BenCrew

E-mail received today from Expat Tax: Make of it what you will. As part of our Tax Alert Service, we’re committed to keeping you informed of important developments. Today, we’ve received reports that Kasikorn Bank (KBank) has started issuing emails requesting compliance information. We expect other Thai banks to make similar requests in the coming months. These requests include details related to the Common Reporting Standard (CRS), a global framework for sharing tax residency information and FATCA (for US citizens). This marks the first time many of us have seen CRS-specific information being requested in Thailand, so we want to ensure you’re fully informed. What Does This Mean? KBank is complying with global regulations under CRS and FATCA to ensure tax residency details are accurately reported: For Americans: FATCA requires banks to report account details to US tax authorities. For Non-Americans: CRS requires tax residency information to be shared with international tax authorities to prevent tax evasion. Why Are They Being Sent Out? In 2020, Thailand joined the CRS agreement, committing Thai banks to request tax residency information from their customers. This is standard procedure and not unique to you—KBank happens to be among the first to implement it. Under CRS rules, banks must: Confirm the tax residency of all account holders. Identify connections to other countries for tax purposes. Share financial account details with local tax authorities, who may exchange the information internationally if needed. This ensures overseas income and assets are declared in the relevant country. While this may feel new in Thailand, it’s already standard practice in many other countries. Note that switching banks won’t avoid this, as all Thai banks are required to comply with CRS regulations. What Should You Do? Stay calm—there’s no rush. You have until 20th December 2024 to complete and email the forms. It’s usually easier to email them to the address provided by the bank, rather than visiting a branch.

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