Reporting by your bank on information required by the tax authorities. How does this affect you?

Firstly, this is not brand new. Thailand have actually been a part of CRS for a couple of years in the works and have already sent and received global information from other institutions. Your bank in Thailand (or elsewhere) may suddenly be asking for information from you, such as a certified passport copy, and to complete forms for CRS (Common Reporting Standards) and FATCA (USA citizens only). For purposes of reporting to tax offices globally.

What’s it all about?????

What is CRS?

The Common Reporting Standard (CRS) is a new information-gathering and reporting requirement for financial institutions in participating countries/jurisdictions, to help fight against tax evasion and protect the integrity of tax systems.

Who is reportable?

The CRS seeks to establish the tax residency of customers. Under the CRS, financial institutions are required to identify customers who appear to be tax resident outside of the country/jurisdiction where they hold their accounts and products, and report certain information to the local tax authority. They may then share that information with the tax authority where you are tax resident.

Why are you being asked for your jurisdiction of tax residency?

Under the CRS, tax authorities require financial institutions to collect and report certain information relating to their customers’ tax statuses.

If you open a new bank account, invest in new financial products or change your circumstances in some way, we will ask you to certify a number of details about yourself. This process is called “self-certification” and we are required to collect this information under the CRS.

Are all banks doing this?

All financial institutions – that includes banks, insurers and asset management businesses – in participating countries/jurisdictions are required to be compliant with the CRS.

What information do you need to provide and verify?

In line with the CRS requirements, we will be asked for:

• Name
• Address
• Place of birth* (for Individual and Controlling Persons)
• Date of birth*(for Individual and Controlling Persons)
• Country(ies) and jurisdiction(s) of tax residence
• Taxpayer identification number(s)*
• Place of registration/incorporation (for Entities)
• Entity Type (for Entities)
• Controlling Person Type for certain Entity Types (for Controlling Persons)

*this does not apply in all participating countries/jurisdictions and is subject to local law requirements.

How is your tax residence defined?

This will depend on where you live and your circumstances. Please contact a professional tax advisor or check the OECD website for more information on how to determine your tax residency.

What information will be reported to tax authorities

The information reported to tax authorities will have been provided in the self-certification form, and details about the accounts and products you have, including:

• the balance or value
• the total amounts of interest or payments credited

Which countries/jurisdictions are participating in CRS?

For a list of countries/jurisdictions participating in the CRS, alongside the dates that they will start exchanging information, please see the OECD CRS portal.