BobBKK
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Posts posted by BobBKK
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21 hours ago, Danderman123 said:
And inflation is coming down. The inflation that started under Trump due to "supply change" issues.
Biden is doing a good job.
Whaaaat? you can't be serious
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8 minutes ago, fulhamboy said:
I about to own up to five years of pension increase while in thailand ?
Anybody done this ?
Sorry say that again? you are about to voluntarily declare you lived here for the last 5 years?
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3 hours ago, Mike Lister said:
Ah, you didn't mention any of those things in your previous post, nor your relationship with and visits to the PI. That changes the picture significantly.
Ya, sorry - the most frustrating thing is I had an account at Metrobank for years and shut it last year when I sold my condo in PI - God, do I regret doing that haha-
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3 hours ago, BritManToo said:
2023 pension rise 10% = 800 GBP + 500gbp wf total 1300gbp.
2024 pension rise 8% = 800gbp plus 800 from 2023 plus 500gbp wf total 2100gbp.
So the increase is certainly worth having, not sure why you need the PI bank though, UK bank +WISE is good enough for disguising your real residence.
Mail drop maybe 200 pounds a year, making you a 1900gbp profit in 2024.
Easier to just remain apparently living in the UK, use your last UK address, nobody checks you still live there and no proof of life forms.
I have been here 15 years - no UK address? I don't want to impose on friends or put them at risk - however small. However, MANY do it that way, but there is a risk. -
4 hours ago, Mike Lister said:
What could possibly go wrong!
You would need a mailing address in the PI to receive your proof of life certificate and the DWP might think it strange that yours was being signed by somebody in Thailand rather than somebody in the PI and was mailed from there. And then there's the cost of maintaining that mail drop, and the cost of travel to the PI to attend to various matters....open the bank account, open the mail drop, obtain a new ATM card when yours was eaten by a Thai ATM or lost when your wallet was nicked. Then of course there's the ex rate issue and the bank and ATM charges. I haven't done the math but it seems to me your plan would soon put you in negative territory and that you'd soon think the annual increase wasn't worth having.
Strange reply. I go to the Philippines regularly and would obviously have a PI address as part of the setup. I have Filipino friends who would help with that, or I'd use an agent's business address. I think the 10% increase lately or even 3/4% annually FAR out strips the small cost of annual bank charges. If the card gets chewed I get a new one sent to my friends and sent to me.
I have many friends HERE in THAILAND who use friends and family addresses in the UK to get the rises - that is far more likely to be an issue imho.
I don't understand your comment "signed by somebody in Thailand rather than somebody in the PI and was mailed from there." - what does it mean? it would be signed for in PI not here. -
On 6/1/2020 at 12:57 PM, theoldgit said:
Can we draw an end to this bickering now please.
The rules are quite clear in respect of the State Pension, if you reside in the UK, or a few other countries, your State Pension will be uplifted annually.
If you live in Thailand, and numerous other countries, you don't get any increases.
It is your responsibility to keep the DWP advised of your current residential address.
If you decide to lie, then that's up you, you may get caught, in all probability you won't, I know of two that were.
Whilst my personal integrity wouldn't allow me to lie by not updating the DWP with my address details to receive the increases, I wouldn't criticise those whose integrity differs from mine.
I think we all agree the system is very wrong.
Is there any reason that one could not open a Philippine account - transfer pension there and use an ATM and get the annual uplift?
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1 hour ago, Walker88 said:
Yo, trumpers...your messiah is going to be schlepping some new schlocky NFTs in the next few days to cover his E Jean Carroll damages.
You can pretend he is a fighter pilot, not a coward, and thin and fit, rather than the Orange Pillsbury Doughboy. Fantasy 4U. Or Fat Like You, as you need.
$83.3 million. Dig deep, trumpers, your messiah needs your dosh.
Profiles in courage is E Jean Carroll. An 80 year old woman who stood up for justice against death threats vs a silver spoon snowflake loser who is so full of zibel that if they gave him an enema, you could bury him in a matchbox.
Nikki Haley may well use this to stick it further to the snowflake. Exploding heads will follow.
Crash and burn, donny.
Most stupid comment 2024 so far.
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On 1/25/2024 at 5:38 PM, Danderman123 said:
A voter registered as "undeclared" is no longer a Dem.
Tactical voting and you know it
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1 hour ago, ChaiyaTH said:
Decent father, he kept him clearly in a OK enough shape to still face justice too. I would have cut his weener.
Oh really? been found guilty, has he? sure it was him are you?
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59 minutes ago, Badrabbit said:
I am completely in the dark about this new Tax on ex-pats, no idea if it will be scrapped or not, my 3 pensions add up to 900,000bht per year, with all the discounts I would get(I'm 67) I think it would go down to about 400,000bt taxable income per year (I'm probably wrong) but if I'm right that would be 33000 x 12 =400,000, which would be 2,750bht per month, I know its probably tottaly wrong, I'm just trying to convince myself I have nothing to worry about money wise, I would have no problem paying 2,750 per month tax If I have to.
Is this tottaly wrong, I am a person that wants to do the right thing, peace of mind is everything to me.
Similar here, but that 900,000 is taxed already in your home country before you get it? My biggest problem with this is it is NOT income, as a salary, but pensions we PAID FOR all our lives. I am thinking of opening a bank account in the Philippines and using an ATM card here if it comes to it.
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7 minutes ago, Jingthing said:
Just anti bigotry.
I'm anti-virtual signalling - everyone can live their lives how they choose. There is no need to display it or, I grant you, attack it. Just do your thing in peace.
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7 minutes ago, JBChiangRai said:
Who is "we"? You don't speak for me.
We is 99.99% of US - obviously you are "they". Confused are you?
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1 minute ago, ozimoron said:
The whole point of the concept of a minor in law is that they don't know what they are doing. Stop victim blaming.
"Interesting" that you conflate defending rape victims with being woke.
Is it a crime in every country? You are saying she was raped and then took the money. And a nice smiley photo? You are confusing legal technicality with ethics. I already stated Andrew was and IS stupid but she took his money - right?
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1 minute ago, Badrabbit said:
As this starts this year I don't need to worry untill Jan/March 2025, I have no problem paying tax here, I live here so it makes sense.
Huh? On pensions taxed in our home countries? This is the point - not income earned while working.
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- Popular Post
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Just now, ozimoron said:So is Prince Andrew.
But seriously? I think he was utterly stupid, and I think he's an arrogant $%#@! But there is something utterly tasteless in girls who have willingly sold sex, got paid, signed CAs - then bitterly complaining and getting paid AGAIN and still whining and selling their story. 17 might technically be a minor in some countries, but she knew exactly what she was doing, and the current woke culture that allows her to gain from it.
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2 minutes ago, ozimoron said:
She was a minor, stop victim blaming.
The poor, rich and blameless victim... I'm almost in tears-
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1 minute ago, BritManToo said:
Would point out Elvis was 'the king' while Andy is only a prince.
ah you are right lol
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17 minutes ago, Mike Lister said:
Read this:
A SIMPLE GUIDE TO PERSONAL INCOME TAX IN THAILAND
9 January, 2024
Version 5, Rev C
1. This purpose of this guide is to provide foreigners living in Thailand with the simplest possible over view of Personal Income Tax (PIT) in Thailand. The scope of this document is limited to PIT.
2. You may have heard that new tax laws came into effect on 1 January this year, in fact, that is not true! The old tax rules still exist and remain valid, albeit just one minor change to them was made in November last year. Previously, anyone who earned money overseas and remitted it to Thailand in a different tax year, received that money free of Thai tax. That loop hole in the Revenue Department (RD) tax code has been exploited by wealthy Thai’s and is now closed, hence, any money earned overseas and remitted to Thailand in any year, is now potentially liable to Thai tax. The purpose of the new rule is to reduce tax avoidance. Unfortunately, it now means that overseas funds transfers by foreigners living in Thailand, also have an increased risk of being taxed.
3. This guide is an overview of the core parts of the PIT system. It is not designed to be exhaustive and it doesn’t cover all aspects of PIT, nor is it intended to override anything produced by the Thai Revenue Department or specialist tax companies such as Sherrings or Mazzars. This guide also does not address all types of income or the rules relevant to people from every country. What this guide will provide is a starting point for readers to manage their own tax affairs and it will also provide most of the answers for those with simple tax affairs, especially the average pensioner.
4. There are also certain types of visa that fall outside of the RD tax code. The LTR visa for example received its tax exempt status by royal decree hence visa holders will not to be assessed for Thai tax and they are specifically excluded from this explanation.
5. Terminology: this document uses the word “assessable” often. Assessable in the context of this document means income that is liable to tax which must be included on a Thai tax return. Not all income is assessable, some is excluded from tax assessment by its very nature or because of the terms of a specific tax agreement. There is assessable income that is taxable and assessable income that is exempt from tax, but "non-assessable" income does not really exist as an entity within the Thai Revenue Code. Consequently, readers should not think that some of your income is non-assessable. Taxable income = Assessable income minus exemptions, deductions, allowances.
6. Dual Tax Agreement/Double Tax Agreement (DTA): is an agreement between two countries that sets out which of the two countries has the right to tax specific types of income and all the associated rules. It’s purpose, in part, is to ensure that the same funds are not taxed twice and provides a means by which tax that is paid twice, can be recovered, how and from where. Note: If the taxpayer income is sourced in one country but the tax payer is resident in a second country, use of a DTA can result in increased tax being paid, if the second country has a higher rate of tax on the type of income in question, than the other.
7. This document is being drafted in January 2024. Tax returns are due between now and 31 March 2024 which cover the period, 1 January 2023 and 31 December 2023. The tax changes affecting foreigners in Thailand came into effect 1 January 2024 which means this years income activity is not reportable until 181 days from the start of the year, for year round residents it will be due 1 January next year, 2025.
8. If you stay in Thailand for more than a cumulative 179 days, between 1 January and 31 December each year, you will be and always were considered to be Tax Resident in Thailand during that year, regardless of the type of visa you have. It doesn’t matter that you may be Tax Resident in your home country or elsewhere or that you pay tax in those countries, Thailand will still regard you as Tax Resident. Tax Residency and Immigration status (and the visa you hold) are different things. Tax residency is based solely on the number of days you spend in Thailand and where you are at midnight on each day.
9. It should be noted that there always was an obligation on the part of foreigners who were tax resident in Thailand, to report assessable income every year, provided they meet the minimum income threshold. This law was not actively enforced in the past and many remained unaware of their obligation. Very little has changed today, that obligation remains unchanged albeit the scope of income that must be reported has now increased and tax collection has taken on a higher profile.
10. Because you are Tax Resident, YOU must review your income each year to determine if it is regarded as assessable to tax in Thailand, nobody else will do this for you. If your income does not exceed 120,000 baht per year, you do not need to file a tax return (60,000 baht if your only income is bank interest paid to you by a bank in Thailand). If your income is over 120,000 baht per year, you must file a Thai tax return between 1 January and 31 March.
11. Your income in Thailand is defined as any money paid to you inside Thailand, as well as, any money you receive from overseas, both types are potentially assessable income for Tax Residents. There are many types of income that can be classed as assessable, the Thai RD lists some of them and is linked below, however, the list is not exhaustive:
12. There are also classes or types of income that the RD regards as exempt from assessment and these are also linked below:
THIS IS A PLACE HOLDER FOR THE CORRECT LINK
13. Income that is derived from within Thailand is fairly clear, if you work and have a job and you are a Tax Resident, your income is assessable for tax. Interest that is paid to you on Thai bank accounts is regarded as income, as is income from investments such as stocks and bonds within Thailand. You should note that if you are generating income by working while staying in Thailand, it is (and has always been) irrelevant where that money is paid and whether you bring the money into the country or keep it offshore. That money arises in Thailand hence it is taxable here.
14. It is not possible to give the same blanket rule to everyone to determine whether income is assessable or not because of the variable factors involved. Overseas income has to pass several tests to determine if it is assessable to Thai tax or not. It is still early days and all the rules are not yet clear. It has been said that tax residents who import funds from countries that have a DTA with Thailand, will not be effected. Exactly how that will work leaves many questions unanswered hence this document attempts to look at only the most popular types of income based on what is known at present. This document does not speculate as to what may happen in the future, other than in the segment at the end concerning likely future Immigration rules.
15. First and foremost, only income that is remitted to Thailand is assessable in Thailand, funds that remain outside Thailand are not. If we take the simplest type of income and say that you transfer personal savings from overseas to Thailand and those savings were earned before 1 January 2024, those funds are not assessable. But savings earned after that date are, hence the date when the income is earned is extremely important. A word of caution, you may be asked to provide proof that savings were earned before 1 January 2024.
16. The way in which the income is received in Thailand does not change its definition. Bank transfers, cheques, cash, overseas ATM and credit card transactions can also be income, the last two because overseas funds were imported to pay for goods or services in Thailand.
17. Another common type of income is pensions, which can be complicated, depending on the type of pension and the country that it comes from. The country of origin is important because there are over 60 different types of Dual Tax Agreements, sometimes called Double Taxation Agreements (DTA’s), between Thailand and those 60+ countries and each one is different. As a general rule, most private or company pensions from most countries appear to be assessable here but YOU will need to confirm that yours is or is not. If that is true, private and company pension income IS assessable income in Thailand.
18. US Social Security payments, a form of pension paid to some older people, can only be taxed by the US under DTA rules and Thailand is forbidden from taxing them, this means those payments are NOT assessable income. UK State pension on the other hand is not covered by a DTA so it is assessable income in Thailand whilst UK Government or Civil Service and NHS pensions are not! Australian old age pension is assessible income in Thailand.
19. The proceeds from the sale of a capital item such as overseas property, where funds are remitted to Thailand, is one popular source of funds, the sale of some investment products such as stocks, shares and bonds is another. Those proceeds typically comprise two parts, capital and profit. If the capital was acquired before 1 January 2024, it is free of Thai tax. One way to separate capital and profit may be to have an official valuation or statement that is dated 1 January 2024 since anything earned before that date, is not assessable. Also, if the profit has been the subject of a Capital Gains return in the home country, that also may be free of Thai tax but this cannot be guaranteed at this time, until things are made more clear and are once again subject to the terms of any DTA. YOU will need to review the DTA between Thailand and your home country to fully understand what particular clauses affect you.
20. It appears as though most property rental income that is remitted to Thailand is considered to be assessable income and is taxable here, unless of course it has been taxed in the home country and/or the DTA prohibits its taxation (which seems unlikely).
21. YOU are responsible for determining if your assessable income in Thailand exceeds the threshold and means you must file a tax return. That assessable income might comprise, pension payments, investment income, rental income or any of the other types of income listed in the link above. If you have assessable income of over 120,000 baht per year, you must file a tax return (60,000 baht if your sole source of assessable income is bank interest paid in Thailand).
22. Before you can file a tax return in Thailand, you need to acquire a Tax Identification Number or TIN from the RD offices in your area. You will need your passport, a valid and current visa or extension and in many areas, a Certificate of Residency from the Immigration Department.
23. Completing a tax return is a simple affair for most people, if you have difficulty, the Revenue Department staff are extremely helpful. Tax returns must be filed between 1 January and 30 March each year, if you file later than that, penalties will apply.
24. Thai tax is layered in bands and is payable based on the amount of assessable income that falls within each band and are shown and linked below:
Taxable Income per year(Baht) Tax rate
0 – 150,000 Exempt
150,000 – 300,000 5%
300,000 – 500,000 10%
500,000 – 750,000 15%
750,000 – 1,000,000 20%
1,000,000 – 2,000,000 25%
2,000,000 – 4,000,000 30%
Over 4,000,000 35%
https://www.mazars.co.th/Home/Insights/Doing-Business-in-Thailand/Payroll/Personal-Income-Tax
25. The Thai tax system contains a series of Allowances, Deductions and Exemptions that will help you reduce your tax bill and they are very generous. It is easily possible for the average expat foreign retiree to reduce their taxable income by 500,000 baht or more each year. For example, a retiree aged 65 years of age, married and living here full time, supporting a Thai wife who has no income and doesn’t file tax return, is allowed the following:
a. Personal Allowance for self - 60,000
b. Personal Allowance for wife - 60,000
c. Over age 65 years exemption - 190,000
d. 50% of pension income received, up to 100k - 100,000
e. In addition, the first 150,000 of assessable income is zero rated and free of tax
26. Additional deductions and allowances exist for health or life insurance premiums paid in Thailand. A complete list of deductions, allowances and exemptions can be found here
https://www.rd.go.th/english/6045.html or from Sherrings below.
https://sherrings.com/personal-tax-deductions-allowances-thailand.html
27. The Thai Revenue tax filing system is on-line but only available in Thai language at present. The tax forms are however available in English and they can be downloaded from the link below.
https://www.rd.go.th/english/63902.html
28. A simple sample completed tax form for a person aged over 65 years is shown below as a guide.
29. https://aseannow.com/topic/1312534-taxation-of-ex-pats-pensions-etc/?do=findComment&comment=18532562
30. Tax filing in Thailand is based on the honour system, it relies on you declaring all the right information every year and there are severe penalties for evading Thai tax. It would be foolish and a gross under estimation of RD capabilities to think that doing nothing and keeping a low profile means you should ignore Thai taxation. Very few sane people in the US and UK ignore the tax authorities who tend to have a long reach. It cannot be ruled out that at some point, a link may be established between tax filings and visa extensions. A law already exists that requires foreigners to apply for Tax Clearance Certificates before being allowed to depart the country but it is not being enforced currently. These things are possible because similar things have been adopted in several countries in the past, including the US.
31. The RD tax return requires taxpayers to report assessable income, the tax rules even list some types of income that are not assessable to help in this. In addition, some types of income, from some locations, for some nationalities, are also known to be not assessable.
32. If a taxpayer is certain that some of their income is not assessable, they may not want to declare it on their Thai tax return. Alternatively they may wish to ask the RD or employ specialist tax advisor's. It should go without saying that some taxpayers may try to suggest that some of their income is not assessable when really they don’t know for sure, or, they know that it is and say it that it isn’t, a sort of, chancing your arm and hoping you wont get found out. In that situation, the RD will not look favourably on such people and penalties are likely.
33. There are several sources of detailed tax information and these web sites are linked below:
https://www.rd.go.th/english/6045.html
https://sherrings.com/personal-income-tax-in-thailand.html
https://www.mazars.co.th/Home/Insights/Doing-Business-in-Thailand/Payroll/Personal-Income-Tax
*** END ***
"UK State pension on the other hand is not covered by a DTA so it is assessable income in Thailand whilst UK Government or Civil Service and NHS pensions are not! Australian old age pension is assessible income in Thailand."
Thats odd, but helps my NHS pension, I assume the bands start AFTER I deduct that? only on my Government and private pensions? in my case that would help substantially and im due my government pension this year but will open a Phillipine bank account and get my annual rises (allowable in Philippines but not in Thailand). ATM to the rescue! -
On 1/6/2024 at 8:41 AM, AhFarangJa said:
Still no change, is there any way to delete the piling pages of notifications?
It was put back then disappeared again?
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9 minutes ago, JonnyF said:
She also recruited other girls for sex.
A real gem, that Virginia.
and it only happened once, right? tricked on that sole occasion when she was still a virgin - sad, sad, sad and then they forced the money onto her
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9 minutes ago, JonnyF said:
Well if she was 17 and he paid her for sex then it's illegal so it matters in a legal sense.
From a moral standpoint, she was clearly acting of her own free will, nobody was forcing her to do anything. She simply revised history at a later date to portray herself as a victim and get a big payout. A decent hustle which paid off nicely. Only a fool would believe she was forced into anything. Even the people arguing her case on this thread don't really believe that - it's just a stick to beat the Royals with.
Well I mean Elvis would never do something like that right.. oh wait Pricilla was 14
The hypocrisy is astounding-
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Just now, Mike Lister said:
Just giving you info, that's all.
Right, but you get my point, I think...
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5 minutes ago, Chomper Higgot said:
You are correct.
’Girls’.
Got paid, then got paid again, poor little innocent things-
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1 minute ago, Mike Lister said:
1. The way in which the income is received in Thailand does not change its definition. Bank transfers, cheques, cash, overseas ATM and credit card transactions can also be income, the last two because overseas funds were imported to pay for goods or services in Thailand.
Understand, but they cannot tax ATM withdrawals - it's practically impossible - think of all the tourists, etc.
UK Pensions and related info
in UK & Europe Topics and Events
Posted
If that is true - why would any government give a pass to anyone who defrauds? doesn't make sense. No repayment? just 'pay from now on'? really?