Gents I only learned of this proposed Tax on Income, brought into Thailand the other week when I saw the Bangkok Post headlining the feature.
I live in a Retirement Home and no one else here had heard of the proposed tax, several have suggested I am talking Poo.
I have been trying to learn more but am having difficulties.
I will write what I believe to be correct, please correct if you know better.
1) At this moment it is a proposed tax not yet law.
2) Everything I read suggests it will become law and is dated back to 1st January 2024.
3) My UK Old Age pension is subject to the income tax but my UK Forces pension is not subject to tax.
4) I cashed in my last UK investment and brought out 30,000 pounds this year and this will put me into the 35% tax bracket for this year.
5) in a normal year my income will be under the B150.000 which attracts no Thai tax.
6) A friend sent me a report from a Lecture delivered to Pattaya Expats club by an Expert. this suggests that the proposed tax may never happen and that its main proposal is to catch the Multi Billionaire who keep their money outside Thailand
and only bring money into Thailand as and when they require it to settle bills, however We Retired Folk will be caught by the law.
7) We are require to fill in a Tax Form every year as we spend more than 180 days a year in Thailand. I have never known a Frang who is not in business to declare to the tax authorities each year as we are supposed to do.
8) Does anyone know of a reputable Tax adviser ?
9) Any and all advice is appreciated.
John