beammeup

They are not making it easy for digital nomads.

What if its from savings, and cant prove tax was paid? No visa? FFS!

Avoiding is legal, Evading is not. Therefore clarity is needed.

I think this whole thing is the New governments half harted effort to show the UN and other institutions that they are willing to go along with their global sustainability development goals. Perhaps to drum up new global investment to Thailand, or to borrow large sums from the IMF or world bank. Whether they follow through on enforcing strict taxation or not is yet to be seen. I suspect by their non reaction that they are not going to be very pro-active on this at first. Might take a few years before they really get moving on this. By then a lot can change.

My understanding is that as long as you are out of Thailand for 180 days Y is tax free if remitted.

The thing is we don't know if credit cards is income. Its a loan so grey area until they clarify it.

Looks like we are going to have to play chicken with the RD as far as credit cards and ATM withdrawals go.

As I said 100 pages ago, this gift thing needs more clarity. As does credit cards.

For the people who are bringing in pensions, Your tax liability hasn't changes. Its just the people who were using the loophole who's liability may have changed. I suspect that this is more about showing some globalist institution that they are making efforts to comply with their agenda. They might target a few unlucky peeps but my guess is that most can just carry on as usual and probably nothing will happen.

What about cash advance using a offshore credit card? Is credit assessable income?

So my take is, have a clean account offshore with zero deposits after Jan 1 2024 = zero tax when remitted. use bank statements for that account as proof if required.

So I guess the thing to do would be to sell your offshore assets and remit to Thailand on a year you you are not a resident. Kind of inconvenient!

This started out to be a small issue seems to be growing arms and legs.

8 hours ago, cleanac said:

For people who have made a lot on crypto, what are you doing with regards to the tax rules next year?

Is there anybody here who has seen an accountant about it, and has some advice to share?

At the moment, it seems like the options are:

• Sell a chunk this month, before the new tax rules kick in.
• Take it on the chin, lose 15%
• Do something creative with tax loopholes
• Take a loan on AAVE to get cash into Thailand this tax year without actually selling
• Move to another country

I use it for living expenses and plan to buy property in the next couple of years, losing 15% will suck. I don't want to sell a lot right now if I can avoid it. Anyone have any better options/advice/ideas?

 

 

crypto bitcoin ethereum BTC ETH cryptocurrency

where does the 15% come from? I thought it was considered income so is taxed the same?  Progressive from 0% to 35%.

Question: If you have foreign income in 2024 and are tax resident but do not remit the money until 2025 at which time you are not tax resident, Is it taxable?

4 hours ago, huyuli said:

Good point, Mike. If the amount I fill in the tax return is too small, it would look suspicious as it would be inadequate to cover my living expenses.

Why? maybe you have sufficient savings in your Thai account. Or you have a stash of gold bars.

Just ignore him. My plan is very similar.

This gifting thing needs clarification, my understanding is that when you send the money you will be taxed but she is not liable for tax. You will be remitting the money so you pay tax.??

So loans, tax credits etc... is this not the same as a credit card? Can I just use my offshore credit card to remit money?

2 minutes ago, beammeup said:

No I am not an accountant. I get what you are saying but I have my doubts that the RD will see it that way. I can just imagine trying to explain that I am not transferring the income part from my co-mingles account just the savings part.

An obvious solution is to not co-mingle. Added complexity to my simple life