Thailand and Norway Sign New Tax Agreement to Enhance Bilateral Investment

Thailand and Norway have officially signed a new convention aimed at eliminating double taxation on income and preventing tax evasion and avoidance. The agreement was signed by Thailand's Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas and Norway's Minister of International Development, Åsmund Grøver Aukrust, during the 2026 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group held in Bangkok.

The primary objective of the new convention is to bring bilateral tax cooperation in line with international standards, particularly those established by the Organisation for Economic Co-operation and Development (OECD) and the Group of Twenty (G20). This includes measures to address base erosion and profit shifting (BEPS), which are critical in combating tax avoidance and ensuring fair taxation practices across borders.

“The convention aims to provide greater clarity and certainty for businesses and investors.”Ekniti Nitithanprapas, Deputy Prime Minister and Finance Minister

According to the Thai Ministry of Finance, the convention is designed to provide greater clarity and certainty for businesses and investors, thereby promoting trade and economic activity between the two nations. The agreement also emphasizes the importance of cooperation and information exchange between the tax authorities of Thailand and Norway, which is expected to enhance the transparency and fairness of their tax systems.

“This agreement is intended to strengthen investor confidence and create further opportunities for long-term economic cooperation.”Thai Ministry of Finance

Officials have expressed optimism that the new agreement will significantly bolster investor confidence and create further opportunities for long-term economic collaboration. Thailand is prepared to work closely with Norway to expedite the domestic processes required for the convention to take effect, aiming to facilitate a smoother investment environment.

As part of the Thai government's broader strategy to attract foreign investment, this convention is seen as a key step in addressing international tax challenges and enhancing the country's appeal as a destination for foreign businesses. The government has been actively seeking to improve its tax framework to align with global standards, which is crucial for sustaining economic growth and competitiveness.