K bank E-mail with Tax Forms attached ?

[Lacessit]

Either it is a scam, or it is not.

 

If it is a scam, I expect the penny will drop with Kasikorn, after aggrieved customers start bringing their forms into local branches.

 

If it is not, I would expect other banks to follow suit.

[bamnutsak]

Can anyone post the entire FATCA/CRS Individual self-certification form?

 

To me (U.S. citizen, tax resident in Thailand) it looks like we might have to fill out the self-certification form, just parts 1, 2 & 3. 

 

I don't think the W-8 and W-9 are applicable, to me anyway.

 

Admittedly an older document...  https://media.krungthaixspring.com/docs/en/services/FatcaForm_EN.pdf

[Coota]

I'm Australian, live in Thailand have a K Bank account and also received this very annoying and confusing email. I also have accounts with other banks and received nothing like this from them. The Forms all appear to reference the US fairly regularly in their questions so, hopefully, it's just aimed at US citizens.

 

I may cancel my K Bank account as, since I have opened accounts with other banks, found that I prefer to use them.

Edited 4 hours ago by Coota

[connda]

Hope you guys have been filling out annual FBARs with the US Treasury.

http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

[gamb00ler]

10 hours ago, JohnnyBD said:

That's strange they would send a non-US citizen the IRS reporting forms. It will be interesting to see if they send it to all of their customers. I haven't received anything from Kasikorn yet. I filled out the forms when I opened my Kasikorn account in 2018.

It is quite common for a non-US citizen to be considered a US tax resident especially Canadians who have lived and worked in the US.  Non-US citizens who are married to US citizens can also be treated as US tax residents.

[TheAppletons]

11 minutes ago, connda said:

Hope you guys have been filling out annual FBARs with the US Treasury.

http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

 

   Not everyone is required to file an FBAR (referring to US citizens).  

[prakhonchai nick]

Quite clear in my view.          

The CRS aims to combat tax evasion by individuals residing outside Thailand and to ensure compliance with international taxation standards.

 

If you live in Thailand year round, then it does not apply to you!

 

[gk10012001]

12 hours ago, KhunBENQ said:

Does this look a scam? First few lines of the FACTA stuff.

 

 

A USA FACTA form with Thai script on it?  Don't USA citizens file FACTA online after registering and there is no form one can submit?

[hotandsticky]

45 minutes ago, Coota said:

 

 

I may cancel my K Bank account as, since I have opened accounts with other banks, found that I prefer to use them.

 

 

That would be a fairly dumb move...................do you think other banks will notfollow suit?

[topt]

3 hours ago, Old Croc said:

If anyone was wondering how The Revenue Dept would enforce compliance, perhaps with Immigration, it's now clear your bank is the agent for the tax collection. They are insisting (threatening) you register and disclose personal details to them, and even go so far as to provide the forms to apply for a tax ID.

I didn't realize K bank was a government entity!

 

 

All financial institutions in countries that have signed up to CRS are supposed to verify the details of their account holders - if you look up the CRS details it is very clear and has been posted on here in the various tax threads before.

That is presuming the email is genuine.

[topt]

2 hours ago, Andycoops said:

I have never seen any mention of FATCA CRS in any comments about the proposed taxation of foreigners living here for more than 180 days.

The respectfully you have not been paying attention. Simplistically on one level how do you think the TRD could check anything if they decided to audit you.......

[Lorry]

3 hours ago, Old Croc said:

I didn't realize K bank was a government entity!

So you know now.

They learned it from the plutocratic democratic West.

[Coota]

7 minutes ago, hotandsticky said:

 

 

That would be a fairly dumb move...................do you think other banks will notfollow suit?

Not really as I outlined in my reply, if you read it fully instead of jumping straight in to bash a contributer, I have other options and said Bank was failing in other areas of service. Don't know why you want to go off topic just for the pleasure of attacking someone and clogging up the topic with <deleted> comments.

Edited 3 hours ago by Coota
Speling

[chang50]

I am a k bank account holder for about 15 years and have not received this email but if I was to get it I would be very wary of providing any information via email.Sounds dodgy tbh.

[Lacessit]

Two of the forms relate to the American IRS only.

 

The other form repeatedly asks whether one is an American citizen.

 

I will only be filling out the form with the Kasikorn logo top RH corner.

[Lacessit]

3 minutes ago, chang50 said:

I am a k bank account holder for about 15 years and have not received this email but if I was to get it I would be very wary of providing any information via email.Sounds dodgy tbh.

The use of caps in the email address looks dodgy.

[Moonlover]

1 hour ago, Bday Prang said:

Most in the UK will have a UTN    ( unique tax number) 

Unique Taxpayer Reference (UTR) actually and here's a note regarding that number:

 

'Like National Insurance numbers, UTR numbers are highly confidential, and there are only a few circumstances in which you should give your Unique Taxpayer Reference to someone other than HMRC'. So don't sticking on any forms.

 

And BTW I am a British citizen and a K bank customer who has not received this e mail (as yet) 

[Lorry]

This is not so much about Thai taxes, as about home country taxes. 

 

Example:

We, Kbank, got the information from Mr X (from his self-certification), that he is a tax resident of Timbuktu. His Timbuktu TIN is 1234567.

So, in compliance with CRS, we will send financial data about Mr X to the Timbuktu tax authorities.  So Timbuktu tax authorities can levy taxes, eg on the interest he received in Thailand for his 800,000 B.

 

Timbuktu, of course, will return the favor. If Tbank learns that a certain Mr T (who holds zillions of Timbus in a high-yield account) is a tax resident of Thailand,  they will notify the Thai tax authorities.  So Thailand can tax Mr T's capital gains from Timbuktu.

 

 

[ballpoint]

I'm a NZ citizen, and haven't received this email either, and have never filled in any of these forms.  I've had an account with KBank (or Thai Farmers Bank, as it was back then) since 1988.  Going through this thread it appears that long term account holders haven't received it.  It's definitely real though, as their website contains the following pdf file (5 pages in total, this is the one with the email address):

 

 

FATCACRS-Self-CertificationCompletion-and-Submission-for-Individuals-en.pdf

 

I've been asked to do similar with banks / financial institutions in other countries, but in each of these cases, the forms were submitted via their secure websites, not by email.

 

The self certification form for individuals is here on their website:

 

https://www.kasikornasset.com/DownloadDocument/FATCA_IN_TH.pdf?utm_source=web_own&utm_medium=direct_mass&utm_campaign=none&utm_term=kbank!www.kasikornbank.com/th/search&utm_content=none!www.kasikornbank.com/th/personal

[recom273]

13 minutes ago, Moonlover said:

Unique Taxpayer Reference (UTR) actually and here's a note regarding that number:

 

'Like National Insurance numbers, UTR numbers are highly confidential, and there are only a few circumstances in which you should give your Unique Taxpayer Reference to someone other than HMRC'. So don't sticking on any forms.

 

And BTW I am a British citizen and a K bank customer who has not received this e mail (as yet) 

 

Do you have a link to the quote? .. this is going to be interesting, I haven't been to the UK in a few of decades, I have no idea about any tax information or UTR.

 

In reality, I dont want to email any completed forms, shouldn't the process be online? I would be happy to go to a branch and get them to walk through the process in English to avoid any confusion. 

[Moonlover]

1 minute ago, recom273 said:

 

Do you have a link to the quote? .. this is going to be interesting, I haven't been to the UK in a few of decades, I have no idea about any tax information or UTR.

 

In reality, I dont want to email any completed forms, shouldn't the process be online? I would be happy to go to a branch and get them to walk through the process in English to avoid any confusion. 

 

 

I am highly suspicious of this email and certainly won't be responding to it, should I receive it.

 

How many time have we all read messages from our banks, words to this affect: 'we will never ask you for confidential information by email'?

 

Sorry, I meant to attach the link and forgot. See below.

 

https://www.sumup.com/en-gb/invoices/dictionary/unique-taxpayer-reference/

[quake]

Got the same email a few hours ago.

Going to hang back a few weeks, see what info comes out about this.

no need to go rushing info to them,  just yet.

 

[recom273]

4 minutes ago, Moonlover said:

 

 

I am highly suspicious of this email and certainly won't be responding to it, should I receive it.

 

How many time have we all read messages from our banks, words to this affect: 'we will never ask you for confidential information by email'?

 

Sorry, I meant to attach the link and forgot. See below.

 

https://www.sumup.com/en-gb/invoices/dictionary/unique-taxpayer-reference/

 

Thanks, I googled the quote and came back with the same - it also goes on to mention that you need to complete your address, business address and when you became self employed - I can see the page relates to UK CIS scheme, which I escaped by a year or so. I can see a lot of sorry, don't knows, like I say, this is going to be interesting, I kind of just upsticks and left, maybe even a big headache.

[JohnnyBD]

1 hour ago, gamb00ler said:

It is quite common for a non-US citizen to be considered a US tax resident especially Canadians who have lived and worked in the US.  Non-US citizens who are married to US citizens can also be treated as US tax residents.

Yes, I understand that. My Thai wife is considered a US tax resident even though she never set foot in the US. If you read the posts, it appears to me that most people getting the emails are non-US citizens and non-US tax residents who have no tax obligations to the US. That is what I find very strange. We will know if this is legitimate when someone reports back after going to the bank. 

Edited 2 hours ago by JohnnyBD

[KhunBENQ]

7 hours ago, bubblegum said:

Also I reside in Thailand so what to do?

This morning I looked into the details of the forms.

 

FATCA-CRS FORM_INDIVIDUAL

For me (non US) it's basically just ticking countless "No", filling name, passport number and signing.

 

Form W-8BEN

This is meant for non US and quite a headache to understand.

Will have to digest longer

 

"Certificate of Foreign Status of Beneficial Owner for United
States Tax Withholding and Reporting (Individuals)"

???

 

Form W-9

For US only. Won't touch or send.

 

6 hours ago, scubascuba3 said:

Could just close the account or wait for it to be closed, my other two banks opened more recently haven't sent any email

Same to me. And as written these accounts (Bangkok Bank, SCB) have been opened years later than the Kbank and I am sure that I had signed some "non US" form.

So I can only speculate that at Kbank this declaration of "non US" is missing.

 

If you don't supply the declaration the account will be closed.

That's what the fine print says.

If it gets to much hassle I will let it happen.

Edited 2 hours ago by KhunBENQ
title of W8-Ben

[KhunBENQ]

46 minutes ago, ballpoint said:

The self certification form for individuals is here on their website:

 

https://www.kasikornasset.com/DownloadDocument/FATCA_IN_TH.pdf?utm_source=web_own&utm_medium=direct_mass&utm_campaign=none&utm_term=kbank!www.kasikornbank.com/th/search&utm_content=none!www.kasikornbank.com/th/personal

That is it (some editing done in the meantime).

Now wait for the posters saying that the website is a scam

Edited 2 hours ago by KhunBENQ

[Jingthing]

Knock on wood I (US citizen) have accounts at three different Thai banks including kbank opened 20 years ago and haven't heard a peep. Of course I file FBARs. If the banks aren't going after me I will do nothing. 

Edited 2 hours ago by Jingthing

[Liverpool Lou]

13 hours ago, G_Money said:

The OP never mentioned these forms,  Only emails.

 The title of the thread...

"K bank E-mail with Tax Forms attached ?"

[Liverpool Lou]

13 hours ago, KhunBENQ said:

Also what is a "true certified copy of passport" via email?

A notarised copy of the original passport.

[JohnnyBD]

41 minutes ago, Jingthing said:

Knock on wood I (US citizen) have accounts at three different Thai banks including kbank opened 20 years ago and haven't heard a peop. Of course I file FBARs

After reading all the posts, the emails appear to be targeting non-US citizens. I (US citizen) have accts at Kasikorn, and 3 other Thai banks, and haven't received anything from any of them, probably because US citizens normally fill out the forms when we open an acct.

Edited 1 hour ago by JohnnyBD