Thailand, US Sign Pact To Boost Transparency On Tax Matters

BANGKOK, March 4 (Bernama) -- Thailand and the US have signed an inter-governmental agreement to implement the Foreign Account Tax Compliance Act (FATCA) to promote transparency between both countries on tax matters. The agreement was signed by Thailand's Finance Minister Apisak Tantivorawong and US Ambassador to the country, Glyn T.Davies, here Friday. A statement, issued after the signing ceremony, said that the agreement marked a significant step forward for Thailand and US to combat offshore tax evasion -- an objective that would benefit both countries. "Under the agreement, Thailand will share information on accounts held by US citizens and Washington on accounts held by Thais," it said. In 2010, the US enacted FATCHA to combat offshore tax evasion by encouraging transparency on accounts held by its taxpayers in other countries. -- BERNAMA