Thailand's Expats Urged to Register with TRD for Tax, Says Expert

[scottiejohn]

37 minutes ago, NoDisplayName said:

4 million baht is a measly US$115,000.

To you, but not to the average Thai bar worker or many expat retirees relying on their countries pensions!

[Yumthai]

1 hour ago, The Cyclist said:

As long as the don't start whinging like a ******** when they get bitten on the ****.

You keep repeating this, surely something you sound familiar with.

[samtam]

42 minutes ago, ThaiPauly said:

I don't feel that people are aware that accessible income means that if you use it to buy a new car if you will be using your accessible income from 2024 income to purchase it.

 

I took this up with GWM as I was considering buying one of their cars, they have no idea and said they woukd check with the revenue department.

 

They emailed me back to say they were checking.....but then never got back to me !

 

It's really gonna affect us all should we want to buy a car  as far as I can see

 

Yes. If you are a Thai tax resident and you want to buy a car with funds from overseas that were earned in 2024 and tax free in the place of earning, those funds will be subject to Thai income tax, after TEDAs. The same applies to property purchases. I'm not sure, but I would very much doubt any cost benefit analysis has been made on this new rule interpretation, which will have an (adverse) impact on GDP, retail and property within the kingdom by foreigners who qualify as tax residents with assessable income. If foreigners who are not Thai tax residents buy big ticket retail or property, then they pay no tax. But I do not know how much the Thai property market relies on tax residents or non tax residents. There's already a glut, and if that causes a major crash in property prices, it will require a reassessment of the tax regime, which has worked pretty well up until this point.

Edited 2 hours ago by samtam

[samtam]

1 hour ago, Lorry said:

I guess they won't accept many of the TEDAs etc.

 

They won't accept DTAs, only after a looooot of hassle.

They won't  accept gifts (that has been said by another poster) or inheritances from outside Thailand. 

 

Most important: they are preparing to be well informed of our financial situation once taxation of worldwide income starts. 

 

The red Kbank emails are very hostile.

I expect the worst. 

 

Quote

Most important: they are preparing to be well informed of our financial situation once taxation of worldwide income starts. 

 

Whether they do introduce a tax on worldwide income is of course purely speculative at this stage. However, I think in return, those that pay it might want to see something for it; I'm not sure how it applies in countries that do tax that way. In UK, for example, if you're a UK resident (and tax resident) there are a number of social benefits that are provided, including of course health care. If there is no similar benefit (s) introduced here, Thailand becomes rather unattractive for many foreigners.

[The Cyclist]

15 minutes ago, Yumthai said:

You keep repeating this, surely something you sound familiar with.

 

I dont have anything to whinge about. It's not me getting my knickers in a twist. I'm quite clear on what actions I need to take in relation to the thread, and I am also very relaxed about those actions

 

The desperation being shown in this thread and others, is almost as thick as butter, mainly by people who are potentially going to be caught out, either by getting stung in Thailand for tax, or info feeding back to their home Country.

 

Just one of the reasons that they feel the need to go on the attack, or try to rubbish anything that does not suit them.

[Yumthai]

1 minute ago, The Cyclist said:

I dont have anything to whinge about. It's not me getting my knickers in a twist. I'm quite clear on what actions I need to take in relation to the thread, and I am also very relaxed about those actions

So do us a favor and stop your patronizing comments. Again, this is not the kindergarten.

[The Cyclist]

Just now, Yumthai said:

So do us a favor and stop your patronizing comments. Again, this is not the kindergarten.

 

What patronising comments would they be ?

[chiang mai]

Not everyone is going to be happy that there might be an answer to the questions that have been batted backwards and forwards for the past year, especially if it's a different set of answers from what they expected. Expect accusations of being in the employ of the TRD, the tax consultancies  or the devil himself....it was to be expected. My wish is that none of you pay Thai tax and that none of you make the wrong decision about filing a return or not, inevitably there will be those who make the wrong choice, sadly. 

[BenCrew]

E-mail received today from Expat Tax: Make of it what you will.

 

As part of our Tax Alert Service, we’re committed to keeping you informed of important developments. Today, we’ve received reports that Kasikorn Bank (KBank) has started issuing emails requesting compliance information. We expect other Thai banks to make similar requests in the coming months. 

These requests include details related to the Common Reporting Standard (CRS), a global framework for sharing tax residency information and FATCA (for US citizens). This marks the first time many of us have seen CRS-specific information being requested in Thailand, so we want to ensure you’re fully informed.
 

What Does This Mean?

KBank is complying with global regulations under CRS and FATCA to ensure tax residency details are accurately reported:

• For Americans: FATCA requires banks to report account details to US tax authorities.
• For Non-Americans: CRS requires tax residency information to be shared with international tax authorities to prevent tax evasion.

Why Are They Being Sent Out? 

In 2020, Thailand joined the CRS agreement, committing Thai banks to request tax residency information from their customers. This is standard procedure and not unique to you—KBank happens to be among the first to implement it.

Under CRS rules, banks must:

• Confirm the tax residency of all account holders.
• Identify connections to other countries for tax purposes.
• Share financial account details with local tax authorities, who may exchange the information internationally if needed.

This ensures overseas income and assets are declared in the relevant country. While this may feel new in Thailand, it’s already standard practice in many other countries. Note that switching banks won’t avoid this, as all Thai banks are required to comply with CRS regulations.

What Should You Do?

• Stay calm—there’s no rush.
  • You have until 20th December 2024 to complete and email the forms.
  • It’s usually easier to email them to the address provided by the bank, rather than visiting a branch.

Edited 1 hour ago by BenCrew

[The Cyclist]

6 minutes ago, BenCrew said:

E-mail received today from Expat Tax: Make of it what you will.

 

As part of our Tax Alert Service, we’re committed to keeping you informed of important developments. Today, we’ve received reports that Kasikorn Bank (KBank) has started issuing emails requesting compliance information. We expect other Thai banks to make similar requests in the coming months. 

These requests include details related to the Common Reporting Standard (CRS), a global framework for sharing tax residency information and FATCA (for US citizens). This marks the first time many of us have seen CRS-specific information being requested in Thailand, so we want to ensure you’re fully informed.
 

What Does This Mean?

KBank is complying with global regulations under CRS and FATCA to ensure tax residency details are accurately reported:

• For Americans: FATCA requires banks to report account details to US tax authorities.
• For Non-Americans: CRS requires tax residency information to be shared with international tax authorities to prevent tax evasion.

Why Are They Being Sent Out? 

In 2020, Thailand joined the CRS agreement, committing Thai banks to request tax residency information from their customers. This is standard procedure and not unique to you—KBank happens to be among the first to implement it.

Under CRS rules, banks must:

• Confirm the tax residency of all account holders.
• Identify connections to other countries for tax purposes.
• Share financial account details with local tax authorities, who may exchange the information internationally if needed.

This ensures overseas income and assets are declared in the relevant country. While this may feel new in Thailand, it’s already standard practice in many other countries. Note that switching banks won’t avoid this, as all Thai banks are required to comply with CRS regulations.

What Should You Do?

• Stay calm—there’s no rush.
  • You have until 20th December 2024 to complete and email the forms.
  • It’s usually easier to email them to the address provided by the bank, rather than visiting a branch.

 

And there are still some that think this is a scam and will not effect them.

 

The mind truly boggles.

 

ETA

 

And somebody will probably come along and accuse you of being a shill for a tax consultancy.

Edited 1 hour ago by The Cyclist
add text

[The Cyclist]

10 minutes ago, chiang mai said:

Not everyone is going to be happy that there might be an answer to the questions that have been batted backwards and forwards for the past year, especially if it's a different set of answers from what they expected. Expect accusations of being in the employ of the TRD, the tax consultancies  or the devil himself.

 

How true

 

10 minutes ago, chiang mai said:

My wish is that none of you pay Thai tax and that none of you make the wrong decision about filing a return or not, inevitably there will be those who make the wrong choice, sadly. 

 

Also very true.

[redwood1]

6 minutes ago, BenCrew said:

E-mail received today from Expat Tax: Make of it what you will.

 

As part of our Tax Alert Service, we’re committed to keeping you informed of important developments. Today, we’ve received reports that Kasikorn Bank (KBank) has started issuing emails requesting compliance information. We expect other Thai banks to make similar requests in the coming months. 

These requests include details related to the Common Reporting Standard (CRS), a global framework for sharing tax residency information and FATCA (for US citizens). This marks the first time many of us have seen CRS-specific information being requested in Thailand, so we want to ensure you’re fully informed.
 

What Does This Mean?

KBank is complying with global regulations under CRS and FATCA to ensure tax residency details are accurately reported:

• For Americans: FATCA requires banks to report account details to US tax authorities.
• For Non-Americans: CRS requires tax residency information to be shared with international tax authorities to prevent tax evasion.

Why Are They Being Sent Out? 

In 2020, Thailand joined the CRS agreement, committing Thai banks to request tax residency information from their customers. This is standard procedure and not unique to you—KBank happens to be among the first to implement it.

Under CRS rules, banks must:

• Confirm the tax residency of all account holders.
• Identify connections to other countries for tax purposes.
• Share financial account details with local tax authorities, who may exchange the information internationally if needed.

This ensures overseas income and assets are declared in the relevant country. While this may feel new in Thailand, it’s already standard practice in many other countries. Note that switching banks won’t avoid this, as all Thai banks are required to comply with CRS regulations.

What Should You Do?

• Stay calm—there’s no rush.
  • You have until 20th December 2024 to complete and email the forms.
  • It’s usually easier to email them to the address provided by the bank, rather than visiting a branch.

 

Ben sound very excited about a possible development that could bring in more paying customers for his business....lol

 

 

[redwood1]

4 minutes ago, The Cyclist said:

 

And there are still some that think this is a scam and will not effect them.

 

The mind truly boggles.

 

ETA

 

And somebody will probably come along and accuse you of being a shill for a tax consultancy.

 

A scam it is 100%....

[NoDisplayName]

1 hour ago, scottiejohn said:

To you, but not to the average Thai bar worker or many expat retirees relying on their countries pensions!

 

Those folks will likely be unaffected by the recent change in interpretation of the current law, or by the proposed changes.

[Yumthai]

1 hour ago, chiang mai said:

inevitably there will be those who make the wrong choice, sadly. 

Indeed, the wrong choice might not be the one you think of.

[scottiejohn]

24 minutes ago, NoDisplayName said:

 

Those folks will likely be unaffected by the recent change in interpretation of the current law, or by the proposed changes.

it could have a major impact for all YOU know!