RupertIII

That, unfortunately, is precisely where the main problem lies. Who wants to remit large amounts of money without being able to calculate how much tax will need to be paid, if I decide to purchase a new car this year I cannot calculate how much I need to bring in to cover the tax liability and therefore how much the car will end up costing me! Better I continue to drive my old car and leave the funds outside of Thailand! On a similar note my wife together with the accounts lady from our previous company went to the local tax office to enquire about a new TIN for me. Been using my old TIN,(for transfers from overseas to pay my UK based medical insurance) from when we had the company but my wife suggested I could get into trouble with this. Whilst she was at the tax office she asked the lady tax officer, who she described as very helpful and polite, would I be taxed on funds remitted for hospital treatment, the answer was probably no if I could provide a receipt from the hospital. Whilst this was very considerate of her there is, to my knowledge, no exemption or allowance for this in the RD code and really just goes to prove Dogmatix's point that individual officers, to a lesser or greater degree, are able to use their discretion as they see fit. Unfortunately such latitude can lead to abuse which is a further concern.

Surely if, when remitting foreign currency from overseas into a THB a/c, either the remitting bank or receiving bank convert into THB then this is the amount that would be used for calculation rather than the RD's assumed rate.

My wife contacted the lawyer again but not heard back, I think this may have got confused in translation. My wife called the tax office who told her that as it was rec'd, but not remitted to Thailand, some years back would not be taxable but if remitted at any time would require documented proof of inheritance which would make sense although, as with much of this, confusion still seems to reign. The tax office did say that gains/profit made would be taxable if remitted contrary to what is stated on their website, in both English and Thai. My suggestion would be that by income they mean to refer to an inherited annuity or similar.

I have been under the understanding that there is no tax liability on inheritance from parents up to 100m THB., nor is there any tax on income derived from inheritance, up to certain limits, under Section 42 Para. [10]. My wife has today been speaking with our Thai lawyer who has advised that this is only the case if the inheritance was remitted to Thailand in the year it was received and if not then tax will be due as when all or any of the monies are remitted into Thailand. Is anyone able to confirm this one way or the other?

Well worth 7 mins of your time-

The above link goes to the top of this page and not to pwc.com

Yes, so my wife tells me, it is assessable income less allowances, including the 150K 0%.

A couple of points:- 1) My wife has spoken again to our previous book keeper who in turn spoke with the accountant/auditor for our previous company who confirmed that if personal income is below the taxable threshold it is not a requirement to submit a tax return and no TIN will therefore be issued. 2) As I have an ATM card with BKK Bank becoming due for renewal my wife telephoned the bank who confirmed that they definitely do not require a TIN for ATM renewal, only a/c passbook and passport. It would seem, as is typical in Thailand, that different branches will make up their own requirements as they see fit!

Unless they charge us for it!

Not seen this one before. Does this mean that the first THB100k pa of overseas pension rec'd is exempt from tax in addition to the various other allowances? Thanks.

I would imagine that the onus will be on us to prove that the remittance was not into Thailand and no doubt, as someone earlier on in this or another thread mentioned had happened to him in the past, the tax man will request (demand) statements from all bank a/cs inside and outside Thailand.

To avoid confusion this could be referred to as a certificate of residential address. Nothing to do with permanent Thai Residency.

My understanding is that income earned prior to 1 Jan 24, e.g. in the current year, will not be taxed if remitted into Thailand in 24, or thereafter I assume. Income earned in 24 and thereafter will be taxed regardless of when remitted into Thailand.

According to the chart below you would appear to fit into Scenario No. 1, although how they would be able to collect tax if you are not here is a different matter.

So they will not be taxing unrealised capital gains, that's a relief - excuse the pun!

Interesting. The Prachachart Thurakit article refers solely to income (รายได้) as opposed to also capital gains. As Thailand has no CGT as such and taxes capital gains as income I would be interested in knowing if the RD's proposed amendment is purely in respect of global income or would also likely encompass global capital gains, e.g. equities, investment funds, etc. If so if that would be only in respect of realized gains or also unrealized?

This is even more worrying - https://www.prachachat.net/finance/news-1443480 Google translation of the last paragraph, immediately above the copy of the official order:- In the future, the Revenue Department will amend Section 41 of the Revenue Code by immediately calculating tax in the year in which income is earned abroad. Regardless of whether money is brought into the country or not, however, it may take 1-2 years to amend the law.

Thanks Cyclist. There has been so much on different threads it is becoming difficult know what is fact and what is wishful thinking or fear mongering at times. I have found the link to the other thread - https://aseannow.com/topic/1311285-change-in-the-tax-law-does-target-expats-living-in-thailand-and-extends-reporting-obligations/page/19/ which reads, at the start, An article in yesterday's Prachachart Thurakit suggests the RD is starting to walk this back a bit but not giving up on it https://www.prachachat.net/finance/news-1432180?fbclid=IwAR0FtCbDVifNc-atDT8uHGklrCLP5PNOva3VrsaHFX9W_kjEm-bKQBnqEKc . It sounds like they are planning to exempt all foreign source income earned before 1 January 2024. The link also provides a Google translation of the Prachachart Thurakit article which would appear to confirm as does the MS Word translation below and also My Thai wife's reading of it. However, as you point out it is not directly from either the Government or the RD. My wife will be speaking to the accounts lady from our previous company but I rather suspect she is none the wiser! readsStart charging from 2024 However, the latest A report from the Revenue Department has concluded that in the first phase, it will be relieved in the case of income generated abroad before 2024, which, if not imported within the same tax year as the year in which the income was generated, will not be subject to audits as it will be difficult to find evidence. " Income born before 2024 will use the old rule, that is, if it is not imported in the same tax year, the department will not collect it. In the future, Section 41 of the Revenue Code will be amended to charge tax in the year in which income occurs abroad immediately. Whether or not the money is brought into the country. however It could take 1-2 years to amend the law."

According to a post on one of the other threads this has now been deferred by 1 year. i.e. Funds earned in 2023 can now be brought into Thailand in 2024 without tax liability. Can anyone else confirm this as I intend moving some cash from an off-shore investment into a bank a/c outside Thailand and then into Thailand in Jan 2024?

They must have seen my post yesterday, approval arrived 8.03 this morning!

Submitted mine on 3rd in the morning, rec'd automated confirmation and nothing else so far, still pending on the online system! Previous report no approval by the due date, wife went to CW to do manually, they promised her at the time it wouldn't happen again. Can't say I believe a word they say!!

From the link you quoted: Mutual fund means a body of persons who participate in a fund that is established and operated by an investment management company for a project under the law governing the control of trading activities that affect public safety and welfare. It would seem that this would exclude the vast majority of mutual funds. Also, I think I read somewhere that it was suggested that only mutual funds in Thailand would fall under this exemption.

Thanks stat. My confusion (hope!) arose due to the OP quoting are not taxable unless remitted to Thailand in the year of receipt, inferring that cap gains and investment income would still be excluded (from tax) if remitted the year after receipt. I think he must have meant unless remitted to Thailand.

Would this not change come 1st Jan 2024?

Thanks, I wasn't aware of that. I have a Wise a/c where all my overseas monies are paid into. My wife also now has a Wise a/c into which I have been paying part of my UK pension into, really to keep her a/c active for the future, which she then transfers into her Thai a/c. I assume that if I pay into her Wise a/c an additional amount at the end of each year to bring the total to an annual equivalent of THB210k (60k allowance + 150K at 0%) she can then transfer to her Thai a/c and we can then elect for separate filing, or might the taxman consider that evasion rather than legitimate avoidance, bearing in mind the transfers will show on her Wise statement as originating from my a/c?