7 hours ago, K2938 said:

While the lack of details on the precise working of the remittance tax is deplorable, I do not think we can also blame the Thai Revenue Department for not accepting or providing tax returns in English.  I do not think there is any Western non-English speaking country either which would allow tax returns in any language apart from its official one.

In Australia you can file and research taxes in Thai and many other languages.  But hey, “we ain’t in Kansas anymore Toto”. 
 

Tax time resources in languages other than English

To help you prepare and lodge your tax return we have translated resources available. You can download the resources from the ATO publications ordering service. The collection includes:

• Help for your first tax time – information if you're new to Australia to help with your first tax time.
• How to get ready to do your tax return – a checklist of the information you might need for your tax return.
• Steps to make doing your tax return easier – a guide to help you do your tax return.
• Important information for your tax return - key topics for your tax return this year.
• Get free help to do your tax return – information about our Tax Help service.
• Good recordkeeping makes tax time easier – tips for keeping good tax records.
• Occupation and work-related expense guides – to help you work out what expenses you can claim as a deduction on your tax return.

We encourage you to keep checking this page as we'll continue to provide new information.

Select your language from the list below.

• EnglishExternal Link / English
• اللغة العربيةExternal Link / Arabic
• 简体中文External Link / Chinese – simplified
• 繁體中文External Link / Chinese – traditional
• دریExternal Link / Dari
• EλλŋνıĸaExternal Link / Greek
• Bahasa IndonesiaExternal Link / Indonesian
• ItalianoExternal Link / Italian
• هزاره گیExternal Link / Hazaragi
• हिन्दीExternal Link / Hindi
• 日本語External Link / Japanese
• ភាសាខ្មែរExternal Link / Khmer
• 한국어External Link / Korean
• नेपालीExternal Link / Nepali
• پښتوExternal Link / Pashto
• فارسیExternal Link / Persian (Farsi)
• PolskiExternal Link / Polish
• ਪੰਜਾਬੀExternal Link / Punjabi
• EspañolExternal Link / Spanish
• ภาษาไทยExternal Link / Thai
• Tiềng ViệtExternal Link / Vietnamese

1 hour ago, Misty said:

The Srettha road show comes to AMCHAM's AGM meeting on 25 Oct.  I hope there will be plenty of time for member Q&A to include the AMCHAM Tax committee.  Unfortunately I'm travelling and won't be able to go.

 

https://connect.amchamthailand.com/events/details/agm-luncheon-with-honored-guest-h-e-prime-minister-srettha-thavisin-2469?calendarMonth=2023-10-01

I will see if Austcham can get him along (we are right down on the pecking order however).  Follow his visit to our “Yankee” cousins.  

1 hour ago, Misty said:

hi Sha2Bkk - sorry for slow response. Am travelling and just saw your post. Yes, there's a tradeoff between the LTR HSP visa and the other LTR visas in that with the HSP you get a break on taxes for local income, but unlike the other LTRs you don't get any breaks for foreign source income.

 

The HSP suits my current situation well.  But at some point in the future if I no longer have local source income I'd consider reapplying for one of the other LTR visas.  Will have to see how this new interpretation of the RD directive plays out.  I've had no shortage of locally sourced/ Thai taxed income from decades of working here. Will be interested to see how the new interpretation would apply, should I decide to repatriate some of it.

No apologies needed and excellent response.   Yes.  Let’s see how this plays out.  Hope the BOIs assertion there won’t be any change for we humble pensioners hold up!!  
 

Thanks again for the response.  

14 minutes ago, Mike Lister said:

It helps build conspiracy theories that all governments are covertly united, with the global elites, to pimp the poor.

I’m sure George Soros and Bill Gates are behind all this.  And this Crows I saw this morning were not real.  Robots sent to spy on us.  No more birds left I am afraid.  
 

Also I guess I shouldn’t worry about my Aussie taxes anymore because apparently Australia doesn’t exist.    

The internet has made the ramblings of nutters de rigueur unfortunately. 

13 minutes ago, Thailand J said:

With LTR my 800,000B deposit for non-0 renewal can goto Vanguard Federal Money Market fund. The fund price always stays at $1, 5% return is enough to pay for yearly LTR required insurance plus more.

I parked most of my liquid assets in Australia.  4.7% return.   I will have to pay Australian income tax on that but it’s far better than Thai Bank rates (which are also taxed).  The money is at call and has some Government Guarantees.    
 

29 minutes ago, Thailand J said:

What is the latest news regarding tax exemption for LTR wealthy pensioners?

Is it true the exemption is only for income from the previous year ( not years)?

 

https://ltr.boi.go.th/documents/Royal-Decree-743.pdf

This has always been the case and is the currently case for most tax residents until midnight 31 December 2023. 
 

LTR Pensioners will continue to be free from paying income taxes on remittances of income (not only pensions) as long as was received in the previous tax (calendar) year.   

7 hours ago, BritTim said:

That is a good question. The BOI operates directly under the aegis of the Prime Minister's Office. I assume it means that the person supervising the BOI from the PM's office is one of the Deputy PMs.

Sorry for those not used to the Westminster System of Government.  
 

A “line Minister” is one that has specific “carriage” of a project.   Whilst the BOI might sit under aegis of the Prime Minister’s’ Department, one of the Deputy PM’s is Chairman and therefore the “line Minister” - NB yes Thailand is not a Westminster System of Government (unfortunately) but I think it’s a good analogy.  

This from their Facebook. 
 

“BOI revealed that on october 10, 2023, the first BOI board meeting chaired by Mr.Panpree Bahiddha-Nukara, Deputy Prime Minister, and newly appointed Chairman of the BOI, also fine-tuned the 5-year investment promotion strategy that became effective in January this year.”

Interesting on Pensions.   I read the Australian Thai DTA last night.  It’s on the Thai RD Website and Pensions and Annuities paid by either country can only be taxed by the Country that paid it. So if your Australian and your only income is a Pension or Annuity my reading is no need to lodge a tax return in Thailand. 
 

3 minutes ago, TravelerEastWest said:

Yes you are correct overseas income that does not come to Thailand is not taxed and old income probably won't be taxed per 743...

 

I would really like for final regulations taht are clear to be issued!

Yes cobber your not Robinson Crusoe in wanting final Regulations!   I reckon we LTR will be ok (I'm keeping that email from LTR saying we are in the clear) and the RD won't want thousands of Farangs on the other Visas in their office at tax time arguing the toss over DTAs et al.  

But I think we may never get that final Regulation we all seek and deliberately so.  As Churchill said : 

"It's a riddle wrapped in a mystery inside an enigma"

They will want voluntary tax returns from most and only go after the ones that are remitting a lot of coin into Thailand on non LTR Visas.  I may be wrong but I may be right!

19 minutes ago, JackGats said:

So whereas retirement visa holders would be well-advised to hurry and remit a high sum this year, LTR holder had better not do so until January 2024. If LTR holders remit the money in what is left of 2023, they may lose the benefit of Royal Decree 743.

Good point cobber.  I’ve had my LTR over a year so am covered but newbies should wait until next year. 

6 minutes ago, SHA 2 BKK said:

Sorry mate.  “….  only exempt for income that does not come into Thailand”?  
 

Shouldn’t that be “only exempt for overseas income that does come into Thailand”?  I know any Thai income will be taxed at at the usual rate in Thailand but the Pensioner LTR proclaims that overseas income can be brought in Tax Free as long as it’s the following Tax year (as per Royal Decree 743).  
 

Can you clarify matey?

Here is the relevant section of the Royal Decree (743)

Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work- from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand.
 

14 minutes ago, TravelerEastWest said:

OK another update from the visa guy who talked with the BOI today the Pension visa is only exempt for overseas income taht does not come into Thailand....

 

For now - who knows what will happen next year...!

Sorry mate.  “….  only exempt for income that does not come into Thailand”?  
 

Shouldn’t that be “only exempt for overseas income that does come into Thailand”?  I know any Thai income will be taxed at at the usual rate in Thailand but the Pensioner LTR proclaims that overseas income can be brought in Tax Free as long as it’s the following Tax year (as per Royal Decree 743).  
 

Can you clarify matey?

22 minutes ago, TravelerEastWest said:

My wife keeps me on my toes and my kids are in international school also - we have some things in common...

 

I always thought that Thai wives listened to every word of their husbands but apparently the good ones are like a tough school teacher...

THAI!  Count your blessings cobber.  My better half is from Singapore!  Stone the bloody crows they are tough bloody work.  Enough to drive a man to drink but it's Buddhist Lent and I promised to be good.  Anyway I've been impressed with this LTR Visa - let's hope they don't change it.  

1 hour ago, TravelerEastWest said:

I am in the Thai tax system as I work full time here and I have a local CPA take care of all tax returns auditors etc - very easy... Work permits have always been easy and now will soon be easier.

 

Sounds like being retired you have an easy life! In the future I will be there - maybe - my kids will go to university in America soon which is very expensive... My wife and I would like to do some interesting traveling and will not be doing it soon...

Apart the missus keeping me on me toes it's very good to live here and have done so for 8 years.  It's a good base to travel (In Australia half the trip is just getting out of the place).  My kids go to International school here and we have seen much of Asia.  Good luck for your travels mate.

2 minutes ago, TravelerEastWest said:

Sorry for any confusion in my post the quotes were from my Thai agent so may not be clear:

 

17% refers to Thai income in Thailand using a digital work permit.

LTR Pension visa does not have a no work limitation apparently that is an misunderstanding...

 

I understand that you would not use an agent but I am comfortable paying agents and accountants etc all the time to both get advice and free up my time. I am shall we say somewhat busy those with families and a lot of work will understand... Normally i save money by hiring professionals.

Understand matey.  I did my whole family online.  Finished in two weeks! 
 

But I don’t want any work visa in Thailand.   Retirement now and live off my pension and investments.  
 

Personally I’m kind of happy not to be in the Thai Tax system (yet)!  

2 minutes ago, TravelerEastWest said:

"For the tax question, yes, you are subject to 17%. (Pension category) There are lot of misleading information online. 

And yes, the annual report can be done online."

 

Confirmed above from BOI via my agent.

No.  The Pension LTR is Tax Free on Foreign Remittances (as long as earned the previous year)

 Highly Skilled LTRs pay 17% tax on income earned in Thailand.  I don’t think they can claim the tax free for Overseas Remittance.  
 

This is from the BOI to me.  I wouldn’t use an agent personally. 
 

“

Thank you for your inquiry. On the note of the recent Revenue Department announcement on the new conditions for oversea income that generate from business/ asset or work abroad to be subject for personal income tax. 

We would like to address that for the LTR tax benefits: the revenue department has already announced a royal decree to exempt the LTR- Wealthy Global/ Wealthy Pension/ Work from Thailand from paying the income tax derived from oversea business/ work and assets. Therefore the change in conditions will not effect the exemption of the LTR mentioned group. 

Therefore, we can assure you that the incentive of the LTR visa is still the same. We also believe the revenue department will shortly give an official clarification also as it is their main responsibility and we will work with them to get the procedure for future assistance i.e. to address when you wire in the money that it is from the work remotely (same as in LTR application)- the revenue can cross check with us if they want, don't worry. 

If you have any further inquiry or find any obstacles, please let us know so we can address the issue with revenue department on your behalf.”

2 minutes ago, Ben Zioner said:

Could you clarify the  meaning of "chicken littles" in this context?

Some bloke on the main “2024 Tax Thread” said the LTR was a hangover from the previous Government and a pet project of some out of favour ex Minister.  The gist was there will be a new Royal Decree to get rid of the LTR Visa. 
 

Proper “chicken little thinking”.  
 

Anyway I will have to enough coin here by December to see me through the whole of next year and keep my dollars parked offshore to see how this plays out. 
 

Yes most Thais see Farngs as easy marks with lots of money but to get rid of the LTR will hurt their EEC project and certainly see me finding a new Tax Domicile post.  TIT. 

Don’t use an agent.  Just go through BOI.   Yes no 90 day report just annually if you don’t leave the country.  I only stayed one year and that during COVID. 
 

0% Tax on remittances from Overseas (as long as earned the year before) for three types of Visas.  
 

If you work in Thailand as a Highly Skilled LTR 17% Tax.  
 

Some “chicken littles” saying the Government is going to get rid of this Visa but I think after Farangs stop sending so much coin after January 1 they wont dare.  Time will tell.  
 

Anyway it’s far better than the Elite Visa (I had one before this). No 90 reports.  
 

https://ltr.boi.go.th/

6 minutes ago, Neeranam said:

Hi, could you explain why you take you pension, that is taxed already, the year after?

Because the LTR Pensioner Visa allows me to bring in income earned in the previous year tax free (as per currently everyone else - but this will change 1 January 2024 for non LTR Visa holders - thus this long thread).
 

I figure I don’t and won’t have to lodge a Thai tax return if I continue with this method. I have asked BOI for their clarification and they have advised this will continue to be the case and the RD will make an announcement re. Though I am not holding my breath waiting!  
 

Some on here predict that this tax exemption will end for LTR Visa holders.    If so I have enough savings from previous years to remit and not lodge a tax return as I gather savings are exempt.  
 

Time as always will tell. 

10 hours ago, Dogmatix said:

The problems with this, as I see it are:

 

1. LTR visas don't provide any exemption for earnings earned before the LTR visa was issued.  Therefore someone coming in with a new LTR visa and wiring funds to buy a condo will have to pay up to 35% tax, if they can't prove they earned the money after the LTR visa was issued, which is unlikely, if they earned the money somewhere else.

 

2. The Royal Decree was announced last year under the previous government and the whole LTR scheme was the brainchild of that government, one guy in particular who didn't get a job in this government. although he hoped to be a minister or at least a deputy minister. So the Srettha government feels no particular obligation to this project.  The LTR tax exemption didn't seem like a big deal when anyone could just wait till the next tax year and get the same exemption. Now resentment will build up from Thais who will see the LTR visas holders like British people used to see the non-domiciled foreigners who got exemption from foreign source income, like Rishi Sunak's rich Indian wife. Now the non-dom tax privileges are being gradually whittled away to nothing. Even though no one cares about expats, Srettha said this is being done in the interest of fairness and equality which will look odd when he gives tax exemption only to rich foreigners while taxing the butts off Thais and less well off foreign retirees who are often struggling to support Thai families. I predict the LTR tax exemption won't survive long term. Another Royal Decree or an amendment to the Revenue Code would eliminate it. Those with 10 year LTR visas are unlikely to get this privilege with their first renewal and it might not even last that long. The first Elite cards came with the right to buy land but that was axed in the first few months with an offer of a refund.  LTR visa holders would probably get their 50k baht back pro-rata, if the tax exemption went mid stream, i.e. a 25k refund if it went after 5 years and you no longer want the visa on that basis.

 

Obviously the BOI people who write that stuff have to sound upbeat because they are still selling the LTR scheme and will judged on their sales numbers.  But they have no power and are part of the PM's office.

Interesting take cobber.  I've done 8 years in the LOS and yes know that laws and rules are changed at the drop of a hat.  Though I'm a "glass half full" type of bloke and reckon they will keep this as is.  Anyway always have Plan B in the back pocket.  It won't mean a full bug out for me, family, cats and dogs.  But appreciate your views.  Let's see how this plays out.

12 minutes ago, Aldo123 said:

Not sure if this was ever fully addressed, but two questions:

 

1. Does the new interpretation order mean Thailand intends to tax all residents (over 180 days) on their entire "Global Income"? Or does it mean they only plan to tax foreign remittances/income brought into Thailand each year from one's global income that same year?

 

2. Are foreign pension incomes under the Long Term Resident visa for "Wealthy Pensioners" (5+5 years) considered exempt from all income taxation, or does that rule refer only to 'earned income' that is non-taxable? (in other words, could they still tax the pension income (passive income), but not 'earned income' from foreign sources?). Yes, I've read the BOI Website on this, but it's not clear either. 

Hi matey 

1.  Only money brought into Thailand not Global Income (not sure but I think only the Yanks do that) and that’s for Tax Paying Residents (over 180 days)

2.   I’ve got one of the LTR Pensioner Visas.   I asked about these changes.  Posted this earlier but this was the response from the BOI LTR Team.  They are pretty adamant there won’t be any change for this type of Visa.  Though they don’t mention Pensions in particular which as you point out could be seen as passive income.  Personally I get mine paid in Australia and bring it in only when needed - in the following tax year.  It’s taxed in Australia and I would consider it savings after that.  
 

“Thank you for your inquiry. On the note of the recent Revenue Department announcement on the new conditions for oversea income that generate from business/ asset or work abroad to be subject for personal income tax. 

We would like to address that for the LTR tax benefits: the revenue department has already announced a royal decree to exempt the LTR- Wealthy Global/ Wealthy Pension/ Work from Thailand from paying the income tax derived from oversea business/ work and assets. Therefore the change in conditions will not effect the exemption of the LTR mentioned group. 

Therefore, we can assure you that the incentive of the LTR visa is still the same. We also believe the revenue department will shortly give an official clarification also as it is their main responsibility and we will work with them to get the procedure for future assistance i.e. to address when you wire in the money that it is from the work remotely (same as in LTR application)- the revenue can cross check with us if they want, don't worry. 

If you have any further inquiry or find any obstacles, please let us know so we can address the issue with revenue department on your behalf.”

50 minutes ago, Misty said:

For LTR visas, the BoI has clarified that these three categories allow tax free transfers:  GWC, P, WP.  But the LTR Highly Skilled Professionals does not.  Conversely, only one LTR visa has income tax capped at 17% - the LTR HSP.  The other LTR visas all have the normal progressive income tax rates up to 35%.

Misty you know more than all than all of us combined!  Changing LTR midstream - champion in my books.  Yes 17% on Thai sourced income.  But for we “poor” pensioners no tax reduction for income made in Thailand but zero tax on income remitted from the previous year?  
 

I reckon I close to the mark Krap????

Just now, Ben Zioner said:

Well I don't know, but  I believe that we will have to file a return to claim the 10% or 15%  withholding tax that will be slapped on incoming remittance.  Think of it this is the  only way the system could work.

That would be a bugger mate.  Bloody crazy and more paperwork.  Let see how this plays out but if that’s the case I will keep my coin out of Thailand.  
 

I do business in 7 countries.  Some Third World.  None charge a withholding tax on incoming credits.   Interest yes but TIT!