FATCA, enacted by Congress in 2010, is intended to ensure that the US obtains information on accounts held abroad at foreign financial institutions by US persons.
The Finance Ministry is stepping up national tax collection efficiency by supporting its three departments responsible for levy and collection of all direct taxes to cooperate in the prevention of tax frauds, evasion and avoidance.
The sanctions include a higher withholding tax on payments to, and transfer-pricing scrutiny on transactions with, Cyprus-based entities.
The bill was approved during the cabinet's regular weekly session, in which the concerned committee presented in its report that the draft law does not conflict with the constitution nor the laws and decrees of Bahrain.
The Revenue Department should revise tax laws to promote investment and seek means to preserve cash within Thailand, such as by lowering trade barriers or supporting businesses wishing to invest abroad