K bank E-mail with Tax Forms attached ?

[chiang mai]

In the same way that the UK will close bank accounts of those people who are not resident there, expect that Thailand might do the same thing here, unless you have a long stay visa. This in part is why so many people have found it so difficult to open a new bank account in recent times.

[The Cyclist]

2 hours ago, JimGant said:

Not certain of the context for this statement, but the KBank request for info only requires a Thai TIN -- if you have "Thai taxable income," meaning if income subject to Thai taxation (i.e., assessable income) exceeds deductions, exemptions, and the 150k freebie. If not, you leave that request -- on page one of KBank request -- blank. Then explain why you left it blank on page two.

 

Not sure that this is accurate.

 

The Banks, in this case Kbank, will need a trail for income deposited in that KBank account, if it comes from overseas.

 

As an example, income remitted from the UK, into a KBank account would require the account holders  UK NINO / UTR, to follow this trail.

 

Otherwise they could not square the reporting circle. John Smith ( as an example ) remits a million Baht a year from the UK, into a KBank account. Great, but which one of 500,000 John Smiths is it ?

 

No different from

 

2 hours ago, JimGant said:

If a US citizen, you're asked to provide Form W9 -- which will provide your US SSN, which equates to a TIN.

 

[The Cyclist]

4 minutes ago, chiang mai said:

In the same way that the UK will close bank accounts of those people who are not resident there, expect that Thailand might do the same thing here, unless you have a long stay visa. This in part is why so many people have found it so difficult to open a new bank account in recent times.

 

Its all fake news and a great big conspiracy theory, according to some 😳😳

[chiang mai]

Just now, The Cyclist said:

 

Its all fake news and a great big conspiracy theory, according to some 😳😳

Bum bites will be served from 1 January onwards, courtesy TRD and others.

[Keeps]

If anyone has/is replying to the Kasikorn message by email, are you including your name, DOB and Account Number in the email 'Subject' header?

 

The message they sent and the attached form makes no mention or reference to my specific Account by way of the Account number. I can't see how they could align the email to my Account if I do not include this information. There is a chance (albeit very, very small) that someone could have the same name and DOB who also holds an Account.

 

I'm not currently in Thailand and won't be back before the proposed deadline given of 20th December. I want to at least respond with something and I'll probably follow up with a branch visit early in the New Year. 

[anrcaccount]

1 hour ago, The Cyclist said:

4 hours ago, JimGant said:

Not certain of the context for this statement, but the KBank request for info only requires a Thai TIN -- if you have "Thai taxable income," meaning if income subject to Thai taxation (i.e., assessable income) exceeds deductions, exemptions, and the 150k freebie. If not, you leave that request -- on page one of KBank request -- blank. Then explain why you left it blank on page two.

 

Not sure that this is accurate.

 

 

Yes, what he said was accurate. However, not sure anything you have said here is accurate.

 

1 hour ago, The Cyclist said:

 

The Banks, in this case Kbank, will need a trail for income deposited in that KBank account, if it comes from overseas.

 

As an example, income remitted from the UK, into a KBank account would require the account holders  UK NINO / UTR, to follow this trail.

 

Otherwise they could not square the reporting circle. John Smith ( as an example ) remits a million Baht a year from the UK, into a KBank account. Great, but which one of 500,000 John Smiths is it ?

 

The banks do not need a "trail", and have no idea or interest as to whether a deposit is income, savings, an inheritance, a gift or the proceeds from selling a boat.

 

There is no requirement to have a tax ID number from a country of origin linked to an incoming deposit from that country.

 

The banks are not required to "follow the trail". You are making things up.

 

1 hour ago, The Cyclist said:

No different from

 

4 hours ago, JimGant said:

If a US citizen, you're asked to provide Form W9 -- which will provide your US SSN, which equates to a TIN.

 

Yes, quite different, because, the US taxes worldwide income. Different. 

[chiang mai]

29 minutes ago, anrcaccount said:

 

The banks are not required to "follow the trail". You are making things up.

 

It took no more than ten seconds to confirm:

 

Yes, banks need to know the source of deposits to comply with regulations and prevent financial crimes: 

 

Anti-money laundering (AML) compliance: Banks must verify the source of funds to comply with AML regulations and prevent money laundering. 

 

Client due diligence (CDD): Banks must understand the source of funds as part of CDD. 

 

Risk mitigation: Banks must verify the source of funds to mitigate the risk that funds come from criminal activity. 

 

Banks may ask customers questions about the source of funds, especially if the request seems unusual for that customer. For example, banks may ask about the source of funds for wire or cash exchanges. 

 

Banks also report cash deposits over $10,000 to the government to help prevent crime and fraud. 

Edited 2 hours ago by chiang mai
removed spacing

[Yumthai]

3 minutes ago, chiang mai said:

Banks also report cash deposits over $10,000 to the government to help prevent crime and fraud. 

I have deposited up to 1M THB in cash several times in my Thai bank accounts. They never even once asked me what the SOF was.

Maybe I'm just lucky.

[ruby1]

Just try and do a international transfer then U will have to tick this box before hand 😭😭😭

[chiang mai]

1 minute ago, Yumthai said:

I have deposited up to 1M THB in cash several times in my Thai bank accounts. They never even once asked me what the SOF was.

Maybe I'm just lucky.

And I have done similar, withdrawing it in cash from one bank and walking across the mall to a different bank to deposit it. But the last time I did that was around 2015, time has now moved on. Plus both banks in that chain knew exactly who I was, where I lived etc etc etc. plus I have no idea what checks or approvals went on behind the scenes.

[The Cyclist]

19 minutes ago, anrcaccount said:

The banks do not need a "trail"

 

As the thread concerns CRS, where the main thrust is to deter and detect tax avoidance / evasion, they do indeed require a trail.

 

That trail starts with the account holder and monies remitted into that account.

 

4 minutes ago, Yumthai said:

I have deposited up to 1M THB in cash several times in my Thai bank accounts. They never even once asked me what the SOF was.

Maybe I'm just lucky.

 

How many of those 1m THB have been deposited in 2024 ?

[Yumthai]

4 minutes ago, The Cyclist said:

How many of those 1m THB have been deposited in 2024 ?

None from me, but I know people who did this year with no question asked.

[chiang mai]

1 minute ago, Yumthai said:

None from me, but I know people who did this year with no question asked.

My Uncle Jim met a bloke in the pub whose third cousin said he did the same thing.

[The Cyclist]

1 minute ago, Yumthai said:

None from me, but I know people who did this year with no question asked.

 

Think you should wait until the end of March, plus a couple of months, before declaring ' No questions asked '

[Yumthai]

Just now, chiang mai said:

My Uncle Jim met a bloke in the pub whose third cousin said he did the same thing.

Sure, you believe what you want to believe.

[chiang mai]

1 minute ago, Yumthai said:

Sure, you believe what you want to believe.

The point here is the trend, Thai banking has moved on from the old wild west days and whilst not everyone is up to snuff on all things, slowly but surely these loop holes and errant banking practices are being closed and erased.

[Jingthing]

Has this been covered before here -- I'd like to see SAMPLES of the actual forms.

[Yumthai]

Just now, chiang mai said:

The point here is the trend, Thai banking has moved on from the old wild west days and whilst not everyone is up to snuff on all things, slowly but surely these loop holes and errant banking practices are being closed and erased.

I agree there is a trend, but there is also how things are still working in this country.

Each time I get to the bank I witness several Thai people depositing multiple 100K stacks. I'm really not sure SOF is systematically asked, far from that. The day SOF is really enforced all these people will just move banking.