The Common Reporting Standard (CRS)
Updated Date 12 Jul 2024
The Common Reporting Standard (CRS)
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The Automatic Exchange of Information (AEOI): The Common Reporting Standard (CRS)
AEOI or CRS, implemented by the Organization for Economic Co-operation and Development (OECD), aimed at preventing tax evasion and enhancing transparency in tax collection through mechanisms for the automatic exchange of financial account information among member countries participating in the Global Forum on Transparency and Exchange of Information for Tax Purposes under the Multilateral Competent Authority Agreement on Automatic Exchange of Information (MCAA CRS). -
Are Financial Institutions Required to Report?
The Thai government has enacted the Royal Decree on the Common Reporting Standard, B.E. 2566 (2023) ("CRS Decree"), which came into effect on March 31, 2023 which enables Thailand to fulfill its international obligations. Under the CRS Decree, the Bank, as a reporting institution, is required to examine the financial accounts maintained by the Bank to determine which accounts need to be reported and submit such financial account information to the Thai Revenue Department, which will be exchanged with co-signatory jurisdictions. -
Do all Banks in Thailand have to Comply with CRS Requirements?
The CRS Decree applies to all reporting financial institutions in Thailand as defined in the CRS Decree, which includes depository institutions (i.e. banks), custodial institutions, the investment entities or specified insurance companies.
Marketing Strategy Team
16 October 2023
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