Home country tax details

[LemanRus]

Hi

I'm thinking of coming to live in Thailand. I was told I needed to bring my correspondence from my home country tax office. 

Is this true?

Many Thanks

Leman

[KhunLA]

Haven't a clue what 'correspondence' means in this context.

 

Try looking on Thai Embassy / Immigration website to see what your requirements will be for living here.

[treetops]

Who told you and what is your home country?

 

Are you planning to work or how are you going to get by?

 

Give everyone a bit of a clue if you want help.

[JimTripper]

Probably not.

Edited June 17, 2022 by JimTripper

[LemanRus]

Thanks for the response

 

On 29 October 2014, 51 jurisdictions (countries and dependent territories) signed a multilateral agreement to automatically exchange information on financial accounts based on the multilateral convention. As of 02 November 2017, 44 jurisdictions more joined the multilateral agreement, making 95 jurisdictions in total. This is the first ever agreement to exchange this type of information automatically. All previously signed agreements concerning exchange of information on tax matters assume that the information is exchanged on request, namely relating to a specific tax investigation, either criminal or civil. Signing the agreement on automatic information exchange is a huge step to address the issues of international tax avoidance and evasion.

The information will be exchanged between the jurisdictions that signed the agreement under a single global standard on an annual basis. 49 jurisdictions committed to start the information exchange by 2017, 53 jurisdictions more - by 2018. While singing the Convention itself means only commitment of a signing jurisdiction to provide administrative assistance to other signed jurisdictions in tax matters, the automatic exchange is going to be based on bilateral agreements and the EU framework. As of November 2017, out of 102 jurisdictions, 32 jurisdictions don't have bilateral agreements with other jurisdictions to either send or to receive the information, and 12 jurisdictions more don't have such agreements to send the information.

[userabcd]

"

Hi

I'm thinking of coming to live in Thailand. I was told I needed to bring my correspondence from my home country tax office. 

Is this true?

Many Thanks

Leman"

 

Who told you?

What correspondence were you told to bring with you?

 

CRS is an automatic reporting and sharing of financial account information by banks and financial institutions of a foreigner account holder (What is shared: name, place of birth, nationality, all countries where one considers themselves to be resident, tax numbers or reason why no tax number (s), account details, income/deposits into account during the year and balance at a specific time of the year) with the tax offices where one is resident This information is automatically shared with that foreigners home country tax offices.

 

CRS will be implemented in Thailand in the near future.

Edited June 19, 2022 by userabcd

[userabcd]

2 hours ago, LemanRus said:

Thanks for the response

 

On 29 October 2014, 51 jurisdictions (countries and dependent territories) signed a multilateral agreement to automatically exchange information on financial accounts based on the multilateral convention. As of 02 November 2017, 44 jurisdictions more joined the multilateral agreement, making 95 jurisdictions in total. This is the first ever agreement to exchange this type of information automatically. All previously signed agreements concerning exchange of information on tax matters assume that the information is exchanged on request, namely relating to a specific tax investigation, either criminal or civil. Signing the agreement on automatic information exchange is a huge step to address the issues of international tax avoidance and evasion.

The information will be exchanged between the jurisdictions that signed the agreement under a single global standard on an annual basis. 49 jurisdictions committed to start the information exchange by 2017, 53 jurisdictions more - by 2018. While singing the Convention itself means only commitment of a signing jurisdiction to provide administrative assistance to other signed jurisdictions in tax matters, the automatic exchange is going to be based on bilateral agreements and the EU framework. As of November 2017, out of 102 jurisdictions, 32 jurisdictions don't have bilateral agreements with other jurisdictions to either send or to receive the information, and 12 jurisdictions more don't have such agreements to send the information.

"Thailand joined the Global Forum on Transparency and Exchange of Information for Tax Purposes in 2017 as a commitment to align its reporting standard with the globally recognized CRS. It is expected the nation will fully commence CRS by 1 January 2022 to carry out its first AEOI scheduled for 2023."

[gamb00ler]

3 hours ago, LemanRus said:

....SNIP....

While singing the Convention itself means only commitment of a signing jurisdiction to provide administrative assistance to other signed jurisdictions in tax matters, the automatic exchange is going to be based on bilateral agreements and the EU framework. As of November 2017, out of 102 jurisdictions, 32 jurisdictions don't have bilateral agreements with other jurisdictions to either send or to receive the information, and 12 jurisdictions more don't have such agreements to send the information.

Interesting that they decided to sing the Convention.????

[topt]

5 hours ago, userabcd said:

"Thailand joined the Global Forum on Transparency and Exchange of Information for Tax Purposes in 2017 as a commitment to align its reporting standard with the globally recognized CRS. It is expected the nation will fully commence CRS by 1 January 2022 to carry out its first AEOI scheduled for 2023."

Can I ask how old that quote is and from where?

Reason I ask is that my understanding is they still haven't passed the legislation needed to start the process and as it will affect Thais as much or more than foreigners I am hoping that it will be delayed for longer than that.

(But yes it will happen at some point)

[LemanRus]

https://assets.kpmg/content/dam/kpmg/th/pdf/2021/11/th-tax-news-flash-issue-115.pdf

[Jenkins9039]

Bali offers tax free now... 

[topt]

On 6/24/2022 at 11:30 AM, LemanRus said:

https://assets.kpmg/content/dam/kpmg/th/pdf/2021/11/th-tax-news-flash-issue-115.pdf

My reading of that is that is it was written before the ratification date of 31/12/21 and I have not seen or heard anything to say it has been ratified - am I reading it correctly?

[LemanRus]

https://home.kpmg/th/en/home/insights/2021/11/th-tax-news-flash-issue-115.html

 

Not quite the last dot but I have read it was ratified in Jan of this year. I will try to find the article but don't hold your breath. Could be my age addled brain or lack thereof

[LemanRus]

On Bali

 

https://emerhub.com/bali/do-digital-nomads-in-bali-need-to-pay-taxes/

[topt]

20 minutes ago, LemanRus said:

https://home.kpmg/th/en/home/insights/2021/11/th-tax-news-flash-issue-115.html

 

Not quite the last dot but I have read it was ratified in Jan of this year. I will try to find the article but don't hold your breath. Could be my age addled brain or lack thereof

Just did a quick search and found this which may of course be out of date especially if Thailand only ratified in January and maybe it was missed - 

https://www.oecd.org/tax/automatic-exchange/about-automatic-exchange/CbC-MCAA-Signatories.pdf

 

Thailand does not appear in this list which was last updated 31/1/2022