junkofdavid2

Thanks to everyone for all their inputs, and I (and other posters) continue to learn from all your views.

Actually, I don't mind so much if I can't deduct "this or that" as an expense, and I don't mind paying more tax than I should. I'm still operating at a loss (albeit a smaller one) and there's word going around now that it'll be harder to renew WP with a loss instead of a profit.

The only issue therefore, about not being able to deduct a certain expense, is that the bank statements won't tally.

For example, if I can't deduct a 10k rent expense, that's fine with me. But then there'll still be a 10k payment seen in my bank statement. How would this "non-tallying" 10k payment affect the audit?

Interesting question aye...?

I've never really been badly hit ever since I started getting the yearly flu vaccine 2 years ago, even if I just get the southern hemisphere one.

In the past, I would get hit very often (maybe 4 times a year) and really bad, like for 2 weeks easily.

Since the flu vaccine, i've been "hit" maybe twice, but it was extremely mild and went away in about 2 days.

I'm now thinking of getting the Hepatitis A vaccine but it's expensive (2 doses for about 4,500 Baht). Wonder if it's worth it...

This place will generally be okay for as long as the well loved charismatic guy up there is alive, and can counteract overly grave abuses by the power blocs; and can bring calm to chaos.

Long live to him!

Is it true that even without 40k a month income (and not much money in the bank, and not 50 yrs old either), I can get a 1 year multiple entry O visa at a Thai consulate abroad, just using my wife's I.D. card and our marriage certificate?

(Meaning, I wouldn't get it thru the immigration dept, but thru an embassy or consulate abroad).

Would there be less (financial) requirements if i did it at a Thai embassy abroad instead of at immigration? Which countries if ever?

Thanks for the info Bill!

Actually, yes. I shouldn't have a problem proving we actually pay 30k instead of 20k.

Firstly, we have 2 rental contracts, 1 for the 20 k, and another separate one for 10k for "additional" payment to the landlord (?).

Secondly, the entire 30k is paid to him monthly using just one company check addressed to his name.

That's a strong paper trail enough!

To be honest, I'm wondering what kind of imbacil he is to think he wouldn't get caught by the Revenue Department, issuing a lower receipt when there's a very clear paper trail in cheque form implicating him.

On the other hand, maybe I'm the imbacil for not knowing that he can easily get away with that kind of stuff "because he's Thai and the Revenue Dept. will let him do it the Thai way"???

What do you think?

It's mind boggling to me, don't you agree? How does he (or the Thais in general) get away with it? (if at all)

Example 1: During times that company was losing money, bosses would simply "deposit" money into the company's account so that the company would have enough cash to meet it's obligations. No, there was no proper documentation of this in the form of "Capital Infusion" or anything like that. Just the deposit slip and/or an incoming remittance from home country. Therefore, there was money coming "into" the company and can be seen on the bank statement, but since it wasn't due to a sale, there isn't any receipt issued by my company to back it up.

This is easily corrected. You will need to make a few adjusting journal entries on the dates that correspond to your bank statement for the deposits. The entries will be made to contributed capital which will increase the owners equity in your firm.

Thanks Bill!

Really appreciate it....

Now my only problem is the payments for which I don't have receipts from suppliers/landlord, etc.

What's the worst that can happen for that? I simply won't be able to deduct it as an expense? If that's the only repercussion, I can live with that...

Cheers.

Ey, and while we're at it... how about the food ladies who receive and count money, and then use the same hand to touch the food. Money is one of the dirtiest bacteria and virus infected things in the world!

Even in first class Siam Paragon, the lady was so hygienic as to use gloves when holding food to serve... and then she used the same set of gloves to receive the money!

It was in that "upper classed" snazzy bread place serving cheese bread and stuff... Can't remember the name. Will post it here after I go back to Paragon and check on the place.

Yuck!

What puzzles me even more is that even the upper classed and educated Thais don't seem to mind when food (or fruit) is served to them that way.

I lived in the Philippines for several years and even the lower classed Filipinos will create hel_l and start world war 3 against a food lady who did that. (At least if the saleslady did it in front of them).

I used to have a fastfood franchise in a nearby Asian country. I knew that my staff was stealing and already had evidence.

I coordinated with the cops and had them arrested and cuffed right in front of the rest of the staff. They were jailed for about 2 weeks until their entire families were able to put together some kind of "compensation" to me to cover for the theft for which there was concrete evidence. Of course, I'm sure that they had stolen a lot more in the past which I didn't spot and didn't have evidence for. But at least I got "some" money back and sent a message to the rest of the staff.

Hi!

It's the beginning of a new year, and just as last year, it's time to begin your 2006 Annual Audit, to be submitted to the Revenue Dept by May.

I would like to open this forum to voice your common problems, and to see how others who had the same were able to solve it.

Here are some which I'll begin with:

How serious is it if the balances and transactions don't tally exactly with your earnings and expenses? (This is a Ltd. Co.)

Example 1: During times that company was losing money, bosses would simply "deposit" money into the company's account so that the company would have enough cash to meet it's obligations. No, there was no proper documentation of this in the form of "Capital Infusion" or anything like that. Just the deposit slip and/or an incoming remittance from home country. Therefore, there was money coming "into" the company and can be seen on the bank statement, but since it wasn't due to a sale, there isn't any receipt issued by my company to back it up.

Example 2: Office rental is 30,000 a month. The Thai landlord only gives receipt for 20,000 as is his policy with all the other tenants in the building. Therefore, company has an expense receipt for 20,000, but the bank statement will show a deduction of 30,000

Actually, we had the same scenario last year and we had no problems with the Auditor signing and filing the Annual Audit (I wonder if he even really went thru all docs, or just signed the Audit for the money!).

However, we have a new accountant and auditor this year (as the old accountant was "bad" in other ways) and I'm wondering if our new accountant and auditor would have a problem with this.

Is this type of problem common here in Thailand? Is it considered serious by many Auditors (was my last auditor simply a "fluke"? Or do they really not care so much?).

Let us know if you've been thru this, and how you resolved it.

Or, let us know what other Annual Audit problems you may have had (or have now) so that other posters may respond.

Cheers.

yeah.

www.tdameritrade.com

he'll fill out the application form online, and then receive instructions to deposit to his account via wire transfer or sending a check.

or he can print out the application form, and then fill it up manually, and then Fedex it to the states together with his check payment. so easy. not complicated at all.

Under another section of Thaivisa.com (under General Topics), there's some news report (from the Strait Times) suggesting that the work permits of employees of "inactive or non-profitable" companies will be withdrawn when the employees apply for renewal.

Anyone know if this is true?

The Labour office officially denied it, but according the the news clipping, it was from "sources within the labor department."

Interestingly, when my farang friend's WP was renewed the last time, the Labour officer did indeed stamp in the terms and conditions section, that her company's 2006 annual audit would need to be shown come WP renewal time. (Although luckily, I think her company is profitable... it seems to be but of course it wouldn't be polite of me to ask.)

Maybe Sunbelt or someone else could answer that....

cheers!

Let me play the dummy (easy role ) here: if the BOT in fact suffered a loss of 174 billion baht in its currency reserves (held in other currencies, such as dollars), is it because they kept selling their dollar reserves in order to weaken the value of the baht? Hasn't that operation failed miserably? E.g., I've been getting 35.75 baht per dollar, down at the ATM's in Thailand, since early December, and I just got 35.61 today, as well. I hate getting so much less than 40:1, but 35.61 surely beats 33.20. When I look at the daily fluctation on Yahoo, the spikes go up and down. Is that because every time the rate gets below 35 or even 34, the BOT floods the market with dollars they bought at higher rates?

I'm confused... isn't it the other way around? The BOT wants to weaken the baht, so they sell Baht and buy dollars, right?

Correct me if I'm wrong....

You're already on their radar screen I guess.

(I know many teachers, but you're the only one I know who has been asked for this kind of letter.)

The most self benefiting route for someone in that situation would be to leave the country ASAP or end up like those 2 farang teachers on the news who are now in JAIL because of "dodgy" degrees.

However, fleeing the country after breaking the law would be illegal.

The legal thing to do would be to turn in oneself in and confess the crime.

*(Sorry, I had to say that last statement so that I'm technically not suggesting the illegal "fleeing" of the country...)

Might get a slap on the wrist (deportation or fine?) instead of long jail time.

Other people in that situation would flee asap. (Again, my official statement is that I'm not suggesting that route...)

More pretty girls in Thailand

Food in the Philippines can be just as good as Thailand, but you'd have to pay more. The better the food you want, the more expensive a restaurant you go to in Manila; as simple as that!

(As opposed to Thailand where the cheaper the restaurant, the better the Thai food is!!!)

Average meal even for a poor person would be about 50 baht... compared to only 35 baht in Thailand.

People speak English, but you get ripped off by Taxi drivers just the same. So who cares!

Filipinos are generally harder working and (in my opinion) much more intellectually capable (resourceful, can think for themselves, and responsibilities can therefore be delegated). But that has it's downside... they sometimes think they know better than the boss and do their own thing, and can be a lot more insubordinate than Thais. Add that to the fact that they can be fierce, confrontational, and argumentative as well. That's okay when someone is right, but not when someone is clearly wrong!

In choosing a wife, Thais are better... hands down!

With so many changes to the requirements for visas and work permits I thought I better double check this one:

Does the Labour Department still require work permit holders to make enough salary to pay income tax of Bt18,000 per year? I think this works out to about Bt31,000 per month.

Thank you, Misty

Officially no. Unofficially in most cases, the unwritten rule is 18K in tax per year if you are an Executive. However in some cases it has been no tax required.

www.sunbeltasiagroup.com

Sunbelt:

What if you are an Executive, but from a "poorer" country (like say, Indonesia-Malaysia-Philippines-Etc.)

Is it still 18k per year in tax?

Can it be less and then still get WP renewed?

Thanks All!

You're very welcome.

By the way, while it is advisable that you indeed get a tax i.d. like the other posts suggest, it is NOT NEEDED for this withholding tax certificate.

Cheers,

David

I'm a musician that has been hired to play at a resort in Phuket through a music agent in BKK.

The agent is withholding 5% of my salary for "income tax". How can I be sure he is actually paying my tax with that? Like most music agents he is not exactly trustworthy. I havent received any taxpayer ID to my knowledge. Is there a document I can request from him for proof of tax paid?

Thanks

Very simple. Ask for a Withholding Tax Certificate (It can be bought at office center, or downloaded from the Revenue Department Website. It's a fill-in-the-blanks form on which your agent should completely write your name and passport number (Thai I.D. number if you're Thai). On another part of the form, your agent should write the official name of his company, as well as the Tax I.D. number of his company. On yet another part of the form, he should write the gross amount he paid you, and then the net amount of tax withheld from you.

At the bottom right hand corner of the certificate, an authorized representative of his company should sign it, and stamp it with his company seal.

He should give you 2 copies of that. That is your evidence that tax has been properly withheld from you. At the end of the year when you file your tax return, you use that like some sort of "cash coupon" in paying the government. For example: your total tax for the year is assessed to be 10,000 THB. However, you have Withholding Tax certificates showing that a total of 7,000 THB has already been withheld from you by your agent. You therefore only have to pay the remaining 3,000 THB directly to the government, and then submit the withholding tax certificates worth 7,000 (as though it was as good as cash). Therefore, don't lose it! It's as good as cash as far as paying taxes are concerned!

On a side note... if you use it as I explain above and submit it (in lieu of cash) to the government to settle your taxes, and then it is found out that your agent didn't remit the tax like he was supposed to... then HE will get in serious trouble (not you).

Cheers,

David

Now, there is no doubt anymore.

The guy is totally lunatic.

"Singapore is a very small country, but it is so rich that it can buy 140 billion baht of our national assets," Gen Sonthi said in a speech at a seminar in Bangkok on Friday. "I am thinking about whether we can take those assets back. I want our national assets back, especially the satellites."

http://www.bangkokpost.com/breaking_news/b...s.php?id=116848

The article say that the speech was broadcasted. Scary.

I wonder what 'our great leader' has in mind .

invasion anyone

I'm pretty sure if Thailand got up and decided to invade Singapore the global response would be serious. Singapore is a developed country with military ties to the U.S. and other NATO countries. Singapore military training also emphasizes "force multiplier" training through scenarios involving war with larger countries like Malaysia so I seriously doubt they'd have a problem with Thailand. Singapore is also equipped with a more professional and modern military that's capable of repelling invasions from the air and sea. I seriously doubt Thailand will be going through Malaysia so I expect to see a lot of sunken Thai ships.

From Wikipedia:

The SAF also utilises technology as "force multipliers". It is widely recognised that the SAF is probably the most technologically advanced force in Southeast Asia, in terms of C4I integration which will enable its CAD to fight in an integrated manner.^{[citation needed]} The army, air force and navy are linked via advanced data-links and networks to enable coordinated attacks and support for various units and forces. It also possesses the most capable military manufacturing industry, having built a 28-ton armoured fighting vehicle, various self-propelled 155 mm artillery, modernised all its fighter jets, built naval vessels and communication electronics. This enables the SAF to operate customised equipment designed for its unique requirements.

It is well-known that the SAF has probably the most advanced in <a href="http://en.wikipedia.org/wiki/SIGINT" title="SIGINT">SIGINT and imagery intelligence in the region.^{http://en.wikipedia.org/wiki/Wikipedia:Citing_sources}The Air Force also operates Israeli manufactured UAVs, equipped with thermal and optical sensors.

Singapore also has the regions only Apache longbows to combat modern armor. Thailand and their 1950's era tanks would be screwed.

Not only that. Singapore will "officially" state that they have "no nuclear weapons".

But for a tiny country surrounded by big neighbors which could be threats, and with super advanced technology and so much wealth to buy and conceal so much of such nuclear weapons... Duh!

Hi

I'm thinking of doing some freelance writing, possibly selling these to Thai publications. If I write these articles outside of Thailand, and they're sold in Thailand and while I am physically present in Thailand, am I working 'illegally' in Thailand if I don't have a work permit?

Also how do people who write an occasional article in Thailand which they then sell in or out of Thailand fit into the work permit/tax regime in practice (this is for someone who might write the odd article for the odd publication but not lots and not for lots of money or for an organisation who would be able to sponsor them for a work permit).

Any helpful solutions and advice much appreciated.

regards

Lucky

I would think that you legally need a WP.

Hel_l !!!

You even need a work permit to lay a tiny brick on your wife's house while your "helping build" it, or to even do volunteer work. All those good souls who helped Thailand right after the tsunami are liable to go to jail for 3 months because of their "volunteer" work immediately after the disaster.

The question of course is enforcability (if there's such a word).

BANKS THAT PAY NON-RESIDENTS FOR SAVINGS ACCOUNTS

Government Housing Bank

Government Savings Bank

Siam Commercial Bank

BANKS THAT DON'T PAY NON-RESIDENTS

Thai Farmers Bank

Bangkok Bank -- No interest for savings account. Interest for 1,000,000 fixed deposit

http://www.bangkokbank.com/Bangkok+Bank+Th...posit+Rates.htm

Everyone please copy this into your post and add to it so we can make a complete list.

Then, if you can go to your non-paying bank and drain nearly all of your funds and tell the bank why, please repost back their response.

I dispute that.

I have Thai Farmers Bank which I opened without a work permit nor a visa, and I've been earning interest with it ever since. I have a work permit now, but the interest would come in even when I didn't have the permit yet, and I never informed them when I "finally got" a work permit either. Therefore, it seems irrelevant to them (at least in my branch).

Cheers.

I don't know about the current policy in Thailand.

But this is an interesting and possibly related fact to the THB:

All I know is that there were 2 rates being used on the Philippine peso in the Philippines in the 1980s.

There was an "official rate" being "enforced" by then dictator Ferdinand Marcos who was trying to make the Philippine peso look stronger than it really was. All "legal and official" transactions in the Philippines (used by banks, money changers, etc.) had to use this official rate.

On the other hand, the Philippines at that same time also had a "black market" or "underground" rate which "illegal" traders would use, which was similar to the USD/PHP rate in the world market.

Cheers!

Hi!

Accounting firms will charge as much as 4,000 THB per month to file and pay your withholding tax and Vat.

This is not a bad amount if you have a medium sized company with many transactions.

However, in a company like mine which issues maybe one receipt a month to Clients and only has a few receipts from very few suppliers, it doesn't seem worth it.. considering that all it really is, is a "fill in the blanks" form where you state your Vat sales and Vat expenses (Form P.P.30) and write your Net vat payable. And it's also a fill in the blanks form for withholding tax (Forms PND 53 and/or PND 03).

Supposedly, you can fill these up yourself (if you read and write Thai) and submit it to the Revenue Dept. together with your cheque payment.

So, does anyone here know how to do it?

Is it easy if you don't have many transactions?

On which item numbers on PP30 do you write down your gross vat sales, and on which item numbers do you write your input VAT expenses? On what item number do you write your Net vat payable?

Which item numbers are for what on the PND03 and PND 53 (for withholding tax)?

Sorry, I don't read and write Thai, but I already know how to fill out my own withholding tax certificate (given to my suppliers) by "memorizing" which items pertain to what...

Any comment on PP30, PND03, and PND53?

Cheers!

Hi,

Didn't notice it for about a week or two, but later realized my shoes (adidas rubber shoes) were a little too tight.

1) What kind of "tool" can someone buy to stretch these?

2) Where is this tool available?

3) Around how much should it cost?

4) Can it be done in a repair shop instead?

5) Can anyone recommend a good repair shop for this? (And where is it?)

6) How much would the repair shop charge?

7) How do you say "stretch" in Thai language?

Cheerios

Hello !

Which Quickbooks version is applicable in Thailand?

I heard it should be UK version.

However, how do you know if the Quickbooks you're buying in Thailand is US or UK version? It doesn't say on the packaging?

For that matter, even the packaging on Quickbooks sold on the internet (and even on the free version on CNET) doesn't say which version it is...

Where in Thailand can this UK version be bought?

Thanks.

ABOUT CHIDLOM FOODLOFT

I like the atmosphere in Central Chidlom Foodloft and it has an okay pizza, salad, and pasta stall at a good price. (59 baht for a big slice of pizza... not bad!)

However, I must say that among the high-end food courts, Chidlom Foodloft has the one of the WORST stalls for Asian noodles. Have you tried their Pad Thai or their Malaysian noodles?

Very nice presentation, but just about the blandest anywhere in Bangkok, and it doesn't taste Asian at all (like it's lacking a lot of authentic Asian ingredients). It's like they really tried to "modify" the recipe to cater to bland tastes for the "more Western" clientele.

Not to mention, it costs up to 5 times more than the authentic padthai etc. in the lower end food courts.

On a personal note: I've tried many Pad Thai versions around, both on the street and in restaurants.. and the best I've ever had is on the street in Soi Saint Louis 3 (between Sathorn Road and Chan Road). Dam_n good. I go back to that same stall all the time.