The Bangkok Post has confirmed that the Thai Revenue Department has reached a tentative agreement with the US to assist them with enforcing the new FATCA act to prevent offshore tax evasion.   The intent behind FATCA is to keep US persons from hiding income and assets overseas.

Bangkok based Chaninat & Leeds are experienced Thailand company lawyers who act for businesses and organizations of all sizes 

The Foreign Account Tax Compliance Act was introduced in the US in 2010 and, for enforcement measures, requires the cooperation of non-USA financial institutions to contribute information about US account holders. This also includes US citizens who reside outside of the USA.

By agreeing to assist the US in tax information sharing, Thailand would therefore help the US in gathering the information the USA needs to enforce FATCA with regard to US citizens holding assets outside of the USA.

HThe countries who have already agreed to share information with the US include Switzerland, the Cayman Islands and the Bahamas, all common choices for offshore bank accounts with US citizens.  However banks in many countries are prohibited from sharing account information with foreign governments due to local privacy laws.

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Coin Desk has reported that the Bank of Thailand (BoT) may have changed its position on the  legal status of bitcoins in Thailand, suggesting that Bitcoin Co Limited can resume trading in Thailand.

Previously there were reports that the Bank of Thailand may have declared the use of bitcoins to be illegal in Thailand.

Despite the company’s lengthy absence from the market, David Barnes, managing director of Bitcoin Co LTD said that trading volumes have already returned to 2013 levels. “It’s about in line with, or a slight improvement from, where we left off in July,” he said.

According to Thailand business lawyers, Chaninat & Leeds , the Bank of Thailand issues laws and regulations concerning currency and financial transfers to and from Thailand. Banks normally require licenses  from the BoT documenting the transaction. According to Chaninat & Leeds  bitcoin transactions may present a practical problem for businesses in Thailand with regards to Thailand taxation and money laundering laws because there may be a lack of physical evidence such as receipts which could create difficulties when filing taxes in Thailand.

Read the full article here

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