4MyEgo

So just to clear this up, if I was to say make 500,000 baht on tax free investments in my home country and the other 500,000 was from savings, I would basically be paying no tax ?

BINGO !

Your right, actually I was calculating it on 850,000 after taking the 150,000 threshold out. That's more respectable, I have to say, but still.

I did and this is what I came up with.

Edit: I did, it was the 515,000

150,000-300,000 (150,000) x 5% = 7,500 300,000-500,000 (200,000) x 10% = 20,000 500,000-750,000 (250,000) x 15% = 37,500 750,000- 1,000,000 (250,000) x 20% = 50,000 I come up with 115,000 How did you come up with 47,000 ?

I suppose you could say the loan would be from savings, albeit it is a mixed account that tax free investments get paid into, that is where it gets sticky I believe.

Thankfully I'm not from the UK, but as mentioned, there is no tax for gifting in my home country, or providing a family member a loan, providing there is no interest payable on it, otherwise tax is payable on it. It's when it is remitted here as a lone that is paid back is the question as we know gifting has taxing rights here.

Like I said earlier, I remit around a mil per year to survive on, and when taking out deductions for a 65 year old (195,000), self (60,000), wife (60,000), threshold (150,000) shopping (50,000) that comes to 515,000 baht. I would pay tax on the balance of 485,000 which comes to about 120,000 baht if I did the math correctly. You might say it's nothing, but to me, it's 120,000 baht of my money that I have already paid taxes on over the years and put into a property which I then later sold, so why double dip because they can't collect the taxes from their own.

Hey, if you want to pay taxes, because someone says you have to, then knock yourself out, "whatever floats your boat". I see no reason too pay taxes on monies I earn from abroad, just because some dipstick came up with a brainstorm of an idea to get a promotion, as I said much earlier, I contribute to their GDP 10 fold to what their Thai Citizens who work at a 7/11 do, so why pick on us, because we have money, yeh nah, not going to be taking tax from me in my life time. Where there's a way (legally), I will find it if I haven't already in this "brainstorm" idea, loan to the family overseas being paid back.

1) IMO, no one is avoiding paying tax, as no one is remitting money here as assessible income. Perhaps gifting is another way, as I am already aware that there is no tax in my home country for gifting to a family member, i.e. unless that money goes onto create money, then it will be taxed in my home country, e.g. my son would have to pay tax on what he earned from that gift. He could then gift it to me, however, I would have thought a loan would be better, as a gift here is taxable from my understanding, and as I would presume that as there would be no tax payable as a loan, only on any interest earned by myself from the loan to my son, and as there wouldn't be any interest charged, I can't see a problem, as I wouldn't be earning any money from interest repayments, so it's not assessible income IMO. 2) I can't see how a no interest loan arrangement is reducing tax to be paid when there is no tax payable in the home country, as taxes would have already been paid on the funds being advanced for the interest free loan. The concern I would have is what Thailand's interpretation would be on the remitted income, if I could show them it was indeed a interest free loan being paid back.

I just thought of something else as I am always looking at trying to find a way around paying tax here, legally of course, they make the rules, and I am look for a legal loop hole. Example: I sign a contract with my son who lives overseas and is a resident of that country for tax purposes, the contract is to loan him money in my old country to the value of say a million baht or more, the contract stating that he must pay me back, interest free, with the funds transferred to my Thai account in a lump sum or whatever sum I request, from his bank account, when I require it. How would this scenario go with the Thai Tax Revenue Department, after all, it is not me remitting the said funds, it is a loan being paid back to me, it is not a gift and is not from my account overseas being remitted here in the LOS.

I know Krungsri Bank used to allow up to 150,000 baht OTC for a 200 baht fee using debit cards, they would charge more for a credit card. It's actually criminal in my opinion when they send you to the ATM, i.e. in the beginning when ATM's came in, the banks excuse was, use it for withdrawals, that way you don't have to line up for the teller, then they culled the tellers, and then started charging ATM fees and we all fell into their trap.

Looks like I wasted a whole lot of time over nothing, but I learned something new, i.e. if you are living off of your savings from abroad, which were earned before 2024 and I remit money to Thailand annually, I pay zero tax, ever. I like that, the savings are from the sale of my house (principal place of residence) 2017 and I remit a mil baht to live on every year, and can prove the sale with documentation, if ever asked.

Then I have nothing to worry about, no tax payable. Do I need a Thai Tax Number ?

If the white powder made it's way to Thailand, regardless, it's taxable according to Thailand's revenue department.

Are you suggesting that if the funds, e.g. savings were earned before 2024, Mr Farang has no issue then, if he remits his money to Thailand after 2024 ? Trying to work that one out ?

They have you buy the balls, i.e. any money remitted by Mr Farang to Thailand is assessable income, regardless if you gifted it to non related party. I know it sucks..... 😞

So I am just finding out by doing more research.

Personally wouldn't insure with a Thai company, have witnessed bad outcomes with farangs I know.

Too bad I'm not on a pension, I am a self funded retiree. I will find a way to make it zero 🙂

I am now also reading that money remitted to the above is assessable income, so Mr Farang will have to pay tax on it, regardless if it went direct into the above's account from abroad. It's becoming boring....

Scroll up till you get to topt, 15 posts up It's all there.

Are gifts taxable in Thailand? Amount of Taxation The Gift Tax rate for the non-related receivers is 10% while it is 5% for descendants or ascendants. For those who are eligible to pay 10% gift tax are offered an opportunity to pay 5% gift tax rate. This is under certain circumstances only. The above said, I think I have come up with what I believe to be a brainstorm idea for those with in-laws over 65 who don't have an income, plus my wife not having an income. Actually the wife came up with the in-laws idea, so credit to her. I gift 190,000 to my father-in-law & another 190,000 to my mother-in-law as they are allowed a 190,000 deductible, (accounts to be open with no ATM cards, so no annual fee for each account. These will be new accounts which my wife of 2 decades will hold, I will then transfer 150,000 baht to my wife's account, i.e. also a gift and is under the threshold amount of 150,000. The total gifted comes to 530,000 and I have 460,000 worth of deductibles, i.e. 990,000 in total, as I am over 65 years of age and can claim 150,000 for age, then 60,000 as a self personal allowance, plus 60,000 to wife as a personal allowance, so 990,000, that's as close to the mil as one can get which suites me, and is legal. What this means is, I pay zero tax, oh and yes, as soon as the money hits the in-laws accounts, my wife can make an internet transfer from the bank (newly set up from the in-laws accounts) to her account, and we can make withdrawals when we fill it necessary via my wife's account. I will keep the 400,000 baht required in my account for the annual marriage extension which has been in my account prior to 2024. More than one way to claw back to what I perceive as a stupid law as we already contribute to Thailand's economy. If anyone foresees a problem with how I'm thinking, please feel free to burst my bubble.

You could be right, I suppose it's all down to interpretation, hence the reason I have created this topic. I might hear things I don't like to hear, i.e. what you are suggesting, however It sounds correct, others will also put their 2 bobs worth in, and we might find an alternative solution. So far, I see I can claim around 300,000 baht as deductions before I start paying tax, that said, might have to look at transferring around 300,000 baht to wife's account and then see what else I can come up with, because the 1st 300,000 baht for me is tax free using deductions. Perhaps the card can be used for say up to 400,000 baht for grocery shopping, petrol for the car etc over a year, providing I don't have to pay 5% that some retailers charge on debit cards, more research required.