K bank E-mail with Tax Forms attached ?

[chiang mai]

1 minute ago, Yumthai said:

If you want to believe rules are or will be strictly enforced in Thailand it's up to you.

If you assess enforcement risk is high it's up to you.

Others have different opinions.

If I have a choice between deciding whether to follow rules, or, accepting the word of strangers in an anonymous social network forum that the rules wont be enforced hence I don't need to follow them, guess which one wins hands down.

[JohnnyBD]

6 minutes ago, Jingthing said:

My feedback.

So they wanted your Danish tax ID.

They got your Thai Tax ID too because that's the same as your yellow book.

If you're in Thailand more than 180 days a year you're a Thailand tax resident regardless.

If your pension is EXEMPTED from taxation in Thailand, you can bring it all to Thailand and none of it is accessible as far as Thai taxation. To know this, you need to find out the terms of the Denmark Thailand Double Taxation Agreement I seriously doubt the bank would know anything about that.

I am not sure if it was correct to use your Denmark address rather than your Thai address as I'm assuming you live in Thailand and are a Thai tax resident here (over 180 days).

I don't like the bank making these decisions for people on how to fill out those forms. I DO NOT trust them. 

My Citibank TH accts were transferred to UOB earlier this year, and when I went into the bank, they asked me to fill out new forms to update my information on file. They wanted my SSN (US tax ID) and my US address if I had one. They didn't ask if I had a Thai TIN, or if I was a tax-resident or whether I paid taxes here. They already had my Thai address, so I suspect the request was for FATCA/CRS only.

 

I suspect KBank already had the Denmark person's Thai address, and they asked if he had a Denmark address, and since he did, he gave it to them. I don't have a problem giving my Thai banks my US address. In fact, I want them to know I have a US address.

[chiang mai]

24 minutes ago, Jingthing said:

To clarify this, there are two levels.
Being required to file even if you'll owe no tax, and being required to file if you do owe.

Not everyone is required to file at all. 

As far as how aggressively they're going to enforce this stuff on foreigners who aren't working or earning money otherwise in Thailand, nobody can say.

So I guess it's best to assess your personal situation, which really will be different for each person, and make your own decision about compliance. 

I agree with this. I would only add that any perceived lack of current enforcement, doesn't preclude the actions you take (or don't) today, from coming back to bite you at some point in the future. Put another way, if you don't file this year there may not be any immediate negative response, but questions may be asked in fitire years, as to why you did not......that is a the risk

[Jingthing]

2 minutes ago, JohnnyBD said:

My Citibank TH accts were transferred to UOB earlier this year, and when I went into the bank, they asked me to fill out new forms to update my information on file. They wanted my SSN (US tax ID) and my US address if I had one. They didn't ask if I had a Thai TIN, or if I was a tax-resident or whether I paid taxes here. They already had my Thai address, so I suspect the request was for FATCA/CRS only.

 

I suspect KBank already had the Denmark person's Thai address, and they asked if he had a Denmark address, and since he did, he gave it to them. I don't have a problem giving my Thai banks my US address. In fact, I want them to know I have a US address.

I assume it's related to the CRS form specifically and nothing to do with bank records independent of the form.

[JohnnyBD]

10 minutes ago, Jingthing said:

I assume it's related to the CRS form specifically and nothing to do with bank records independent of the form.

Yes, CRS for the Denmark person, and FATCA for me, since I am a US citizen.

 

The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments

Edited 2 hours ago by JohnnyBD

[oldcpu]

14 minutes ago, chiang mai said:

Put another way, if you don't file this year there may not be any immediate negative response, but questions may be asked in fitire years, as to why you did not......that is a the risk

 

 This brings back memories - possibly relevant - possibly not.

 

My Thai wife is a Canadian Permanent Resident (PR), but she left Canada to live with me (in Europe). Living with a Canadian abroad (myself) means she did not lose her Canadian PR status.  Living in Europe 90% of the time also meant she had next to no Canadian income (she had trivial Canadian bank interest).

 

A couple of years ago she received a letter from Revenue Canada demanding she file 5 years of Canadian tax returns (even thou she was 95% out of the country of Canada).  So we dutifully filled in 5 years of Canadian tax returns (where each tax year it was Revenue Canada that owed my wife a truely trivial amount). 

 

In the end - no fines, as she did not make enough interest to be over the tax submission threshold  in any taxation year. And Revenue Canada payed her a trivial amount of money (refunding some withholding tax). But the amount refunded was VERY small, and it wasn't enough to compensate for the annoyance of having to file 5 years of Canadian tax returns.

 

But we got Revenue Canada off her back.

 

I wonder if Thai RD will end up also being as bull dog annoying? (sinking their teeth in and shaking back and forth until a useless (?) tax return pops out? ).

 

I hope not.

.

Edited 1 hour ago by oldcpu

[JJ Madcow]

45 minutes ago, Jingthing said:

My feedback.

So they wanted your Danish tax ID.

They got your Thai Tax ID too because that's the same as your yellow book.

If you're in Thailand more than 180 days a year you're a Thailand tax resident regardless.

If your pension is EXEMPTED from taxation in Thailand, you can bring it all to Thailand and none of it is accessible as far as Thai taxation and no need to file here either. To know this, you need to find out the terms of the Denmark Thailand Double Taxation Agreement I seriously doubt the bank would know anything about that. Scratch that, I would bet the house they wouldn't know -- they're not revenue agency, they're a banK!

I am not sure if it was correct to use your Denmark address rather than your Thai address as I'm assuming you live in Thailand and are a Thai tax resident here (over 180 days).

I don't like the bank making these decisions for people on how to fill out those forms. I DO NOT trust them. 

 

Thanks.

After talking to the Danish Tax office i know my pension is EXEMPTED from taxation in Thailand.

Not sure if i have to do anything again before March 2025, But i going to drop by the Thai Tax office to be sure.

 

Kindly.

[Jingthing]

7 minutes ago, JJ Madcow said:

 

Thanks.

After talking to the Danish Tax office i know my pension is EXEMPTED from taxation in Thailand.

Not sure if i have to do anything again before March 2025, But i going to drop by the Thai Tax office to be sure.

 

Kindly.

I would not do that.

If your only income here is that pension you have no tax accessible  income in Thailand and no need to file. Don't seek out trouble. You probably will want to confirm the exemption of your pension with a Thai tax lawyet knowledge about expat issues. 

Edited 1 hour ago by Jingthing

[anrcaccount]

55 minutes ago, chiang mai said:

58 minutes ago, Yumthai said:

If you want to believe rules are or will be strictly enforced in Thailand it's up to you.

If you assess enforcement risk is high it's up to you.

Others have different opinions.

If I have a choice between deciding whether to follow rules, or, accepting the word of strangers in an anonymous social network forum that the rules wont be enforced hence I don't need to follow them, guess which one wins hands down.

 

Ironic.

 

As you, an anonymous stranger, advise others to follow your opinion on the rules, instead of taking direct advice received from their local, official, revenue department. 

 

 

[topt]

On 12/1/2024 at 1:34 PM, chiang mai said:

Hargreaves Lansdowne does that yearly if I don't send them copies of my ID to prove who I am, EVERY YEAR

You must be special then as I don't get that from HL - and I have had an account with them for well over 20 years.......

 

[OJAS]

1 hour ago, Jingthing said:

You probably will want to confirm the exemption of your pension with a Thai tax lawyet knowledge about expat issues. 

 

@JJ Madcow - and/or with the Denmark/Thailand Double Taxation Agreement:

 

https://www.rd.go.th/fileadmin/download/nation/denmark_e.pdf