Common Reporting Standard

[khastan]

I am a retired UK pensioner and have lived in Thailand for over ten years. I have just had a CRS Individual Self Certification Form in the post from my bank. They are wanting amongst other details my Thailand TIN number which I have never had. I am at a loss what to do now. I would be interested to know if anybody else has received this form from their bank and what they did with it. thank's

[topt]

Been a number of posts on this (I think banking section) over the last year/18 months. My suggestion would be to explain to them that you do not have a TIN as you have no tax to pay in Thailand and that many expats are in the same position and that the Thai tax authorities do not seem to have any issue with this.

 

My offshore bank eventually accepted this. You may have to fight as this probably will not meet their box ticking criteria.

 

Another point to maybe lob at them is that Thailand is not yet signed up to CRS.

[Eff1n2ret]

When I opened an account in Guernsey a couple of months ago they wanted a TIN number - I gave them my HMRC user number, which satisfied them, as that's where I pay tax.

[khastan]

Hi

Thanks to you both for your input and helpful comments

Firstly the bank in question is a UK high street bank.

With regard to the point made by topt that Thailand is not yet signed up to CRS. According to this link https://home.kpmg.com/us/en/home/insights/2017/03/tnf-thailand-status-of-common-reporting-standard-implementation.html they have now. However it seems it's not fully in effect till 2022, whatever that means.

[Mattd]

I had the same forms from both of my Lloyds accounts, one in the UK and one offshore, although I differ from you in that I work and pay tax in Thailand, so do have a Thai TIN.

What amazed me was the supporting documentation that they needed for a 'self certification', if I were to have followed this to the letter, then it would have cost a lot of money, as the required documents needed certifying by persons who are not easy to get hold of!

In the end I sent them a copy of my Thai work permit, passport and a scan of a residence certificate that the British Embassy did last year for a change of address in the car blue book, none of them certified, so far not heard back from them.

Worse case they say they will share info with HRMC, which is fine with me!

 

[topt]

22 hours ago, khastan said:

https://home.kpmg.com/us/en/home/insights/2017/03/tnf-thailand-status-of-common-reporting-standard-implementation.html

Suggest you read the article in your link again, specifically -

"Thailand now must enact a law to direct financial institutions in Thailand to comply with the CRS requirements; however, it is still in an early stage. "

 

They say they are hoping for implementation in 2022 but the laws have to be written and passed first before it happens so it could be earlier than 2022 but could just as easily be 2030....... 

[Pib]

Takes Thailand a long time to write and pass a new law.....then they usually don't enforce it.  TIT

[JimGant]

CRS vs. FATCA = GATCA

 

https://tax.thomsonreuters.com/blog/the-differences-between-fatca-and-crs/

[korkenzieher]

mattd's comments...# - the HMRC knows who and where I am because of pensions rights submissions, and small-pot pension with-drawls, so I am not overly concerned if some information about what amounts to peanuts at Lloyds goes to them.

 

+ I dealt with this yesterday - the demands are completely over the top. I posted earlier on another forum here, so without repeating myself unduly...

This seems only to apply to accounts which attract interest and are with offshore branches of UK deposit takers. I have asked them to change my account to non interest bearing, which they have said they will do.

Edited December 6, 2017 by korkenzieher
Clarity