JohnnyBD

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.

I respectfully disagree that it has always been the goal to have expats pay income taxes on their worldwide income. All the past and present rules only applys to remitted foreign income, and not one's total income earned in one's home country, or outside of Thailand. Maybe it was their goal to have Thai citizens pay taxes on income earned outside Thailand.

I agree.

As far as i know, foreigners are not required to report and pay taxes on worldwide income, only on assessable income remitted to Thailand, if it exceeds deductions, allowances and 0% tax threshold.

I would think the current rule exempting pre-2024 monies will continue to apply so those monies can continue to be remitted to Thailand tax free. It seems that the new proposal is targeting only new foreign earned monies from 2025 going forward.

I haven't seen any recent articles or announcements from the Thai gov't about taxing worldwide income of tax residents. Maybe the ww taxation idea was put on the back burner in favor of the new proposal to not tax remitted income.

The Thai Examiner has a much better detailed article that mentions expats as well as Thai citizens, and the article is about the new proposed tax-free remitted foreign funds. Nothing about tax on worldwide income. It was on another thread. Thai Revenue planning new decree making remitted foreign funds within one year tax-free for residents - Thai Examiner

Just curious, Why do you think people need to report a Gov't pension that's exempt or pre-2024 remittances or any other non-assessable income on their tax returns? I'm just trying to understand where you are getting this from, that everyone needs to report the above mentioned monies on a tax return. Is a tax firm telling you this, or is it just your opinion?

Just curious. How would you claim a Tax Exemption from the TRD after reporting a Gov't pension on a tax return when there's no place on the tax return to claim an exemption for that income? Would you also report your pre-2024 remittances or other non-assessable income on your tax return? If so, where & how would you claim an exemption for that income? Maybe it would be better not to report a Gov't pension or pre-2024 income or any income that is non-assessable on a tax return, that way you won't have to argue with them about whether it's taxable or not. By the way, which tax firm is advising you? Or, are you winging it yourself?

Just so I'm clear on things. Aren't we supposed to self-determine whether the monies we remit are assessable & reportable according to the rules? And, if we remit only non-assessable monies such as; pre-2024 monies, or US Social Security which is supposed to be only taxable by the US (as per the USA-THA DTA), then we should not need to file a tax return or pay taxes on those monies. Is that correct? Also, if one is a LTR-WP visa holder, then all monies remitted are supposed to be tax exempt as per Royal Decree, so one should not need to file a tax return or pay tax on any monies remitted. Is that correct?

Just so I'm clear on things. Aren't we supposed to self-determine whether monies we remit are assessable or not? And, if we remit only non-assessable monies such as; US Social Security or pre-2024 monies, then we should not need to file a tax return or pay taxes on those monies. Is that correct? Also, if one is a LTR-WP visa holder, then all monies remitted are supposed to be tax exempt as per Royal Decree, so one should not need to file a tax return or pay tax on any monies remitted. Is that correct? It appears some people are saying one should file a tax return and report all monies remitted, even if those monies are non-assessable, not taxable as per DTA, or exempted by Royal Decree.

If you want to both have online access to your joint acct with your phones and internet banking, UOB is the only option I know of.

Your situation is unfortunate, but I do not feel it's a bad omen for the rest of us. You're the only LTR-WP visa holder that I know of that had a problem. I did receive an email from BOI stating all my remitted income will be exempt, so I feel comfortable not filing a tax return. I hope you have better luck next year.

Just to clarify, you do mean the transaction limits of 2MM within Thailand from bank to bank? As far as I know there is no limit on incoming transfers from overseas. I recently wired 4 MM from the US to Bangkok Bank with no problem. They received it the next day.