SCOTT FITZGERSLD

1 hour ago, Naam said:

nonsense!

very likely. more and more countries are doing so.

47 minutes ago, david555 said:

Something many expatts even do not know , as I did before ….( and I am still not applying to....,  keeping my reserve under my control all times …)

We are supposed as  if bringing foreign cash in to the country ,..to sell / exchange it in a time frame to a Thai bank  (within 360 days of receipt,)

If not believe it check attachment the first yellow lines in it ….

Thai Bank regulation BOT.pdf 75.42 kB · 1 download

thanks. well noted the maximum amount of foreign currency one can bring without declaring it, is now 15,000 USD:

"Any person bringing into or taking out of Thailand Thai baht bank notes, foreign currency bank notes or negotiable monetary instruments in an aggregate amount exceeding 450,000 Baht or USD 15,000 or its equivalent must declare to a customs officer."

12 hours ago, ukrules said:

That's an American thing.

 more and more countries are following thing american thing. that 

is why i am asking - when thailand will?

6 minutes ago, DogNo1 said:

I don't know Thai tax law but certainly there must be a foreign earned income exclusion.  I wonder if it would be equal to or higher than 800,000.  Does anyone know?

the 800,000 amount is representing the annual living expenses a foreigner

should have in thailand. has nothing to do with tax.

i aggree.

i would add that the japanese tax authorities can be unexpected, operate

outside the law and not really "democratic". that's what happaned in the case of carlos ghosan

and that's what happaned to friends of mine who had businesses in japan.

they came to one of them , accused him of cheating customs for years, and demanded

200,000 USD in back taxes. when he tried to protest a lawyer told him  :

they give you two options - or that you pay or that you will be deported.

after all, japan is not realy a democracy. nor thailand.

problems can even happan with your bank in the US, if the japanese will inform the

US bank that your funds are not taxes properly, the US bank might freese your account.

that's what banks all over the world are doing when the US tax authorities

are complaining to them about problems with this or that account / person.

USA started all this global tax mess with their FATCA, and now every country and even

just a bank feels the right to tax anyone anywhere.

HELL, they might even open kanchanaburi POW camp again, and throw there all

regional tax evadors.

31 minutes ago, KiChakayan said:

Fair enough...

The IRS (or equivalent) ARE the legal authority !!

they first shoot, later ask.

happaned to me in my country.

all my bank accounts were frozen by some tax authority, for some

debt they claimed i had from years ago !!

i did not even know the debt existed...it was  400 USD debt that grew

to over 3500 USD with all their fines and "interest".

i told the law that i don't have to pay it because they did not

let me know about it during all those years - and i won !!

5 hours ago, mp10 said:

question: if I had a foreigner income that I brought into the country do I need to file as PIT even if I spent less than 180 days in the country during that tax year?

Thanks

no. because under 180 days a year you are not considered tax resident.

my j question was, do i have to declare such income / assets, if i

become thai tax resident...

SEEMS like you are getting older every year hence not so focused and clear

about the rules.

i am so happy i am not your IO

30 minutes ago, KiChakayan said:

Fair enough...

any bank can freeze your account - or some money / investments in your account - without

any warning or legal order.

the bank may do so based on their inquiries or demands to see more "papers" for this or that

amount.

the bank is just a business and does not have to keep your money, not to keep your account with them.

i know someone who's bank account was closed just like that. the bank told him they can do

it without notification; just like he or any other cusromer can close his account anytime.

in such case the bank will give him his balance, his money in his account, in the form

of a cheque, and off you go, go look for another bank account (sometimes

those bank cheques are marked in a way that signal to other banks that it comes

from a suspicious / problematic client, and this way it is harder to deposit

in abother bank).

1 hour ago, DogNo1 said:

Well, Japan has a new tax law that requires Japan residents to report their worldwide assets and pay tax on worldwide income.  Supposedly the new law is meant to collect tax from wealthy Japanese who have squirreled their money away overseas.  I am an American resident of Japan but until this year I have only reported and paid tax on my Japanese income.  I don’t yet know the peculiarities of the new Japanese tax return but because the USA and Japan have a tax treaty, I may not have to pay any Japanese federal tax but the worry is the city tax which is quite high.  To file, I would probably need to hire a Japanese accountant which could be quite expensive.  In addition, long-term residents will have to pay an exit tax based on their total wealth starting in June 2020.  I mention all this because I have been planning to flee to Thailand later this year.  It looks as though Thailand may be planning to enforce the worldwide asset reporting to collect tax from wealthy Thais who keep their money overseas, especially in tax haven countries.  If this comes to pass, it will cause trouble and extra expense for Americans who will then need to file two returns even though no tax may be payable due to the Thai-US tax treaty.

I have never spent any US-earned income in Japan and have never spent any money earned in the current tax year in Thailand.  The bulk of my pension funds and investments are located in the US.

The bottom line of all this is the enforcement power of Japan and Thailand.  In Japan, the penalty for not declaring your worldwide assets is a $5,000 fine and/or a year in jail. The power of the prosecutors in Japan is formidable.  I hope that Thailand will retain its policy of not requiring foreign tax residents to report income from overseas but you never know.  It may follow Japan’s lead in order to ensnare wealthy Thais who keep their money off shore.

that is interesting. now all the counried in the world are changing their tax and declaration laws,

following the new CSR changes.

all this started following the FATCA which the obama administration imposed in a desperate

attempt to recover the 2009 crisis losses.

now the rest of the world is following, and the whole world is becoming one big mafia, with

the help of the global bank system.

i heard horror storied about bank account frozen in one country, until the owner of the

bank account will produce tax papers from his tax residency country.

another story i heard from a german citizen who live in thailand for many years, is that they told him

in germany to show where he worked and paid taxes for the past 12 years. he could not do it because

his business is registered on his thai wife name, and so all the taxes paid there. so the

german authorities told him that they will cancell his passport. means

that he will have to go back to germany and stay there !!

so what he did is he found the one country that germany does not have diplomatic relationships

with, and there he produced fake documents proving that he works there as a "coltiral advisor"...

i don't know if this story is true but so i heard.

21 minutes ago, GroveHillWanderer said:

I don't know about every country in the world but to the best of my knowledge, for most of them you only have to declare what is considered to be your taxable income according to the tax laws of that country. That is a long way from having to declare all your assets worldwide.

did you hear about CRS? according to google, thailand should join it in 2022...so i want to be prepared,

if you know what i mean

18 minutes ago, elviajero said:

There are thousands of expats living in Thailand and the Revenue Department aren't tracking them down demanding to know about their foreign assets. IMO that is all the proof you need.

 

 

but laws are changing all the time, especially in the international tax arena, so i was just wondering...becuase in another country where i am resident my accountant told me that

sine two years ago, any resident has to declare all his assets world wide.

it does not mean neccasarily they will tax me now worldwide, but the law says i must declare it

to that country, and since thailand follows slowly, i was wondering if they implneted here

allready (i saw on the internet that thailand will join the CRS - authomatic financial reporting - by 2022, so here it comes.

Just now, scorecard said:

Agree. Here's another example; I have PR more than 20 years, and in all of those years I have been physically in Thailand more than 180 days. For all of thos years my company accountant / my personal accountant completed and submitted my personal Thai annual tax return, a few times I had to pay a little more tax, for many years I got a small to large refund.

 

In all of those years my personal assets were never inserted on my annual thai tax return.

 

 

THAT IS THE ANSWER, I GUESS.

it is important, becuase in other countries, and i think most europe, a tax resident - or anyone who stay in the country for more than 180 days a year - has to DECLARE ALL HIS ASSETS ALL OVER THE WORLD !!

2 minutes ago, elviajero said:

You only need to declare anything that creates a tax liability in Thailand. An asset aboard that does not create a tax liability does not need to be declared.

do you KNOW it, or just believe?

3 minutes ago, elviajero said:

@SCOTT FITZGERSLD

 

You are 'tax Resident' if staying in the country more than 180 days in a tax year; therefore, should complete an annual tax return.

 

Whether or not you have an actual tax liability is another matter.

 

http://www.rd.go.th/publish/6045.0.html

thanks, but this still does not answer my question - do thai tax resident HAVE TO DECLARE all his assets all over the world?

also, being tax resident in thailand does not mean you have to complete an annual tax return, if you did not earn anything in that year. but in many countries , you still have to declare ALL YOUR ASSETS ALL OVER THE WORLD, even if you did not earn anything.

21 minutes ago, Peterw42 said:

I think most people consider any money bought into thailand as savings, not income earned in that year. Thailand has tax treaties with UK, Australia etc so any money is usually only taxed in the country it is earned in. Assets are usually purchased with money you already paid tax on and dont attract a further tax liability.

Never heard of a bank that wont let you withdraw your own money, no matter what your tax liability is, that is conspiracy theory rubbish.

yes, but my question was, besides the tax liability, do tax residents of thailand (anyone who stay in thailand for more than 180 days in a year) has to DECLARE their assets all over the world? cause that is the law in many other countries. declaration is  BIG HEADECH and potential problem.

14 minutes ago, ThaiBunny said:

The IRS (or equivalent) would need some legal authority to freeze your assets for non-payment of tax.  There have been reports of Australians being prevented from leaving the country because of substantial unpaid debts for child support that's been ordered as part of a divorce settlement, but their bank accounts aren't frozen

i don't know where do you live, but here on planet earth many banks don't accept anymore payments from other banks, if they can't see the tax papers for it. try to send 100,000 USD to a U.S. bank account, and see what happans.

I recently learned that anyone who stay in thailand for more than 180 days

in a year, is considered a thai resident for tax purposes and have to

pay income tax on all his income from all over the world.

my question is, in such a case, does a thai resident (for tax purposes - this has

nothing to do with the type of visa) have to declare all his assets accross

the globe to the thai tax authorities?

this is the law in many - but not all - other countries - anyone who is considered tax resident

must declare all his assets all over the world.

is this the case now also in thailand?

this is important because now most banks all over the world cooperate with each other,

and sometimes will not let you withdraw your money if you don't show

that you paid taxes in your country of tax residency (or just like that

becasue the bank manager don't like you)

So if I send from overseas 800,000 THB over two years, say 1000 USD every month, will it be ok?

the immigratio officer told me that the 800K thai baht for retirement visa does not have to be

sent to a thai account at once. 

my question is, if sent few times, is there a time frame to send this amount from overseas bank account?

for example, if i get 5000 USD to my bank account, than 2 months later another 7000 USD, than 3 months

later another 6000 USD, than , over few more months, 2 more payments of 3000-4000 USD each.

total one year to send those 800,000 THB from overseas accounts to the thai bank account.

is that acceptable by  immigration ?

this aurtralian woman is nothing but stupid and i am sure this video is staged.

anyone that picks up garbage from the street is plain stupid and idiot.

and if she went to another country to do it than she is propably a mental case.

it is the duty of the municipality and people only need to keep it clean.

this aurtralian woman is nothing but stupid and i am sure this video is staged.

anyone that picks up garbage from the street is plain stupid and idiot.

and if she went to another country to do it than she is propably a mental case.

it is the duty of the municipality and people only need to keep it clean.

three years represent 15% decrease in your sex drive. this is the reason for the "lower quality" that you see in pattaya after three years .

drink few beers and all the girls will look much better, and even mc'donald on WS won't budder you anymore.

just don't come back here to tell us about it. really man, stop embarrasing yourself.