His Excellency Sarun Charoensuwan, Ambassador of Thailand to France, signed earlier this year the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (the Convention). Thailand is the 137th jurisdiction to join the Convention.
The Convention enables the signing countries to engage in a wide range of mutual assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection. It guarantees extensive safeguards for the protection of taxpayers’ rights.
Which means when the Common Reporting Standard (the “CRS”) becomes effective, Nordic people declaring only income and assets in Thailand and not in the Nordic countries should consult the authorities what they are required to do in the future.
The system and cooperation is set up to fight against tax evasion and protect the integrity of the tax laws in various countries. The CRS was developed by the OECD (http://www.oecd.org/tax/automatic-exchange/common-reporting-standard/) for adoption and implementation by these governments.
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