Thread: Thai Government Alters Overseas Income Tax Rules to Close Loopholes

A bit long but I found it useful.

Anything new?

Not really but this vid better than most in making what is and is not taxable.

^ please post a photo of the new forms

Originally Posted by Topper

^ please post a photo of the new forms

I'm not a Kasikorn customer.

There is a Thaivisa thread here, maybe someone else posted them.

K bank E-mail with Tax Forms attached ? - Jobs, Economy, Banking, Business, Investments - Thailand News, Travel & Forum - ASEAN NOW

It's quite amusing how many daft sods have said "It's a scam" or "I threw then in the bin".

Both wildly wrong. I was shown the paperwork today.

Added: Having said that, I can imagine some scammers duplicating these forms and sending them out with their own return address, so some prudence is wise.

copied and pasted from hua hin forum.

Dear Valued Customer,

We, KASIKORNBANK PUBLIC COMPANY LIMITED, would like to express our sincere gratitude for entrusting us in providing you our products and/or services.

As part of Thailand’s participation in the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA CRS), financial institutions are obligated to submit certain information to the Revenue Department, Ministry of Finance, in accordance with the Emergency Decree on Exchange of Information for Compliance with International Agreements on Taxation, B.E. 2566 (2023) and related regulations (hereinafter collectively referred to as the “CRS”).

The CRS aims to combat tax evasion by individuals residing outside Thailand and to ensure compliance with international taxation standards. In light of these requirements, we kindly request your cooperation in completing the following steps:

1. complete and sign the attached forms, which include:

1.1 FATCA/CRS Individual Self-Certification,
1.2 IRS Form W-9 (if applicable), and
1.3 IRS Form W-8BEN (if applicable);
2. provide a certified true copy of your passport; and I wonder if Immigration will certify?
3. return the completed forms and document(s) abovementioned to us by email at [email protected] no later than December 20, 2024.

We sincerely appreciate your prompt attention to this matter and apologize for any inconvenience this may cause.

If you have already completed these actions or your information has already been up-to-date, please kindly disregard this request.

Should you have any questions or require clarification regarding the CRS or how it applies to your specific situation, please consult with your legal or tax advisor. You may also refer to the Revenue Department, Ministry of Finance, for further guidance. Please note that KASIKORNBANK PUBLIC COMPANY LIMITED does not provide you any tax or legal advice, and we shall not be held liable for any damages, whether direct or indirect, arising from your use of or reliance on any information provided by us related to CRS or taxation.

If you have any questions or require any assistance, please do not hesitate to contact K-Contact Center at Tel: 02-888-8888, ext. 876.
Please be informed that, in accordance with our policy, none of your personal information shall be requested via telephone or SMS.


Best regards,
KASIKORNBANK PUBLIC COMPANY LIMITED

There is a bit more detail here, although obviously they take the opportunity to plug their own services.

Key Points to Keep in Mind

• Don’t panic, this is a global; standard practice by international banks to increase financial transparency.
• Not everyone needs a Thai Tax Identification Number. Whether you need one depends on your specific tax situation.
• You have plenty of time. KBank’s deadline of 20 December 2024 gives you ample time to prepare.

Tax Alert: CRS/FATCA Information Requested by Thai Banks

Nothing from Bangkok Bank yet. Will go in and check today.

Read read over all those forms, etc and see that none of that stuff applies to me. The only form of those I am required to submit is FinCen FBAR which says I have accounts over $10,000 in foreign banks. I did it for last year already.

Originally Posted by misskit

Read read over all those forms, etc and see that none of that stuff applies to me. The only form of those I am required to submit is FinCen FBAR which says I have accounts over $10,000 in foreign banks. I did it for last year already.

Same here and also have to file same with US Treasury for bank accounts over $10k here.

This came up in my YT feed and I had a look. I don't know if this is the right thread for it, so the mods can move it if they wish to. It's for the Brits & their state pensions.

Summary: apparently, if you're staying in TH and your UK state pension has been frozen, you can stay in the UK or any other reciprocal country for 185 days (in a tax year) and you can get the increases (or the differences in rates for the period when your pension was frozen). If you leave after the 185 days to stay in a non-reciprocal country like TH, then your pension gets frozen again at that rate.

(I've heard abt frozen UK pensions, Simon43's planned move to the PH bcos it's a reciprocal country, etc)

Btw, what's the accent of the vlogger? It's not RP/ "BBC accent" / Harry Potter accent. (I had a bit of difficulty understanding him, Lol)

Disclaimer: I don't know if what he's saying is true, so judge for yourself.

Originally Posted by misskit

The only form of those I am required to submit is FinCen FBAR which says I have accounts over $10,000 in foreign banks. I did it for last year already.

I did FBAR for years (started maybe 18 years ago and posted about it when DD was still with us) until I went for the O-X Visa and now have to fill out an 8938 form.

^ Is the qualifier for that any property or accounts over $200,000 USD$?


Another video which talks specifically about social security.

https://www.youtube.com/watch?v=Kvod0A3TcHI

I’m answering my own question yet again this morning.

Q & A My spouse and I are U.S. citizens but live abroad for the entire tax year and file a joint income tax return. The total value of our combined specified foreign financial assets on any day of the tax year is $150,000.

You and your spouse do not have to file Form 8938. You do not satisfy the reporting threshold of more than $400,000 on the last day of the tax year or more than $600,000 at any time during the tax year for married individuals who live abroad and file a joint income tax return.

Instructions for Form 8938 (11/2021) | Internal Revenue Service

Originally Posted by misskit

^ Is the qualifier for that any property or accounts over $200,000 USD$?

Originally Posted by misskit

IÂ’m answering my own question yet again this morning.

I was looking for the correct IRS link.

I think the threshold is 50,000.00 (US).

But my accountant tells me (single) it is 100,000.00.

Your link it is explained if you live full time abroad is a different amount.

Certain U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 will report information about those assets on new Form 8938, which must be attached to the taxpayer’s annual income tax return. Higher asset thresholds apply to U.S. taxpayers who file a joint tax return or who reside abroad

I am just a guest here in Thailand. Although the 2025,26,27 and 28 returns might show me residing.

Originally Posted by katie23

Btw, what's the accent of the vlogger? It's not RP/ "BBC accent" / Harry Potter accent. (I had a bit of difficulty understanding him, Lol)

Sounds like he's from North Yorkshire or possibly Teeside, up near Middlesborough.

Accents can change over very short distances in the UK.

^thanks for that, tax. It was interesting. The farther north the accent was, the harder it was for me to understand. I had to turn the subtitles on. Lol. I'm used to the RP accent & could follow Sean Bean's accent (northern) in Game of Thrones. I think someone once posted a vid of a very thick Scottish accent and I was like.... Wot?!!

Anyway, back to Thailand and taxes.....

Anybody got a clarification on the "certified copy of passport"? hopefully that is just the usual photocopy signed by you, and we don't have to go through the rigmarole of getting it translated and certified by the MFA.