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Maybe they have decided to fleece the farangs once and for all as much as they can in 1 or 2 years and do not care if we never come back as they have taken in Trillions of baht by demanding tax for the last 10 years on every baht ever transmitted to Thailand. You can see the scam they pulled when raising the price of the elite visa fully knowing that the elite visa is dead when they implement the new tax order. So just create a rush before the elite visa is dead. Politicians are only concerned with the near future, never with the outcome in 3 years.

Maybe you will not be allowed to leave the country right after Somchai discovered that you potentially owe Thailand several Million THB. Easy as chips as you usually leave via an airport or an official border with an IO officer and a computer. The risk is real.

Yeah but it explains the law. So it has pratically the same effect as a law. as long as the order stands. However the pm or a court canmore easily nullify said order.

This article "only" refers to companies that have no economic activity in SG, so no change in personal income taxation in SG.

Which remains to be seen if and which part of the income will be tax exempt... That the guys from BOI state everything is "no problem" is understandable. I only trust the RD and its wording when the first year of tax returns are done and confirmed by the RD.

No one with money and a brain will take the risk that is exactly what I meant and will not stay longer then 178 days.

If you could be liable for millions of USD in taxes you simply do not take this (albeit very low) risk.

Trust me it happened in Germany several times. The law in itself is not changed but the interpretation of the law and the moment the gavel drops it is applied retrospectivly. Example: A court declared that having an empty unused appartment in Germany makes you liable to german income tax as you have a permanent abode. Even if you had not been in Germany for 10 years but had an empty appartment you had to pay up. So you had to pay taxes 11 years in arrears if you lived in Thailand like a late friend of mine. Perfectly legal in GERMANY so sure as hell it is possible in Thailand. I would also not recommend to leave Thailand with a tax debt. One diverted plane with you on board could book you a long term stay in a thai prison or some hefty tea money along with the payment of the taxes owed.

Ahem there are some expats I know making high 6 digits USD every year with investing, so those are the people that will leave after 6 months.

Thanks for this info! No way I could file a potential thai tax declaration by end of march as I get my annual tax statements from the banks between April and September.

The intention was to create a rush to buy the elite visa and then announce you have to pay income tax ???? So people bought elite visas just before the deadline and after the deadline they released the bad news.

Is there a way to use prompt pay or any other cashless qr service (or other) without having a thai bank account? Credit cards tend to be rarely accepted in the smaller shops. I could top up via wise or revolut in THB. Thanks!

US is always the odd man out in terms of DBA, correct. However 90% of dba's are very similiar and follow the same template.

Malaysia and Philippines yes, Indonesia no (taxes on worldwide cap gains even if not remitted)

Nope most of them use the same standard template.

I colour you clueless sorry no offense. The name gives it already away "Common Reporting Standard" it is exactly this. No country (besides the US) can just make the report up as they wish. I agree that the RD currently can make next to nothing out of these reports but in 5-10 years they can and maybe come back with a bill for the last years including fines and interest.

Yeah great idea to move to the The Socialist Republic of VietNam. If you spend 5 secs online search you would know that you are taxed there much worse then in Thailand. Spoiler alert, if you do not want to spend the 5 secs just read out aloud the part of the name that starts with an s.

Correct but it does not help that transactions are not being circulated. CRS report will show your CUMMULATED revenue i.e. you trade 1000times 10.000 USD and it will show 10 Million USD revenue. So you can imagine that this will not be to your benefit whilst discussing this "huge wealth" with any tax inspector who does not understand the difference between revenue and profit.

Just google crs. Already in place since several years mate. Thailand gets info from all relevant jurisdictions like EU UK USA etc 2023 as it joined very late. https://nomadcapitalist.com/de/finance/non-crs-countries-banking/

Your point - Banks in Europe, MENA, Singapore and the US sharing capital gains, transaction details and dividends to Thailand RD in an elaborate new system is already happening with crs and fatca TODAY!

It is send country to country, there is no OECD database. If you tell your UK or US bank you live in Thailand. US or UK sends it to a national database (Bundeszentralamt für Steuern in case you have a German bank). This US database then sends your info to Thailand. I highly doubt they will be able to read and interpret the data correctly. It took the german tax office 3 years to start being able to work with the reports.

I would not go 179 days you never know how exactly they count those days. Example plan leaves at 5 mins after midnight was scheduled 2 hours earlier etc.

Socialist you are if you think someone with more money should pay more. You pay more vat in absolute terms if you spend more. But then again you are German and therefore have no common understanding of money as anyting about it was never teached in Germany and Germans love to be taxed as a form of debt for starting WW2. No one here cares what you think about that the people should pay a "little tax", amounting to an additional millions of baht per year... Me for sure I have paid enough in my lifetime.

I think 90% of the people have yet not realized the potential danger they are in as they do not follow the news... So the repercussions will show only later... I would also be worried if I ever wanted to get money (condo sale 800K visa deposit etc ) out of Thailand being profit or otherwise.

Fully agree! I was offered a full body mri in BKK Hua Hin for 3 times the price then in a German hospital. Blood work was about the same as in Germany.