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.

[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.

[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.

[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!

[chiang mai]

1 hour ago, Yumthai said:

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

You've become paranoid about what I might think....the right choice will vary from person to person, based on their personal circumstances. Try and relax a little bit.

[Puccini]

16 hours ago, The Cyclist said:

You crack doing what you want to do. Just don't howl too loudly when it bites you on the ****

 

Just testing if arse and/or butt are on the profanity list.

(I am compulsively curious)

 

P.S. Please don't reply to this post. I'm afraid I may have gone off topic, and my post already gave me the the answer. (It occurred to me that in future I should go to The Lounge for this kind of test and I hope I shall remember to do so next time curiosity overcomes me)

 

[Puccini]

7 hours 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.

 

Is it possible that you got things a bit confused?

 

The Thai Revenue Department talks about assessable income, not accessible income.

 

Your talk about buying a new car, though, leads me to the question whether the Thai tax declaration form for a natural person requires the declaration not only of assessable income and allowed deductions, but also of assets and liabilities. Has this already been mentioned somewhere?

[gk10012001]

On 11/8/2024 at 6:28 AM, chiang mai said:

No you are not wrong, if you don't have assessable income, you do not need to file a return or get a TIN.

The problem is who decides what is assessable?  The Thai government may drag in anybody and demand details, proof, etc.  Make you file and list everything etc.  Maybe it will be determined one has no assessable income, but I have doubts that one can get away by doing nothing and saying nothing is going to happen. 

[chiang mai]

2 hours ago, gk10012001 said:

The problem is who decides what is assessable?  The Thai government may drag in anybody and demand details, proof, etc.  Make you file and list everything etc.  Maybe it will be determined one has no assessable income, but I have doubts that one can get away by doing nothing and saying nothing is going to happen. 

You decide, using some pretty well established parameters.

 

Income that is exempt, according to the Dual Tax Agreement, is, well, exempt! Savings are exempt. Income earned before 1 Jan 2024 s exempt. Everything else is pretty much assessable income.

[essexman]

Okay, well I won't bury my head in the sand.  Today I will visit my local tax office and register for a TIN. Now, as I'm not that great on a computer I would appreciate a little technical help, please, Kasikorn has sent me three forms to fill out in a PDF format.  Is there a way of filling out these forms without printing them off and filling the forms out manually?

[chiang mai]

1 hour ago, essexman said:

Okay, well I won't bury my head in the sand.  Today I will visit my local tax office and register for a TIN. Now, as I'm not that great on a computer I would appreciate a little technical help, please, Kasikorn has sent me three forms to fill out in a PDF format.  Is there a way of filling out these forms without printing them off and filling the forms out manually?

Yes. There's plenty of free software you can download to do that, somebody will be along shortly to tell you which is best.

[The Cyclist]

6 hours ago, gk10012001 said:

The problem is who decides what is assessable?  The Thai government may drag in anybody and demand details, proof, etc.  Make you file and list everything etc.  Maybe it will be determined one has no assessable income, but I have doubts that one can get away by doing nothing and saying nothing is going to happen. 

 

Have you seen the new forms being emailed currently to KBank account holders ? All other Thai banks will be following shortly.

 

Part 2

 

List your tax exempt income, provide the source of this tax exempt income, and the TIN / NI number 

 

Part 3

 

Sign and declare that this information is true and accurate. ( There is the Gotcha )

 

Part 4

 

Details how and when the bank can close your account

 

You can bet your house that this information will then be passed to the RD at the end of the year, as part of reporting procedures under CRS.

[The Cyclist]

18 minutes ago, The Cyclist said:

You can bet your house that this information will then be passed to the RD at the end of the year, as part of reporting procedures under CRS.

 

And despite the information that is freely available, especially in the KBank thread, someone is still using the confused icon.

 

Amazing Thailand.

[BritManToo]

13 minutes ago, The Cyclist said:

 

And despite the information that is freely available, especially in the KBank thread, someone is still using the confused icon.

 

Amazing Thailand.

I'm confused by your keenness to comply and help the authorities?

IMHO civil disobedience is always the way forward.

And if they need to audit everyone, then take us all to court, let them do it!

My VISA extension is good until Nov 2025, what can they do to me before that?

 

The more compliant you are, the worse it will be for everyone!

 

[redwood1]

27 minutes ago, The Cyclist said:

 

Have you seen the new forms being emailed currently to KBank account holders ? All other Thai banks will be following shortly.

 

Part 2

 

List your tax exempt income, provide the source of this tax exempt income, and the TIN / NI number 

 

Part 3

 

Sign and declare that this information is true and accurate. ( There is the Gotcha )

 

Part 4

 

Details how and when the bank can close your account

 

You can bet your house that this information will then be passed to the RD at the end of the year, as part of reporting procedures under CRS.

 

Ok take the USA....Has anyone EVER been required to submit their income sources to ANY bank for tax purposes?

 

Nope Never.......

 

Maybe because the bank is not the IRS......Its not the banks job to be the IRS...

 

 

The whole concept of of a bank becoming a tax office is ridiculous and makes no sense.....And will not work...But dumb ideas like this never seem to be in short supply around here.

 

 

[The Cyclist]

3 minutes ago, BritManToo said:

I'm confused by your keenness to comply and help the authorities?

 

Why would you be confused.

 

I do not judge your lifestyle, Do not judge mine by your standards.

 

I have invested a lot of time, money and effort here, and intend to keep on the straight and narrow.

 

You of course, are free to do whatever you like.

[The Cyclist]

4 minutes ago, redwood1 said:

Ok take the USA

 

This is not the US.

 

Maybe you go back to Kansas Toto.

[BritManToo]

8 minutes ago, The Cyclist said:

Why would you be confused.

I do not judge your lifestyle, Do not judge mine by your standards.

I have invested a lot of time, money and effort here, and intend to keep on the straight and narrow.

You of course, are free to do whatever you like.

Now I'm even more confused!

Your posts appear 100% to be judging every expat living in Thailand.

Even your quoted post judged me as a criminal.