The 4th Korea?Thailand Commissioners’ Meeting Held in Seoul
The National Tax Service of Korea and the Revenue Department of Thailand have agreed to engage in comprehensive tax administration cooperation, including the exchange of information on overseas hidden accounts, to prevent the unauthorized outflow of domestic assets.
On February 27, the National Tax Service announced that Commissioner Lim Kwanghyun held the 4th Korea-Thailand Commissioners’ Meeting with Kulaya Tantitemit, Commissioner of the Revenue Department of Thailand, in Seoul on the 26th.
On the 26th, Kwanghyun Lim, Commissioner of the National Tax Service (left), and Kulaya Tantitemit, Commissioner of the Revenue Department, took a commemorative photo after signing the tax administration agreement. National Tax Service
The two commissioners discussed key issues, including countermeasures against offshore tax evasion through the activation of information exchange and tax administration support for companies operating abroad. They signed a comprehensive memorandum of understanding (MOU) to pursue substantial cooperation between the two countries.
As of 2024, Thailand ranks third in terms of gross domestic product (GDP) within the Association of Southeast Asian Nations (ASEAN), highlighting the scale of its economy. It is a core economic partner for Korea, holding the status of a strategic ally and ranking as the fourth most popular destination for Korean companies expanding overseas.
During the meeting, both commissioners agreed that exchanging tax information between the two countries is of utmost importance for tracking overseas hidden income and assets. Commissioner Lim further proposed establishing a collection cooperation system to enable prompt collection when concealed assets of delinquent taxpayers located in the counterpart country are detected.
Currently, the two countries are regularly exchanging financial information, such as overseas trust accounts of residents in each country, and actively utilizing this information for taxation purposes. From 2028, the scope of the information exchange will be expanded to include virtual asset transaction data, further strengthening their cooperation.
At the meeting, Commissioner Lim also requested various forms of tax administration support for Korean companies operating in Thailand, including resolving double taxation, holding tax seminars, and improving related systems. In response, Commissioner Kulaya Tantitemit pledged active cooperation.
Major Korean conglomerates in sectors such as manufacturing, transportation, and retail are currently present in Thailand, and starting next year, they will be required to report global minimum tax locally. Commissioner Lim asked for detailed tax guidance for Korean companies and suggested improvements to investment-related tax incentive systems as a measure to alleviate tax burdens. The global minimum tax applies to multinational corporate groups with revenue exceeding 750 million euros (approximately 1.27 trillion won). If their effective tax rate falls below the minimum rate of 15%, the difference will be taxed accordingly.
At the meeting, the heads of the two tax authorities signed an administrative agreement (MOU) aimed at systematizing the broad-ranging cooperation initiatives discussed across various areas of tax administration. The National Tax Service expects this to further strengthen the future partnership between the two organizations.
A National Tax Service official stated, "The National Tax Service will continue to support the overseas expansion of Korean companies through active tax diplomacy and foster a stable environment where Korean nationals can focus on economic activities anywhere in the world with peace of mind."
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