A law governing the exchange of information about people's deposit accounts among signatory countries is expected to come into force next year, says Revenue Department director-general Lavaron Sangsnit.
The law is meant to enhance the countries' tax revenue collection, he said.
Mr Lavaron said the Thai cabinet approved the draft law, which was initiated by members of the Organisation for Economic Co-operation and Development (OECD).
The draft law passed the first hearing in the House of Representatives. If it passes three hearings this year, it is expected to come into effect in 2024.
Under the law, the signatory countries will share information about individuals' deposit accounts amongst each other.
Many countries have already adopted this law.
Once the law comes into effect, Thais with deposit accounts in these signatory countries will have their bank account information sent to the Thai Revenue Department for examination regarding tax payments.
The same practice will be applied to foreigners from signatory countries with Thai deposit accounts.
The department will discuss with local agencies how to prepare for law enforcement, Mr Lavaron said.
He said he believes collaboration with OECD countries under this law will be expanded to cover other assets.
The OECD has pushed for the reform of the global tax system.
One proposed method is for multinational enterprises, when investing in a country without being based there, pay tax to that nation if they generate revenue of more than €20 billion.
Based on the proposed tax calculation, the enterprises will have to allocate 10% of the profit that exceeds €20 billion first, then pay 25% of the 10% allocation as tax to that nation.
Mr Lavaron said the ministry submitted the draft law related to this tax to the House of Representatives for its consideration.
