JohnnyBD

Did you get a tax clearance certificate or just a receipt showing you filed and paid taxes? I haven't read about any foreigners being stopped from leaving the country. Maybe the old law requiring a tax clearance certificate was for those who actually worked in Thailand, and not really for foreigners who just remitted money from overseas.

Do you mean the 12-month statements you can apply for through the app? He's probably talking about getting a bank signed paper copy showing 12 months of transactions so he can use for his annual extension.

The tax proposal in the article you refer to only affects non-US citizens who transfer money out of the US, and it's just a proposal right now. Also, some US citizens (like me) are not required to pay taxes on monies remitted to Thailand due to their (my) income being tax-exempt.

I did a cash deposit of 40k at a Bangkok Bank ATM last week, and it took the money the first time. I also updated my bank book afterwards. No problems.

So sad... This one poster has infected every tax thread on this forum with his global taxation agenda and speculation, causing needless disagreements & discussions. His agenda will not change, so I for one, will not waste anymore of my time with this person. I wish all others would do the same, but to each his own.

No, Citibank Thailand was sold to UOB, and all my accounts were transferred over to UOB in April 2024.

Why cut my post short. I told you: If you would, please let us know as soon as global taxation becomes law in Thailand. Until then, it's just a waste of my time discussing something that may never happen. Life is just too short. What part of that don't you understand. I do not want to discuss this with you any longer as it is a waste of my time. Please let me know if it ever becomes law, otherwise you were wrong about it becoming law...

If you would, please let us know as soon as global taxation becomes law in Thailand. Until then, it's just a waste of my time discussing something that may never happen. Life is just too short.

That RSM website writeup was sourced from the Bangkok Post article on Sep 6, 2024. That was a long time ago. A lot has changed since that old writeup.

New article makes things pretty clear. https://www.pattayamail.com/latestnews/news/financial-world-expects-policy-reversal-on-taxation-of-foreign-income-repatriated-to-thailan

New article regarding this issue makes things pretty clear. Financial world expects policy reversal on taxation of foreign income repatriated to Thailand - Pattaya Mail https://www.pattayamail.com/latestnews/news/financial-world-expects-policy-reversal-on-taxation-of-foreign-income-repatriated-to-thailand

Thanks, Pretty clean article. I hope the questions answered in the article were done by someone with authority.

You may be able to open an additional acct with SDFCU since you already have one with them. Last year when I found out about the new Jan 1, 2024 rules, I opened an additional acct with Chase Bank to separate my SS (non-assessable income) from my private pension deposits, so I wouldn't mix them. I did the same with Fidelity by opening additional accts to keep my 2023 & 2024 Income separate. Worked out good for me for tracking purposes.

I have a simple solution to your hypothetical situation. Just open a new separate bank account to put your taxable IRA distributions in, then wire those new monies to Thailand. I know you're just posing a hypothetical, but there's no need to cause yourself problems by mixing new monies (not taxable in Thailand), with old monies which would be taxable under new rules if implemented.

I agree with your thoughts on the subject. No one knows for sure how all of this will unfold, but if they started requiring all tax residents to report and pay taxes on their foreign income, then I think the vacuum it would create would be much worse than the slow down on remittances they experienced this past year. Luckily, I did get the LTR-WP last year so I feel pretty good, but if things changed for the worse, I would simply stay in Thailand less than 180 days. I know a lot of expats won't have that option, so I really feel for them. Lets hope it never comes to that.