new tax for all foreigners...

[tamada]

The UK banking industry initiated customer FATCA and CRS compliance via similar KYC (Know Your Customer) procedures, requesting the same basic documentation as Kasikorn is seeking, about eight years ago.

I'm assuming that all foreign banks that engage in foreign exchange transactions, 90% of which are in USD, were requested to comply with KYC regulations around that time. It would appear that at least one of Thailand's banks has belatedly decided (or been reminded), of their obligations, hence the "short fuse" on the need for their customers to provide this information.

The way I see it, the recent Thailand income tax rule changes, that are driven by the country wishing to become a full member of the OECD, requires that Thailand's banks need to have more granular customer information in order to work as planned. This is Kasikorn playing catch-up on compliance.

[AlexO]

Sounds like a scam.

Why would you call it a scam, the bank is only doing as directed by Thai govt. The forms are only the Thai govt to comply with the international agreement. Looks like first for them to know your primary taxing country and second for those who might need a U.S. tax id, third for those who might have taxable income from U.S. but are not citizen or legal resident with U.S. income

If you have an account with Kasikorn they already have your passport details, why do you have to provide again? They also say that they will never ask for personal or account details via email. Why would any serious bank organisation request that you provide sensitive info via email.

[jackspratt]

Having now had a closer look at the FACTA/CRS form, I can see a rushing from the bank door of farang Kasikorn customers who had decided to try and stay under the radar next year in relation to income tax reporting requirements.

The form requires a Thai TIN (Tax Identification Number), and if you don't supply one, giving a reason for why not.

1.1 FATCA-CRS FORM_INDIVIDUAL-1.pdf

(181.73 KiB) Downloaded 54 times

The noose is tightening.

[Bandung_Dero]

The form requires a Thai TIN (Tax Identification Number)

The way I read it:- Not if you have quoted a foreign TIN.

Australian banks have required a TFN (Tax File Number) for decades. If not supplied they take 30% of any interest etc. in the way of "Withholding Tax" as do the banks here, for the last 3 or 4 years.

[tamada]

The way I read it: if it has taken Thailand's banks 6 to 8 years to start to get FACTA/CRS compliant, it will take another 6 to 8 years to get fully OECD compliant.

[jackspratt]

The form requires a Thai TIN (Tax Identification Number)

The way I read it:- Not if you have quoted a foreign TIN.

Seems pretty clear to me if you are remitting money to Thailand.

You can also quote a foreign TIN if you don't have any taxable income in Thailand.

[Bandung_Dero]

Doesn't that apply to most of us? If we have already paid foreign tax on pensions, supa or whatever the moneys remitted are not taxable income. I believe that is covered by dual taxation treaties.

Still to many grey areas to contend with!

[tamada]

The form requires a Thai TIN (Tax Identification Number)

The way I read it:- Not if you have quoted a foreign TIN.

Seems pretty clear to me if you are remitting money to Thailand.

Screenshot 2024-11-24 113120.png

You can also quote a foreign TIN if you don't have any taxable income in Thailand.

If a foreign citizen holding a bank account in Thailand is working in Thailand, then the income from that employment is "taxable income" and providing a Thailand Revenue Department TIN is mandatory.

If you leave it blank, the can gets kicked down the road a bit further, just like the UK banks had to do when they realized that not all account holders have exactly the same circumstances.

[jackspratt]

"Taxable income" is the wrong term - I should have said "assessable" income.

Pensions/superannuation, unless covered by a DTA, are generally considered assessable income if remitted to Thailand. (S40 Thai Revenue Code).

[Brian Davis]

If this helps to clarify, I received this email below from Expat Tax.


TAX ALERT: Thai Bank Makes CRS/FATCA Request
Carl Turner - Expat Tax Thailand
​
You
​

EXPAT TAX MADE SIMPLE
Dear Brian,
As part of our Tax Alert Service, we’re committed to keeping you informed of important developments. Today, we’ve received reports that Kasikorn Bank (KBank) has started issuing emails requesting compliance information. We expect other Thai banks to make similar requests in the coming months.

These requests include details related to the Common Reporting Standard (CRS), a global framework for sharing tax residency information and FATCA (for US citizens). This marks the first time many of us have seen CRS-specific information being requested in Thailand, so we want to ensure you’re fully informed.


What Does This Mean?
KBank is complying with global regulations under CRS and FATCA to ensure tax residency details are accurately reported:

For Americans: FATCA requires banks to report account details to US tax authorities.
For Non-Americans: CRS requires tax residency information to be shared with international tax authorities to prevent tax evasion.
Why Are They Being Sent Out?
In 2020, Thailand joined the CRS agreement, committing Thai banks to request tax residency information from their customers. This is standard procedure and not unique to you—KBank happens to be among the first to implement it.

Under CRS rules, banks must:

Confirm the tax residency of all account holders.
Identify connections to other countries for tax purposes.
Share financial account details with local tax authorities, who may exchange the information internationally if needed.
This ensures overseas income and assets are declared in the relevant country. While this may feel new in Thailand, it’s already standard practice in many other countries. Note that switching banks won’t avoid this, as all Thai banks are required to comply with CRS regulations.

What Should You Do?
Stay calm—there’s no rush.
You have until 20th December 2024 to complete and email the forms.
It’s usually easier to email them to the address provided by the bank, rather than visiting a branch.
Wait for our guidance.
We’ll provide step-by-step instructions and resources to simplify this process over the coming week.
How We Can Support You:
We understand this may seem confusing. Here’s how we can assist:

Book a Free 15-Minute Call: Discuss your specific situation and tax obligations.
BOOK YOUR FREE CALL HERE
Upcoming Resources:

Video Explainer: A clear overview of CRS and FATCA requirements (available Monday).
Free Webinar: A live presentation on CRS with a walkthrough on completing the forms and a Q&A. for your questions.
Friday, 29th November at 1pm. Please register below to attend.

REGISTER FOR FRIDAY'S CRS WEBINAR
Enjoy your Sunday!

All the best,




+66 869 955 071.
carl@expattaxthailand.com
WhatsApp
Feel free to share any links and resources with anyone who might find them helpful.
EXPATTAXTHAILAND.COM
Carl Turner BA (Hons) Dip PFS

Co-Founder and Expat Advisor

Carl Turner BA (Hons) Dip PFS
M: +66 869 955 071

30th Floor, Park Silom Tower,
Convent Road, Bangkok

expattaxthailand.com
LinkedIn Facebook WhatsApp
Expat Tax Thailand Logo
Copyright © 2024 Expat Tax Thailand, All rights reserved.
You are receiving this email because you opted in at our website.

Our mailing address is:
Expat Tax Thailand
No. 1 Park Silom Tower, 30th Floor,
Convent Road,
Silom, Bang Rak,, Bangkok 10500
Thailand

[Barney]

Brian it is interesting that Thailand is slowly catching up with asking this information regarding residency status.
Have not been requested as yet to provide the info with my 2 Thai accounts with SCB and UOB. I'm sure the request will come soon enough. But i hold no secrets or vast amounts of money or assets. Nothing in my name to declare anyway. Its all with her.

My main bank is actually Citibank Singapore and they have been sending by mail, the required residency request, with an official form for a number of years. The final paragraph on the mail is always "If you have not changed your residency than no need to do anything"
I've always followed that message and done nothing.

But, i'll have to personally check my status with UOB, as that account was automatically transferred from Thailand Citibank directly when UOB Thailand completed the takeover of Citibank Thai. Both SCB and UOB have my address in Udon.
Ill have to make the inquiry, of the taxation company, that provides my tax service of my status while working here in Thailand, after the end of Thai financial year in December when the tax return is completed. They still owe me 7bht from last year's return.

[Brian Davis]

It sounds as if I'm in a similar situation to yourself, Barney, at least as far as no complicating assets. Just my own pensions' income to consider, so I think I can handle the submission of the tax return by myself. I've already drafted a return and will, hopefully, have UK written confirmation of my pensions paid and tax taken for the calendar year 2024, down to the last pound and pence. Whether the latter is needed or not, I don't know. The Thai tax office has, obviously to make arithmetical and validity checks. I understand further guidance is promised, but I'm inquisitive as to what documentation is expected to be provided, other than obvious ID and Thai bank statement. That said, when I mentioned DTA, a young guy in the Udon office said "we'll just send form ??? to the UK".

[Barney]

This may help those with questions regarding TIN


https://www.siam-legal.com/Business-in- ... ailand.php

[Brian Davis]

I don't know if this CRS form requires you to enter a TIN number or not. I haven't got a form or number yet.
I'm very aware that one can receive different information from one day to another, from office to office, officer to officer. Immigration offices are examples of that.
And so with the Udon Revenue Department. I tried a few months ago for a TIN and was told they would deal with that at the same time I submitted a tax return. Anyone had a different experience, received a TIN recently? Incidentally, my reading of the tax return is that I have to include my wife's details and her TIN, although no income of her own, because I'm claiming an allowance for her on my own assessable tax.

[Stuart52]

Brian,
I'm from the UK living in Udon. I used EXPATTAX to obtain my TIN, it took 3 days.
Expattax informed me that they can use my wife's ID number along with my TIN to file tax returns
I will use the following information for my tax return:
HMRC PAYE statements confirming UK gross income including the UK state pension, net income (for year 2023/2024) and income tax paid in the UK.
Pensions and Annuities P60 statements confirming gross income, net income and UK income tax paid.
Copies of remittances confirming funds sent from the UK bank to my wife's Thai Bank Account for 2024.
I have the HMRC PAYE forecast the UK tax year 2024/2025 including gross income, net income and estimated income tax.
I have my UK Bank Account monthly statements confirming income and funds transfers to Thailand for 2024.
Hope this helps
Stuart

[Brian Davis]

Thanks Stuart for your time in providing that information.
My preparation duplicates much of the information you've given, particularly that from the HMRC website, which I found very helpful. I don't know how the Thai office will do the calculations regarding the different tax years between UK and Thailand( ExpatTax indicates "there's a formula") and whilst fairly easy to obtain the figures for the two UK tax years involved, I'm trying to get income/tax paid statements covering the Thai calendar year 2024 only from my pension providers i.e. providing the exact info the Thai office needs? I do not have a UK bank account, my pensions are paid straight to my Thai bank account here and I can provide a statement from the SCB showing the converted baht income totals.

So, our paperwork gathering is much the same, Stuart. But,I'd still like to know whether this paperwork is expected of us by the Thai Revenue Office or, as suggested to me, they will liaise directly with the UK Tax Office.

In the meantime, can anyone answer whether the CRS form, due to be submitted next month, requires entering of a TIN number? I suppose the answer will be in ExpatTax's Friday webinar?

[Stuart52]

Brian,
The p60's from your pension providers will confirm UK tax paid.
Like you I will log into the Expattax webinar on Friday.
I plan to use them for my first tax return here as see how it goes?
Stuart

[Barney]

To request a TIN your agent will ask you to complete a document... LOR. POR. 10.1
It is in thai and a translated copy is available.

along with "power of attorney" form to submit the LOR. POR. 10.1 on your behalf.

At least that what I had to do with my tax agent.

[Brian Davis]

Horses for courses, Barney. I just try to do things for myself IF I can, but I no longer climb on the house roof! Thus, I'm still of the opinion that one SHOULD be able to obtain a TIN quickly at the Udon Revenue Office, armed with the necessary paperwork. No mention of a 'power of attorney' on the guidance I've seen. Told once to apply for the TIN at the same time as submitting the tax return, the need is a bit more pressing if needed on the CRS form.

[tamada]

Horses for courses, Barney. I just try to do things for myself IF I can, but I no longer climb on the house roof! Thus, I'm still of the opinion that one SHOULD be able to obtain a TIN quickly at the Udon Revenue Office, armed with the necessary paperwork. No mention of a 'power of attorney' on the guidance I've seen. Told once to apply for the TIN at the same time as submitting the tax return, the need is a bit more pressing if needed on the CRS form.

But is the KB CRS form really need to be filed by the date their email requests? To me, that would be a purely internal time stamp for collection of data and, since no other bank has requested this information, or stated a delivery date, I don't think it's perilous to wait until you have all the information required to satisfy the requirements of all banks and tax jurisdictions. They haven't stated or even hinted at what could happen if you miss this due date.