Thailand joins the OECD (CRS)

[oMega69]

OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
 

https://www.oecd.org/tax/exchange-of-tax-information/thailand-joins-international-efforts-against-tax-evasion-and-avoidance.htm

 

 

So does this mean that THAI banks send my bank holdings statement to my home country every year?.

 

 

 

[CLS]

Yes, by 2023.

Cold feet already?

http://www.oecd.org/tax/transparency/AEOI-Commitments.pdf

[oMega69]

14 minutes ago, CLS said:

Yes, by 2023.

Cold feet already?

http://www.oecd.org/tax/transparency/AEOI-Commitments.pdf

2023 sounds better ! . . . time to get ready then ! . . . uggh

"2023: As at May 2020, the year 2023 had been the expected legislation to annually and automatically report financial information under the CRS standards. "

Edited June 30, 2020 by oMega69

[RichardColeman]

40 minutes ago, oMega69 said:

So does this mean that THAI banks send my bank holdings statement to my home country every year?.

Just wait till you see the annual set up fee

[Oxx]

The system is based upon FATCA - the system that makes it very difficult for Americans to open accounts in Thailand because banks don't want to have to deal with the hassle.  The most likely outcome is that it's going to be much harder (if not impossible) for other foreigners to open Thai accounts.

[Oxx]

On 7/1/2020 at 3:39 AM, oMega69 said:

So does this mean that THAI banks send my bank holdings statement to my home country every year?.

No.  Just account balance and gains (capital + income) for the year.

[Leaver]

On 7/2/2020 at 10:07 AM, Oxx said:

No.  Just account balance and gains (capital + income) for the year.

Which is all they need.