thainet

Yes the revised tax laws on all land, structures, houses, condos etc come into effect this year. Supposedly was to be in January but the appraisals were not ready in time, therefore most assessments were to go out by end OF May (ALTHOUGH WITH THE CURRENT VIRUS PROBLEMS THIS MAY BE DELAYED AGAIN) and paid in August.

So every property has an appraisal price and the tax is calculated on this price. 

Just google  'Thailand New Tax rates'  and you'll see many sites (in English and Thai) setting out the new rate %'s.

There you have it.

For the posters pushing the supposed curfew, please read this before posting.

It may come into effect at some stage, BUT not yet.

https://thepattayanews.com/2020/03/24/thai-government-says-no-discussion-for-a-curfew-at-this-point/

10 minutes ago, Selatan said:

Don't be so sure that the virus originated from China. There was a case of Japanese tourists that caught an unusual pneumonia while holidaying in the US.

And today, came this news:

 

Coronavirus: ‘strange pneumonia’ seen in Lombardy in November, leading Italian doctor says

 

Don't forget, the US also had some weird pneumonia cases last year, which was attributed to vaping, but having chest CT scans similar to Covid-19 sufferers.

 

 

Its now the 'Clobal Virus/pandemic' and at this stage does it really matter where it originated..its not going to suddenly go away because we know where it started. Each country has to focus on alleviating this quickly and forget the political bickering.

10 hours ago, leeneeds said:

Thank god I can still watch the rugby league, the powers to be have thought about the crisis and dealt with it in a very professional manner, 

Actually not really. The NRl is on the brink of monetary collapse thru incompetence over the last few years, and therefore need to be playing for this reason.

6 minutes ago, Chalong circle said:

Just wonder if you can rent from your wife long term. And have the contract registered at land office.

Bit hard to rent from a deceased person.

Just now, CharlieH said:

As I understand it, she has to make a will, the property will go to you and you have 1 year to sell it or do whatever with it.

My recommendation would be to get it from the "horses mouth" and speak with a "Thanai" and get things in place sooner rather than later ????

That is correct. A WILL naming you as the beneficiary is legal, but as a foreigner you cannot legally own it, therefore at this time the court will give you a reasonable time (one year at this time, unless anyone has any updated info) to sell the property and legally transfer it to the new owner (or family member or child).

Another way is to transfer the property into a company while she is still alive. Depending on how the company is structured with preference/non preference shares, you can have control of the company. If that interests you (or anyone else) then I recommend you contact a proper legal firm that can set this up for you.

11 minutes ago, Bruntoid said:

It’s not rumour - bars will be closed in Thailand from tomorrow. The papers have already gone out in Bangkok 

The govt meeting for these suggestions is tomorrow, so unless you have written proof, then your post is false news at this time. 

"""I was promised two months' severance, 1 month for letting me go, another 1 for no prior notice. That seems fair seeing I didn't see out the year""".

Other than the obvious hurt in getting fired, the company are paying you off according to the law, so be thankful for that and just take it gracefully.

You have no cause to go the labour board or a lawyer on this, as the company are being professional on your severance.

Spend it well.

1 hour ago, saengd said:

You are one of the very few people on this forum who know anything about "or" accounts which I full agree are not subject to closure when one party dies, my wife an I have an investment account that is written as "or", for this very purpose. The only downside to having an "or" account that is fixed and used for Immigration purposes is that Immi. requires the name is in the sole name of the visa holder and they perceive "or" accounts to be joint.

 

BTW a POA dies when you die so your wifes actions would be illegal.

""BTW a POA dies when you die so your wifes actions would be illegal"".

Sorry have to differ again. I probably used the wrong word here (ie: POA) as nothing is signed or notarised like a normal Power of Attorney. The information is input into the bank system (for my savings Acct) and she only has to produce the Bankbook/Death Certificate to start using the money. The good thing about this way, is the Bank do not require any probate papers from the court (which could take many months), as by signing lots of forms and the input into the system, it acts as their own probate, if that makes sense.

Just as a point here, I am Bangkok Bank Platinum Exclusive member, and my banking is taken care of by senior bank officials, so I deem the information I receive as reliable.

But once again this is my own experience which may help others, but of course everyone's circumstances differ, so if people find my information valuable or useful then they can make their own inquiries for their own needs. Thanks T.

20 minutes ago, saengd said:

When you open an account the Terms and Conditions require you to notify the bank if an account holder dies. If a joint account holder drains the account when the other account holder has died that is illegal. The bank is required to abide by the ruling of the Probate Court alone, the bank will not know if a will that is presented to them is the latest will or if taxes are owed by the deceased.

 

My understanding is that the Probate Court requires 90 days, I also understand banks can take a further 90 days before final settlement is made.

""If a joint account holder drains the account when the other account holder has died that is illegal"".

The above is actually not correct (although before I also thought it was).

All my Fixed Deposit accounts have myself and wife on the accounts with 'either/or signatures'. Opening a new Fixed Deposit account last week at Bangkok Bank, the Manager informed that the other signatory (if one has died) has full authority to take the proceeds when the deposit has expired, or re deposit into an account in their name only, or transfer into their savings account.

After previous posts on this (or another) thread my savings account now has my wife as a silent POA on the account. By silent I mean only my name appears on the front page of the book (for IMM purposes). The Manager also explained that she has the right to use the money in the account (after my demise) in anyway she wants, but she cannot close the account as its primarily in my name But she can take it down to a few baht).

Anyway this is my experience and hope it helps some people.  cheers T.

2 minutes ago, Lacrimas said:

Am I missing something? With 30 million and 0.5% interest you get 150.000 baht well above 20.000 baht. Anyway I get 1.5% from Krungsri.

Whoops..my bad. calculator finger problem.

But that 1.5% is on Fxd Deposit..impossible on a normal savings account

@Lacrimas ...As I said Fxd deposits are taxed on interest regardless of the amount of interest.

Yes u are correct, on savings account 20,000 is the limit before tax is deducted (if you have the tax ID recorded), but at todays interest rates of 0.4-0.5%, then you need about 30 million in your savings account to even get to the 20,000 threshold, so lets leave it at my point above, that probably 99.999% of foreigners savings accounts (with the tax ID recorded) will not be subject to tax on interest.

Just now, Matzzon said:

What materialism? I am just saying how it is. You do not need a house to live in? You are not help by a car? You do not need money to have the life that you want?

Just stop babbling, you are just too good at it. ????

Guys this is about Bank accounts..stop squabbling over stupid stuff...kids nowadays!

3 minutes ago, tinca tinca said:

in Thailand ALL interest is TAXED at 15 % which ever account one has !!

You are wrong!! Please get your facts correct before posting.

With a proper Tax ID you can have it recorded at the Bank (on your record) and tax on Savings interest is NOT deducted.

Ok guys the OP asked for bank details to use for his immigration extensions, so although the Credit Union info has been enlightening, it is not practical for his purpose and also not possible for most foreigners due to the restrictions. But thanks for the input on that.

So his only way is Bank savings or Fxd Deposit accounts, which are subject to tax on the interest, but probably the tax can be refunded from the Tax dept (bit of a challenge for newbies, but possible) or with a tax ID then not deducted at the bank (Savings only). 

So maybe we put this topic to bed now.

1 minute ago, HauptmannUK said:

Car pricing in Thailand is just stupid. Too many fingers in the pie. I saw some adverts for the e-Mini...around £60k!!  its about three times the UK price! I understand they are assembled here, including battery packs, so I don't know how they justify that pricing.

Easy mate...TAX

1 hour ago, IvorBiggun2 said:

You need to locate a Credit Union near to where you live and ask them for information. Different Union different rates.

 

 YES in Thailand At the end of 2018 there were just under 2,000 Credit Unions in Thailand

 

The high rate in our Union is only given to Thais based on a fixed term. The lower rate is not fixed and can be accessed with no penalty.

 

Neither me or my wife work.

Interesting info---learn something new every day.

4 minutes ago, Isaanbiker said:

It's written on a retirement extension that work is not allowed. 

Which is what I said above! Not eligible!

21 minutes ago, OffshoreMig said:

what country you from?  does it have a trade agreement with Thailand? 

Some countries have a working holiday program. (Under 30yo) I read somewhere that if you are on a married visa you have some work rights.  Not 100% sure

On a marriage extension you are eligible to apply for a Work Permit (or the company that employs you can apply on your behalf). BOI companies have a much better chance of obtaining a WP for you.

On a retirement extension you are not eligible.

1 minute ago, saengd said:

Thailand....there are several credit unions that offer decent savings interest rates but they require membership for people such as civil servants, nurses, teachers or police.

So as that is not accessible to most foreigners, then where does the 4% come from?.