Jenkins9039

More of a demographic issue. Gov is forced to debase the currency to offset the demographic loss to productivity (AI/Robotics will in the future achieve, but also displace). This pumps assets for those that bought before all the debasement truly got underway (2013). Whilst those entering the asset accumulation phase, or at the bottom, struggle to get sound footings. Nothing to do with Brexit per-se would have occurred anyway. EU will go through it more harshly, Germany the back-rock of the European Union is destined to collapse over the next 10 yrs. Difference is the UK won't be dictated to provide funding, and taxation to support, or further currency debasement to support ailing EU countries, so can just concentrate on our own issues.

Similar here.

Second part refers to non-state pensions, UK, EU, AUS, can't speak for America, not really on my radar...

See my comment above - Yes/No, it would be tax free up-to 150,000 THB and then taxed at Thai rates as Income... Because you don't get a tax receipt when you don't pay tax.

I answered this above. As per conversation with Revenue Department, Thailand intends to tax ALL income Remitted.

In addition, various "potential" ways to overcome (specific to some people). Own company overseas which pays a dividend/salary (recommend Dividend). Company does a loan for amount owed annually (lump sum) Lawyers countersign/translate. Remitted funds are NOT income but a Loan covered by overseas debt which is serviced by your next Annual Dividends. Own a overseas Credit Card Credit Cards are 'Credit Lines' covered under Debt, you are not remitting funds, and your annual overseas Dividends/Other will service that Debt. These are two areas I expect to play out in the Thai courts, and expect to be challenged, but Credit in no country is Remittance, however Thailand will likely claim otherwise especially if the person doesn't routinely leave Thailand during the periods. Note Thailand doesn't charge tax for Bullion/Gold (may change) - Selling Gold overseas would be contestable within Thailand as it's tax free in Thailand. Other manners to get funds is a quick flight to KL and fly back in with the max (9.5k?) which carries some risk, but ultimately is legal.

I actually phoned the revenue office (bangkok). Money earned overseas, and or as a business owner overseas regardless of tax overseas or not, is tax free unless remitted and then taxed, this includes companies which say are overseas in tax havens, and say don't have substance in the overseas location (otherwise hire someone on Fiverr on a permanent contract and use their home as the office). Money from property (rent / sale) overseas will be treated as Income when remitted (this will <deleted> a few people). Money in the form of 'not in the bank account' - say cash or even stablecoins (thankfully public) whereby savings and remitted, is tax free *IF* it was earned before and/or tax was collected, having said that any funds earned in 2023 and remitted will be taxed as Income, evidence to support it is savings is a must, for pre-2023. Money extracted from stock market activities, principle is tax free, ROI is treated as Income if remitted to Thailand. Elite Visa holders 'reportedly' spend around 30,000$ a year (such a low number and I am one of them so not sure where they are getting that from) anyway they will be taxed as Income like everyone else. Pensioners are in for a whammy though... State Pension is tax free as the State will have dealt with that, your private pensions on the other hand will be treated as Income and taxed, note some countries charge tax anyway, the terms of some of the treaties outline that Thailand will provide a credit for the tax paid, what you need to recognise is that is specifically on the $ (equivalent) amount 'earned' and 'remitted' meaning in some countries (say the UK) there is something like a tax exemption of 13/14,000 GBP, whereas in Thailand there is a tax exemption of 150,000 THB + (60,000 THB - needs verification), so from the 150,000 THB onwards you'd be taxed at the standard Thai rates. Note the Government is pushing through higher income for Thais, with luck they also increase the Tax levels upwards... also note 96%+ of Thais don't pay tax (and earn enough just they do not declare it or feel they should not be productive members of society) - the Government has commenced populistic politics which is what specifically has led to the downfall of our own countries (deficit spending and populistic appeal) - in this latest move we are the ones, alongside the productive members of Thai society paying for the populistic policies such as a free 10,000 THB bribe etc. This appears to be the start of the road our own Governments went down, and will need to be factored in before individual property appraisals and tax there etc. Likewise I am somewhat surprised no one has complained that for example, in the time i've been in Thailand, i've seen not one but two exit taxes created, and not one but three entry taxes created under the promise of this or that and then folded into the flight ticket. Somewhere the Thai Government has some major economic hurdles that haven't revealed themselves as of yet, and they are appearing to consolidate into causing more long-term hardship (like our own debasing currencies) by compounding what ever the issue is with populistic vote buying.

Money laundering... or capital influx thus capital flight, same reason entered on this new tax...

Who blamed their wife? You seem pissed (drunk)

Seems clear as mud as the wife translated it.

It's covered in this released by the Revenue department (in Thai). QnA41_2.pdf

Would have thought the entire point of a relationship would be to be milked...

Challenged in court lol

Had the yacht electrician do them, cost 5x the price but done properly.

The new policies will ultimately lead to a reduction in $ velocity at the CB level, which will cap their ability to manipulate (control) the Baht-$ ratio. All trade practically occurs in $, all debt is practically in the EuroDollar market. Without the flow of $ the EuroDollar market demand will create a squeeze on the $ the CB has flowing through it. This will then lead to Thailand de-dollarising in certain industries regionally so as to preserve the $ that do flow through the CB for the EuroDollar debt. The average person believes the $ is the reserve currency, it's not, its the Eurodollar market which is some 300-400 trillion (no one really knows) - ledger based debt/liability system, the $ is just the 'benchmark' like the Gold pegged currencies previously utilised, now its pegged against the $ in paper ledgers and digitalised ledgers... But its serviced (paid in $). Have a look at the derivatives right at the bottom of this: https://www.visualcapitalist.com/all-of-the-worlds-money-and-markets-in-one-visualization-2022/ That includes the EuroDollar market.

I didn't say that, they wouldn't go after Thai's they would go after the Chinese IP.

Thailand recently got a new government more aligned to the US than China. A Chinese EV is 12-15,000$. A US EV / West EV is 40-120,000$. EV's will get more expensive in Thailand as China is using Thailand to build out the EV(s) and circumnavigate the Sanctions on Chips so as to sell into the ASEAN market. US won't allow.

Likely hurt the white economy, and wipe out the grey economy around tourism

Without $ flowing in in-mass for tourism and expats, Thailand is reliant on it's trade, and that needs to be in a surplus to imports. Therefore if $ are going out (not $ itself at the individual level, but the inter-change mechanism) than coming in, the country won't be able to control the THB - $ rate. As all debts are usually in EURODOLLAR, Corporate/Gov (ledger) they need physical $ capturing to pay down the debt or interest. So Thailand's approach to this new tax system will leave them longing for $ (you transferring in Euro's etc) to give the central bank the $ to service the Corporate demand & Gov demand. They will swiftly find themselves in a similar to most of the world, and armchair BRICS supporters will think Thailand trading with some countries in THB will be another win against the US Reserve Currency (its not) but in reality it will be because they don't get enough $ flow/velocity to service the EURODOLLAR commitments... FYI EURODOLLAR is the reserve currency, and that's just ledger based debts and liabilities, the $ is the mechanism for paying down the debts/interest. So som-nom-na

Good, now talk about the lack of $ that will flood into Thailand with these new proposed tax changes, which will impact the central banks ability to control the THB

Crickets from them on the subject

No <deleted>, demand for it will crash with this news.

They will be flush with cash, our cash!!! How about taxing the Thais, just 3% pay taxes, and every farang road is full of wags that do side hustles and don't pay tax, <deleted> me, 90% of the Thai's i meet scream poverty whilst earning 20,000+ in the grey economy and not declaring or paying.

No.

No one is disputing that, what people are disputing is the fact savings are being taxed when brought in. I for example previously worked in a Tax Haven, there's no agreement with Thailand, now if i bring funds in i am looking at 35% plus VAT on expenditure, I probably spend on average 10-20x what the average expat spends (OAP drawing their pension, there's 10,000 people in similar shoes that bought into the Elite Visa because of the long-term stay and deferred fund remittance (tax free). That's a LOT of money that won't be coming to Thailand in future, i myself, the wife, were looking at local nations for the next dividends starting 2025 (Cambodia/Laos for 5 months annually for a few years) as we wanted to have a better flow with household staff (children) and ease of return, Now we are looking at Penang. I'd hazard a guess Thailand will loose just from our household 5m$ easily aggregate x years. The wife pays tax on her businesses income (personal) and even declares and pays tax on the allowance for the staffing (nannies, maids) etc - Now the Thai Gov won't get a penny, as she said, it's ok, I won't have to pay this tax now, so she's content. So som nom na.