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Reader question: Does Thailand pass on bank account numbers to the tax authorities of Belgium?

By Submitted Message
Posted in Reader question
Tags:
February 23 2016

Dear readers,

Nowadays, in Belgium, foreign bank account numbers must be passed on to the tax authorities.

Foreign account information would be passed on by some 75 countries to the tax authorities of the account holder's place of residence.

Does Thailand also belong here?

Yours faithfully,

Dirk

Number of times read: 215

13 responses to “Reader question: Does Thailand pass on bank account numbers to the tax authorities of Belgium?”

  1. david h. says up
    23 February 2016 at 09: 31

    I have a question about this from my Belgian. bank , concerned a certain code that should be obtained from a foreign bank . However, Thailand is not included on the OECD list of those countries. You can see it here: http://www.oecd.org/Tax/Transparency/AEOI-Commitments.pdf

    Also noted that I have been deregistered from Belgium and will be taxed on my pension as a non-resident.

    Even more, when looking for cooperation between countries, Thailand is listed as not interested, as well as Cambodia and Vietnam, others in the surrounding area are…

    Here then copy paste from answer my Belgian. couch after my comments:

    “my Name claim removed”

    Indeed, Thailand is not on the OECD list, which means that these new regulations are in
    related to knowledge sharing does not apply to you.
    So you do not have to follow up on this further. You just need to make sure you're okay
    with local taxation (as was already the case).
    You received the email because it was sent to all customers with a foreign address by default.
    However, it does not apply in your case.
    Best regards,
    Simon Wouters
    Key Trade Bank
    Forest avenue 100
    1170 Brussels
    Phone : 02/679.90.00
    Fax: 02 / 679.90.01
    E-mail: [email protected]

    http://www.oecd.org/Tax/Transparency/AEOI-Commitments.pdf

  2. RonnyLatPhrao says up
    23 February 2016 at 09: 33

    No idea, but I don't think it's automatically passed on.

    I don't really care though, because I just hand over my Thai bank accounts to the tax authorities.
    You only have to report the existence, not the amount.

    If you transfer money from your Belgian account to your Thai account, they will also notice that you have a Thai account.

    By the way, I think if you're married to a Thai, chances are you have a Thai bank account. The taxes know that too.

  3. Theo68 says up
    23 February 2016 at 10: 20

    Just like in the Netherlands, our southern neighbors – as residents of that country – also have to pay wealth tax. This is not new.

    In order to determine the assets, the taxpayer must state his assets, wherever they are. Just stating the foreign bank account seems to me to be insufficient. How else could the power be determined?

    Hiding this in order to have to pay less – because that is what it comes down to – constitutes a criminal offence. And the fine that must be paid is not wrong.

    Look before you leap.

    • RonnyLatPhrao says up
      23 February 2016 at 11: 54

      Theo68,

      Where do you get that wisdom that we pay a wealth tax just like you?

      Belgium has no wealth tax, at least not on someone's total wealth.
      We already pay enough similar taxes that ultimately have an impact on the wealth.
      You only have to report that you have a foreign account, not the amount.

      http://www.taxshift.be/wat-is-vermogensbelasting

      .

    • david h. says up
      23 February 2016 at 12: 13

      As you mentioned, Belgium has no wealth tax, this has been requested for years, but has never been matched

      https://nl.wikipedia.org/wiki/Vermogensbelasting

      Here's a paragraph from the article above

      Belgium has no wealth tax. Before 2001, this was a reason for wealthy Dutch people to move their tax residence from the Netherlands to Belgium. This prevented the levying of Dutch wealth tax. Provided that the residence was actually moved to Belgium, there was no question of tax fraud in such a case.

    • john says up
      23 February 2016 at 13: 30

      It's a pity that sometimes there are comments that are completely incorrect. Also the pointing finger is not missing!

      It is good that there are many readers so that these kinds of derailments are corrected, otherwise you will end up with all kinds of unwisdom

  4. eduard says up
    23 February 2016 at 10: 28

    I don't know about Belgium, but Thailand does have a treaty with Holland and the Dutch tax authorities receive answers from Thailand to all questions.

    • john says up
      23 February 2016 at 13: 32

      is not correct. the netherlands has a treaty with thailand about who is allowed to levy tax and about what. This is completely separate from the exchange of data.
      there should be a separate treaty for that. There isn't, to my knowledge. BUT I'm not an expert.

  5. Erik says up
    23 February 2016 at 11: 09

    Dear Dirk,
    In my opinion, Thailand is not on the list of countries that exchange data and therefore there is no knowledge of the existence of your account here in Belgium!
    Greetings,
    Erik

  6. kg says up
    23 February 2016 at 12: 25

    @Theo68,

    As far as I know there is no wealth tax in Belgium. That is also the reason why so many Dutch people live in Belgium. Probably more than in Thailand?
    However, there is withholding tax on the interest of your foreign bank accounts and that is why we have had to declare foreign accounts since last year, and not only for the 75 OECD list countries. Anyone who does not do this is in violation. Although the Belgians have always made a sport of forgetting these accounts when filing their tax returns.

    • david h. says up
      23 February 2016 at 14: 36

      It should be noted that as UNSUBSCRIBED Belgian you have to complete a different declaration form, also at a different time, namely later than the resident Belgians. This is called the declaration form for non-residents.
      So there is a difference, I don't know the finer points of it ..., because I am very stupid and simple-minded with regard to tax laws, so ....(....!?....)
      As long as I don't receive an explicit question or news about this, I don't know anything about what goes on in Belgium…..don't live there anymore,…..unless someone officially informs me of this.

  7. Theo68 says up
    23 February 2016 at 16: 14

    Indeed, Belgium does not have the wealth tax system as we know it in the Netherlands. I should have responded more nuanced. My apologies for that.

    However, it is lead for old iron. After all, various taxes are levied in Belgium – also on movable property – that are related to the assets of the taxpayer. In short, the concealment of the assets or part thereof provides an advantage for the taxpayer. An advantage to which he or she is actually not entitled. Anyway, I don't want to be moralizing in this, although I secretly grant the benefit to the taxpayer.

    For me, the aforementioned award is partly fueled by a recent recommendation from the Advocate General at the Supreme Court. A Dutch taxpayer has objected to the amount of the wealth tax to be paid. The AG has advised the Supreme Court to decide in accordance with the advice.

    The Belgian has little to do with that, but it is important for us Dutch people. This is because the Dutch tax authorities assume a notional return of 4% when levying wealth tax, while the advantage that is currently achieved on the capital is around 1% and in previous years was also much lower than the notional 4%.

    We in the Netherlands have therefore been screwed for years by an unreliable government and I think it is more than appropriate that we show the unreliable government that we as citizens can do much better.

    Theo68

  8. Walter says up
    23 February 2016 at 16: 55

    Dear Theo68, how do you come to know that there is a wealth tax in Belgium? Belgium is (still) a tax paradise for the wealthy. No wealth tax!


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