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hwas

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    LTR tax exemption

    in Thai Visas, Residency, and Work Permits

    Posted

    received this today:
     
    Greetings from the LTR Visa Unit.
     
    We want to clarify that the tax exemption for overseas income will commence from the month you receive the LTR Visa onward, which typically falls within the next tax year. 
     
    Any income earned in the period prior to holding the LTR Visa will not be considered for tax exemption.
     

     

    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    received this from BOI today:
     
    Greetings from the LTR Visa Unit.
     
    We want to clarify that the tax exemption for overseas income will commence from the month you receive the LTR Visa onward, which typically falls within the next tax year. 
     
    Any income earned in the period prior to holding the LTR Visa will not be considered for tax exemption.
     

     

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    16 minutes ago, stat said:

    Not stated in the conditions or royal degree as far as I know.

     

    This could not possibly be more clear:

     

    From Royal decree 743:

     

    "Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Workfrom-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand."

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    3 minutes ago, stat said:

    Thanks for your post! Pls provide source of:

     

    a.) LTR visa holders are exempt of taxes even if remitted to Thailand (NOT stated in LTR visa conditions, just stated income that is generated abroad)

    b.) Royal degree trumps all laws and directive orders (maybe yes, maybe no, maybe royal degrees change) I have no clue but apparently you do so pls elaborate.

     

    I simply care for a solution on how to live tax free in Thailand, no matter on which visa, as most of us do. Why you call it a fixation of mine is beyond me and offensive.

    LTR holders who have posted seem quite confident that they are tax exempt.   If you are truly interested in the LTR and do not have confidence in what has been posted by LTR holders, why don’t you go directly to the BOI and ask them?  I did this last week and received a prompt and satisfactory answer.  

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    1 hour ago, stat said:

     

    You are correct that it is not a law but a directive, my apologies!

     

    But as mentioned in the directive, all older directives are void as is also stated by a very reputable law firm.

     

    According to the New Order, if Thai tax resident individuals derive offshore-sourced income and bring offshore-sourced income into Thailand, they will have to pay Thai personal income tax, regardless of whether such income is brought into Thailand in the calendar year of receipt or in subsequent calendar years. The New Order will apply to any taxable income that is brought into Thailand from 1 January 2024 onward. Any regulation, instruction, revenue ruling or practice which is contrary to or inconsistent with this New Order shall be repealed.

    It is noteworthy that if the offshore-sourced income is not a taxable income (e.g., proceeds from the sale of offshore securities or assets with no gain) or income that is exempted from Thai personal income tax under the Revenue Code, such as income from insurance, Thai tax residents will not have to pay Thai personal income tax when they bring that income into Thailand.

     

    Source: https://insightplus.bakermckenzie.com/bm/tax/thailand-offshore-sourced-income-brought-into-thailand-from-1-january-2024-onward-will-be-subject-to-thai-personal-income-tax/

     

     

    Also here:

     

    Article 2: In line with the issuance of this order, all existing rules, regulations, orders, responses to inquiries, or any practices that contradict or oppose the provisions laid out in Order No. 16/2023 shall be void.

     

     

    https://franklegaltax.com/thailands-new-tax-rules-reporting-foreign-income-for-residents/?lang=de

    The LTR exemption is not based upon a directive, order, rule, regulation, response to inquiries or other practices, it is a Royal Decree.  You seem to have a fixation with this.  If you do not have an LTR, why do you care? Better to spend your time looking for other workarounds, like gifts.

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    1 hour ago, stat said:

    Regarding LTR Visa: It is "only" stated in the description that money earned out of Thailand is tax free. There is no mentioning of money send into TH to be tax free.

    Read Royal Decree 743-

    The Tax Incentives under Royal Decree (No 743)

    The Royal Decree (No 743) gazetted on 23 May 2022 prescribes the income tax incentives for foreigners to come and reside in Thailand under an LTR Visa, as follows:
    Wealthy Citizen, Retired and Work-from-Thailand Foreigners
    For Wealthy Citizen, Retired and Work-from-Thailand foreigners who come and reside in Thailand under an LTR Visa:
    • A right to exemption from tax on income that's derived from a post or an office outside Thailand or business outside Thailand or property outside Thailand and brought into Thailand (i.e. an exemption from the Foreign Source Income Law).
     

     

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    Coffee

    in Chiang Mai

    Posted

    On 9/11/2022 at 2:01 PM, 1FinickyOne said:

    Plenty of choice in Hillikoff - - it is a good sized store that is all about coffee... and prices are reasonable... 

     

    I'll be there on Monday. 

     

    Coffee

    in Chiang Mai

    Posted

    90% of the beans grown in Thailand are Robusta.  Look for southern Thailand coffee roasters.   Northern Thailand is mostly Arabica, as Robusta does not grow at high altitudes 

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    Coffee

    in Chiang Mai

    Posted

    3 hours ago, BangkokReady said:

     

    I've had robusta in Vietnam and really enjoyed it. I felt that it didn't have the bitterness that I'm finding now that I'm trying some fresh ground beans here. Some of it had quite a rich taste with an almost chocolaty smoothness.

     

    I'll have to give some robusta beans a try here. There don't seem to be many around though.

     

    Coffee

    in Chiang Mai

    Posted

    19 minutes ago, night_rider said:

    Were these from Lazada? Shoppee?

    No, I bought some at a coffee fair in Bangkok where there were individual producers and the rest I bought directly from the producer and had them mailed to me.  I like buying directly from the producer to benefit the hilltribe people.  Two of these producers, Dói Chang and Akha Ama, should be easily obtainable in Chiang Mai.  I have been finding small producers by using Google maps and searching for coffee roasters in Chiang Rai.  There are many and Clicking on a name in Google maps will lead to a Facebook page or website.  Brame coffee is a family business, wife is the grower and husband is the roaster.  They will deliver to you, tel 087-186-8918, 250 baht for 250 g.

    Coffee

    in Chiang Mai

    Posted

    2 hours ago, BangkokReady said:

    What is the difference in taste?

    “

    2 hours ago, BangkokReady said:

    What is the difference in taste?

    “The coffee brewed from robusta beans has low acidity and a high degree of bitterness. It packs a powerful punch but isn’t nearly as palatable as arabica, with one exception: robusta is perfect for Thai-style iced coffee.  Arabica coffee is aromatic and has a much milder flavor than robusta. Depending on soil conditions and the way it’s processed, arabica can produce a much subtler and more nuanced cup of coffee. It’s the coffee of connoisseurs. “

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    Coffee

    in Chiang Mai

    Posted

    I live in Bangkok, but have started buying coffee beans from Chiang RAI roasters.  Also, from roasters in the south, who grow a different bean.  Arabica is grown in the North and Robusta in the South.  There is a large number of coffee roasters who will send beans to you for a small shipping fee.  Many of these roasters also grow there own beans, so you can buy single producer coffee.  Price is about 200 baht for a 250 g bag, however, I have also only paíd 200 baht for 500 g.  Some coffees I have purchased recently from the following: Xanthocapa, Chiang Rai, Phu Sun, Nan; bata-me, Chiang Rai; Akha Ama

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    Thailand among the top 10 countries for expats

    in Thailand News

    Posted

    A number of comments from people planning to move to Portugal. My wife and I recently moved to Thailand from Portugal and could not wait to leave,  I have lived in the US, northern Europe, Vietnam, Portugal and Thailand and travelled to more than 90 countries.  We lived in Portugal for 28 months and rank Portugal at the bottom of the list of places I have lived.

     

    For reference, we lived in one of the best neighborhoods in Lisbon and in Cascais.  I could write pages about the negatives we found, but will only list a few:

    1.  The incompetent bureaucracy.  Immigration being months behind in renewing residence cards - read the recent news about Brits having significant problems due to not receiving residence cards.  People waiting more than a year to receive a Portugal drivers license after turning their former drivers license for a temporary license that is not recognized outside of Portugal 

     

    2.  Health care - it may be free or cheap, but this really does not matter when you are waiting more than a year for a hernia operation or weeks to get a doctor’s appointment, even at a private hospital

     

    3.  Cost of housing - For those on a budget, good luck finding a place to rent or buy that is in a livable area.  Also, regardless of the budget expect to overpay.  
     

    There are other reasons why we left, and I really encourage people to do a lot of research before making a decision to move

     

     

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    Multiple Entry Permit

    in Thai Visas, Residency, and Work Permits

    Posted

    Just now, DrJack54 said:

    Any reentry permit would only be valid for your current permission of stay but yes can obtain one at airport.

    You state this......

    "I am in Thailand on a non-immigrant O visa pending applying for a marriage extension in September".

     

    Make sure you apply for your extension with 15+ days remaining on permission of stay.

     

    Thank you

    Multiple Entry Permit

    in Thai Visas, Residency, and Work Permits

    Posted

    I am in Thailand on a non-immigrant O visa pending applying for a marriage extension in September.  Are there any restrictions against leaving Thailand prior to my getting the extension?  I am planning a short trip to Vietnam.  Where would I get a multiple entry permit at Don Muang or Suvarnabumi?  Thanks for your help

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