Mike Teavee

We clearly have a different interpretation of what he said, I do admit that I tend to take things literally so could have misunderstood him (Seem to remember I got a similar impression from the 1st video). I'm sure he's forgotten more about Tax than I will ever know, but on the subject of remitted income I'm going to stick with my understanding of what counts (Including Debit & Credit cards), I figure if I err on the side of caution I can't get bit if I'm wrong 🙂

I'd lump WU in with the Exchange booths & assume that they're going to be reporting transactions to TRD.

He was asked a direct question about what would be considered "Repatriated Funds" & was definitive in his reply, what did I miss? He was also very clear that Debit/Credit card usage would not be considered "Repatriated Funds" & I think he's wrong, common sense says that if you take money from an Overseas account using an ATM in Thailand you're remitting that money.

He basically says that "Only money sent to your Thai Bank account" is considered assessable income, me walking in with a pocket full of cash is not me sending money to my Thai Bank account. [Queued it up for you, you're welcome] Edit: I completely agree with you that bringing cash into the country is remitting money but I also believe taking money out of an ATM is remitting money.

Again, he's not a Tax Lawyer (Lawyer is a protected profession in Thailand so foreigners cannot be Lawyers) & I personally think he's very wrong. What I think he means is you won't get caught doing it (ATM transactions are not CRS reported, whereas I'm pretty sure any remittances sent to your Thai bank account will be shared with TRD) but that is not the same as saying it's not remitted income if you get audited. If I brought £50,000 in cash into Thailand (reported to Immigration at both ends) & changed it for THB at the money changers according to him that wouldn't be money remitted to Thailand but I think very few people would agree with him (I've literally walked the money in so how can it not be remitted).

From your link, It's this part that I believe matters... Credit card issued by an overseas bank or other financial institution Where an overseas credit card is used in the UK, the cardholder is effectively authorising the credit card company to pay the bill for the goods or service in just the same way as if they had instructed the bank to make a payment directly to the person supplying the goods or services. The terms of credit card agreements may differ as to the moment of ‘indebtedness’ between the cardholder and the credit card company. However, the use of the credit card to pay for goods used or received in the UK, or services provided in the UK will create a debt. The use of the individual’s untaxed foreign income or gains to pay the credit card company in respect of the debt will be a taxable remittance. So If you switch Thailand for the UK then I am using an overseas credit card (from UK) in Thailand & authorising the overseas/UK credit card company to pay the bill for the goods or service & if I pay that using cash in the UK would be taxable remittance in Thailand IF they applied the same rules.

This was 2006 so my memory is very rusty apart from the WW2 prefabs we worked out of (Lytham St Annes not quite Blackpool) Had some good days there, nice bunch of people 🙂

Lol, you dodged a bullet there. Just kidding, I was only with them for 10 weeks, I joined to take a role moving a data centre in Australia but managed to save DWP £2Milllion on their MS licences in my 1st week so they wanted to keep me around... In BLACKPOOL! It's scary how non-commercially minded government departments are, they were paying £2Million on SharePoint licenses for their UAT environments... WTH - MS doesn't charge for UAT licenses (not that their MS rep would tell them that).

Maybe I'm paranoid but I think you're referring to me here but I can categorically state that I have never said I was or even hinted at being an "Investment Banker" I have (repeatedly) said that I spent most of my career working in IT for a UK Bank mainly in it's Stockbroking Arm (Doesn't make me a Stockbroker) but also in it's Investment bank arm (Doesn't make me an Investment Banker), It's Private Bank arm (never been a Private Banker) it's Mortgage Arm (no surprises that I've never been a Mortgage Advisor), it's Credit Card arm & even it's "Estates & Trusts Arm" (Not an Accountant or Lawyer though). Just a plain old IT Dude who went where the firm sent him... . Oh I also worked for EDS at DWP (UK Department of Work & Pensions), doesn't make me a Pension specialist either 🙂

My personal opinion is that if you buy something in Thailand on your UK credit card (Lets say a new TV) or purchase a service originating from Thailand (E.g. a flight back to the UK) then you are remitting money into Thailand. Other guys opinion is that a Credit Card purchase is a short term loan & loans are not considered to be assessable income, I originally thought the same but found out that the UK treats any Credit Card purchase as remitted income & as that's the only country I'm familiar with that taxes on a remittance basis changed my opinion.

There are, as yet undiscovered, tribes in the Amazon rain forest who know that taking money out of an ATM is remitting money into Thailand. The credit card question is much more complex, my personal (layman) opinion is that If I use my credit card to pay for something in the UK, I'm not remitting money into Thailand, if I use it to book a hotel in Vietnam, I'm not remitting money into Thailand however, if I use it to purchase a flight from Thailand (lets say with Qatar) then I am at least at risk of being considered as remitting money into Thailand... BTW Hopefully people will read the 1st part as the joke that it's meant to be🙂

That was my question (which Ben replied to) What question did you have in mind?

Although I'm "Ok" in (Schoolboy) French, I don't fancy trying to sit through 1.5 hours of it so can I ask... Did it say the same thing & ATM withdrawals/ Credit card usage wouldn't be considered as remittance? No use to me as my UK Bank charges me a fortune to withdraw money overseas but I can imagine US guys with Schwab accounts would be very happy if that's the case.

well I don't understand tp but then again I am English The guy posted he was going to use his US SS "TIN" number... I said (guessed) it wouldn't work Problem?

I replied to this...