Country-by-Country Reporting – Compilation of 2022 Peer Review Reports

Thailand

Overview of CbC reporting requirements

First reporting fiscal year: Commencing on or after 1 January 2021

Consolidated group revenue threshold: THB 28,000,000,000

Filing deadline: 12 months following the end of the reporting fiscal year

Local filing required: Requirement suspended

Surrogate parent entity filing permitted: Yes

First review of the domestic legal framework: 2021/2022

Summary of recommendations

 

Area of implementation	Recommendations for improvement
Domestic legal and administrative framework	It is recommended that Thailand amend its legislation or otherwise take steps to ensure that enforcement provisions and monitoring relating to CbC reporting’s effective implementation are provided for as contained in the terms of reference as from the first reporting period.
Exchange of information framework	It is recommended that Thailand take steps to have qualifying competent authority agreements in effect with jurisdictions of the Inclusive Framework that meet the confidentiality, consistency and appropriate use conditions and with which Thailand has an international exchange of information agreement in effect that allows for the automatic exchange of tax information. It is recommended that Thailand take steps to implement the necessary processes or written procedures to ensure that the exchange of information is conducted in a manner consistent with the terms of reference relating to the exchange of information framework.
Appropriate use	It is recommended that Thailand take steps to ensure that the appropriate use condition is met ahead of the first exchanges of information.

The domestic legal and administrative framework

In the 2017/2018 peer review, it was recommended that Thailand take steps to implement a domestic legal and administrative framework to impose and enforce CbC reporting requirements as soon as possible. Thailand has now introduced a CbC reporting filing requirement which applies to all Ultimate Parent Entities of MNE Groups above a certain threshold and which requires inclusion of all constituent entities. This recommendation is therefore removed.1

A CbC reporting filing obligation applies in Thailand for fiscal years commencing on or after 1 January 2021 and filing is required 12 months after the reporting year end.

Thailand has penalties in place in relation to the filing of a CbC report for failure to file and late filing. There are however, no penalties in relation to incomplete or erroneous filing of a CbC report. It is recommended that Thailand amend its legislation or otherwise take steps to ensure that enforcement provisions and monitoring relating to CbC reporting’s effective implementation are provided for as contained in the terms of reference as from the first reporting period.

Thailand has a legislative requirement for local filing of CbC reports despite Thailand not meeting the requirements to allow for local filing. However, as the local filing requirement is currently suspended, no recommendation is required.2

Thailand’s domestic legal and administrative framework meets all the other terms of reference.

The exchange of information framework

Thailand has no bilateral relationships in place for the exchange of CbC reports nor processes to ensure that the exchange of information is conducted in a manner consistent with the terms of reference relating to the exchange of information framework.

It is recommended that Thailand take steps to have qualifying competent authority agreements in effect with jurisdictions of the Inclusive Framework that meet the confidentiality, consistency and appropriate use conditions and with which Thailand has an international exchange of information agreement in effect that allows for the automatic exchange of tax information. This recommendation remains in place since the 2017/2018 peer review.

It is recommended that Thailand take steps to implement the necessary processes or written procedures to ensure that the exchange of information is conducted in a manner consistent with the terms of reference relating to the exchange of information framework. This recommendation remains in place since the 2018/2019 peer review.

Appropriate use of CbC reports

Thailand does not yet have controls in place to ensure the appropriate use of CbC reports.

It is recommended that Thailand take steps to ensure that the appropriate use condition is met ahead of the first exchanges of information. This recommendation remains in place since the 2017/2018 peer review.