Thailand signs the Multilateral Convention on Mutual Administrative Assistance in Tax Matters
Thailand signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) and became the 137th country to join the Convention on 3 June 2020. Prior to joining the Convention, Thailand has been limited to exchanging tax information with its 61 current tax treaty counterparties. Having joined the Convention, Thailand will be able to exchange tax information with all MAC jurisdictions (137 countries as of 3 June 2020), giving the Thai Revenue Department access to taxpayers’ behaviour as well as tax risk profiles of multinational corporations. It should also further support the enforcement of the upcoming law on e-business.
The Thai Revenue Department acknowledged that the MAC is an important instrument to help tax authorities worldwide integrate and synchronise their data and information, in line with the objectives of the Organisation for Economic Co-operation and Development (OECD) and the Inclusive Framework on Base Erosion and Profit Shifting (BEPS) as well as the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum). Thailand is an associate country of BEPS and a member of the Global Forum.
Enactment of the relevant law is in progress.
EY Corporate Services Limited has kindly provided this information to us. For more information on this development, or on any aspect of taxation in Thailand, please contact EY Corporate Services Limited, 33rd Floor, Lake Rajada Office Complex, 193/136-137 Rajadapisek Road, Klongtoey, Bangkok 10110, Thailand. Tel: +66 2264 9090
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