Thai Penalties for Failing to Comply with Exchange of Information Requirements

The Thai Revenue Department has published a notification from the Ministry of Finance establishing specific penalties for failing to comply with certain requirements of the Emergency Decree 2566/2023 on the Exchange of Information to Comply with International Tax Agreements. The Emergency Decree contains provisions for the exchange of information upon request and the automatic exchange of financial account information under frameworks such as CRS and FATCA. The penalties established by the …