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.

Related Articles:

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Foreign Account Tax Compliance Act (FATCA).

U.S. Taxes and Tax Law: An Expat’s Bane?

NGOs (Non-Government Organizations)  operate in Thailand in a variety of areas. Many NGOs operate in the border areas or impoverished areas of Thailand, providing educational, medical, charitable and other services. This video by Ana of Chaninat & Leeds law firm talks about  NGO formation  in Thailand and details how they can operate here on a practical basis.

Attorneys at Chaninat & Leeds specialize in Foreign NGO Formation in Thailand

 

Thailand law does not use the term NGO. Normally foreign organizations register as a foreign private organization or as a locally registered Foundation.

Watch the video here: