JohnnyBD

It seems to say the PIT is levied on the assets received by the giftee (the giftee pays the tax) if over the limits, not on the gifter. If that is true, why is everyone debating about taxing the gifter. What am I not understanding?

This is very confusing to me, but I need to understand it because I send money directly to my Thai wife's Thai bank FCD account.

Please be specific and name the third scenario. Is it c) under section 67, or is it 68, 69, etc. I'm missing that distinction.

I guess you and those many others will find out when you go to renew your visa. If you're supposed to file and didn't, then you may have something to worry about. If you filed, and they ask you, then you have nothing to worry about, right?

Thanks for moderating all the speculation by some. You da man...

I am saying foreigners MAY have to pay the RD for the clearance certificate, in the same way we pay 300 baht for a Certificate of Residence. All immigration will do is require it, as it currently does other documents, before issuing an extension. This is just conjecture and speculation at this point, right?

After hearing me talk about the tax on foreign monies remitted for the past couple of months, my wife talked with some of her Thai friends who are married to foreigners. Every one of them said they never filed tax returns before and do not plan to now. If they read these threads, they would probably get a good laugh at how seriously we westerners take this issue. Some of their husbands are not here for 180 days so they are not tax residents, but they send big monies over to their wives. One of them, has several rental units and she said they do not file tax returns. Then I think, what's going to change for them? Who's going to (all of a sudden) knock on their doors to ask them about their finances? I find it kind of interesting, how we take these things more seriously due to our culture, but the Thais do not. And, probably no one will ever go knock on their doors, just like they haven't in the past. This will generate more tax revenues from the westerners who voluntarily file & pay, but for those who don't, maybe nothing will change. While we all can speculate as to some level of enforcement starting, the Thais my wife talked to don't seem to be worried at all. Maybe they know something we westerners do not. Just something to think about.

Please, can you add the following to the unknown issues list: 1. Whether CC purchases are considered assessable income or not 2. Whether foreign loan monies remitted are considered assessable income, such as for the purchase of a vehicles, condos, property, etc. It would be nice to have a clear picture on those items, if we could ever get one. Thanks a bunch...

I agree a revolving credit line and a credit card is not a standard one-time loan. I think this needs to go on the unknown issues list. Specifically, whether a loan or borrowed funds from any source are remitted income or not.

I agree. a true credit card has a credit line assigned to it, so any purchases or cash advances come from that credit line as borrowed money. Then, it's up to you when to pay it back. I don't see any grey area on that, no different than a home equity line of credit or bank line of credit. A credit card is not a debit card which draws directly from your bank funds. What each person thinks about this issue is up to them, but we do not know what TRD legal thinks about this issue yet. I think this needs to go on the unknown issues list.

Now that I'm thinking about it, my US bank credit card company is remitting the money to Thailand. I pay my US credit card from my US bank account afterwards. So technically, I'm not remitting any money to Thailand. I guess all foreign CC companies will have to start filing tax returns. Just joking. The thing is, I have a credit line on my credit card, so that is what I'm borrowing against for my purchases. That may affect the legality of the issue.

There seems to be different opinions on whether a CC charge (using a foregin bank credit card) is considered remitted income by the TRD. I assume the Thai tax laws do not specifically address this issue, and TRD hasn't addressed this issue. Is that correct? If they haven't addressed this issue, then it's anyone guess at this point, right? For those saying CC charges are remitted income, are you going to keep every receipt during the year, and then report it on your tax return?

IMO, not possible. That would be stealing from the customers who are not tax residents, and from those who are exempt from paying taxes, and from those who's remittances are non-assessable monies.

What if he started a new Part II thread with a link to the Part I thread for those that want to browse through 290 pages of posts. He could also, add the links to the all the other relevant topics for those who want to browse threads like; Outstanding Issues, Feedback from Revenue contacts, Strategies to reduce or avoid taxes, Gift taxes, Inheritance, etc. Right now, there are too many different threads and some are hard to find because people are not posting on them. Just my thoughts.

This is a very good idea with a link at the beginning to the Part I thread for those that want to browse through 290 pages of posts. Also, links to the other relevant topics for those who want to browse threads like; Outstanding Issues, Feedback from Revenue contacts, Strategies to reduce or avoid taxes, Gift taxes, Inheritance, etc.

Agreed. Please start new topics and close this one. This one is too long.

This is pure conjecture & speculation on one person's part. Not factual.

So does every other government taxing authority. I've been filing tax returns in the US since 1974, and I've never been audited, questioned, summoned or had assets seized. So, I'm not worried about Thailand's taxing authority at all. I will be getting a LTR visa soon anyway, so no worries after that.

I have a similar email stating that all of my income streams will be exempt under the LTR Wealthy Pensioner's category once I obtain my LTR visa, specifically; my social security, company pension, dividends, interest, investment gains and individual retirement accounts. Someone will reply to your post and say, but the LTR is not TRD, or they will say the LTR didn't say you could transfer it in the same year it was earned, or they will come up with some other reason to negate your reply from the LTR Visa Unit. Just be prepared.

Enjoy your dinner. No hurry. I want to be in compliance with the tax rules as we know them. No stretching the rules. Thanks

Mike, I'm married, tax resident and over 65. How much assessable income can I remit without having to file a tax return. Is it 60k, 120k or 220k or something else? I don't want to file a tax return this year. I plan to get a LTR visa later this year, but I don't want to go over the limit before I can get it. Thanks again.

Please disregard my previous post. We went back and found the problem. It was us, OPERATOR error. I didn't have my glasses on, and my wife was doing the steps for me, and in the last step, it asked if we wanted to use the exchange rate of 36.53, so she hit the "YES" button. We didn't notice the mark up note for 5.20%, below and to left on the SCB screen. We also didn't notice the "No, continue without conversion" button right below the "YES" button, so we were charged 5.20% by SCB for the conversion. It had nothing to do with my US Chase bank. I did another withdrawal today and we selected the "No, continue without conversion" button, and when it posted in my Chase account, I got a 36.50 THB exchange rate by letting Chase do the conversion. Chase will also reimburse me for the 220B access fee. I hope this is a lesson I won't easily forget, because I paid for it. 😉

Mike, Something with my ATM withdrawal yesterday didn't seem right. I never got such a bad exchange rate before using my US Chase debit card, so we went back and we found the problem. It was us, OPERATOR error. I didn't have my glasses on, and my wife was doing the steps for me, and in the last step, it asked if we wanted to use the exchange rate of 36.53, so she hit the "YES" button. We didn't notice the mark up note 5.20% (below & to left on SCB). We also didn't see the smaller "No, do not convert" button below the big "YES" button, so we were charged a 5.20% fee by SCB to convert to USD. It had nothing to do with my US Chase bank. I did another smaller withdrawal today and got 36.50 THB exchange rate by letting Chase convert THB to USD. Hopefully, this is a lesson I won't ever forget, because I paid for it.

I just looked at my payslip from the ATM, and It shows 20,000 THB withdrawal, exchange rate 36.53, access fee 220 THB, and total USD of $583.5497. So, when I first looked at the exchange rate, I thought wow that's a good rate, but when you actually do the math 20,220 THB ÷ $583.5497 USD = 34.65 THB. I will get reimbursed the 220B fee by Chase, but I really should have done a smaller test withdrawal, my bad. I won't be doing that ever again.

I'm not so sure you and him are talking apples to apples. He may be talking about using Thai bank debit card at ATM or exchanging cash. I tried my US Chase bank debit card yesterday as a test at a SCB ATM and when I checked my Chase acct to see how much USD they deducted from my acct, I was shocked. The conversion rate was only 34.65. The spot rate at the time was 36.67. I am a Chase Private Client so they will reimburse me the 220B fee, but I didn't think the conversion rate was going to be so bad, so I set up a test wire xfer and selected to send THB instead of USD just to see, and the rate was 35.69. I canceled the wire. I always wire USD and convert in Thailand for the best rate. So, the best I can figure is the ATM cost was the 35.69 rate minus a 3% fee which comes out to ~ 34.65 THB rate. Very costly. I will never be using my Chase debit card at ATM in Thailand. Chase doesn't charge me an outgoing wire fee when I send USD, so I will only do wires from now on.