How frequenty do the IRS and Thai equivalent share info?

[Hal65]

I'm sure they can inquire to each other in case of a red flag. i'm curious if they talk to one another about every expat. "Hey, Johnny claims to have made 30k, is that true? Did he pay Thai taxes for this year?" etc. 

 

Are they pretty close, or somewhat distant as info sharing goes?

[OneMoreFarang]

The USA doesn't need the cooperation of Thailand. They have the NSA and the NSA knows everything.

The question is more: will the USA and IRS care about 30k? Probably not!

[SCOTT FITZGERSLD]

I THINK THAT a U.S. person does not have to pay taxes on earning outside the U.S. is the amount is less than around 115000 USD.

otherwise, tax authorities usually are not interested in cross border investigations of

small amount. usually they will inquire only about amounts larger than 200K USD.

 

Problem are some banks who play the global police and inquire about

each and every fart in your account, sometimes even blocking the whole account

for stupid reasons.

[OneMoreFarang]

10 hours ago, SCOTT FITZGERSLD said:

Problem are some banks who play the global police and inquire about

each and every fart in your account, sometimes even blocking the whole account

for stupid reasons.

Banks and other financial institutions are now often required to ask - officially to avoid money laundering.

As far as I know they have to ask for transactions of 10,000 USD and more. 

[Brierley]

I think 2023 is when CRS is expected to be implemented in Thailand, FATCA was introduced here in 2016: 

 

https://pugnatorius.com/tiea/

[topt]

On 5/17/2021 at 7:23 AM, Brierley said:

I think 2023 is when CRS is expected to be implemented in Thailand, FATCA was introduced here in 2016: 

 

https://pugnatorius.com/tiea/

Yes but key is they still haven't enacted the legislation needed (as far as I know) to fully embrace CRS reporting. This will impact Thais as much as foreigners so will be interesting to see if the timetable stands.....

[scoutman360]

On 5/16/2021 at 8:54 PM, SCOTT FITZGERSLD said:

I THINK THAT a U.S. person does not have to pay taxes on earning outside the U.S. is the amount is less than around 115000 USD.

otherwise, tax authorities usually are not interested in cross border investigations of

small amount. usually they will inquire only about amounts larger than 200K USD.

 

True, but the foreign earned income exclusion does not exempt someone from filing a U.S. tax return. You still must prepare and submit one every year, and provide all information regarding your foreign investments, and financial bank accounts.