
KhunHeineken
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world wide income taxation update
KhunHeineken replied to Presnock's topic in Jobs, Economy, Banking, Business, Investments
The funds will still be remitted. All you are doing is spreading the remittances over several recipients. Your daughter in the UK may also have some tax implications, but I am not a Brit, so I'm not up with this. You are basically trying to use Thai proxies to circumvent the tax policy. I have no problem at all with tax minimization, however, the tax is on the money in this case, not necessarily the person, if you can look at it that way. All you would be doing is shifting the tax liability onto some Thai's in the family. Your "cunning plan" may buy you some time, but as I have said before, I have a feeling that a foreigner living in Thailand on "air" is going to come under scrutiny at some stage. -
I'm sure we will hear more from the Director General before the the 31st March. Particularly as his brief seems to be broadening Thailand's tax base. Hopefully, his statements will be published by a credible media source. Until then, unless he comes out and makes bold statements like, for example, "foreigners remitting a pension DO NOT have to file" or similar very direct and concise statements, I will be filing and declaring. I will pay this year, but if I feel it's a rip off, it's 179 days in Thailand, and the rest in Vietnam.
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Irish diver’s fate revealed on Thailand’s ‘Death Island’
KhunHeineken replied to webfact's topic in Thailand News
Oh. I'm guessing toxicology results will be important in this case. -
Governments are moving towards their country's "currency" being crypto, and their country cashless. Workers will be paid in crypto, and consumers will buy in crypto. I will not live to see it in my life time, but it's already being planned. Then, the government will know where every single "coin" is sourced for every citizen, and where and when it's paid, and spent, and by who, and to whom. Many seem to think a cashless society will be just using Visa Card or MasterCard. No, the master plan is blockchain crypto, but centralized, rather than decentralized.
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Motorcyclist Chases Down Foreign Hit-and-Run Driver in Phuket
KhunHeineken replied to Georgealbert's topic in Phuket News
All too common here. Yes, the accident is the foreigners fault. However, when the agro starts, they are in fear for their safety and drive of. Basically, the accident is the foreigners fault, but the drive off is the Thai's fault. -
Irish diver’s fate revealed on Thailand’s ‘Death Island’
KhunHeineken replied to webfact's topic in Thailand News
Is it know if he was free diving or scuba diving at the time? One is a lot more dangerous than the other. One can really push the limits beyond their capabilities when free diving. -
You raise an interesting point, and one that I have know since this tax news broke, but others may not have given thought to it. We all know "Thailand is for Thai's" and "You will always be a farang here" and the dual pricing, no rights, foreign ownership of property etc etc etc etc. Basically, tolerated, but not accepted. Now, along comes this tax policy, and isn't it funny that for once foreigners are on equal par with Thai's, but unfortunately, it's to do with revenue raising. So, rejoice AN members and readers, if you stay in Thailand for 180 days, you will be treated equally as a Thai. Wonderful news, isn't it.
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Tax Deducted from Savings Account
KhunHeineken replied to ravip's topic in Jobs, Economy, Banking, Business, Investments
Do you think???? At this stage, but know knows in the future. That's why I brought it up soon after the news of this tax broke. The Thai banks will have to be onboard in some way. They are the ones receiving the remittances. -
That would be foreigners staying over 180 day, which is most of us. I would suggest most on this forum are a foreigner, and a tax resident, but not a tax payer, but they soon will be. I thought the journalist said it, not him. Which one is it???? Good Luck with that. So, he has said it to two other demographics of tax payers, reported in two other publications, but the publication that reported he said it to foreigners as well, it was the journalist saying it, and he didn't actually say it, and this is what you are basing your Thailand tax strategy on.
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Are foreigners staying over 180 days tax residents? Yes. Foreigners staying over 180 days are tax residents. They are bringing in income from offshore. I agree they want the wealthy Thai's with offshore investments, but foreigners will be scooped up in the net also. You will need more to convince me than, "he didn't say that. it's the journalist. the journalist. the journalist." I couldn't care less about credit card purchases. As I have said before, on numerous occasions, I guess we'll all get to see how serious they are come extension time, but a tax policy without collection and enforcement is no tax policy at all, and the easiest of easiest ways to enforce this policy on foreigners is via Thailand's immigration / visa / extension requirements.
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I posted this in the Property & Finance Forum, but I will post it here also. This guy explains the DTA "myth" being, if I pay tax in Country A, then I don't have to pay tax in Country B. This is a myth. Both countries can tax you, just not tax the same money twice. He explains the DTA myth it quite well.
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He's put companies on notice as well. https://moneyandbanking.co.th/en/2024/147891/ "Mr. Pinsai Suraswadi, Director-General of the Revenue Department Revealed that the Ministry of Finance, through the Revenue Department, has proposed the draft of the Additional Tax Act B.E. 2567 to the Cabinet, which approved the draft of the said Act on December 11, B.E. 2567." Seems like he's told everyone to pay their taxes except, according to you, foreigners. That was the journalist telling foreigners to pay tax.
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Seems like foreigners are not the only ones he's warning about filing their tax. https://www.bangkokpost.com/business/general/2936726/online-vendors-influencers-warned-over-tax-compliance "Mr Pinsai said anyone earning income should file a tax return as failure to do so will result in fines and additional charges as prescribed by law." Did the journalist misquote him in this article also?
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Tax Deducted from Savings Account
KhunHeineken replied to ravip's topic in Jobs, Economy, Banking, Business, Investments
I posted this possibility when the news of this tax first broke. I was ridiculed, and some posts were deleted as scaremongering. Anyway, basically, I said for this tax policy to succeed, the Thai banks will have to be on board. I still maintain this view. One option for the Thai government is to have the banks withhold tax, and then the foreigner must approach the TRD, file, declare and claim a refund of all or a portion of the withheld tax. It's basically what you describe in your post. -
Funny how the revenue boss makes the statement in the media and many AN members post THEIR interpretation of the policy, like the revenue boss gives a damn. He's told all foreigners to file and declare all income remitted. Pretty clear. As I have said before, fail to obey his command and things could get nasty come extension time.