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Thai banks to comply with Fatca

来源:建广律师事务所     2013-01-09
字号:T|T

       Despite the broad impact and cost of the US's new Foreign Account Tax Compliance Act (Fatca), 

Thailand's financial institutions are preparing to comply, says Twatchai Yongkittikul, secretary-general of 

the Thai Bankers Association.

       The association discussed the issue with the Bank of Thailand and the Revenue Department. Initially, these

 authorities will report the financial information of American clients to the US Treasury as part of a government 

agreement, rather than have each institution report separately, he said.

       Fatca is a US law meant to prevent tax evasion overseas. It requires foreign financial institutions to report 

annually on US clients or face a 30% withholding tax on their revenue from US sources.

       Fatca is expected to affect all foreign financial institutions (FFIs) including investment companies, banks, 

asset managers, mutual funds and life insurance companies. Members of the American Chamber of Commerce in

 Thailand have voiced their concern about the law and hope to change it before it is finalised.

       American clients must agree to the disclosure or banks will have to close their deposit accounts, he added.

       Mr Twatchai said over 50 countries have signed an agreement with the US Treasury concerning Fatca, 

ncluding Japan, Singapore and Malaysia. The Federation of Thai Capital Markets recently called on Thailand to 

do the same.

      The Revenue Department should finalise a reporting deal with the US by the middle of next year, he said.

       Local banks must invest in IT systems to capture the information for Fatca reporting, including detecting 

whether clients are US citizens, he noted.