mran66

...fortunately or unfortunately, most of the expats stayed here, it was the tourists that were missing - even if all expats would be gone, you would not notice it if tourist numbers back up as the tourists are not impacted at all by any income tax laws...

annual interest is taxable income on the year earned, just like any other local income during that tax year. if no other local income than that, it is below tax threshold. you could even claim back the withheld tax if no other income - if you dont mind the hassle AND getting taxman attention!

I'm not expecting advice here, just throwing the main issues out. As far as I have understood, everybody including the best specialist advisors are currently waiting for guidance as there is no reference based on which they could give their advice. It would need to come proactively from RD or alternatively thru a legal process if RD challenges your claim or the other way around. In near term until official guidance issued) this will have impact to remittances by certain people, though offset to some extent by increased remittances this year. But how far you can anticipate your investment needs - people considering buying houses or investing elsewhere, certainly want to know how much they would need to pay tax of the remitted funds that could well be zero taxed at the source, accumulated over longer period of time Personally I am kind of lucky as I have my house already, and no plans to invest here directly, thus just need funds for living costs. And as long as tax is only based on funds sent, wont be much no matter how they assess the taxable income

Definition of income is fairly universal, so I would expect no major issues on that side. Also, in case of pension or salary income only, with no capital or savings existing, this is very straighforward. However, for many people it is not as simple. The interesting question becomes in (fairly common) situation that you have combination of different types of income, in combination some negative income categories (losses) as well as capital in various forms. Again, this is a non-issue if a country applies global tax responsibility like many countries do. However, as Thailand defines taxable income only if the funds are sent to Thailand. When remitting funds to Thailand, how is assessable income defined e.g in following situations: - I sell stock worth 1000k, with realized profit of 100k. I send 900k to Thailand, claiming I re-invest the profit outside and only send the capital, with no taxable income here. How does Thai RD assess my taxable income? Do they accept my claim, or on the contrary they assume that all i send is the profit of 100k + 800k of my realised investment, and the 100k is taxable here? - I make 10 stock sales in a year, each 100k sales. Profit in 9 of them is 10k, i.e total profit is 90k. However one of them is sales with loss of 5k. I send 100k to thailand, claiming that I just send the funds i got from that one sale (at loss), all others stay reinvested outside thailand, and I do not have taxable income in thailand. Thai RD agrees? - I have pension worth 50k a year, tax free in my home country as I not tax resident there. I also have 1000k as savings in my account, which earns 50k interest on tax year. I send 100k to Thailand, claiming i send my savings i.e savings left after that would be 900k + the pension and interest that I re-invested/saved outside Thailand. How does Thai RD assess my taxable income? - I have 50k profit from a 500k stock sale. I borrow 50k from a friend (or a company) who lives and is tax resident outside thailand, and agree to pay back in certain schedule. I send that 50k I borrowed to thailand. How does Thai RD assess my taxable income? - I sell 1000k stock with 100k profit, and create a company 100% owned by myself (outside thailand). I invest the 1000k as capital of that company. Then i take a loan of 100k from that company, and send that to Thailand. What is my assessable income by Thai RD? What many people incl myself is waiting is what the income assesment rules are in such type of situations where only part of total funds I have is sent here (which I think is a case for many expats, esp older ones)

My understanding is that the announcement would be a change of execution within existing tax law, not a new law, the law itself being vague enough having allowed the currently valid execution for tens of years even if the intent of the original law itself may have been what they now announced. Thus, they assumed it would not need to go thru a law change process. However as the execution has been like it is for so long, I'm pretty sure some wealthy locals who use overseas vehicles to own the monopoly/oligopoly businesses to reduce their tax burden, will take this to court claiming it to be against the law due to length of the existing execution, i e de facto law that can not be changed without parliamentary process. Only time will tell. The real concern is that in few years they might go for global tax coverage as in most developed countries. That would be a bummer, though as long as e.g Malaysia and Philippines remain local taxation only, those with major issues would just spend less time in Thailand instead of paying taxes here, Thailand becoming the looser The tax percentage for average 1-2m a year funds brought in to cover living costs, is small enough not being a major issue

Like it or not, there is only one way to explain that to them: use their own method. My grandfather who fought against them to defend his country during WW2, could not resist repeatedly telling us as kids what kind of Russki is a good Russki. And "I have made many Russkis good" he always proudly ended. And Damn he was right.

Limited if any. Interesting to follow whether this announcement will live to implementation though, or pulled back during the year.

After some booze and yaba, guess he forgot he not wandering in Ukraine any more. There a sword might not be enough though to keep him alive

Well certainly was like that couple of years ago. Came in first time with new passport, online 90 day failed. Went to immigration to do in-person, and asked about why not work. She told because new passport, next time online OK. Whether still like that, easy to test: just try online and if it fails, odds are that still the same.

At least I did first online, no issues. However if you have new passport that has no 90 reports history, first one had to do in-person couple of years ago

...better yet, start creating and spreading horror stories to Chinese social media with fake profiles to improve the safety concerns

Who likes Russian, Chinese or Indian tour groups if they happen to hang around where you live or move around? Even the owners of the hotels don't, that's why they live elsewhere if they can. And if they can't, they just try to tolerate them with combination of earplugs, eyepatches and noseplugs... It's about like bar girls liking fat smelly farangs...not their money!

Living nearby, I'm hoping middle eastern odour is more appetizing and flesh more yummy for hungry lions than poor farang scent. Safe enough as long as you smell less appetizing than Ahmed

Education system works exactly as it is designed to work, ministry sure is getting bonuses from the power holders for these results. Good eduction for the masses would be disastrous for the "country" as they say. Good for the people though.

I hereby order all thai electricians to make installations according to German standard I hereby order make Somtam without pala and only medium spicy. Country changed. Cheers.

Guess the only way around this is to get thai passport in your name!

accidental quote instead of supposed to edit. moderators pls delete this post

exactly same happened to me couple of months ago. What I did 1. install the DLT QR license app, easy even if in thai language (google translate of screenshots good enough to do) if you have copy/photo of old licence where can scan the QR code. Maybe good enough alone, however I wanted to get the hard copy as well so that can show for other purposes 2. made police report and got the paper from police for lost license (not sure if this needed for replacement or not but got anyway as dont want to make multiple trips to DLT) 3. got residence cert from immigration (not sure if this needed for replacement or not but got anyway as dont want to make multiple trips to DLT) 4. made copies of passport, visa, and old license 5 went to DLT near highway 36 with the bunch of copies. Was instructed to go upstairs on some counter. Handed my papers to the person behind the desk, no words exchanged as it was obvious what I was after. Waited some 15-20min, was called to pay. Paid (some 100-200 baht I recall). Was told to wait downstairs for photo. Waited another 15min. Was called in, took photo. Waited another 15min and was called to get the replacement copy of the licence. Went back home. Validity end date same as original 5yr license, it is basically a reprint copy with updated pic not too difficult, just the usual thai hassle waiting at multiple counters (police, immigration, DLT x2)...

They have to create some new requirement to enable police to collect fees based on breaking law as no need to pay any more to keep open 2-4am. But if you don't have this sobering up area (that all parties know nobody will) , can keep open if pay police. For many clubs that have been open to wee hours since covid based in deal with police, nothing changes in real life, only on paper. As simple as that, makes full sense.

555 fathom out my post, or fathom out why things work or don't work in Thailand?

I just gave my tax ID to my local krungsri branch and they recorded it to their system, that's it. No more tax withheld on the monthly interest credits since then. This was about a year ago

So many whys and why-nots, same in road building and basically in all other areas of human activity. Robots in factories programmed by foreign engineers work good though told one guy who works in such place. We all know why.

Talking about filing a tax return, do you know whether it is mandatory even if our income level is so low that no tax would be collected? Or as per law need to file regardless of income amount if have tax ID and tax resident?

Hmmm....I have same visa as you, and no income here either. The only reason I went to ask for the tax ID was for a US investment bank, thus our situation same. I can not remember whether I just told I need fo overseas bank, or said that I need to report income in future - however I recall reading someone being declined so I may have told i will have income. Just go again, try different person. And maybe tell that you will start to have rental income that you will need to file, and need tax ID for that. Alternatively, you could try telling your French bank that thai tax authorities decline tax ID application as you have no taxable income here, and see what they say...

it's possible, have dedicated threads for the topic in this forum, just google https://aseannow.com/topic/610294-obtaining-refund-of-tax-withheld-on-thai-bank-fixed-savings-account/ I was thinking the same a year ago when applied for a Thai tax ID to satisfy US bank's requirement. However, in my case amounts were not that big, just interest for the 800k visa balance, so decided to pass as looked like not worth the hassle However, I submitted the tax ID to Krungsri so that they stop the automatic tax withholding starting beg this year