Thailand signed up to the automatic exchange of information – Common Reporting Standards (CRS) – in 2020. They receive data from over 130 countries that are signed up to CRS. Thailand’s Revenue Department have links with other revenue department software, and they share information automatically every quarter for bank accounts, pensions, credit cards, as well as the account balances and transactions within that quarter for Thai tax residents. Therefore, the information is already being remitted and sent to the Thai Revenue Department. While it’s up to the individual to file a tax return, the Thai Revenue Department can check to see on individual’s accounts what is being remitted.
You can learn more about Common Reporting Standards and how Thailand’s tax authorities track your finances here.
