective on two dates: either when the Thailand-US IGA comes into force or when the CAA is signed by both the competent authorities of Thailand and the US.
