tomkenet

I believe many of us will remit and live on pre24 savings, perhaps combined with a small portion of post24 income, dividends , gains (low enough to keep the tax reasonable). In a few years the pre24 savings will run out and will have to be replaced with generated post24 income. This funds will be taxable when remitted to Thailand. If relocating out of Thailand at that time these funds will be tax-free and will create a huge incentive to move . This is a situation Thailand must avoid and probably there will be new regulations in place. I guess we will see a world wide income taxation (remitted or not) in a few years with amnesty for the generated post24 income.

Gift tax. There is an essential difference between a gift beeing given within Thailand and a gift given from abroad. Given from Thailand the income the giver once had to fund the gift was subject to taxation in Thailand . (If assessable ) Given from abroad it might be untaxed funds. If it is not assessable It can be transferred to Thailand tax-free anyway.

If I'm a resident in Thailand for a year and I earn foreign sourced income in that year, next year I reside outside of Thailand, remit that income to Thailand, then move back to Thailand the year after. Any tax to be paid in Thailand?

Surprising, but of course positive if latent, unrealized capital gains by 31.12.23 are tax exempt when realized later, and only the gains from 1.1.24 are assessable. I believe this is to good to be true

And still is. Remittance of savings taxfree, earning money abroad taxfree if kept abroad or spent abroad.

Sorry, i still think this will not change in 2024. Earnings from previous years are remitted taxfree, just like 2023 and before. Earnings from same year are taxable when remitted , just like 2023 and before. What is new in 2024

Funny post, I did not state anything about earning and remittance the same year, which always is taxable. A ringfenced account pre. 24 would prove that the earnings have been from before 2024 So you question the interpretation of Paw.162 made by all the major tax- consulting firms?

So you think money earned and remitted in 2023 is taxfree? It's not

Not if earned and remitted in 2023 which is the case here. This has always been the rule

Hope you earned this before 2023. If earned in 2023 it is taxable. If earned in 2023 and remitted in 2024 it would be tax-free, just like it has always been when remitted the year after earned. This however changes for money earned in 2024.

2024 will be just like previous years. Last years earnings will not be taxable when remitted. 2025 will be the first year with the new rules. Last year earnings will be taxable when remitted.

paw 162 is logical, it is just previous loophole continued for the rest of current year. Not applying Paw 162 would be for Paw 161 to be retroactive from 1 January 2023.

I wonder if this deduction also can be used for foreign sourced dividends or capital gains remitted to Thailand

I am in the same prosess. My guess, you'll have to show documentation if they ask, which they probably will not.

2024 will be just like previous years. Last years earnings will not be taxable when remitted. 2025 will be the first year with the new rules. Last year earnings will be taxable when remitted.

Is there any doubt Paw 162 will not be applied? It is actually quite logical, it is just previous loophole continued for the rest of current year. Not applying Paw 162 would be for Paw 161 to be retroactive from 1 January 2023.

What I need is a certificate of residency for tax purposes. R.O.22. I think it is not the same thing

That is right and a good idea. I will try to do that, however, if it is not possible, with deductions it will end up in a very low tax bracket. I have to file tax report anyway to get the certificate of residency.

My plan is prior to 2024 deposit in a savings account back home money to last for 3-4 years in Thailand. Let's call this money X which can be remitted taxfree. My other investments will after 2023 continue to generate income that is not taxed. Let's call this money Y. As far as i understand I will be developing a sort of tax debt on this money, generating tax when later remitted. In 3-4 years, when X is depleted I will have a big incentive to move to another country where Y will be considered taxfree savings. I wonder how long I would have to stay away from Thailand for this taxdebt to go away. Another outcome is by that time Thailand has changed to Worldwide taxation (not remittance) , what would then happen to Y.

I am very curious how Thai RD is going to make this system work A tax resident foreigner holding a foreign account with income and savings from before 2024, proceeds with capital gains, dividends and pension etc. from after 2023, and proceeds with capital losses from after 2023. All mixed together in 1 account. Can the taxpayer choose which money he remits to Thailand or is it FiFo. And how to sort out what money has already been remitted and what money is not yet remitted the following years. This system might work for Thai citizens with limited economic activity outside Thailand, but for a foreigner with most of his economic activity outside Thailand this is very messy

Sounds like a good plan. I will do something similar,but with a overweight of transferring money to a Ring fenced account before new year.

Looks like this one is from before. Paw. 162/2566 They have also issued a report after, which is more useful.

It's from the Baker McKenzie report. It has been referred to several times on this thread, surprised you haven't seen it . Mazars and Ernst & Young reports the same interpretation

Not only in the past, also income received this year, 2023 which will be the last year this loophole can be used.