Thailand Gazettes Ministerial Regulations Explaining Conditions, Procedures for FATCA Reporting

The Thai Official Gazette Aug. 18 published ministerial regulations on conditions and procedures for reporting under the U.S. Foreign Account Tax Compliance Act (FATCA). The regulations include measures: 1) defining relevant terms; 2) establishing requirements and procedures for the collection of reportable financial account information; 3) requiring reporting authorities to submit information by June 30 of the year following the end of the calendar year in which the data to be reported is obtained; 4) setting record retention requirements; 5) implementing an audit procedure for the verification of reportable information, with provisions to notify reporting persons of the need to ...