Common Reporting Standards

If you are a Thai tax resident and the bank account you have registered as a Thai tax resident, then every quarter the revenue department where of the card remit every single transaction on that account, regardless of whether it was overseas or in Thailand. 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.

You can find out more about how Common Reporting Standards and how Thailand’s tax authorities to track your finances here.