tomkenet

The topic and signals from the finance department suggests easing everseas income Tax rules. Tax on all global income each tax year would not be an easing.

My local Macro in banphe has hilltribe eggs. 90baht/10. Often sold out through. https://hilltribeorganics.com/

So you mean if I received 1mill THB in dividend yesterday, used the money to buy stocks today, sell them tomorrow without gain, I can remit the money to Thailand tax exempt the day after? I don't think it will hold up if you get audited.

If your "zero gain" stocks where purchased after 2023 the principal and the gain (which is zero in this case) will be treated as accessable income when remitted if you can not show that the principal comes from savings. That's why you would have to show the origin back to pre24 or another non taxable event.

I don't think you can simply launder away your previous gains this way. You will have to provide documentation that shows the funds origins backwards until you reach a date before 2024. Then the total gain will be accessable.

I believe documentation showing the principal leading back to pre-2024 cash will always be exempt. What do you mean with one time concession ? Link?

With statements showing purchase of the last stock without gains dated after 2023, you would probably be asked for documentation of where the money originated, leading back to before 2024.

I wonder how that will work. That means you will have to file a tax report for a year you are not a tax resident. How about if you stay non tax resident for several years or for ever.

Realising a gain in a year when you are not Thai tax resident and remitting it to Thailand in a year when you are Thai tax resident would be tax free as far as I understand. What about realising a gain in a year when you are Thai tax resident and remitting it to Thailand in a year when you are not Thai tax resident.

We should all be thankful to his effort to make the very useful tax-guide.

Worldwide income tax (irrespective of remittance) is still in the planning. With no more news about this I find it very hard to believe it can be implemented for the 2025 tax year. This is a big change compared to last years change and will probably need long time to be finalised. I even doubt it will come before 2026.

2025 tax year is the first year you can not remit income from the previous year (2024) tax exempt. In 2024 you can remit income from the previous year tax exempt, just like you could before the change last year . Remitting income the same year as earned has always been taxable.

Thailand has for many years had remittance tax on foreign assessable income if remitted the same year as the income was gained.

Do not worry about 2024, the rules are the same as previous years. Tax-year 2025, filing March 2026 is the first year with changes.

Please keep to topic, the recently proposed change : Thailand to tax residents’ foreign income irrespective of remittance

As there are no more news about this I find it hard to believe it can be implemented for the 2025 tax-year.

This rule was revised effective from Jan 1, 2024. Tax is now payable on foreign income regardless of when it is brought into the country. To give an example, Mr A sold shares in an overseas company in 2020, realised a capital gain and banked the money in an overseas account. If he brings the proceeds from that capital gain into Thailand in 2024, he must report it as assessable income when filing a tax return. Please credit and share this article with others using this link: https://www.bangkokpost.com/business/general/2860812/law-to-tax-income-from-overseas-in-the-works.. View our policies at http://goo.gl/9HgTd and http://goo.gl/ou6Ip. © Bangkok Post PCL. All rights reserved. Not much confidence in this article. Seems like the author hasn't heard about P.O.162

From the article in BP " Previously, if an individual met the 180-day tax resident requirement and had foreign income, they paid personal income tax on that income only if it was brought into the country within the year it was earned. This rule was revised effective from Jan 1, 2024. Tax is now payable on foreign income regardless of when it is brought into the country. To give an example, Mr A sold shares in an overseas company in 2020, realised a capital gain and banked the money in an overseas account. If he brings the proceeds from that capital gain into Thailand in 2024, he must report it as assessable income when filing a tax return. " Seems like the writer have missed P.O.162.

I have asked the author of this article about this and got following answer. Key takeaway is that there is no time limit as many of us believed. " Thank you for your clarification, and I appreciate your attention to detail in interpreting the regulation. You are indeed correct regarding the policy outlined in P.O. 162, as it specifies that offshore-sourced income received before January 1, 2024, can be remitted to Thailand on or after this date without being subject to Thai personal income tax, with no specific deadline stated for the end of 2024 for these remittances. As per the Revenue Department's order P.O. 162/2566, income generated from foreign sources before the year 2567 (2024) is exempt from tax if it is brought into Thailand starting from the year 2567 (2024) onwards, regardless of the year it is brought in. This policy aims to allow income to be realized this year, before January 1, 2567 (2024), ensuring that if you bring this income into Thailand in a different tax year—specifically from 2567 onwards—you will not be subject to personal income tax as per Revenue Department order P.O. 161/2566. The Revenue Department issued Revenue Department Order No. P. 162/2023 to exempt income generated from overseas sources before 2024. It will be exempt from paying taxes if it is brought back into Thailand from 2024 onwards. As a result of Order P. 162/2023, investors who have transferred money to invest abroad will not be liable for personal income tax in Thailand if assessable income arising from foreign sources that occurred before 2024 is brought back into the country from 2024 onwards, regardless of the year it was brought in. This is in order for the said income to be realized this year before January 1, 2024. Therefore, if you bring income from sales into Thailand in different tax years, that is, imported into Thailand from 2024 onwards, you will not have to pay personal income tax according to the Revenue Department's order No. P. 161/2566. To clarify, the policy outlined in Revenue Department Order No. P.O. 162/2566 indeed specifies that offshore-sourced income received before January 1, 2024, can be brought into Thailand on or after January 1, 2024, without being subject to Thai personal income tax. There is no explicit deadline mentioned for when this remittance must occur, meaning that there is no requirement for the income to be transferred to Thailand before the end of 2024. This allows for more flexibility in managing your financial arrangements without immediate tax implications under Thai law. Further, as outlined in Revenue Department Order No. P. 162/2023, this exemption applies to any assessable income arising from foreign sources before 2024, which is brought back into Thailand from 2024 onwards, regardless of when it is brought in. The intent is to facilitate the realization of income in a way that complies with Thai tax law while recognizing the timelines that may affect international financial planning. It appears there was a misunderstanding or miscommunication regarding the need to remit income by the end of 2024. I apologize for any confusion this may have caused. The key takeaway is that the income received before 2024 is exempt if brought into Thailand starting from 2024 onwards, without a specified cut-off year for these remittances. If you have further questions or need more detailed guidance on how this may affect your financial planning, please feel free to reach out.

Just an idea. What about discussing today's remittance tax system on this channel: https://aseannow.com/topic/1327622-thai-gov-to-tax-remitted-income-from-abroad-for-tax-residents-starting-2024-part-ii And talk about the new proposed , world wide, irrespective of remittance tax on this channel.

To clarify "Stop doing your own research!" Is a quote from the video.

Sounds like he hasn't been updated on the P.O. 162. (5-6min into the video). Also keep talking about 183 days, which is wrong. Stop doing your own research! Seriously! Not very impressed.

I assume everyone is aware the ATM question is not relevant to the topic of this thread "irrespective of remittance" This is only relevant to today's tax interpretation.

Just saw a good video on the subject.

Thai taxes will probably be lower in many cases. But In my home country I get free good quality schools for my kids, good quality healthcare and I get voting rights and equally treatment. The most scary part however is having to deal with a revenue department with bad English skill.