Badrabbit
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On 4/4/2024 at 11:58 AM, Jonathan Swift said:
According to what I’ve read thus far, no. But you may have to file a rax return here. But what if you don’t? How would they find out and track you down? That’s what I wonder. Are they motivated to become the FBI/IRS of Thailand? Do they have the resources to wage tax war against non complying low income expats? Or will it be a matter of so long as you don’t attract attention you stay under the radar?
I've never tried to stay under the radar, paid tax on my pensions for the last 16 years in the UK. Immigration the bank never gave me any paperwork regarding paying tax here, it's not ignorance I just never thought about it.
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5 hours ago, lucky2103 said:
It depends.
If the UK and Thailand have a double taxation treaty, chances are you won't pay taxes in TH....IF the tax rate in TH is equal or below compared to the UK.
However, if TH taxes are higher than in the UK, you may have to pay the difference to the thai RD.
These infos are from my German accounting company.
I did go to my local Revenue office, they told me "if you pay tax in your home country you won't pay tax here"
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47 minutes ago, Surasak said:
Depends on how much you bring in.
Less than 1 million per year.
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2 hours ago, webfact said:
Many non-working expats are currently concerned about having to deal with more Thai bureaucracies.
More than three months after “assessable” foreign income became taxable, many of Thailand’s expats are still swimming in a sea of uncertainty. Lots of advice online, but few definite answers. Senior officers from the Revenue have said little of late, although there has been a half-promise to the Swiss ambassador in a televised interview to print the tax identification forms in English as well as in Thai.There is a view amongst some Thai lawyers that we must wait until July for clarification on nitty-gritty issues such as double taxation treaties and the tax status of pensions. By that time, some expats will have passed 180 days of minimum residence necessary for tax liability in this category.
However, other specialists argue that the Revenue needs not to clarify anything. After all, formal tax law did not change on January 1 2024. There was simply the closing of a tax loophole which had enabled Thais or foreigners to delay transferring income here until a subsequent year.
Will all foreigners who spend half a year or more in Thailand be required to register with the Revenue by obtaining a tin (tax identification number) and submitting the required forms?The submission deadline for the calendar year 2024 will be in the January-March quarter of 2025. Revenue spokespersons have hinted at the all-inclusive scenario, but there has not been a formal declaration. Could the tax offices cope with the rush?
There are some categories of foreign tax residents who will not be liable at all this year, for example those who do not transfer ANY foreign income to Thailand in 2024 as well as holders of the 10 year Longterm Residence Visa who are exempt from declaring any foreign income in any case.The fact that you may be required to submit forms does not mean that you are, in fact, liable to pay any Thai tax. But expats won’t welcome the envisaged bureaucracy and likely registration with two tax authorities: the home country and Thailand.
There is also ambiguity about the precise status double taxation treaties. A retiree, for example, might argue – and indeed prove – he or she has paid taxes on pensions in the home country. But the Revenue could argue that the retiree could use those payments as a tax credit in Thailand rather than conceding a total immunity.
Everyone agrees that the revised rules about foreign income are designed to catch Thais (and foreigners) making profits from untaxed overseas businesses and foreign exchange and crypto currency trading. The problem, needless to say, could be small fish being caught in the net alongside big ones.
The optimistic view about the future is that tin registration will remain voluntary as, in fact, it always has been for Thai citizens. If you think you are liable for tax, then by all means register. If you try to cheat, the newish Common Reporting System – an automatic and international exchange of the financial information of individuals to combat tax evasion and ensure compliance – will expose your dealings.
But if all expats living here for half a year or so are thrown into the same pit willy-nilly, then Thai authorities can expect non-working longstay expats to become an endangered species. Imagine the note on official publicity for one year extensions or for Elite visas: “You are reminded that you are required to register with the Thai Revenue’s tax identification system if staying in Thailand more than 180 days in a calendar year.” Not exactly marketing.
By Barry Kenyon
TOP: File photo for reference only.
-- Barry Kenyon 2024-04-04
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I pay tax on my 3 pensions in the UK do I now pay tax here too?
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2 hours ago, madmitch said:
Not in this case. Just a pair of farang idiots from what I read!
Plenty of high speed idiots on the roads here, I'm sure it was great fun untill it all went wrong, no sympathy for the falangs, lots of sympathy for innocent people involved.
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3 hours ago, MrJ said:
to my knowledge is still unchanged since 2021 until today
Cheers, got the top box rack fitted today, have lost the ability to prop open the fuel seat which is not a problem.
Getting the top crash bars fitted next week, hopefully they will fit.
Had the 700cc back in 2015, can't remember what it was like, this 750cc is fantastic.
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Does anyone know if the 2022 is the same as the 2023 bike, can not find any accessories for the 2023, big wing don't do anything which is annoying.
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On 2/11/2024 at 4:11 PM, bokningar said:
Not sure if this question fits here, but I will give it a try.
Is it possible to pause tax and all that on a bike in Thailand?
In Sweden for example, you can put it on hold and only pay a registration fee every year. Less than the equivalent to 200 THB. And in Thailand the same would be like 50 THB/year if it exist. Anything like that here?
Plenty of transport testing stations about, pop in and ask them.
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21 minutes ago, Mike Lister said:
I wouldn't worry about it. There are lots of people similar to you who have spent their entire working lives never needing to understand tax because everything was taken care for them by the government and their employer. Which is really why we we're doing what we we're doing in these threads and by producing the simple guide. Ultimately however, the subject can never be reduced to truly simple terms because it can be complicated for some. Which is why we desperately need these discussions to be simplified and focussed and not keep going round in circles, talking about airy fairy aspects that are nothing more than distractions that confuse a majority of people.
Explained very well, I shouldent need worries especially about tax, tax has always been taken care of for me, now it seems to be a big worry, I'm just a simple person living off 3 pensions which are all taxed in the UK before being sent here, I need life to be simple in order to enjoy life, oh well carry on regardless.
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30 minutes ago, Mike Lister said:
Not understood one word of what exactly?
No problem, I'm not going to read any of this any more, it's all over my head.
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Tottaly confused I have not understood 1 comment, thought this was supposed to be simple or am I just thick.
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Oh what, I didn't understand one post, tottaly confusing now it's gone, must be something else I don't understand.
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No need for anyone to be insulting.
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2 minutes ago, novacova said:
Approximately 210,000฿ is my guess.
Okay thanks, that's about what I thought
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Could anyone give me an idea how much a 7 year old Z900SE would be worth.
It's Immaculate(red and silver) like new with 15000kms it has extras, they wouldn't make the bike more expensive.
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25 minutes ago, jacko45k said:
Yes my apologies, went off topic. My mind wanders amidst this topic.
Easily done.
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57 minutes ago, jacko45k said:
Yes, I often think they are playing 'buzz the falang'... more likely trying to squeeze past as some other idiot is moving too slow in the overtaking lane.
Thought you was going to give a very difficult and impossible to understand tax post.
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6 minutes ago, newnative said:
I'm not filing in 2024 because all the money I remitted to Thailand in 2023 is shielded, so no need to file. I'm not filing in 2025 because I plan to bring no money into Thailand in 2024, so no need to file. I'm not filing in 2026 because if I bring any money into Thailand in 2024 it will be pre-2024 savings, which are shielded, so no need to file. I will only be filing in the next few years if it becomes a requirement for Immigration.
Confused which isn't hard for me.
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I've now been told that the bike is in the wife's name(she is in Thailand and not far from me) I'm sure now the bike can be made legal easily, we have a Satalite transport place close by, its safe at my house untill the wife sorts it.
Helping others can sometimes become complicated, I am retired with time on my hands so it's not a problem.
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1 minute ago, DaRoadrunner said:
As usual with the Thais, this has not been thought out too well! If they tax all incoming remittances, who is going to bring money into Thailand to start a business or invest in anything here?
As for taxing pensions from other countries, that we worked all out lives for, and which have already been taxed at source..... goodbye Thailand.
Some of us me in particular have no where else to go, I'm unable to relocate this is where I live.
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5 minutes ago, BobBKK said:
Similar here, but that 900,000 is taxed already in your home country before you get it? My biggest problem with this is it is NOT income, as a salary, but pensions we PAID FOR all our lives. I am thinking of opening a bank account in the Philippines and using an ATM card here if it comes to it.
Yes you are correct about working all our lives to get a pension, yes we pay tax in our home country, all I want is peace of mind if that should cost me approx 2700bht per month I would gladly pay it.
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I am completely in the dark about this new Tax on ex-pats, no idea if it will be scrapped or not, my 3 pensions add up to 900,000bht per year, with all the discounts I would get(I'm 67) I think it would go down to about 400,000bt taxable income per year (I'm probably wrong) but if I'm right that would be 33000 x 12 =400,000, which would be 2,750bht per month, I know its probably tottaly wrong, I'm just trying to convince myself I have nothing to worry about money wise, I would have no problem paying 2,750 per month tax If I have to.
Is this tottaly wrong, I am a person that wants to do the right thing, peace of mind is everything to me.
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18 minutes ago, papa al said:
You won't be able to change to your name if your buddy is OoC.
I'm not buying the bike back I'm just looking after it I guess untill they decide what they are going to do with it, my gf has banned me from helping too much as its really not our problem, I do like too help if I can.
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Foreigners and their overseas income: what next?
in Thailand News
Posted
Thanks Mike.