K bank E-mail with Tax Forms attached ?

[Joe32]

1 minute ago, The Cyclist said:

 

Banks will not ' assume ' they know whether you remit money from abroad

You have to remember that this is Thailand, haha. They often assume things, because I'm a foreigner.

 

But, I do remember traveling abroad this year, and getting money from an ATM. Could this have triggered them then?

[Joe32]

2 minutes ago, Jingthing said:

I have never transferred money from abroad into it and never plan to.

I think this is the reason you didn't receive a request to fill it in. Maybe it's just a case of whether your bank had a connection with an overseas bank or not?

 

I need to do a good check whether I had or not. As far as I remember I haven't, other than being abroad once.

[Jingthing]

5 minutes ago, Joe32 said:

I think this is the reason you didn't receive a request to fill it in. Maybe it's just a case of whether your bank had a connection with an overseas bank or not?

 

I need to do a good check whether I had or not. As far as I remember I haven't, other than being abroad once.

That makes good sense, but hard for us to know.

Another factor is that I opened the account 20 years ago.

For a while I was funding it with cash deposits which is a little suspicious, but switched to internal Thai bank transfers, which from what I understand isn't of interest to Thai Revenue. 

[Joe32]

5 minutes ago, Jingthing said:

but hard for us to know

You might assume there's at least someone in the bank who knows every detail of this. But that person doesn't provide any details about it and leaves everyone in the dark. The other day I saw some Q/A about this case, and all I got from it were very good Q's, but all the A's came down to: Just fill it in. Without any other information provided.

 

If there's one thing I've learned in Thailand after 10 years it's: Do I really have to do it? Yes. Is it necessary? No. Should I do it? Up to you. Will it bring me trouble? Not really, maybe yes, maybe no.

[Sheist]

22 hours ago, JimGant said:

Yes. And per the DTA, Thailand has primary taxation authority to tax these remittances. UNLESS this new TRD rule is used as an exception:

 

So, what's in your IRA? Pre 2024 income; thus not assessable by TRD decree. Yes, tax deferred, in the case of Traditionl IRAs -- or after tax income, in the case of a Roth (or tx exempt, for subsequent earnings). But, in both cases, the assets in your IRA began as pre 2024 income -- what they look like on 12/31/2023 is irrelevant, i.e., cash, stocks, whatever. So, it looks clear -- at least to me -- that the TRD decree means your IRA distributions, albeit labelled self directed pensions, are not taxable -- except for income accumulated post 2023 -- and recent info says you can use FIFO, thus these earnings would represent the last element of any monies remitted.

 

 

Can you elaborate on the "recent info" that says we can use FIFO?  (not about IRA, but cash)

 

Say fictional Steve's 12/31/23 non-assessable cash (assume all of it) is traded in 2024 for capital gains (no losses) and savings interest, and considering FIFO (the broker uses this with capital gains right now) would declare the new income is "last on the list" of what gets remitted, is it wrong to think "no need to file" or pay taxes until the original capital is exhausted in remittance?  Assume just one lone remittance per year, in January or February and nothing else remitted during the year.

 

Say Steve was told in a "free 15 minute" call that nope, all those 2023 funds would then "become assessable" (is that even possible?) since all that cash was used in 2024 to make money with capital gains trading and savings interest.

 

Not sure who is correct.

[jippytum]

My health insurer are  now providing me with tax certificate to obtain a taxable deduction. 

[Presnock]

On 11/23/2024 at 8:57 PM, G_Money said:

I have been with them for years.  Never experienced what you have.

 

Personally I would think more scam than not.

 

Do nothing online and go to your branch soon and ask them.

well from what I read, all they can do if you refuse to fill out and forward is to lock out or close your account so you have a choice.  Haven't you read about the CRS reporting and exchange of your banking data with your home country?

[The Cyclist]

9 minutes ago, Presnock said:

well from what I read, all they can do if you refuse to fill out and forward is to lock out or close your account so you have a choice.  Haven't you read about the CRS reporting and exchange of your banking data with your home country?

 

I also do not believe that these forms are being filled in correctly.

 

As I posted somewhere back in the thread. Part 2 ( I think ) is giving you the opportunity to declare your overseas income remitted to that KBank Account, as in my case

 

XXXX Baht / Government Pension / NI Number.

 

A nice closed, easily checkable loop for CRS purposes.

[newbee2022]

On 11/23/2024 at 8:41 PM, offset said:

As anybody had an E-mail from Kbank asking to fill out 3 forms and return to them

 

Or is this a scam

No, it's not a scam

 All banks will have to follow. Law!

[JimGant]

2 hours ago, Sheist said:

Can you elaborate on the "recent info" that says we can use FIFO?  (not about IRA, but cash)

Well, maybe not recent. But the latest accounting advice I could find that allowed FIFO for non specific (fungible) assets.

https://www.bangkokpost.com/business/general/299691/when-the-revenue-department-changes-its-mind-the-taxpayer-gets-the-headache

[G_Money]

1 hour ago, Presnock said:

well from what I read, all they can do if you refuse to fill out and forward is to lock out or close your account so you have a choice.  Haven't you read about the CRS reporting and exchange of your banking data with your home country?

I have.  I file a fbar every year for over 10k USD in a foreign bank.

 

In this day and age I prefer to confirm with the bank in person if I receive an email stating instructions I’ve never heard of.

 

You, on the other hand can do it your way.

[Globalres]

On 11/23/2024 at 6:42 PM, ukrules said:

Has anyone who's not from the US received this email...so far?

I see they mention CRS as well which is a non US thing.

Yes.