TheAppletons
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Posts posted by TheAppletons
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1 hour ago, Moonlover said:
Sorry @Mike Lister, but I don't get this at all. I'm in a similar position to many UK pensioners here in having multiple pensions, all of which are subject to UK taxes. My pensions having been harvested by HMRC are then sent to me here in Thailand.
Why should Thailand's Revenue dept have any further claim on that income whatsoever? Isn't that what DTAs are all about? Protecting tax payers from being taxed twice on the same income source(s). If it doesn't, then it isn't worthy of the title 'Double Taxation Agreement' is it!
And why, in the original notification, published in Thai Enquirer (and other publications) does it say: 'Also exempt will be those who have been taxed in a foreign country that has a standing Double Tax Agreement with Thailand'. There is a bit of an anomaly here between this, at what you have said above.
His response was to an individual who noted that his pension(s) totaled less than the UK taxation level of 12,575 UK pounds....thus, was not taxed in the UK. Ergo, it would be potentially liable for taxation in Thailand.
That person said: ".......as my UK state pension and my company pension come to less than 12,575 pounds P.A. so it is not taxed it there my transfered funds will be taxed I believe that there other UK pensioners in the same boat ."
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13 minutes ago, retarius said:
I cannot b relief the stupidity and complexity of this 'bribe.' Why have it digital adding massively to the costs, involves other players who will have a cut of the scheme eg the company that negotiates with the shopkeepers, the insane distance from shop rules, the un sane complexity of having old people, like me, learn about digital wallets, fill in forms etc. Mail out a check, idiots, which might stimulate GDP.
Well, yeah, it sounds bad when you say it like that.
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47 minutes ago, Hokeus said:AFAIK all Wise transfers into Thai bank accounts are made using other local banks. Often they send it through Kasikorn or TMB. I've never seen one sent from BBL. Wise payments are also never going to show as an incoming T/T transfer into your account unless you send it as a wire from your Wise account.
This is factually incorrect. I send via Wise directly to my BBL account - every transfer lists as FTT. You are correct in that, on the occasions where an intermediary bank is involved, the transfer gets designated as something other than FTT.
47 minutes ago, Hokeus said:Not sure any of this is going to be acceptable evidence though. A printed statement showing the payments into your Wise account from the overseas paying entity would presumably be better.
This is what OP should do. Wise is the entity to which he should be requesting assistance to prove overseas remittance.
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OP, you might consider asking Wise to "tag" your account so that all of your transfers go directly to BBL and not through intermediary banks. That way, you are *almost* guaranteed that you'll get the FTT designator, if that's what you choose when sending the money.
Since "tagging" my account, 100% of my transfers have shown up as FTT (foreign transfer) because they've gone directly to BBL (not through an intermediary bank.) Wise will tell you that "nothing is guaranteed" re: tagging the account but they are 100% so far (knock on wood.)
Edit to add: Tagging your Wise account to avoid intermediary banks may slow your transfer by a business day or so.
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"Thaophiphob also proposed in the second draft to lift the ban on selling alcohol during certain periods in Thailand. In some countries, limiting selling hours is not related to controlling alcoholic beverages; it results in increased consumption and drunkenness, said Thaophiphob. As an example, this would drop the highly unpopular 2PM to 5PM ban on selling alcohol."
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5 minutes ago, sirineou said:If you do it 45 days early , does it start 45 days earlier which would mean that you lose about a month or does it start when the current one expires?
Would you happen to know?
Because if I would also like to do it as early as it is avowed, who knows what the Thai goverment will come up with in 45 days .
You don't "lose" any days by renewing early.
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10 minutes ago, The Cyclist said:
Well, here is another very pertinent argument for you.
Before you climbed up that very high pedestal and took the time and effort to compile your very lengthy tax guide.
Did you read, digest and incorporate into your tax guide, any of the following:-
* OECD rules and regulations concerning CRS
* OECD Compliance procedures concerning CRS
* Any additional measures applicable to Thailand as an emerging economy.
Not an exhaustive list by any stretch of the imagination.
I think it might be one of the reasons why no further edicts have been issued by the RD. They and the experts are still pouring over the volumes of paperwork and trying to make sense of it.
While acknowledging that you and the other poster have some bit of animosity between you, none of the OECD/CRS procedures is particularly relevant to the average individual attempting to navigate Thailand-specific tax rules.
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22 minutes ago, sirineou said:
It is the may or may not part that I am concerned about and asking.
Why is the "Govt Serviced in parenthesis? why dont it say Government services pension then , if it is only goverment pensions?
It says (Government Service) in parentheses because it is referring to the preceding words which are "paragraph 2 of Article 21."
In the US/Thailand DTA, the title of article 21 is "Government Service."
"CLE 20 Pensions and Social Security Payments 1. Subject to the provisions of paragraph 2 of Article 21 (Government Service), pensions and other similar remuneration paid to a resident of a Contracting State in consideration of past employment shall be taxable only in that State "
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1 minute ago, Lazybones said:
Up here in the mid north things are different. That vehicle would be a song taew. A tuk tuk here is an old single cylinder flat bed that makes a noise like it's name. The three wheel things are called Sam laws, I.e. three wheels, not tuk tuks
Here in Chiang Mai, I'd call it a songthaew also.
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2 hours ago, bdenner said:
It's started already!! Renewed my retirement extension late Dec. using the 65K rule.
New hoops, as a self funded retiree I had to show em my phone with ASX dividend payments showing tax had been payed. Only gave em one as an example and pointed out the franking credits. Had em knackered, the supervisor spent 45 minutes on the phone before they gave me another 12 months.
Uh huh. News flash - it hasn't "started already".
Since the new "rule" was scheduled to take effect on 1 Jan 2024, your December extension renewal had no tax implications whatsoever under this new interpretation.
Sounds a lot like a rogue IO trying to earn some extra pocket money.
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3 minutes ago, Guderian said:
Has it taken him four months to decide that he doesn't really agree with it, or has his Master quaffing Cristal in hospital only now given him permission to say something on the matter?
Neither. He's signaling to the BoT Monetary Policy Committee that he would like them to lower rates when they meet next month.
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Started operating on 29 December 2023, apparently.
"The new bus line number 24 starts at Chiang Mai International Airport and has bus stops at well-known tourist destinations such as One Nimman, Chang Phueak Gate, Tha Phae Gate, Flower Market, Chiang Mai Gate, and Central Chiang Mai Airport.
The bus services are available from 8 AM to 9 PM with transport fares of 30 baht for Thais and foreigners, and 20 baht for students throughout the line."
(There is a route map in the link below.)
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15 minutes ago, bigt3116 said:
That is a songthaew not a tuk-tuk, poor reporting.
Seems to be some debate about that....
https://old.reddit.com/r/Thailand/comments/191f7yt/is_this_a_songthaew_or_a_tuktuk/
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10 minutes ago, Mike Lister said:I joined in 2006, but that's another story!
Yinn? Is that you? :-D
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8 minutes ago, TigerandDog said:under the changes it doesn't matter when it was earned, it's now based on when you bring the funds into Thailand. Using your example, if you were to bring the 50k into Thailand after Jan 1 2024, it is income for the 2024 taxation year regardless of whether that interest was earned last year or 10 years ago.
This is factually incorrect. If he's bringing personal savings accumulated prior to 2024, it is not subject to taxation in Thailand.
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Just now, Mike Lister said:Free stuff almost never lasts for ever.
<Herpes enters the chat>
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35 minutes ago, The Cyclist said:
<SNIP>
All the people named above will probably tell you that the new interpretation of the rules started on the 01 Jan 2024.
What none of them are sure of is what exactly the new interpretation covers.
One might even say that the new interpretation of the rules was proposed to start on 01 Jan 2024.
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1 hour ago, Shoeless Joe said:
My increasing ignorance regarding this subject is frightening. THANK YOU TO EVERYONE (especially MIKE LISTER) for trying to educate me and others like me.
I have to renew my retirement visa (Non Imm O with Thai wife) in March. A couple of qustions:
1) Do I have to take a completed PIT form with me to immigration when I renew my visa?
2) My income is derived from pensions -
State Pension (formerly the Old Age Pension) = £456.12 per month
NHS work pension = £1918.89 per month
I also get a pension of £9.50 per month
They are all taxed at source and paid into my UK bank account and I transfer circa 100,000 baht per month into my Thai bank account. Does anyone have any idea what my Thai tax liability might be or should I find the local RD office and leave it to them?
Thank you.
Joe
1. No, Immigration does not require this documentation for an annual non-O extension.
(I am not a tax professional and this should not be construed as tax advice.)
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Here's a link to another thread full of misinformation. Enjoy!
https://aseannow.com/topic/1316166-exemptions-under-the-new-tax-laws/
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1 hour ago, Presnock said:
I cannot understand why so many people continue to make statements not supported by actual documentation. Read the DTA with the US and your country if other than US and read the Thai tax documented, translated into English too. "wealthy" pensioners are mentioned in 3 separate definitions, LTR holders, 80K per year and 40K per year. LTR are separated.
You mean like this nonsense, posted by AN member Presnock:
"I continue to regularly see questions about the taxation by the Thai govt of US pensions - I queried a foreign tax
advisor concerning this question. They informed me that even though the US and Thai governments have a
tax agreement, legally the Thai govt could tax the pension funds sent into Thailand. They said that any taxes
paid to the Thai government from pension sent into Thailand, then the US will refund the same number of dollars
taken out of those funds by the Thais. Previously in this forum someone provided the tax brackets for Thai taxes
and it indicated that the lowest tax bracket begins at 150,000 and I think that was in US dollars so if one is on a
US pension, they probably would not have to pay any taxes to the Thai government......."
https://aseannow.com/topic/1312534-taxation-of-ex-pats-pensions-etc/page/3/
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"ItBit was the first crypto exchange to be licensed by the New York State Department of Financial Services, ensuring a certain level of security and insurance for customer assets.5 It also maintains FDIC insurance, as well as insurance for its PAXG coin and a set of standards to secure custodial assets.11 ItBit has taken steps to become one of the more trusted crypto exchanges on the market."
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5 minutes ago, Presnock said:
in the documentation, wealthy pensioners include the LTR holders, and 80K pensioners, if less than 80K but at leasrt 40K they are considered wealthy pensioners too but must buy govt bonds or something to that effect. It is in the documentation of Thai taxes.
Congratulations, you've just described the criteria for holding the LTR visa for wealthy pensioners.
"Wealthy Pensioners
Applicants must be retired and be over 50 years old.
Personal passive income: min. USD 80,000/year.
If personal income is between USD 40,000/year and USD 80,000/year, applicants must invest min. USD 250,000 in Thailand."
https://harveylawcorporation.com/thailand-long-term-resident/
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21 hours ago, Presnock said:There is even an exemption for "wealthy retiree's pension" and the wealthy retiree is defined as one receiving a pension of over 80K USD per year.
I'm relatively certain this applies only to the "built-in" exemption for people holding the "wealthy pensioner" Long Term Resident (LTR) visa.
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Bangkok Bank statement doesn't show correct description for Wise transfers
in Thai Visas, Residency, and Work Permits
Call Wise and ask the rep to do so.
Some on this thread have misinterpreted "tagging" to mean that your funds are "tagged" to show as a foreign transfer.
When I posted "tagging" the account, it was intended to mean tagging it so that Wise only uses BBL to transfer my funds. That way, I avoid the intermediary bank dance step that results in a domestic transfer from one Thai bank to another. (Ergo, you still need to choose "funds for long term stay" when transferring via Wise.)