The Thailand Revenue Department has announced that Thailand and the USA have preliminarily agreed to a tax information sharing agreement.  Pursuant to the agreement the Thai Revenue Department and the US Treasury will be required to share the financial information of both countries including banks, mutual funds and life insurance firms.

Thailand’s provision of information would assist with the US’s collection of information with regard to the enforcement of the Foreign Account Tax Compliance Act (FACTA).

FACTA is a US federal law which requires Americans, including those living abroad to file an annual report to the US Treasury Department, regarding any financial accounts or assets held in foreign countries.

There is no exception in FACTA for American expatriates who reside outside of the USA.  In other words, US expats living abroad must provide a detailed accounting of their financial accounts and assets held in their country of residence (as well as other non-US assets).

Another 80 countries are in talks with the US regarding similar agreements for tax information sharing.