Re­cent Le­gal Changes Af­fect­ing Busi­ness New Due Date for Fill­ing FBAR

Thai-American Business (T-AB) Magazine - - Thailand 4.0: Investment- Led Transformation -

The new due date for fil­ing the Re­port of For­eign Bank and Fi­nan­cial Ac­counts (“FBAR”) is April 15, with the avail­abil­ity of an au­to­matic ex­ten­sion to Oc­to­ber 15.

The U. S. Depart­ment of Trea­sury’s Fi­nan­cial Crimes En­force­ment Net­work (“FinCEN”) over­sees the re­port­ing of the FBAR. The due date for the 2016 FBAR is Tues­day, April 18, 2017, which co­in­cides with most tax­pay­ers’ in­come tax re­turn due date. FINCEN’S guid­ance pro­vides for an au­to­matic six- month ex­ten­sion to Oc­to­ber 15 for all FBAR fil­ers, with­out the need to file an ex­ten­sion re­quest. Since Oc­to­ber 15, 2017 will be a Sunday, the ex­tended dead­line will be Mon­day, Oc­to­ber 16, 2017.

Gen­er­ally, a United States per­son who has a fi­nan­cial in­ter­est in or sig­na­tory au­thor­ity over for­eign ( i. e., non- U. S.) fi­nan­cial ac­counts must file an FBAR if the ag­gre­gate value of the for­eign fi­nan­cial ac­counts ex­ceeds USD 10,000 at any time dur­ing the cal­en­dar year. Form FINCEN 114 must be com­pleted and filed elec­tron­i­cally. The form FinCEN 114 is avail­able at this web­site: http:// bsae­fil­ing. fincen. treas. gov/ main. html

For more in­for­ma­tion con­tact John An­des at KPMG Phoom­chai Tax Ltd. at jan­des@ kpmg. co. th.

Tax­payer

Tax­payer’s spouse

Baht 30,000

Baht 30,000

Baht 60,000

Baht 60,000

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