VIRTUAL ROUND TABLE
In this Private Briefing industry experts will explain Thailand's adoption and planned implementation of the OECD Common Reporting Standard (CRS), due to commence in January 2022.
The Privacy and security implications of the CRS will be discussed, particularly as it relates to financial accounts held in Singapore and Hong Kong by Thai tax resident individuals.
US and Thai financial account reporting under the Foreign Account Tax Compliance Act (FATCA) and related US tax transparency initiatives including the recently enacted US beneficial ownership register will also be explained and discussed.
Other international transparency and reporting initiatives relating to oversees companies and trusts based in jurisdictions such as the BVI, Cayman, Jersey and Guernsey will be explained with an assessment of their long term privacy and security implications.
In light of the covid-19 pandemic, possible Thai tax policy changes will be considered, particularly as they relate to wealthy individuals and families, along with an assessment of whether Thailand may adopt a Wealth or Windfall Tax to address some of the ongoing economic downturn.
The Briefing will conclude with a roundtable discussion of the impact of greater levels of disclosure and reporting and possible tax policy changes to typical international private wealth structures including offshore companies, trusts, family offices and insurance policies.