Bangkok, March 4, 2016 – U.S. Ambassador to Thailand Glyn T. Davies and Thailand Minister of Finance Apisak Tantivorawong today signed an inter-governmental agreement to implement the Foreign Account Tax Compliance Act (FATCA) to promote transparency between the two nations on tax matters. The agreement underscores growing international cooperation in building a stronger, more stable, and more accountable global financial system.
Ambassador Davies, who signed on behalf of the United States, stated, “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.”
The United States enacted FATCA in 2010 to combat offshore tax evasion by encouraging transparency on accounts held by U.S. taxpayers in other countries. Under the FATCA inter-governmental agreement signed today, Thailand will share information about accounts held by U.S. persons, and the U.S. will share information about accounts held by Thai persons.
The United States has concluded or is negotiating inter-governmental agreements with more than 110 jurisdictions.
