On May 16, Thai Tax issued rules regarding FATCA compliance testing.
Thai Tax mentioned US IRS will open the IDES system for Thai financial institutions to test and submit dummy data for FATCA compliance, from Jun. 5 to 30, 2023 (EST).
Financial institutions that have not registered can register by Jun. 1, 2023.
Financial institutions that have already registered in IDES do not need to register again but must change their password before Jun. 1, 2023, to avoid password expiration.
Reminded to ensure certificate used for data submission is valid all over testing period.
Apr. 2024 Submission System Open
On Apr. 11, 2024, Thai Tax opened the FATCA reporting financial institution (RFI) certificate requesting system for submissions; shared user manual on use of system.
IDES system will be available for Thai financial institutions to send and receive dummy data from Jun. 3 to 28, 2024; those not already registered should do so by May 30.
Jun. 2024 Certification
On May 30, 2024, Thai Tax revised rules re certification of reporting status, changes are made in accordance with Royal decree on international tax compliance cooperation.
Specifically, clause 6 of the previous regulations is revoked and replaced; the new provision sets a deadline for applications for certification of reporting status.
Applications for year ending before Jan. 1, 2024, must be processed by Jun. 17, 2024.
Reason for change is to align deadline with implementation of new application system.
Document dated May 30, 2024, received from Thai Tax Jun. 3, summarized on Jun. 6.
Jun. 28, 2024 Deadline Extension
On Jun. 28, 2024, Thai Tax said due to system upgrades, testing of IDES system by US, there will be an extension for reporting; taxpayers can submit until Sep. 30, 2024.
Document dated Jun. 28, 2024, received from Thai Tax Jul. 1, summarized on Jul. 3.
