aldriglikvid

5 hours ago, sandyf said:

It doesn't matter what you are confident about,

Your "we" should be aware It is against the forum rules to take posts out of context,  unless of course your "we" do not understand the difference between ground level housing and condos.

The exodus from Bangkok condos to housing estates escalated with covid and has nothing to do with foreigners. The view is nothing more than a misguided sense of self importance.

Well, at least I support my confidence in actual, objective, facts. If your of opposite view, which your condescending tone suggest, I'd appreciate if you could return the favor. 

On the topic of facts, here's a Q1 (First Quarter) summary up low-rise sales. To your benefit, I completely left out Condos which are in very much worse shape.  Uptake is down double digits across the board, and if you read what the developers are saying in their communication to investors they are saying the demand is low from domestic as well foreign investors. 

Coming back to my first point: if foreign capital left it will not only hit condos, but also "housing" that only Thais can own. It all sticks together. 

I'm out, but you can continue swinging if you like. 

2 hours ago, sandyf said:

It would be quite delusional to think foreigners represent 30% of the property market.

I'm fairly confident the property market will take a hit if foreigners completely left. "We" represent 1/3 of every condo acquired. There are no similar stats available for land, as "we" can't own it. But, as you very well know, the amount of wife-owned properties, legit-leased properties and the company-owned properties are in the hundred thousands. Not really sure why we're debating if foreigners can sway the market or not - it's considered a fact by the developers and analysts themselves. 

3 hours ago, sandyf said:

Do try and stick to the context.

Well, you said that there were hardly any foreign buyers and I just pointed out the actual fact that foreigners represent 30% of the market, and perhaps closer to 40% or above accounting for all the shady nominee companies and the wife being on the contract. 

 

5 hours ago, sandyf said:

Several large ground level housing developments around me, no shortage of buyers and i doubt any are foreigners. 

 

 

In the first quarter of 2025 of all condos transacted in Thailand, 29.3% were foreign buyers. Approximately one third of demand came from foreigners. What other market, globally, does foreigners represent such a big part of the overall demand? Mind you, the numbers are even higher when we account for the nominee company transactions and the "bought via the wife"-transactions. 

I don't subscribe to the idea that if ~30% of demand would disappear, market prices would remain flat. Furthermore, almost all the major developers are listed and they all were unable to meet their sales target in Q1 2025 - not to mention 2024. 

The Ministry of Commerce and the Ministry of Interior have signed a Memorandum of Understanding (MoU) to tackle the long-standing issue of foreign nationals using Thai nominees to acquire land unlawfully.

https://www.bangkokpost.com/thailand/general/3033167/ministries-tackle-nominees


 

5 hours ago, ericbj said:

Thank you for that link:
https://www.thaiexaminer.com/thai-news-foreigners/2025/05/19/thai-revenue-planning-new-decree-making-remitted-foreign-funds-within-one-year-tax-free-for-residents/

 

It seems that these TWO rules are henceforth to apply to tax-residents of Thailand, irrespective of nationality:

 

1.  Income that is foreign-earned before 2024, but remitted to Thailand during or after 2024, is non-imposable; and

2.  Income that is foreign-earned and is remitted to Thailand during the year it is earned or the following year is non-imposable.

 

IMPOSABLE FOREIGN-EARNED INCOME is therefore that which is earned after 2023 and is remitted to Thailand in the second or later year after it was earned.

Good news - let's hope it get passed! On a different note, doesn't this mean that some filings that were done recently - for income year 2024 - should be corrected/edited? I.e. if someone transferred money in 2024 - that was earned in 2024, and paid income tax on that. Or is this proposal only for 2025 and onwards? (point 2 in your table). 

Is this proposal, if one could call it that just yet, supposed to be enacted retroactively, i.e. for 2024, or is it for 2025 and onwards only? 

What are these Chinese restaurants mentioned in the article?

1 hour ago, motdaeng said:

 

not sure, maybe it was just a misunderstanding ...

 

the easiest way to get a TIN is to request the refund form the withholding tax (15%) of your thai bank account. for that you need a (free) document / statement from your bank. 

 

my guess, the tax office probably just asked you for this document, which is a reason for the tax office to give you a TIN and for activate your online account ... 

I had the prepared withholding tax document from my Thai bank and the withholding tax from my Thai broker with me. And a copy of my bankbook, TM30, visa and passport. I don't know how to make this much clearer: they wouldn't even entertain giving me or anyone else a TIN without showing my banking statements first. It was literally posted on the wall at several places. 

The post said: 

"Foreigner that want a TIN need to supply the following documents: Banking Statements 2024, TM30, Visa, Passport"  

 

4 hours ago, Bubbha said:

After you have a TIN,  you can file online by yourself.

The Revenue Department has an end-user friendly online site to file.

A Chrome Browser is able to translate the entire process into English.

Determine, to the best of your ability, your assessable income for 2024.

If necessary, find help to do this in the private sector (not the Revenue Department).

You don't need to pay anyone to file once you're determined your assessable income.

Enter your information into the Revenue Department's online site and file. Pay by QR code if you owe taxes. 

Finished. You're a tax resident here (>180 days) and have successfully filed.

If the Revenue Department has questions, they will ask.

Keep good notes and records for this possibility - just like your home country taxes.

I would not expect, or want, the Revenue Department front line staff to advise about evaluating my finances for assessable income.

Or assistance with filing....

I think most would not have that expectation of their home country Revenue Department equivalents. 

 

Search for Revenue Department's online e-file site (efiling.rd.go.th). Right click on Google Chrome and select translate to English

 

For those without a TIN, you can go to the Revenue Department and apply for a TIN.

Just that one task. Nothing else....

You’re not there for their assistance to file your taxes.

You already have someone to do that.

 

 

 

First, I want to send my appreciation for any thoughtful feedback provided. Thanks!

But, perhaps I was a bit unclear in my original post. When I visited the tax branch I initiated the conversation, and asked for repeatedly, that I wanted to acquire a TIN and file my own taxes online. The very first words from the tax lady was:

- "have statements? make transfers?" 

The entire tax office was filled with papers stating "you foreigner? want TIN? need bank statements". 

It was very, very confrontative from the first contact. I'm simply not confident to show this lady a transfer of 10m thb and then, hopefully, receive a TIN. They wanted nothing else but to see my banking statements, northing else was of their interests. 

So, appreciate your feedback - but I'm stuck at the "acquire a TIN" row as of now. 

With that said, I stumbled upon the Expat Tax Thailand" website and they can acquire a TIN on my behalf for a fee.

If I acquire a TIN, would I be able to file online immediately - or do that new TIN need to be activated or any way greenlit by the local tax office in advance? 

 @Yumthai @NoDisplayName@petermik @Ben Zioner

All very helpful. Thanks!

Somewhat disconcerting situation altogether. To the best of my understanding, neither my transfers nor my local dividends (that has been taxed, and I seek no refunds/deductions), are assessable. What has been somewhat unclear to me, and what I essentially tried to settle today, is if it is an obligation to file altogether if no taxes are owned. 

The coming two weeks I'll try to get a better understanding if I need to file at all. 


I appreciate that link. If we assume Sherrings is correct here, that pretty much settles it. 

https://sherrings.com/dividend-income-personal-income-tax-thailand.html

2 hours ago, Yumthai said:

Withholding tax on any dividend income from Thai companies is 10%.

Correct, I wrote too quickly. 10% has been withheld.

I had a look at the filing template - link: https://www.rd.go.th/fileadmin/download/english_form/2023/220367PIT90.pdf

Circumstances: 

- Became a Tax Resident mid-2024 

- Transferred xxx-sum in 2024 that was earned pre-2024 from my home country. Can proof end-of-year balance over this sum for 2020, 2021, 2022 & 2023 if necessary 

- Own a local thai brokerage account and received 200k in dividends from a Thai company - of which 15% immediately was taxed as per withholding tax. 

I'll ask for a TIN. If asked why, I'll say I became a tax resident last year and that I had dividend income throughout the year. 

From my point of view, my international transfers are not assessable and thus I will not bring them up or declare them when I file. 

I'll file that dividend has been received and taxed already. 

Complete? 

My "issue" is that - my remittance is not assessable (in my POV) and I don't want to bring it up, and "fight" that issue. Secondly, from my reading of the filing template dividends should only be filed if I want to deduct the already paid withholding tax with an income (an income which I don't have). My rather large remittance last year was to a condo purchase, and even though I can proof it as taxed pre-2024 I can't let go of the notion that the guy at the RD that will handle my application - would tax me a silly sum just out of convenience. 

5 minutes ago, NoDisplayName said:

 

I filed online in January, already received my refund.  It's the same process as for the three late filings I did online last year (one 200-baht late filing fee), and a couple I did before the covids.

 

For interest/dividend withholding tax refund, upload the bank/dividend withholding statement.

 

For remittances, it's still self-determination.  If NON-assessable, then not declared.  Not included in PIT.  No statements needed.

 

If assessable,........................I haven't remitted any, but can't say. 

Bless! And in regards to be able to file online, I first need to apply for a TIN at my local RD office (and have a local ID, as well?).?

Anyone that has recently filed, where you forced to attach bank statements showing incoming international transfers - or was it purely self assessment? 

A bit out of the loop here. All remittances done in 2024 in the clear? 

22 minutes ago, NoDisplayName said:

 

As long as you have documentation to show the entire amount was pre-2024 earnings, you should be fine.

 

Best document would be a bank statement from Dec 2023 showing a cash balance, and of course the SWIFT paperwork showing the transfer from that account to Thailand. 

 

If you sold the investments prior to 2024, it's simple.  If you sold in Jan 2024, accounting for full/partial remittance of investment capital/gains is currently.........unknown.

 

Call the TRD help line, #1161, to get the official answer.

 

**NOT ADVICE, OPINION ONLY**

Appreciate it. Unfortunately, the funds were withdrawn from my broker mid January and transferred immediately. I'll ponder on this. Thanks! 

Very clear! Appreciate it. 

From memory, the symbol I've attached below indicates that the shop/center is able to renew road tax (and make inspections and other things). Is it your understand that they can sell a "new" road tax sticker as well? Would save me a trip out to the DLT. 

 

Hi fellas, 

I acquired Bike Insurance + "Compulsory Insurance" via Roojai and received, essentially, two different documents: 

1 x Class 1 Bike Insurance @ ~3500 THB
1 x "Compulsory Insurance" @ ~650 THB

Is the second one what's commonly called "road tax" (or similar)? I've not received any of those pink stickers and I wasn't sure if it was needed when I applied online, or if I simply acquired the wrong insurance. 

Thanks! 

I'm currently on the Elite and I've been contemplating the LTR just to not face tax on remittances. Is it still the case that my transfers are exempt, on the LTR? 

Follow up Q.: anyone else on the Elite that have also acquired the LTR? Any immediate Pros/Cons? 

Thanks! 

4 minutes ago, KhunHeineken said:

Or, it attracts only the more wealthy, and over the coming years, the poorer farang are weeded out.

 

Think about it.   

Since the law has been in place for a long time now, and you strongly believe 2025 (i.e. today) will be the year of first rigid enforcement, when will the tax agents start to sending out the deferred tax liabilities? 

Is it your opinion that a progressive income tax on international remittances, on top of the stamp/transfer tax on the unit, will attract "more wealthy"? Are we even having a serious conversation here?