The Thai tax and International Tax Law experts at our law firm in Thailand H&P, have notices that during the last quarter of 2025 many of our private clients have started to receive letters from different Thai banks such as UOB or Kasikorn Bank to provide personal information regarding Common Reporting Standard or CRS.
The banks in Thailand are requesting tax residence information from clients based on the Royal Decree on the Exchange of Information for the implementations under the International Agreement on Taxation B.E. 2566 (2023), which came into effect March 31, 2023 and the Ministerial Regulation Determination of Information Exchange for the Implementations under the International Agreement on Tax Matters B.E. 2567 (2023) which came into effect on August 16, 2023 in order to the Multilateral Competent Authority Agreement on Automatic Exchange of Information (Common Reporting Standard) collectively called “CRS.
Our Tax lawyers have examined some of these letter issued by the banks to our clients and they give 30 days to provide the information about tax residency. However, as a matter of fact, in principle, the financial institutions were already reporting and sharing information since 1st of January 2023.
CRS requires financial institutions and Thai banks to identify the tax residence of all customers and report information of the customers who are tax resident in other jurisdictions.
The objective of the Common Reporting Standard is to make an assessment of international tax avoidance and increase transparency and efficiency in Tax collection data, which is the policy provided by the Organization for Economic Co-operation and Development (OECD).
Thailand joined the CRS, and it has been in effect since Year 2023 onwards, requesting financial institutions to disclose customer information for the Tax Purposes.
For foreign individuals who are tax residents in Thailand, the documents requested by the Thai banks are the passport and the Tax ID Number that is issued by the Revenue Department to report the CRS. However, the Thai banks are also requesting confirmation about birthplace in addition to tax residency.
If you need to discuss your individual case with our tax lawyers, please contact our law firm in Bangkok at [email protected]
