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.

[Al BB]

I spent 45 Minutes with these forms at My K Bank. The Clerk was on the phone to HO, HO spoke to me, 2nd Clerk came to assist.

Eventually, (SAME) forms were downloaded and printed, Typed, and had me sign them.

I did, also, download the Info regarding these forms from the Banks Website., together with a Google translation as the info was in English.

God knows what they will do with them now.  Im from UK so most of this was Not Applicable.

 

Pity the Head Office , or whoever institiuted the Original email, didnt pass the relevant info to the Branches.

 

 

[SABloke]

On 12/21/2024 at 4:23 AM, bmanly said:

So it's a day after the 20th which was suppose to be the deadline. I never got any emails or requests so I did nothing as I am not in Thailand right now. Just did a transfer today on the app, all working fine, same as before.

 

I have just gotten off the phone with a KBank rep - she confirmed that NOTHING will happen to the status of my account (lack of access; mobile banking etc.) if I do not return the form. However, she did say that next time I updated my phone number or passport at a Kbank branch they might ask if I have Thai TIN.

 

I am not a US-Citizen so her answer was based on this.

[PJUK88]

Received this form a few weeks ago, went in to K Bank customers services and the very helpful person filled it out for me.

Needed Thai address, Passport number, UK address, UK tax number ( NI number) and that was it ,took 10 minutes, easy.

[rickudon]

11 hours ago, PJUK88 said:

Received this form a few weeks ago, went in to K Bank customers services and the very helpful person filled it out for me.

Needed Thai address, Passport number, UK address, UK tax number ( NI number) and that was it ,took 10 minutes, easy.

Similar to my experience, except they didn't even want my UK address or any UK tax data!

Just really the statement that i wasn't a USA citizen or liable for USA tax

[Stocky]

I've had an account with Kasikorn for over 15 years, so far I've not received this form, and I'm not about to go to the bank looking for it.

[KhunHeineken]

On 12/24/2024 at 8:56 AM, Stocky said:

I've had an account with Kasikorn for over 15 years, so far I've not received this form, and I'm not about to go to the bank looking for it.

Do they have your email address?

 

The email says they will freeze accounts in January.

 

I suppose when you go to an ATM or go to pay for something and it doesn't work, you will go looking for Kasikorn, rather than Kasikorn going looking for you.    

[KhunHeineken]

On 12/22/2024 at 3:48 AM, PJUK88 said:

Received this form a few weeks ago, went in to K Bank customers services and the very helpful person filled it out for me.

Needed Thai address, Passport number, UK address, UK tax number ( NI number) and that was it ,took 10 minutes, easy.

Similar experience.  They wanted my Thai address, and an address in my home country, which I thought was strange, but gave them an address anyway, and my Tax File Number. 

 

Not sure what they can do with the above information, as all my books are in order. 

 

Maybe something will happen early 2025.  Who knows?

 

There are many banks in Thailand.  Not sure why Kasikorn is leading the charge with this.  

[minotaur]

19 hours ago, KhunHeineken said:

The email says they will freeze accounts in January.

 

My email didn't say that

[Stocky]

On 12/28/2024 at 10:56 PM, KhunHeineken said:

Do they have your email address?

 

The email says they will freeze accounts in January.

 

I suppose when you go to an ATM or go to pay for something and it doesn't work, you will go looking for Kasikorn, rather than Kasikorn going looking for you.    

Yes they do, they do use it, and no there was nothing in the spam box

 

.

[steven.g]

On 11/23/2024 at 9:01 PM, KhunBENQ said:

Not the slightest indication of a scam.

And the attached forms are no joke believe me!

 

Title of the forms:

1.1 FATCA-CRS FORM_INDIVIDUAL.pdf
1.2 Form W-9.pdf
1.3 Form W-8BEN.pdf

 

It will be interesting to learn whether all Kbank customer get this or only "very old" customers. Account opened in 2009. Can't remember whether I had to sign the usual "non US" confirmation" which was part of account opening at Bangkok Bank and SCB.

I received this email. It is primarily for Americans. However, I filled out 2 forms and returned. I asked for confirmation but have not received a reply.  The Bank website does refer to these forms so I assume it is not bogus.  

[Jingthing]

5 minutes ago, steven.g said:

I received this email. It is primarily for Americans. However, I filled out 2 forms and returned. I asked for confirmation but have not received a reply.  The Bank website does refer to these forms so I assume it is not bogus.  

The CRS form is for all foreigners.

[Jingthing]

16 hours ago, minotaur said:

My email didn't say that

Of course not.

[Pattaya420]

I simply went closed Kbank acc, then went to Krungsri and SCB and opened 2 new ones. 

[Upnotover]

12 minutes ago, Pattaya420 said:

I simply went closed Kbank acc, then went to Krungsri and SCB and opened 2 new ones. 

When opening the new accounts, did you not have to fill in/sign the  "I am/am not" American forms?  I certainly had to when opening any account in recent years.

[Pattaya420]

20 hours ago, Upnotover said:

When opening the new accounts, did you not have to fill in/sign the  "I am/am not" American forms?  I certainly had to when opening any account in recent years.

no, I am from EU, tho there was part on her screen about that and she asked me home adress and I gave her whatever then she clicked next, and that was in SCB only. 

[KhunHeineken]

Last I heard, not all farang Kasikorn account holders received this email. Has anyone received it recently, who were not in the initial mail out?

 

Some seem to think receiving the email was possibly based on the size of their balance, or based alphabetically.    

[soi3eddie]

So, the deadline to respond was 20th December 2024 (I did not submit). It is now 12th January 2025 and both my accounts are still working. Anyone had their account suspended yet for not replying or submitting?

 

[KhunHeineken]

51 minutes ago, soi3eddie said:

So, the deadline to respond was 20th December 2024 (I did not submit). It is now 12th January 2025 and both my accounts are still working. Anyone had their account suspended yet for not replying or submitting?

 

Good question. 

 

I went in to a branch and "submitted."  It was strange.  Hardly any significant details required at all. 

 

I wonder if there will be a second mail out to those who did nothing, and if so, what's the point if the bank actually does nothing if you do nothing?