beammeup

So many of us are living off of savings that have been taxed previously, but don't have documents that can prove that so I guess we will be taxed again?

Might be a good idea to leave for a few years until the dust settles.

1 minute ago, proton said:

whats to stop banks deducting tax on foreign transfers?

not all foreign transfers are made by tax residents

To many uncertainties, the only certainty is you are not tax resident if you are out of Thailand for 180 days. I think many who don't like uncertainty will choose this path. Not good for real estate or new vehicle market.

Perhaps they are just going to expect those who have stayed in the country for more than 180 days to get a TIN and fill in a tax form and pay tax they think is owed. If later on they get audited and it is wrong they may have to provide supporting documents etc... if correct happy days. I suspect there will be a fair few new tax accountants popping up. Just another headache to add to the list. and more hoops to jump through

The way I see it is, all tax residents will have to do a tax return. Declare all what you have remitted into Thailand and pay appropriate taxes on that amount. If It has already been taxed ie: pensions etc... declare that and don't pay the tax in Thailand. If you get audited you may have to provide details which could get problematic and complicated. There are still many many questions. But I guess it will be something like that. I also think it will not happen in Jan 2024. They would need to hire a huge amount of tax officials to deal with it

11 minutes ago, Felt 35 said:

Anyone who know if the new tax regulations also will include inheritance from a Foreigner to Thai spouse and how shall it eventually be controlled if its savings and a gift / inheritance? ????

Felt 

I think I read gifts are tax free up to 20 million baht or something like that

3 hours ago, GeorgeCross said:

well those who said it will curb investments in this country.. i can confirm, at least in my case, even the uncertainty will. 

 

after a long talk with my wife we've just shelved 2 property projects worth 15M baht until things are (much) clearer. i know its small beans to some but if we're doing this others are certainly considering it.

 

now looking at european property instead.

 

 

I have also scrapped a condo and vehicle purchase until things become clear. Who knows when that will be, maybe 2026??

7 minutes ago, Dogmatix said:

Many people are saying stay cool and wait for the fine print. But what if there are no more details by 1 Jan?
 

I think that is a quite a possible scenario. It is not a change in the law. They have just decided the law means something different from they last said it meant in 1987 because, well, times changed and the meaning of language changes too, right? So no obligation for for the detailed guidelines and seminars that might be expected to explain a new law because this is still the old law. 
 

After 1 Jan they might throw out a few tit bits of information on how they see what is taxable. But if they allow themselves to get drawn into discussions before then, they risk having to delay which Srettha will not want to do because he is under pressure to show he will tax the rich to fund PT’s popularist schemes. And once the deadline is past they have more bargaining power with taxpayers. It’s quite possible we have to do the first tax returns by 31 March 2025 under this reinterpretation with little more guidance than we have now.

So we may get answers on March 31st 2025

I can understand taxing remittances used for living expenses, but having to pay an income tax to purchase property, condo's vehicles etc? People will just choose not to. this will be a downer on the economy.

7 hours ago, Skeptic7 said:

You're giving them way too much credit. They can't even keep track of expats residing at the same address, whom are annually extended (some providing a map!), every 90-day reported, excessive copies of address, in need of countless certicates of residence for every little thing, home visits...and a smartcar❗????

 

So they can't possibly ever keep track of tens of thousands of ATM transactions by every foreigner...some residents, some not...and then track those transactions back to precisely the correct resident...whom they've already lost track of, despite their endless reporting requirements, countless copies and certificates. They're a joke. Inept and incapable. 

Have you not heard of AI? In a short time they will be able to do many extraordinary things.

15 minutes ago, Skeptic7 said:

I don't wai anybody ????

wai not?