mran66

To me depends on bank. If I send to Bangkok bank, it is usually next day at 2pm when funds land my account. If I send to krungsri, it is 1-3 minutes from click the send. 

I guess this is due to bkk bank being their local partner for the actual forex trade (visible as overseas source in bank book) whereas krungsri is just a local transfer. 

1 hour ago, jaywalker2 said:

I agree but one thing I've learned over the years is never underestimate the stupidity of the Thai government.  

that's where the answers to my scenarios become relevant for some people, though probably majority of new condo buying farangs are not tax residents (yet), so the issue not relevant for them

but for some people (like me) who have investments for couple of decades without tax on earnings, you could interprete the announcement also so that all earnings on top of the original seed investment 20-some years ago could be considered taxable income.

thus the guidelines for definitions and rules is kind of important for some people, though maybe not majority

1 hour ago, scottiejohn said:

I understand that but some posters are suggesting that money already put in bank accounts prior to 2024, not interest, could be taxed!

 I know it sounds like scaremongering but is there any basis to their claims?

well, depends on how and where your funds in your bank account have come. If they are non-taxable during current tax policies, they will not be taxed based on this change.

but yes if the funds are taxable income sent to thailand during the year they were earned, they are taxable income in the tax year they are sent here. If you have not reported that income as taxable in the past even if you should have, you have violated tax law.

but that is kind of outside of the scope of this thread which is about the announced change for 2024

1 hour ago, connda said:

I have to admit, the government lockdown of Thailand actually appealed to me.  I liked it.  Nobody around.  Easy to drive.  No pediatricians.  It was great. 

So I think in would be great if Thailand hammers all expats who bring foreign currencies into Thailand.
Honestly - if fun to watch them whack-off there own willies with a sharp instrument of financial terror. 
Yeah - taxes aimed right out foreigners. 

  Cheap-Charlie Expats aren't worth a hill of beans.

Excellent - Let's kick as many out of the country as possible and see how life goes from those whom they support? 

...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...

1 hour ago, scottiejohn said:

Thanks!

Great news if you are correct!

 

Next question!

Does anyone know if they can tax you, apart from withholding tax on interest gained, on the money in your 800,000 Baht fixed deposit retirement bank account already held in Thailand that has been there for 5-6 years?

 

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!

11 minutes ago, Mike Lister said:

At those levels of income you need specialist advice, don't expect a social network forum to supply them.

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

2 hours ago, spidermike007 said:

Try to explain to this goomba that this is not the Cossack empire in the old days, where they went around slaughtering people for their fur coats. You may have that heritage but that doesn't entitle you to behave in that fashion here, and in this day and age. 

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. 

45 minutes ago, lelapin said:

I have just renewed my UK passport. Even though I have successfully done it online in the past, am I correct that the next one has to be done at Jomtien immigration?

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. 

3 hours ago, Klonko said:

You did the first 90 day reporting after entering  Thailand online? Is my recollection wrong that only the 2nd 90 day reporting after entering Thailand can be done online and that the 90 day reporting starts counting new after each new entrance to Thailand?

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

3 hours ago, daveAustin said:

Let’s hope that safety concerns plague the minds of Chinese tour operators for years to come!

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

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. 

2 hours ago, Kinok Farang said:

I have read this post 3 times now and still can't fathom it out!🤔

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

1 hour ago, IAMHERE said:

Let us know how this works for you, please.

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.