Danderman123

7 minutes ago, WilliamSmits said:

I send all needed money to my wife each month. She is registered as "farmer" in Isaan and we live in Bangkok.

The idea of paying tax never occurred to her.

Who is worried? Or are it just tax "advisors" making us worried?

Lots of Thais don't pay taxes.

They also don't transfer cash into Thailand from other countries.

17 minutes ago, jayboy said:

 

Actually you did imply it.Capability exists for a huge range of actions but one should focus on the credible ones.

 

 

There are 2 credible outcomes here:

The new rules are forgotten, since it would take a lot of effort to accommodate retirees.

Or

A handful of retirees are audited, and some are sent to the monkey house, as a means of encouraging compliance.

1 minute ago, Peterphuket said:

Well, if I remember well there was a Thai, about 20 years ago that went bankrupt, the name I can't remember exactly the name, something with Siamcommercial, by the way the maximum guarantee on your account is 1 million bath, still something to worry about.

I am thinking more along the line of people who have had bank deposits disappear, usually from bank employees embezzlement.

4 minutes ago, Mike Lister said:

Theoretically......Immi is part of the Police. If TRD believes you've committed tax evasion and want to talk to you, Immi would record your name in the access database and you would be stopped. 

You just kicked the can down the road.

How would the Revenue Department even know I exist, let alone suspect me as a tax evader?

Any effort they spend on me would be a waste of time, since I'm not a tax resident this year.

2 minutes ago, anchadian said:

What if you transfer (Wise) all of your income to your wife or girlfriend’s Thai bank account and withdraw from that account as and when required, would that work?

We all trust our wives and GF’s 555

It certainly would work for the Thai ladies. And their Thai boyfriends (if they have them).

Next scene: Farangs hurling himself off a high rise balcony.

Just now, jayboy said:

 

Of course they would have to declare those payments and account for them.

 

My point was that holders of those foreign credit cards, most of which would presumably be visitors, would not be investigated to see if there was some chance their Thai tax affairs were not complete.

But a foreigner under audit who made credit card payments to Thai enterprises would be invisible to anyone with access to the data (presumably the Revenue Department).

Got it.

13 minutes ago, Mike Lister said:

At some point you are going to present your passport to somebody, either on the way in or the way out. At that point, they found you.

Yes, Immigration sees me when I enter or exit the country.

But Immigration is not the Revenue Department. My question is how would the Revenue Department find me to audit me?

Please don't answer that TAT sees me when I take part in one of their promotions.

3 minutes ago, 10baht said:

Nothing new to Thailand, failed schemes , like the 300 baht tax on airline arrivals they have been trying to do for years?

The question is whether it's worth it to prepare for a situation where the Revenue Department actually audits people in 2025.

5 minutes ago, 10baht said:

They will not have the money to pay for audits. And how do you prove a negative?

No need to prove a negative. Simply document that money transferred into Thailand was earned prior to 2024.

1 minute ago, jayboy said:

 

Seriously misleading.Global Payment Agencies certainly do have reporting responsibilities and Central Banks like BOT will use that information regarding overall financial flows as part of their arsenal.But there is no question of routine individual transactions being monitored.If one used a credit card issued by a Thai bank there might in the future be some monitoring process leading to questions if anything seemed unusual - but in my opinion this is unlikely.As for cards issued by foreign banks with settlement made overseas, the suggestion that any Thai authority would be monitoring let alone acting on findings on individual transactions, is just plain ridiculous.

The implication is that any Thai business that receives payment via foreign credit cards doesn't have to declare those payments, since an audit can't flag them.

Great news for hotels and restaurants.

Just now, 10baht said:

They will not have the money to pay for audits. And how do you prove a negative?

If there are no audits, the system fails.

Certainly, there would be no expectation that Farangs would file tax returns.

24 minutes ago, wensiensheng said:

So if I live off my capital and don’t bring any income in to Thailand, or earn any income here, do I still need to fill in a tax return? 
 

no taxable income to declare will be a nil return if so

If you don't bring any money into Thailand, no need to file a tax return, unless Immigration Department demands one (unlikely).

43 minutes ago, worrab said:

I have checked the situation with large amounts in a Thai bank and it is just as safe there as anywhere else. There is more than enough protection in place. The only time it could go wrong is if the bank went bankrupt which is highly unlikely with the big banks.

Ignorance is bliss.

2 minutes ago, Ben Zioner said:

But they don't need too. But they will call up every single transaction of the people they audit. Don't forget that how the system works: you declare, they audit randomly, if they catch you evading IT they will hurt you a lot. You can call this dissuasion, but that's what most countries do.

How would the Revenue Department find me to audit me?

2 minutes ago, worrab said:

You are missing the point. If you do not need to make a tax return for whatever reason, the scenario I painted with inheritance or shrewd investing not needing to submit funds after Dec 2023, how can you be asked for it at renewal time? 

You are absolutely correct.

If you transmitted big money into Thailand prior to January 1, 2024, you don't have to worry about filling out a Thai tax return.

I personally wouldn't trust a Thai bank with that much money.

3 minutes ago, Gknrd said:

Everyone is going to be different. But, for the majority of expats It is going to hit their capital gains. Or earned income from abroad from multiple fronts. I have heard allot of different stories. Don't think just because the US has a tax treaty with Thailand that SS won't be taxed.  The threshold in Thailand is much lower than in the US. 

But ask Mike Lister, he is the expert... hahaha

Taxation of US social security benefits would require that Thai marginal tax rates would have to be higher than US rates.

Even so, you wouldn't be liable for the entire amount, US tax payments would be deducted from Thai taxable amounts.

6 minutes ago, worrab said:

 

Other expats could be in similar situations one way or another with shrewd investing before Jan 2024 ensuring there was enough funds here, so how could you tie the return and Immigration together?   

Immigration knows whether you have remained in Thailand long enough to be a tax resident.

Therefore, if you are a known resident, Immigration *could* ask you for a copy of your tax return, when you request your annual extension.

Just now, Alotoftravel said:

even foreign credit card ?

Especially foreign credit cards.

Just now, ExpatOilWorker said:

Are you saying, that you don't think the yearly tax eventually will be linked or part of the process for the yearly extension?

No one knows.

6 minutes ago, mania said:

Question...So at the end of the day if all monies I bring into Thailand to live on are from US Social Security payments & savings in the USA I need not file anything?

You are confusing two questions:

Do you need to fill out a Thai tax return?

And

When you fill out that return, will you have to pay anything?