Common reporting standard (CRS) information

[jojothai]

With all the discussion about potential new tax rules, its likely that people need to know what the current status is with Thailand regarding the CRS. So I will give some info.

I cannot put this post on Thai news, and cannot find any appropriate forum for tax issues. So I have to use this forum.
Because tax matters are now a big topic, perhaps one of the moderators can look at adding a forum for Thailand Taxation.

To continue
 

I just found the Thai summary of their CRS guidance. Not seen it before.
Its a pdf and 67 pages so i cannot attach.
Go to
https://www.rd.go.th/fileadmin/user_upload/FATCA_File/crs/Thailand_CRS_Guidance_280823.pdf

I have also checked now how many agreements that Thailand has already got in place for exchange of Information with other countries,

and it is substantial. Bad news, Much quicker than I had thought. 
Go to
https://web-archive.oecd.org/tax/automatic-exchange/international-framework-for-the-crs/exchange-relationships/index.htm

and choose Thailand.
For the people asking how the Thais will get the information for global income, then this indicates that the Thais have done what they need to get the exchange of information from many financial institutions overseas.

Its not good news but I trust some people will find it useful.

 

[topt]

Respectfully have you actually read or participated in any of the tax threads running in this or the news section? I can only assume not since there are a number of ongoing "tax" related threads in this section that you have posted.

 

Although the information you have posted has been previously discussed I am sure there are many who probably missed out on it so it could produce yet another bumper crop of posts.........

[SportRider]

Thankyou for this post. 

 

 

[Foxx]

Am I right in believing (1) that the United States is not party to CRS, (2) FATCA information only flowed in one direction - from Thailand to the United States,  meaning (3) the Thai tax authorities know nothing about residents' income arising in the United States.  This (if correct) would mean a massive loophole.

[JBChiangRai]

I can't help wondering if this breaches your basic human rights to privacy and whether someone will test it in the courts.

[Srikcir]

25 minutes ago, Foxx said:

Am I right in believing (1) that the United States is not party to CRS, (2) FATCA information only flowed in one direction - from Thailand to the United States,  meaning (3) the Thai tax authorities know nothing about residents' income arising in the United States.  This (if correct) would mean a massive loophole.

I'd expect parties to the US Double Taxation Treaty will have access to US/foreign income information. Thailand has such treaty with US.

[nong38]

25 minutes ago, JBChiangRai said:

I can't help wondering if this breaches your basic human rights to privacy and whether someone will test it in the courts.

Privacy does not apply to Governments they can access whatever they want usually using the usual excuses of 1. National Security and suspected Terrorist activities and money laundering suspicions and whilst you may think this is not right, they can and do do it. A relative of min told me this who had to sign the official secrets document. You just have to hope they do not have cause to come your way.

[Old Croc]

10 hours ago, topt said:

Respectfully have you actually read or participated in any of the tax threads running in this or the news section? I can only assume not since there are a number of ongoing "tax" related threads in this section that you have posted.

I'm also surprised there isn't a stand-alone sub-forum for taxation.

It is a little annoying having to sift through many unrelated posts in " Jobs, Economy, Banking, Business, Investments" to get to this essential and concerning subject

[JBChiangRai]

1 minute ago, nong38 said:

Privacy does not apply to Governments they can access whatever they want usually using the usual excuses of 1. National Security and suspected Terrorist activities and money laundering suspicions and whilst you may think this is not right, they can and do do it. A relative of min told me this who had to sign the official secrets document. You just have to hope they do not have cause to come your way.

 

Governments have had to change their policies after cases heard at the European Court of Human Rights.

 

Sharing details with some governments might be ok, but let's take Iran or North Korea, or even China.  I wouldn't be happy with my information being shared with any of those.

[Foxx]

26 minutes ago, Srikcir said:

I'd expect parties to the US Double Taxation Treaty will have access to US/foreign income information. Thailand has such treaty with US.

 

The USA-Thailand DTA does allow for the sharing of information, however, the information is shared upon request (not automatic) and must be specific to a tax investigation or enforcement issue.

[TimBKK]

4 hours ago, Foxx said:

Am I right in believing (1) that the United States is not party to CRS, (2) FATCA information only flowed in one direction - from Thailand to the United States,  meaning (3) the Thai tax authorities know nothing about residents' income arising in the United States.  This (if correct) would mean a massive loophole.

I believe you are correct - Thailand would only have access to CRS-like data for US citizens if you, as a Thai tax resident, were compelled to provide it (by audit) or voluntarily provided it to the Thai RD.

 

 

[jojothai]

15 hours ago, topt said:

Respectfully have you actually read or participated in any of the tax threads running in this or the news section? I can only assume not since there are a number of ongoing "tax" related threads in this section that you have posted.

 

Although the information you have posted has been previously discussed I am sure there are many who probably missed out on it so it could produce yet another bumper crop of posts.........

I have seen a lot and read a lot of threads and contributed to some posts.
I find the comment misguided. Please tell me where this information has been posted previously for others to see?
I have not seen the CRS guidance posted  and that is why i posted it separately, so that the title is clear, without the need to search many threads that IMHO do not give the information. This was not done to start a bumper crop of posts.
If i give the details clearly under the precise heading, it may help to prevent the bumper crop of posts made that indicate a lack of knowledge of the CRS and status for Thailand.

[jojothai]

2 hours ago, TimBKK said:

I believe you are correct - Thailand would only have access to CRS-like data for US citizens if you, as a Thai tax resident, were compelled to provide it (by audit) or voluntarily provided it to the Thai RD.

 

One of the reasons for the information i posted was to help stop people guessing.
If you go to the reference i gave for the agreements that countries have in place for exchange of Information,
You will see that the united states is not included. And no country has agreements for exchange of information with USA under the CRS.
That's because, as rightly pointed out by Foxx, the USA is not party to the CRS.

And I agree with what Foxx stated. The Thai tax authorities will know nothing about residents' income arising in the United States from the CRS system.
There may be other ways they  can request the information. I personally do not know
Yes, its a loophole in the CRS for US citizens, and I would think also for any individuals who have bank accounts in the USA.

Edited yesterday at 07:46 AM by jojothai
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[topt]

3 hours ago, jojothai said:

Please tell me where this information has been posted previously for others to see?

In the thread where you would expect a lot of tax stuff to be posted...........on 20th August

 

Then after that a number of posts dealing more specifically with CRS and credit cards - but not specific to the US question you raise.

[topt]

3 hours ago, jojothai said:

Yes, its a loophole in the CRS for US citizens, and I would think also for any individuals who have bank accounts in the USA.

yes outlined in this article if you go down almost to the bottom

https://auresnotes.com/non-crs-countries/

[jojothai]

4 hours ago, topt said:

In the thread where you would expect a lot of tax stuff to be posted...........on 20th August

 

Then after that a number of posts dealing more specifically with CRS and credit cards - but not specific to the US question you raise.

Good thanks, but was that in the post thread or in the document referenced.? The title does not point at the CRS
People are not likely to be reading every reference of discussion. You may be, but from the discussions i see I did not identify reference to the guidance. 
Its very difficult for somebody to identify things like this without spending hours trawling so many posts and seeing  all the crap then going to every reference.

That's why i posted very directly, so that it should be easier for people to search.
with respect , if you read and know all the posts , my post was not directed at you.
It was made to stop all the many ill informed posts from people that do not yet know or understand what is happening.

The forum should provide help, There are too many opinions and I am sick and tired of seeing the posts where people have no idea what is going on.
I hope the post rectifies some of that.

If you think the post was intended to generate lost of posts, that was not the intention.
Now, from what you have questioned, I do not see why i should make any more posts to help people.

Edited 18 hours ago by jojothai
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