beammeup

It will be remittance from savings. Is that considered assessable income?

So if my wife and I were to live on 500k next year, I deposited 200K before Jan 1 2024, then I deposited 149000 into my Thai account, and my wife deposited 149000 into the wifes account., Neither of us would be required to submit a tax return?

Also will we have to declare worldwide assets ex: stocks bonds real estate crypto assets etc...???

Was that BTC purchased with money sourced inside Thailand or offshore? Would it make a difference?

So capital transfers for cars, condo's etc will not likely be taxed as income?

Will be very good for Singapore condo market.

I think you just have to do a bit of math if and when you do your tax return.

It is concerning that they have not made much of an effort to clarify any of this. It appears as though they don't give a $h!t about the expat community.

I know she can get 1 month on entry, but I can get 3 months and would like her to also get 3 months so we can travel around Malaysia for 3 months without having to do a border hop. Anyone know if it possible? Difficult to find this info on the net

Of course its not, but they might think it is. and you might have to prove otherwise.

Might work for a while. But they might also suspect money laundering and go after you.

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.

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.

You will only be taxes on the years you are tax resident.

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

Some have suggested that you may need a TIN in order to maintain a Thai bank account. Does that include the 40 or so million Thais that don't have a TIN but have bank accounts?

I think many of us are waiting for clarification. The fact that they have not made any further statements is a bit of a head scratcher..

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

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

Its not up to the banks. like every country its up to you to declare what you have earned and what you owe. Why bis this so freaking complicated. just pay tax on what you remitt into thailand.

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

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.