The US Department of the Treasury announced on 6 September 2024 that the Intergovernmental Agreement (IGA) between the US and Thailand for implementing FATCA came into effect on 28 April 2024. However, Thailand is considered to have had the IGA in effect since 30 June 2014.
The US and Thailand signed an income tax treaty on 26 November 1996 to avoid double taxation and prevent fiscal evasion regarding income taxes. Under the treaty, both countries are required to exchange information for tax purposes.
The US enacted provisions commonly known as the Foreign Account Tax Compliance Act (FATCA), which introduced a reporting regime for financial institutions regarding certain accounts. Thailand supports FATCA’s underlying policy goal of improving tax compliance.
