Thailand: Draft legislation requiring automatic exchange of information (AEOI)
General framework including the details of reporting person(s), reportable information, and reporting timeline
General framework including the details of reporting person(s), reportable information, an
The Thai Cabinet on 30 March 2023 released the Royal Act for the Exchange of Information B.E. 2566 as an interim measure, which sets out the general framework for the automatic exchange of information (AEOI), including the details of reporting person(s), reportable information, and the reporting timeline.
Reporting person(s)
- Banks and financial institutions
- Securities companies
- Governmental financial institutions
- Authorized life insurance licensees
- Derivatives business operators
- Escrow agents
- Credit card operators
- Trustees
- Other persons with financial accounting information as prescribed by Minister of Finance
The reporting person(s) must meet specific criteria to be required to report, details of which will be released shortly, along with reporting requirements and the process for reporting.
Reportable information
- Information regarding the account holder or the person with control over the account holder—such as name, address, taxpayer identification number, date of birth, place of birth, as well as additional information as prescribed by the Director-General
- Information regarding the financial account—such as account number, account balance or cash value in insurance policy, interest received, as well as additional information or benefits as prescribed by the Director-General
- Information regarding the reporting persons—such as name and identification number of the reporting person
Reporting timeline
Generally, the legislation requires reporting within the month of June in the following year (i.e., financial information for the year 1 January 2023 – 31 December 2023 must be reported by June 2024).
Nonetheless, with the transitional provision in place, the Thai government is expected to undertake its first exchange of information with other jurisdictions in September 2023, which indicates a deadline for the submission of the required information by reportable financial institutions in June 2023.
Penalties for non-compliance
Failure to comply with the new reporting requirements could result in a maximum fine of THB 200,000 or THB 500,000 for false reporting. In addition, failure to maintain the required information could also lead to a maximum fine of THB 300,000.
Further details are expected to be released in late April or early May of 2023.
Read an April 2023 report prepared by the KPMG member firm in Thailand
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