oKey so January AEOI / CRS start to log your banking to share to your TAX jurisdiction.

[Neeranam]

On 1/9/2022 at 10:20 AM, userabcd said:

Unless one is a Thai citizen financial accounts will be reported by

Tax residences and tax numbers (if you are a foreign national and cannot provide a tax number for your foreign nationality then the reason needs to be given. I assume the bank will still report this info to the tax office which will be shared by place and country of birth)

Income earned/deposited during the year.

Interesting, as I am now a Thai citizen, I wonder where I will pay tax on my pension, and if the bank will inform the tax office here. They have never told the tax office about my salary, I think, but my British company told me that there is a tax treaty with Thailand, so maybe they already know I pay tax in the UK. 

[david555]

15 minutes ago, topt said:

 

Sorry but I think you have misunderstood. The OECD note is from 2020 and was what Thailand said they would do then.

What we have been saying is that there is nothing that says that the details have been finally ratified in Thailand such that it will happen from 2023.

It may still happen then but........

O.ķ keep dreaming and hoping they wont do ( as they did implicate with the limit date ....)

2022 First tests and from 2023 full application .....

 

As you dont believe ...just wait the confirmation ...or questions from your local western tax man ...???? ( Or not ...in case your tax case is clean ????

 

Strange some people ask but do not believe ...as they dont like it 

"Oistrich syndrome " i guess ...????

[david555]

A bit of an update , seems updated Marcg 2022 ..... the link opens a worldmap interactive one ,  i think you know where Thailand is located ...., hoover over it and read ...... FROM 2023 reporting , and as i saw other OECD info just test cases by Thailand in 2022 ....up to know not one as you can see in other link page from this site, 

Commitment and Monitoring Process - Organisation for Economic Co-operation and Development (oecd.org)

 

As i can not make screenshot with that pop up info about 2023 starting ..... see for yourself and also other clicking page to see for each country to country reporting numbers .....for Thailand = 0 ..... but 2022 not over yet and just promised some test case .

2023 starting as normal , they dragged their feet very long already , but there was a limit date to agree ....or face to become on the list of ......tax heavens ....

Edited July 11, 2022 by david555

[Lorry]

On 7/10/2022 at 11:02 PM, partington said:

Thus someone with a tax residence in the UK who, say, lives in Thailand  six months of the year and earns money there could hide it from the UK tax authorities by stashing it in a Thai bank and not declare it on their tax return. The CRS will take this evasion option away.  

AFAIK CRS exchanges information about the existence of the Thai bank account,  closing balance at the end of the year,  received interest and dividends. They are after capital gains, not after income from let's say teaching.

Not all activities of the account are exchanged,  the UK wouldn't automatically see the incoming funds. But they might get suspicious and ask the pensioner for further details about his Thai bank account. 

 

Whether or not Thailand will start to automatically exchange information in 2023, I have no idea.  They may start with a few selected countries,  like Japan and Australia,  I don't know. 

 

Edited July 11, 2022 by Lorry

[Lorry]

Are there any updates on this?

[stat]

Regarding capital gains. Is there actually someone using a thai based brokerage account to trade shares if yes which one? I am talking about a reputable broker and not some broker pretending to trade with CFDs and other garbage. Thanks! To be honest I am more concerned about being targeted as a rich falang by some authorities to get money out of me in case of accident etc. Lets say you live in Mexico it would come quite handy to know the maximum ransom. My gut feeling tells me the thai tax authorities will not be interessed in taxing me on my capital gains as anyway I do not transfer them to Thailand in the same year. In addition even the german tax authorities have so far not able to create much out of the CRS data flood they are receiving.

[Lorry]

11 hours ago, stat said:

Regarding capital gains. Is there actually someone using a thai based brokerage account to trade shares if yes which one? I am talking about a reputable broker and not some broker pretending to trade with CFDs and other garbage. Thanks! To be honest I am more concerned about being targeted as a rich falang by some authorities to get money out of me in case of accident etc. Lets say you live in Mexico it would come quite handy to know the maximum ransom. My gut feeling tells me the thai tax authorities will not be interessed in taxing me on my capital gains as anyway I do not transfer them to Thailand in the same year. In addition even the german tax authorities have so far not able to create much out of the CRS data flood they are receiving.

15 years ago i used Asia Plus. They are probably a very different company now. 

Tisco has a good reputation. 

 

[wordchild]

14 hours ago, Lorry said:

15 years ago i used Asia Plus. They are probably a very different company now. 

Tisco has a good reputation. 

 

Asia Plus are a pretty good choice. i have always found them to be professional and straight.

They have a dedicated offshore account for those who want to invest internationally. Trading within this type of account is not taxable in Thailand. 

My preference, however, is to use non Thai brokers for offshore investing eg those based in Singapore or HK.

[oMega69]

On 7/11/2022 at 2:47 AM, topt said:

 

Sorry but I think you have misunderstood. The OECD note is from 2020 and was what Thailand said they would do then.

What we have been saying is that there is nothing that says that the details have been finally ratified in Thailand such that it will happen from 2023.

It may still happen then but........

Hope not then...

[Jenkins9039]

On 7/11/2022 at 11:17 PM, Lorry said:

AFAIK CRS exchanges information about the existence of the Thai bank account,  closing balance at the end of the year,  received interest and dividends. They are after capital gains, not after income from let's say teaching.

Not all activities of the account are exchanged,  the UK wouldn't automatically see the incoming funds. But they might get suspicious and ask the pensioner for further details about his Thai bank account. 

 

Whether or not Thailand will start to automatically exchange information in 2023, I have no idea.  They may start with a few selected countries,  like Japan and Australia,  I don't know. 

 

UK Gov not entitled to capital gains for 'activities' outside of the UK.

 

Thailand not entitled to Capital gains 'for activities out side of thailand' and left till the next tax year to import...

 

Same old business.

[Lorry]

Update from last month

https://sherrings.com/automatic-exchange-of-information-tax-evasion-law-thailand.html

 

And formerly, in July

https://www.taxathand.com/article/26702/OECD/2022/Thailand-signs-CRS-MCAA

Edited October 9, 2022 by Lorry

[Lorry]

Update: 

Thailand does now participate in AEOI/CRS. 

First automatic exchange of financial data will be Sep 30, the financial data from 2022 will be exchanged. 

The CRS requires exchange with your  tax jurisdicition, which is not necessarily the country of one's passport.  To open a new bank account, 

customers are now asked to tell the bank their tax jurisdiction. 

Whether Thai banks will just send the financial data of old accounts to the country of the passport of the account owner,  or whether they will ask all foreigners where they are taxed, i don't know. 

[topt]

10 hours ago, Lorry said:

Update: 

Thailand does now participate in AEOI/CRS. 

First automatic exchange of financial data will be Sep 30, the financial data from 2022 will be exchanged. 

The CRS requires exchange with your  tax jurisdicition, which is not necessarily the country of one's passport.  To open a new bank account, 

customers are now asked to tell the bank their tax jurisdiction. 

Whether Thai banks will just send the financial data of old accounts to the country of the passport of the account owner,  or whether they will ask all foreigners where they are taxed, i don't know. 

Thanks but do you have a link for this information please?

[Lorry]

Sorry,  that was info from tax advisor. No link

[oMega69]

Thailand Automatic Exchange of Information AEOI Tax Laws - SHERRINGS

[topt]

On 4/7/2023 at 7:26 AM, oMega69 said:

Thailand Automatic Exchange of Information AEOI Tax Laws - SHERRINGS

Thanks for posting that.

A shame it does not appear to have been picked up in mainstream media and hence appear as a news item on here. 

It will be interesting to hear going forward what, if any, impact it may have on posters on here. 

[Lorry]

My bank told me that the relevant law has just been published in March.

They are still waiting for the regulations of the BoT how to handle this.

(I suspect it will be similar to FATCA)

They don't expect to hear from BoT before the election.

[moogradod]

As far as I know American Citizens are required to pay tax in their home country irrespective of where they reside and for how long. British Citizens seem to be confronted with a similar situation - although it is not transparent for me how much they woud have to pay. Double Tax Treaty etc.

 

This is not my question.

 

But how about someone who has neither American nor British nationality and who receives a state pension paid to a Thai bank account in his name from a country of which he has no passport either but who is resident in Thailand ? In this case who is reporting what to whom ? Actually these payments would arise because of previous savings which were made during the working life. Not even sure if there is anything to report at all.

[Lorry]

30 minutes ago, moogradod said:

case who is reporting what to whom ?

CRS requires the Thai bank to  report the account if the holder of the account is a tax resident in another country. This may or may not be the country of his passport. In theory,  only this matters,  and nationality is not important. They should report to the country where he is a tax resident.  In practice,  SHERRING (link see above) thinks Thai banks will just report to the country of the nationality of the account holder. Much easier.

[moogradod]

18 hours ago, Lorry said:

CRS requires the Thai bank to  report the account if the holder of the account is a tax resident in another country. This may or may not be the country of his passport. In theory,  only this matters,  and nationality is not important. They should report to the country where he is a tax resident.  In practice,  SHERRING (link see above) thinks Thai banks will just report to the country of the nationality of the account holder. Much easier.

What you are describing is just the view from the receivers end. And what do you mean by "to the country where he is tax resident resp. to the country of the account holder" - do you mean the embassy ? As far as I interpret from the  term "information exchange", is there not as well some information sent from the senders end ? Is this then information directly to the Tax and Excise departement of Thailand ? Just want to understand what's going on here.

[ballpoint]

Banks and brokerages where I have non-resident accounts, in Australia, Singapore and the Isle of Man, all sent me a CRS form a few years ago, where I had to state my country of tax residency and give my tax number for that country, or enter "not required".  None of my banks in Thailand have done so yet, so, unless they do just report to the country of my passport - where they'll be greeted with the online equivalent of blank looks, I'm not concerned about the Thailand end of this.  (And, even when/ if they do start asking for my tax residency details, I still won't be too concerned).

[Lorry]

7 hours ago, moogradod said:

What you are describing is just the view from the receivers end. And what do you mean by "to the country where he is tax resident resp. to the country of the account holder" - do you mean the embassy ? As far as I interpret from the  term "information exchange", is there not as well some information sent from the senders end ? Is this then information directly to the Tax and Excise departement of Thailand ? Just want to understand what's going on here.

I don't understand what you write. 

 

"to the country" means to the tax authority of that country, not the embassy

 

Yes, Thailand will receive information, too. If you are a tax resident of Thailand and you have a bank account in Singapore,  the Singapore bank will send information about this account to the Thai tax authorities. How does the Singapore bank know you are a tax resident in Thailand?

They will ask you (FATCA works like this). And if you used a Thai passport when you opened the account, they have every reason to ask where you are a tax resident. 

[moogradod]

I just noticed that here is an article today about the topic in the big newspaper that may neither be mentioned nor linked to. So if you are interested please refer to the original source (which I may unfortunately not name, so no link, sorry).

[topt]

On 6/6/2023 at 5:30 PM, moogradod said:

I just noticed that here is an article today about the topic in the big newspaper that may neither be mentioned nor linked to. So if you are interested please refer to the original source (which I may unfortunately not name, so no link, sorry).

Thanks for bringing that to people's attention. As far as I know no reason not to mention The Bangkok Post but yes you cannot link to it.

Interestingly in their article they mention that the agreement, or one of them, still has to be ratified by Parliament.......

 

And this particular article is almost completely referencing companies and not individuals until the last para that only talks about US individuals.

 

So lot of potential details missing........

[oMega69]

On 6/7/2023 at 6:02 PM, topt said:

Thanks for bringing that to people's attention. As far as I know no reason not to mention The Bangkok Post but yes you cannot link to it.

Interestingly in their article they mention that the agreement, or one of them, still has to be ratified by Parliament.......

 

And this particular article is almost completely referencing companies and not individuals until the last para that only talks about US individuals.

 

So lot of potential details missing........

okey thats good news!

[aldriglikvid]

Interesting thread! 

Since Thailand have 0% capital gains tax and only 15% withholding tax on dividends, I was in my 'early' stages of building a stock portfolio here (keeping the main one back home, as of now). 

 

As things were I didn't plan to declare these transactions to my home country - but do I understand it correctly that balances and transactions will be reported to the tax agency of the passport-country which I used opening the account? 

[stat]

On 6/18/2023 at 8:54 AM, aldriglikvid said:

Interesting thread! 

Since Thailand have 0% capital gains tax and only 15% withholding tax on dividends, I was in my 'early' stages of building a stock portfolio here (keeping the main one back home, as of now). 

 

As things were I didn't plan to declare these transactions to my home country - but do I understand it correctly that balances and transactions will be reported to the tax agency of the passport-country which I used opening the account? 

You are correct. For example the highest balance throughout the year will be reported. All gross income will be reported as a lump sum. For example you buy and sell  20 times shares worth 10.000 USD without any profit and your tax office will receive a notification of 200.000USD gross income from Thailand. I would not recommend a thai bank/brokerage rather go with Interactice Brokers, Schwab etc. TH has capital gains if you trade in Thailand and have a residence in TH or transfer any of international cap gains back to TH in the same year (at least in theory for the transfer part).

[aldriglikvid]

1 hour ago, stat said:

 I would not recommend a thai bank/brokerage rather go with Interactice Brokers, Schwab etc. TH has capital gains if you trade in Thailand and have a residence in TH or transfer any of international cap gains back to TH in the same year (at least in theory for the transfer part).

Thanks for the input! 

However, I have some small pushback: 

 

1) Neither IBKR nor Schwab offers the domestic Thailand market (thus the reason why I opened a local brokerage to start with). 

 

2) TH does not have capital gains if I trade (hate that word, I invest) in stocks on the local stock market, via my domestic broker. Only tax on dividends. 

[stat]

You can trade the following Thai companies on NYSE:

 

https://www.investing.com/equities/thailand-adrs

 

You are correct no cap gains tax if Thai shares are traded on the local market or ASEAN stock exchange. Pls let us you which thai brokerage you chose and if you are happy with it. Does your investment qualify for some of the visas that call for Thailand investments? For me that would be the only reason why I invest in the thai market, but to each their own. Thanks!

Edited June 20, 2023 by stat

[aldriglikvid]

On 6/20/2023 at 7:25 PM, stat said:

You can trade the following Thai companies on NYSE:

 

https://www.investing.com/equities/thailand-adrs

 

You are correct no cap gains tax if Thai shares are traded on the local market or ASEAN stock exchange. Pls let us you which thai brokerage you chose and if you are happy with it. Does your investment qualify for some of the visas that call for Thailand investments? For me that would be the only reason why I invest in the thai market, but to each their own. Thanks!

There's ca. 1 100 local stocks available - and only a handful of ADRS, so that's a no-brainer for me ????

 

I use SBITO. Very satisfied.