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

[stat]

6 hours ago, aldriglikvid said:

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. 

If you feel you absolutely (as a farang) must invest in Thai Mid and Small caps then yes ???? I gave up on emerging markets (besides russia) after i got badly bruised in the indonesian market. Thanks for the info on your broker will keep that in mind if I need a broker in Thailand.

Edited June 26, 2023 by stat

[Lorry]

Thailand did plan to participate in the Automatic Exchange of Information, starting 2023.

In the end,  they are not participating yet.

 

I guess it's because of the delay finding a new government,  and I guess they will participate next year. 

[Jenkins9039]

On 8/22/2023 at 8:14 PM, Lorry said:

Thailand did plan to participate in the Automatic Exchange of Information, starting 2023.

In the end,  they are not participating yet.

 

I guess it's because of the delay finding a new government,  and I guess they will participate next year. 

Are not yet participating? - where did you see that, i thought it started Jan 2023 and for the year of 2022?

[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. 

 

Brits don't pay taxes when residing outside of the UK, only capital gains on property, or tax on income in the UK, last time i checked.

[Nick Carter icp]

2 minutes ago, Jenkins9039 said:

Brits don't pay taxes when residing outside of the UK, only capital gains on property, or tax on income in the UK, last time i checked.

I thought that Brits were supposed to pay tax on all income  although when that income comes from abroad, its usually taxed at source as so it is exempt from UK tax

[Lorry]

1 hour ago, Jenkins9039 said:

Are not yet participating? - where did you see that, i thought it started Jan 2023 and for the year of 2022?

Ask your bank. (My source is not in English so cannot be quoted here and you wouldn't understand it anyway)

[freeworld]

All this writing about nothing.

 

When the banks are ready they will contact their account holders to provide tax numbers and tax residency details so the account info can be shared with the Thai and home countries tax offices.

 

Why the concern about when it happens....it will happen and they, the banks when ready, will require the account holders tax residency details to report, it is coming.

 

LOL the bank account holders here pushing the banks to ask for this info.

Edited August 27, 2023 by freeworld

[topt]

15 hours ago, Jenkins9039 said:

Brits don't pay taxes when residing outside of the UK, only capital gains on property, or tax on income in the UK, last time i checked.

If you are registered with HMRC as non-resident for tax that is generally correct.

 

However the issue is more about whether you would be taxed by the Thai Revenue service in Thailand especially those bringing in funds earnt in the current calendar year. See the explanation,I think it was parkington's post, on the first page of this thread.

[topt]

15 hours ago, Nick Carter icp said:

I thought that Brits were supposed to pay tax on all income  although when that income comes from abroad, its usually taxed at source as so it is exempt from UK tax

Tax on all income - Yes if you are still considered as tax resident in the UK.

Exemption - that would only apply if a DTA is in force with that specific country for that specific type of income.

[freeworld]

It does not matter whether people consider themselves resident or not or paying taxes or not, the banks are going to request the tax numbers tax residency in due course. The accounts financial info, income, balance and details is going to be reported their home country of passport/nationality.

Edited August 27, 2023 by freeworld

[Lorry]

12 hours ago, freeworld said:

It does not matter whether people consider themselves resident or not or paying taxes or not, the banks are going to request the tax numbers tax residency in due course. The accounts financial info, income, balance and details is going to be reported their home country of passport/nationality.

The banks are under no obligation to ask for tax numbers and tax residency. They may very well do this,  but I have seen banks reporting without asking the customer these things.

 

The banks are not supposed to report to the country of nationality - they should report to the probable country of tax residency (which they can ask the customer).  Nationality is in theory not relevant at all, tax residency is. In practice, some banks may just guess that if you have a passport of country X you are probably a tax resident there.

[stat]

On 8/27/2023 at 6:11 AM, freeworld said:

It does not matter whether people consider themselves resident or not or paying taxes or not, the banks are going to request the tax numbers tax residency in due course. The accounts financial info, income, balance and details is going to be reported their home country of passport/nationality.

Taxiation is based on residence with the 2 exceptions being the US and Eritrea nationals. Nationality is ONLY relevant in DBA as a tiebreaker rule in some very rare cases when you reside in both countries.

 

Regarding the TIN it is not mandatory if you reside in TH as stated in the OECD 200 page primer as TH does not give tax numbers to people who only reside in TH and have no work permit as the majority of people here. However if you ask for it you will get a TH tax number even without work permit. I had no problem with US and german banks not presenting a TH tax ID. They were satisfied with 90 day report slips and OA visa.

Edited August 28, 2023 by stat

[blackcab]

is there any update from this article posted by KPMG in February 2023, placing Thailand on the grey list?

 

https://kpmg.com/us/en/home/insights/2023/02/tnf-eu-updates-to-list-of-non-cooperative-jurisdictions-four-added-to-black-list-revisions-to-grey-list.html

[david555]

39 minutes ago, blackcab said:

is there any update from this article posted by KPMG in February 2023, placing Thailand on the grey list?

 

https://kpmg.com/us/en/home/insights/2023/02/tnf-eu-updates-to-list-of-non-cooperative-jurisdictions-four-added-to-black-list-revisions-to-grey-list.html

Maybe this link can get you the information needed .

You can see X Country to - X Country by search window

 

https://www.oecd.org/tax/automatic-exchange/country-by-country-exchange-relationships.htm

 

And on this Country listing  Thailand shows only 2023  but furt5her nothing as many other country's show some   V  marked .

 

Yes Thailand was dragging longtime his feet on it , that is why OECD was pushing them .....with little result and maybe many excuses on it ....

see this link the result  (many links on this OECD site for whatever you are vsearching ..... (beyond my knowledge is not deep to it ....)

 

https://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/crs-by-jurisdiction/#d.en.345489

Edited August 28, 2023 by david555

[Jenkins9039]

Been informed they automatically report from next month going back for the year 2023.

 

In addition 'everything' is bundled and reported, not just the CRS requirements (easy route to zip up your account and send), they are also not asking residency (tax) but just automatic exchange with your citizenship nation.

[topt]

23 minutes ago, Jenkins9039 said:

Been informed they automatically report from next month going back for the year 2023.

 

In addition 'everything' is bundled and reported, not just the CRS requirements (easy route to zip up your account and send), they are also not asking residency (tax) but just automatic exchange with your citizenship nation.

Can you say who you were informed by please?

And what is meant by 'everything'?

[Jenkins9039]

4 minutes ago, topt said:

Can you say who you were informed by please?

And what is meant by 'everything'?

Financial institution. 

'every thing on your account, all transactions'.

[david555]

1 hour ago, Jenkins9039 said:

Financial institution. 

'every thing on your account, all transactions'.

So they go report my loading AIS sim card & fee for bank card  ....☺️.as nothing else happened as i left Thailand  1 Sept 2022 keeping only 1 small money account alive

 

Doing a "reset "  for when i return TH. ????

Edited September 10, 2023 by david555

[Lorry]

2 hours ago, Jenkins9039 said:

Been informed they automatically report from next month going back for the year 2023.

 

In addition 'everything' is bundled and reported, not just the CRS requirements (easy route to zip up your account and send), they are also not asking residency (tax) but just automatic exchange with your citizenship nation.

I know one bank that's asking for tax residency. 

This is my experience in other countries too.

I suspect every bank or financial institution handles this a bit differently, but I don't know for sure. 

 

 

Edited September 10, 2023 by Lorry

[david555]

20 minutes ago, Lorry said:

I know one bank that's asking for tax residency. 

This is my experience in other countries too.

I suspect every bank or financial institution handles this a bit differently, but I don't know for sure. 

 

 

In my country the Belgian gov. started June 30 2023 the money totals ( not details ) needed the banks reporting this from all persons bank accounts , so needed to report to our National bank ,so 30 June and Dec 31 totals each bank account ....

 

BUT the tricky thing was ....the year 2021 also from June30 .....a reverse thing ....

While the notice started only in 2023 

 

So every 6 months totals from each bank on our person

Edited September 10, 2023 by david555

[K2938]

On 8/28/2023 at 4:18 PM, stat said:

Regarding the TIN it is not mandatory if you reside in TH as stated in the OECD 200 page primer as TH does not give tax numbers to people who only reside in TH and have no work permit as the majority of people here.

Do you happen to have a link to the document you mention, please?

[stat]

I found it once but took me hours, sorry. But several banks accepted after I told them that a tax tin is generaly not mandatory for outside the EU residency.

 

[stat]

On 9/10/2023 at 8:05 PM, david555 said:

In my country the Belgian gov. started June 30 2023 the money totals ( not details ) needed the banks reporting this from all persons bank accounts , so needed to report to our National bank ,so 30 June and Dec 31 totals each bank account ....

 

BUT the tricky thing was ....the year 2021 also from June30 .....a reverse thing ....

While the notice started only in 2023 

 

So every 6 months totals from each bank on our person

A lot of details will be transfered as well, not just the total, max amount of funds in the year, realized sales (not gains) etc...

Edited September 13, 2023 by stat

[david555]

4 hours ago, stat said:

A lot of details will be transfered as well, not just the total, max amount of funds in the year, realized sales (not gains) etc...

Just to clear up ????

 

By the information from one of  my Belgian banks given to me in past date , they stated that starting 30 June 2022 they have to report standard way only the totall account(s) balance of all Belgian accounts every 6 months to our National Bank (NBB), no more than that ,

 

BUT they had also to report the balance from 30 June 2031 , SO in a retroactive way !! from announcement date ????

 

 

So 30 June 2022 , 31 December 2022 and so further every 6 months .....BUT they had also the balance from 30 June 2031 to report , SO in a retroactive way !!

 

 

This not as CRS , just a BELGIAN national thing ,...... but of course information can be shared if asked , but only the balances of this accounts  , included insurrance contracts and other "money things "

Edited September 13, 2023 by david555

[stat]

17 hours ago, david555 said:

Just to clear up ????

 

By the information from one of  my Belgian banks given to me in past date , they stated that starting 30 June 2022 they have to report standard way only the totall account(s) balance of all Belgian accounts every 6 months to our National Bank (NBB), no more than that ,

 

BUT they had also to report the balance from 30 June 2031 , SO in a retroactive way !! from announcement date ????

 

 

So 30 June 2022 , 31 December 2022 and so further every 6 months .....BUT they had also the balance from 30 June 2031 to report , SO in a retroactive way !!

 

 

This not as CRS , just a BELGIAN national thing ,...... but of course information can be shared if asked , but only the balances of this accounts  , included insurrance contracts and other "money things "

Ok that clears things up. CRS is every 12 month for sure and is reported in Germanys case for example to a national tax office not the national bank. So nothing to do with CRS / AEOI topic. Why are you "concerned" with that information distributal as I am sure Belgium and your bank has already squeezed every drop out of its tax subjects. Belgium and Germany top the world wide charts regarding tax% paid.

Edited September 14, 2023 by stat

[david555]

2 hours ago, stat said:

Ok that clears things up. CRS is every 12 month for sure and is reported in Germanys case for example to a national tax office not the national bank. So nothing to do with CRS / AEOI topic. Why are you "concerned" with that information distributal as I am sure Belgium and your bank has already squeezed every drop out of its tax subjects. Belgium and Germany top the world wide charts regarding tax% paid.

"Why are you "concerned" with that information"

 

 

 

Concerned because they make a reporting issue on a certain start date .(no problem with that ).... but they let i be active also on  reversed  date included ....

 

Should be  same as changing a law on date 1 January  2023 .....but letting it also counting as from ! Jan.1  2022

 

The reversing is same as" going back in time " when that law was not existing !! And so not applicable !!

 

A going  back in time machine ????

 

 

Edited September 14, 2023 by david555

[stat]

On 9/14/2023 at 3:11 PM, david555 said:

"Why are you "concerned" with that information"

 

 

 

Concerned because they make a reporting issue on a certain start date .(no problem with that ).... but they let i be active also on  reversed  date included ....

 

Should be  same as changing a law on date 1 January  2023 .....but letting it also counting as from ! Jan.1  2022

 

The reversing is same as" going back in time " when that law was not existing !! And so not applicable !!

 

A going  back in time machine ????

 

 

 

If you take crs as a reference point, laws where in place long time before crs started. I suppose in Belgium it is the same for the law you mentioned. As your bank is the reference point for your taxes I do not see any potential issue if the national bank also has your information.

 

For example CRS is active far longer then you think

 

https://finances.belgium.be/fr/E-services/crs

 

Nota bene: We are talking about CRS in this thread

 

Edited September 16, 2023 by stat

[david555]

1 hour ago, stat said:

 

If you take crs as a reference point, laws where in place long time before crs started. I suppose in Belgium it is the same for the law you mentioned. As your bank is the reference point for your taxes I do not see any potential issue if the national bank also has your information.

 

For example CRS is active far longer then you think

 

https://finances.belgium.be/fr/E-services/crs

 

Nota bene: We are talking about CRS in this thread

 

yes ,but your question about my" consern " made me answering ,

that start date was younger  than that 1 year back in time when that BE. new reporting item was also included .

 

And yes finnally all those controling measures are all related if the need it .....

 

I know this topic is about crs  (as i mysel;f gave several links about it's relation to Thai banks long time ago in this topic .....

 

Even being a Belgian citizen when opening an extra Belgium bank account now i was asked if i had also a USA passport or green card (not).....go figure....FATCA ????

 

Strange however when living officially in Thailand we are not forced to report our  Thai bank to our country National bank ....!! ????

But living in Belgium officially  we all Belgians must report foreign bank accounts

 

Edited September 16, 2023 by david555

[Jenkins9039]

On 9/16/2023 at 8:29 PM, david555 said:

yes ,but your question about my" consern " made me answering ,

that start date was younger  than that 1 year back in time when that BE. new reporting item was also included .

 

And yes finnally all those controling measures are all related if the need it .....

 

I know this topic is about crs  (as i mysel;f gave several links about it's relation to Thai banks long time ago in this topic .....

 

Even being a Belgian citizen when opening an extra Belgium bank account now i was asked if i had also a USA passport or green card (not).....go figure....FATCA ????

 

Strange however when living officially in Thailand we are not forced to report our  Thai bank to our country National bank ....!! ????

But living in Belgium officially  we all Belgians must report foreign bank accounts

 

Neighbour (previously), is a Belgium guy, from what i've heard, the Nazi's were chased out of Belgium, but the Financial Gestapo remained.

 

If half the things that happen there happened in the UK, we'd lynch those trying it on (finger prints, reporting of assets, bank accounts etc when non-residents, paying tax to the UK when non-residents etc).

 

 

[david555]

38 minutes ago, Jenkins9039 said:

" Neighbour (previously), is a Belgium guy, from what i've heard, the Nazi's were chased out of Belgium, but the Financial Gestapo remained."

 

If half the things that happen there happened in the UK, we'd lynch those trying it on (finger prints, reporting of assets, bank accounts etc when non-residents, paying tax to the UK when non-residents etc).

 

 

It is even worse in The Netherlands ....,as there cash money must be reported in yearly tax declaration if higher than 10 000 euro  in a special tax box  (not sure about that amount ...)

 

 

Edited September 18, 2023 by david555