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Posts posted by Covertjay
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Historically there's Indianised SE Asia in the region West and South of Laos mountain ranges. Then Sino-influenced east of that. Then significant population moves, immigration to all of them from China and also Western colonisation (most of SE Asia) over the last two centuries or so to mix things up.
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14 minutes ago, bannork said:
Sorry to lower the tone gentlemen -กวนตีน kuan dteen- to p-ss someone off.- dont use with people who may use violence on you, i.e. her indoors.
Bottom or sole of the feet. A good way to totally offend everyone you don't know very well. Avoid saying (and teaching) it.
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1 hour ago, gr8fldanielle said:
a 3rd world mentality
An irrelevant and outdated cold war expression. How can one aspire to 'second world' status (communism) when it no longer exists.
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1 hour ago, gr8fldanielle said:
a 3rd world mentality
An irrelevant and outdated cold war expression. How can one aspire to 'second world' status (communism) when it no longer exists.
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Has anyone had Amazon Global Priority Delivered to greater BKK area? The 2 to 3 day service?
Any glitches or is it reliable?
Is it registered? Will I have to sign for it or will it be dumped at the door?
There's an extra charge for customs so I'm hoping no go to the post office BS.
Thanks for any current advice.
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On 10/09/2017 at 7:04 PM, asiaexpat said:
Bangkok Bank will issue a nonThai a unsecured credit card if that person meets all criteria such as work permit with appropriate salary. Some branches may tell you they do not so just call the number in the web site and ask
Sent from my iPhone using Thailand Forum - Thaivisa mobile appThey called head office and call centre when I was there to check and they said no. Guessing it's recent internal policy if others with years of WPs have them.
I do have two other credit cards, but I was hoping to get rid of amex which is not very good.
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So where would 'prai' fit into this? A word I've heard used in a negative way and even some sort of use it in a reclaiming way.
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Retirement Mutual Funds (RMFs) and Long-Term Equity Funds (LTFs)—LTF Tax Privileges Revised
Submitted by Creveling & Creveling Private Wealth Advisory on December 13th, 2016
By Peggy Creveling, CFA, and Chad Creveling, CFA
This article originally appeared in the American Chamber of Commerce of Thailand (AMCHAM)’s T-AB Magazine 5/2016 and has been shared with permission.
For many employed expats in Thailand, Thai Long-Term Equity Funds (LTFs) and Retirement Mutual Funds (RMFs) can provide worthwhile Thai tax benefits. This article discusses the merits of both types of investments, and highlights an important 2016 change to the LTF holding period. For a period of time U.S. citizens were unable to invest in LTFs and RMFs due to FATCA legislation; however, some Thai asset management companies are again accepting U.S. citizens.
Long-Term Equity Funds and Retirement Mutual Funds: The Basics
Long-Term Equity Funds (LTFs) were set up under Thailand’s IMF program to encourage longer-term investing in the Thai equity market. Retirement Mutual Funds (RMFs) were established to encourage people to save for retirement by providing Thai tax benefits on savings.
Both LTFs and RMFs provide current-year Thai tax deductions on contributions, and earnings grow free of Thai tax. Subject to meeting LTF and RMF fund requirements, funds can also be withdrawn tax-free. There are a number of different LTFs and RMFS managed by the various Thai asset management companies and distributed either directly or through affiliated bank branch networks.
How You Save on Thai Tax
For RMFs, individuals can deduct contributions of up to 15% of their personal income (including salary, bonus, fees, commissions, severance pay, or investment income) or Baht 500,000 per year (whichever is lower) from current Thai taxable income. If you have a provident fund at work, the total annual maximum tax deduction for both the provident fund and the RMF together is Baht 500,000.
For LTFs, individuals can deduct contributions of up to 15% of annual compensation or Baht 500,000 (whichever is lower) from current-year taxable income. This is in addition to any contributions made to a provident fund and/or RMF. For high-income earners, combined contributions can total Baht 1 million (about USD 28,000) and save Baht 350,000 in Thai taxes (about USD 10,000).
What You Need to Know About RMFs and LTFs
RMFs:
- You get a current-year Thai tax deduction on contributions.
- Depending on the fund’s policy, the fund manager may invest in equity funds (Thai as well as international), debt instruments, or mixed funds.
- Returns grow free of Thai tax.
- The maximum annual contribution is the lesser of 15% of total annual compensation or Baht 500,000.
- If you contribute to a company provident fund, the total contribution to both the provident fund and RMF cannot exceed Baht 500,000.
- Contributions need to be recorded before the end of the calendar year.
- Funds can be withdrawn free of Thai tax after age 55 (and if held for five years or more)
- To qualify for Thai tax benefits, you must contribute at least every other year for a minimum of five years. The minimum contribution is 3% of taxable compensation or Baht 5,000, whichever is lower.
- If you fail to meet the required minimum contribution schedule or withdraw funds prior to reaching age 55, or have not met the five-year holding requirement, you will have to pay back any tax deduction you received along with penalty fees. In addition, any capital gains will be subject to a 10% tax.
- Since 2015, the tax benefits of employer Thai Provident Funds can be preserved by transferring to RMFs after employment ends.
LTFs:
- You get a current-year Thai tax deduction on contributions.
- Unlike RMFs, LTFs invest primarily in Thailand-listed stocks. You’ll therefore want to make sure a Thai-only equity holding makes sense in your diversified portfolio.
- Returns grow free of Thai tax.
- The maximum annual contribution is the lesser of 15% of total annual compensation or Baht 500,000.
- Contributions can be made in addition to those made to provident funds and RMFs.
- There is no need to make ongoing contributions to maintain tax benefits.
- Change in 2016: New LTF contributions and earnings can be withdrawn free of Thai tax after seven calendar years. This is an increase from the previous holding period of five calendar years.
- Effectively, 2016 LTF contributions must be maintained for five years and two days. Anyone contributing to an LTF on the last business day of 2016 would need to maintain the investment until the first business day of 2022.
- If you withdraw before the holding period, any tax deductions you received will need to be paid back along with penalty fees. In addition, any capital gains will be subject to a 10% tax.
- Contributions must be recorded by the end of the calendar year.
The rules regarding LTF and RMF contributions can and do change, so make sure you check the current status before making any contributions.
Who Can Benefit from RMFs and LTFs?
Aside from Thai citizens, many foreigners with a long-term commitment to Thailand through work, marriage, or lifestyle can benefit from contributing to LTFs and RMFs. Those on short-term expat assignments in Thailand will have to carefully weigh the potential benefits against the various rules and regulations required to maintain the tax-exempt status of each fund.
Special Considerations for Americans
Recently some Thai asset management companies have reopened their RMF and LTF programs to U.S. citizens. Americans are taxed on worldwide earnings and compensation, however, so before investing, U.S. citizens should note that the tax-advantaged status of the RMF and LTF is not recognized by the IRS. Additionally, both LTFs and RMFs are likely to be considered Passive Foreign Investment Companies (PFICs) by the IRS with their earnings subject to special tax rules and filing requirements.
Nevertheless, RMFs and LTFs may still make sense for some Americans, especially those whose compensation does not exceed the Foreign Earned Income Exclusion (FEIE—$101,300 in 2016) and housing deduction. For these Americans all Thai-earned salary would be shielded from U.S. tax already.
Contributions to LTFs and RMFs would save Thai tax and therefore lower the overall tax burden. Even though investment earnings may be reported annually under PFIC rules, the Thai tax savings could still make this a worthwhile trade-off.
If you earn in excess of the FEIE and housing deduction, contributions could still make sense, but the benefit diminishes as you enter the higher U.S. tax brackets. Compensation in excess of the FEIE and housing deduction will effectively be taxed overall at the higher of the U.S. or Thai rate. For someone in the 35% tax bracket in Thailand and the 33% or higher U.S. brackets, the Thai tax savings may not justify tying up the funds in an LTF or RMF and filing Form 8621 (PFIC).
For someone in the 35% Thai tax bracket, but only in the 28% U.S. tax bracket, contributions could make sense—but you’ll need to do the math to determine your overall (Thai + U.S.) tax savings.
http://www.crevelingandcreveling.com/blog/retirement-mutual-funds-rmfs-and-long-term-equity-funds-ltf-ltf-tax-privileges-revised -
On 2 July 2015, the Revenue Department issued announcement number 257-259 to expand the definition of the base amount which is used for determining the maximum amount of LTF or RMF units that a taxpayer can buy which is deductible from his taxable income.
Keywords: Mazars, Thailand, Tax, LTF, RMF, Revenue Department, Tax Income
5 August 2015
Individual taxpayers can deduct contributions to LTFs and RMFs from their taxable income.
- Contributions to an LTF are tax deductible up to a maximum of 15% of taxable income, or 500,000 baht, whichever is lower.
- Contributions to both an RMF and a provident fund together are tax deductible up to a maximum of 15% of taxable income, or 500,000 baht, whichever is lower.
Previously, an individual taxpayer could buy LTF or RMF units not exceeding 15% of his annual “assessable income” for tax deduction. The term “assessable income” in the previous regulation included both taxable income and non-taxable income, such as capital gains from selling shares on the Stock Market of Thailand, statutory severance pay not exceeding 300,000 baht and not exceeding 10 months, and an inheritance.
The new regulation has expanded the term “… of assessable income” to “….of assessable income which is taxable in the tax year.” Therefore, from 1 January 2015, the base amount for determining the maximum amount of LTF or RMF units which can be used for tax deduction will be assessable income after deducting all non-taxable income and tax-exempt income.
For more information (in Thai), please go to Revenue Department Announcement No. 257
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Well, I went in again today and was told apologetically all foreigners (regardless of length of stay, work permits, etc in my case for 17 years) need a secured credit card. So if you have 100k card you need an account you don't ever touch with the same amount in it.
A real shame, their app, LTFs, mortgage services and customer service are all great.
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23 hours ago, thaibeachlovers said:
BTW, I never hear any country described as second world, and would any country now fit into 'first world"
The second world was communism, which is gone or has become state capitalism of a sort.
Good point about how any would fit first world these days given concentration of wealth.
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I was reading this article and it made me think of the thoughtless way the archaic expression 'third world' is used on expat forums as a dig at Thailand or other countries. It's as good a time as ever to stop using a term that is condescending, a cold war relic and adds nothing to any discussion. Article follows...
Is there any way to talk about rich countries and poor countries that is both useful and forward-looking?
Over at NPR, Marc Silver put together a helpful survey of the myriad difficulties that accompany any polite attempt to discuss class in the global community. The distinction between "First World" and "Third World" is on the wane for good reason, but is there any suitable replacement?
By Zeeshan Aleem @zeeshanaleem
Zeeshan is a senior staff writer at Mic, covering public policy and national politics. He is based in New York and can be reached at [email protected].https://mic.com/articles/107686/why-you-shouldn-t-call-poor-nations-third-world-countries#.C7oBdFOQN
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Last month they said something like keep 50k in the account, but not 100% on it. Anyone else know?
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I have a bkk bank account for work and have noticed their customer service has improved a lot in the last few years to the point where I want to get credit cards with them. I have mortgage, LTF and RMF there so it'd be a one stop shop. Great phone app too.
Any long termers with work permits have any experiences they can relate on this one at all?
Thanks in advance!
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Wasn't my thing but some of his cost of living and how to find apartments stuff was gold 15 years ago. At least he made something. Easier to tear something down than build something as you can tell by most of the posts here. Good luck to you Stick.
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Remember reading Trink shuffled off his mortal coil a few years after his column ended. Best pizza tips of any expat.
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Hire a PI to gather info and if she's on a tourist visa it's the jurisdiction of the tourist police not the local precinct. Present any info you have, screenshot you have, and what the PI gets to the TP and the embassy.
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7 hours ago, suave said:
If you have a wild dog problem, buy a slingshot and start chasing them off. At first, they will come back as they think they are king, and they will look at you like your some kind of idiot for messing with them. But, if you keep at it every time they show up they will move on. You can buy one by searching on lazada.co.th.
This is how to do it. I keep one in my motorbike drink holder and only need to show it now and then. Not that I've been on the motorbike in a year. Never actual has to loose off a marble or stone. Thai guys use them to good effect on annoying dogs and the mutts don't forget.
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My in laws darkly lament the fact it's illegal for people to harm dogs but not the opposite. Up to 5k in hospital bills paid by owner (if you can track down who they are) seems to be the understanding if attacked. Many parents of kids mauled go the rat poison in a drumstick route and who can blame them. Less confrontational and some deniability.
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Not very graphic really. If the idea is to shock people sober it's a bit meh compared to the local news with pixelated bits.
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On 21/07/2017 at 11:57 PM, CharlieH said:
In theory maybe, in practice it has been my experience that they encourage "family" to stay together.
They do exactly the same in London too and state again that families stay together and not split up.
Same in Australia.
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1 hour ago, Pungdo said:
I have been through the Thai only line a couple of times now with my wife and daughter, always at Swampy though, never had a problem with it.
Same for me with my wife and son at DM and Swampy. It's a sort of 'airport etiquette' I thought as my wife's been sent to the family/Aust/kiwi passport lines with us to keep us together on the other end too.
I think you just (OP) got a grumpy IO making up policy on the fly as can happen every now and then.
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Making it compulsory is a good idea.
It's only 50 to 100 AUD for two weeks travel insurance coming here as a tourist on: www.comparetravelinsurance.com.au Expats can get comprehensive health and accident insurance (including repatriation evac) for a year from BUPA or AIA for 24 000 baht.
It's madness not to have it. Despite the Western trappings available here you are in a developing nation (albeit a very nice one) sans the welfare safety nets we may be used to at home. Every travel guide will warn you of this.
If it's not an onward air ticket and you arrive at Swampy to return to the same point of origin then build insurance into the price of a ticket. For those worried about being scammed by local insurers (risk is infinitesimal IMHO) get it from a reputable company in your home country.
I'm genuinely shocked at the numbers of travellers and expats that don't value their own health and safety when the cost to do so is equivalent to ten beers in a nice pub.
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Need advice on writing a will in Thailand
in ASEAN NOW Community Pub
Posted
Any good Bangkok law firms thst can do a bilingual will at all?