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Presnock

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Everything posted by Presnock

  1. so, according to what has been written so far, if taxed already there shouldn't be any new tax added in my opinion but I sure have no idea what the new government plans for us.
  2. countries to which one might move to are fairly short today...even Russia china and india signed. Probably a few more too, N. korea probably didn't Iran probably didn't...check them out as there won't be that many that would give an ex-pat a tax break in my opinion...after all this is mainly for those rich multinational organizations paying less than their fair share to some and those individuals that don't pay on earned income this was stated
  3. well, since the ltr are supposedly under royal exemption, you shouldn't worry for 8 more years.
  4. we the resident here, I think they will eventually instruct us that we must have a Tax Number, and that to extend a stay in the country, we have to provide that tax number and money remitted into Thailand by a copy of one's bank book (s) and that local banks will need to provide names of resident aliens and then, we will need to also provide our income and any taxes paid to our home country. For me is is easy, just need to print out an additional page or two when I do my 1-year long stay extension. I have plenty of documentation from my US payers of my govt pension and the amount of taxes withheld by the government. I used to have to provide these same documents to immigration along with my Embassy letter which disappeared a few years ago.
  5. From what I see it will be like US tax returns, they are due normally 15 April of the year following the tax year, or sometimes extended if one is living overseas or has a specific excuse for filing late. The individual is responsible for correct numbers and tax paid plus we in the US that have a foreign bank account also have another form that we are required to file each year with the Justice department. So, here I believe that the govt may put the onus on the individual and have the immigration folks collect the paperwork and send it to the Revenue dept. My opinion only.
  6. I don't believe that students will be having much of an earned income.
  7. One of the spokespersons for the oecd (Janet Yellen) said that this signing by 130+ countries (minus Ireland, Hungary, and Estonia plus some others not of the G20 or EU but did include Russia, China and India, meant that countries around the globe could get a fair shake in taxes of the huge multinationals. Included though are the groups of smaller folks that pay no imcome tax anywhere and this new documentation would include earned income tax needed to be paid by all individuals unless special circumstances occur - DTA's or other reasons. There are numerous threads available if one just looks for them. If one has been paying required taxes on earned income whether being a tax resident or citizen of a country requiring taxes on any earned income, then there is no reason to panic. It does appear that most will not be coming after "erarned" government pensions, that is my opinion.
  8. see my later note on fake olive oil for cooking in Spain years ago! Killed people and yet people complained when they couldn't buy that cheap olive cooking oil!
  9. I buy with hive contents and notice the crystilization on top of the honeycomb so assume that honey is genuine. If you can find a bee keeper you might be lucky or not as I also read that some bee keeper lockup their bees and provide them with sugar water and then they make "fake" honey as the nutrients are missing.
  10. Even then, I was assigned to the Embassy in Madrid, during that period, there were a lot of "mysterious" deaths and eventually, the bloodwork of those was sent to the US for analysis. Turned out, someone in Spain had taken motor oil (lowest grade possible of olive oil) and relabeled it as cooking oil. When the Spanish government outlawed all that named cooking oil, the citizens complained as they could no longer buy the cheap cooking oil though it was deadly!!!!
  11. Yes, there have been numerous articles stating that 70% of honey and olive oil sold in the US is fake. As for honey the only way outside a laboratory is to crystalize it or part of it as :"fake" honey does not crystalize as that is what I read into it. These articles also state that much fake honey comes from countries in Asia. scary to say the least as our governments should penalize those countries that cannot control it. But then again, the US can't control the drugs coming from Canada, China and Mexico either and these are definitely killers.
  12. for me anyway as a citizen of the US, those that pay my pension and I believe others that receive monies from US companies get a W2 form, and I know it doesn't cover all the deductions, etc but mine at least should satisfy the Thai Revenue Dept. What we need to see is the OECD requirements for reporting of funds remitted into a country and paid out by individuals within a country. At least we finally get some final results of the "new" tax law.
  13. One can most likely bet that anyone from other countries that is contemplating retirement or working overseas to re-think their plans or to alter them, that is my opinion. Some countries will realize this and not tax pensions at all but income earned that is not taxed elsewhere will most likely be taxed in most other countries in my opinion or retirees will go to other taxless countries.
  14. well, when the official rate has just ZOOMED up to 11 US dollars a loooooong day, most don't make enough to have to pay taxes on that income. But those ex-pats here for the most part in my opinion make a lot more than any of these low paying Thais and apparently some fail to either pay taxes here or to their own country. That is what this new interpretation is trying to do according to the Renue Dept announcement about Thailand doing what their agreement is with 138 other countries under the OECD agreement.
  15. don't forget to check your individual DTA. Thailand does not wish to "force" folks out but anyone earning income will need to pay tax somewhere unless a royal exemption or DTA exemption is in effect. DTA exemptions usually are done for government (military and civilian) pensions but just check out your own country's DTA. Other ASEAN countries too probably are thinking the same thing as are non ASEAN countries that signed onto the OECD declaration of last summer. Tax evaders are reportedly one of the prime targets in this declaration.
  16. Mike is correct...US SS is taxable only by the US govt article 210 of the DTA with Thailand and US GOVT pensions taxable only by the US govt unless the receipient is also a receiver of such pension but is also a Thai citizen. this under article 21 of the DTA with Thailand.
  17. Yeah, I apologize, in my zeal to find exemptions, I skipped right over the LTR that includes several types of "wealthy" pensioners. I hope that everyone understands that we (inclusive) sometimes jump to false beliefs as we read too many different sides to this activity. I note that the translations of the Thai tax laws are done mostly by agents/agencies that cater to doing taxes for foreigners and unless they are talking to a specific foreigner from a particular country with or without a DTA, they don't include all the details. AS mentioned by me and others, please read your own DTA to see what might or might not be included in exemptions. Even then, TIT and we don't yet know what the final program will look like.
  18. some of the translated Thai tax law are done by these tax agents/agencies. Since DTA's may be different by country , the agents/agencies are probably waiting for the Thai govt to make the final restrictions. At least one of the ex-pat news casts about the program indicated that not all Thai officials agreed with the program and that the committee working on the program were meeting regularlly.
  19. THE US DTA with Thailand is clear on US SS and USgovt pensions- articles 20 and 21 of the DTA. These monies as far as I know are taxed only by the US govt if at all. I am not sure about the level on SS funds if any so I am not definite there.
  20. Since we all have our own opinions of what is going to happen in this taxation program, I blv that the Thai govt will not tax pensions but will require the ex-pat pensioner to show the source of the pension and taxes paid to the paying govt. I also think that with so many different DTA's, the ex-pat will be responsible for providing the Thai govt, possibly during long-term stay renewals, proof of either taxes already paid on income or reason for exemption. This is similar to what US ex-pats are required to do as far as paying our required taxes each year via the IRS form 1040 for any income received for that year. We also receive via the office paying us our govt pension a monthly readout of annuity payment and taxes paid plus we get a W2 indicating how much we did receive for the year and how much taxes were deducted and we should be able to provide a copy to whichever local office will need proof of source and if taxes were deducted. Since there are so many different brands of ex-pats here, immigration yearly renewal seeems almost too logical to ignore for providing proof of a Thai tax number and source of income but...TIT. Many translations of the Thai tax laws are for individual legal offices and they cater to ex-pats so they may or may not be providing complete information in my opinion. Anyway, hope everyone has a healthy and happy 2024th. Seems like some folks here are getting to be like facebook...had to drop off that as some really thin skin folks there for very small reasons while the really bad ones can do or say anything.
  21. if you ar a wealthy pensioner, globally rich, at least 40k pension and willing to invest in Thai bonds or whatever, then obtain a long term visa and they indicate tax free in Thailand, there are other benefits too...just search "Thai immigration LTR" . As for USA pensioners, the DTA says that US govt pensions can be taxed only in the paying country unless the pensioner is also a Thai native and resident in Thailand. (this is according to article 21 of the DTA...just search DTA between USA and Thailand.
  22. Since they are a sovereign government, they could withdraw or re-negotiate, just as the US could.
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