Tag Archives: tax

Thailand Signs Agreement To Assist US In Tax Collection

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.



More Americans Are Giving Up Passports Due To Tax

It has been reported by CNN Money that more Americans are giving up their passports.

Some are blaming the new disclosure law aimed to eradicate tax evasion, whilst expats say they are sick are completing two tax returns. The US requires all of its citizens to pay income tax regardless of where they live or where the income was earned.

The increase comes as the U.S. prepares to implement the Foreign Account Tax Compliance Act, a new law that requires foreign institutions to report all assets owned by Americans.

Read the full story here 

Related Documents

US Thailand Double Taxation Treaty

Foreign Account Tax Compliance Act (FATCA).

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