jerrymahoney

Some do these things because their finances are otherwise not sufficient and some just do it for sport. Early on, I made the comment that -- without any Social Security or other DTA-type exemptions -- with only the deductions in the current Thai tax law, my tax bill might be about $US 100 per month. I wouldn't like it, but doable. And someone came on and rightly said that, even if that amount is no big deal for you, for some retired types already marginal, that 3000 or 4000 baht per month could make a big negative difference in their life.

Based mainly upon my observing the willingness of (American) expats to lie and cheat on their sworn US Embassy statements for extension of stay income affidavits (RIP) -- even when doing so would be a possible felony in the US -- it is my opinion regarding immigration and/or revenue matters that, if an expat feels he/she can cheat and get a away with it, they will.

REDUX: I agree that self-appraisal and self-assessment may be the only practical solution. But then the Thai Rev folks have to acknowledge that there will be (I will be polite) fudging of opinions as to what deductions and exemptions to which some expats claim they are entitled. https://aseannow.com/topic/1306896-thai-government-to-tax-all-income-from-abroad-for-tax-residents-starting-2024/?do=findComment&comment=18605638 So if I want to say (to myself) that all my remittances this year are from an inheritance from my Aunt Dolores and thus not assessable for Thai income tax purposes, does that mean I ever had to actually have an Aunt Dolores dead or living?

I will agree that, for any time soon, an ATM withdrawal in Thailand from a foreign bank will be non-traceable to an expat in Thailand. It will maybe come down to, if one ever files or has to file a Thai income tax form, are the amounts you actually claim as foreign remittances plausible.

Point taken 2x. Poor proof-reading on their part. Still, my observation, regarding the tax-free foreign-sourced gift up to 20 million baht as per FEB 2016 ruling, is that if it is so patently-obvious as is discussed on here across several topics, why the big secret? Why has not one blue-chip Bangkok-based tax law or accountancy firm discussed this as something since FEB 2016 their well-heeled clients use routinely as a gift tax free or income tax free option?

Looks like they maybe did leave out a zero each time. I guess you can ignore their comments on foreign-sourced gifts and find some other 'reputable' firm to say that foreign sourced gifts to Thailand are tax free gift-tax or income tax. But I will guess that Xe.com's comments were based on actual foreign transfers to Thailand especially since the page header is in Arabic.

None of those accountancy sites say that the Thai gift tax applies equally to domestic and foreign funds remitted, either. ... or that any of their mega-wealthy clients have actually made a foreign-sourced tax-free gift to Thailand since the Thailand gift-tax law was enacted FEB 2016. Based on what is suggested this and other topics, that shoulda been routine.

Sending a large money transfer to Thailand? What to know about taxes Xe Consumer -- February 1, 2021 Income Tax The gift tax might or might not apply when you send money to Thailand, but the income tax almost always applies. https://www.xe.com/ar/blog/money-transfer/sending-a-large-money-transfer-to-thailand-what-to-know-about-taxes/

My favorite Cray story from the early 1980's (as told to me by a CRAY VP): In those days, when an oil company or the government bought a CRAY computer, Cray would have a field rep on site part or full time. Exxon Research in Dallas said: We want to buy 3. We want you to leave them on our loading dock, and we NEVER want to see you again.

Oh. So I guess all that means foreign sourced gifts before 2024 were routine. Thanks.

I will add -- with the caveat this is not my area of interest -- that since FEB 2016 and before the SEP 2023 ruling, if one had earnings ex-Thailand that he/she wanted to bring to Thailand, they had to wait until the next year. If they wanted to bring the money in during the year earned, it would be taxable. However, as some would suggest above, if they DID want to bring it in during the year earned, all they would have to do would be structure the transfer up to 20 million baht as a gift to a spouse tax-free. But there is no record that I can find or from any above the above listed tax experts that that was ever done.

I am familiar with all those examples. Nothing said about tax-free gifts originating ex-Thailand The US IRS does, on the contrary, have separate provisions for foreign originated gifts

Can you find one instance of any reputable Thai-based accountancy or tax law firm that the above 'wherever it comes from' i.e. tax-free gift directly from a foreign source has ever happened since the gift tax went into effect in FEB 2016? (...or as I have written already as regards the above topic at the recent AMCHAM conference) To which the answer to that query was NOT: Foreign sourced tax-free gifts up to 20 million baht as maintenance to spouse? You Betcha. We do that for our mega-wealthy tax clients all the time. Beats paying 35% tax on that 5 - 20 million baht of the gift component. Been that way since FEB 2016. https://aseannow.com/topic/1306896-thai-government-to-tax-all-income-from-abroad-for-tax-residents-starting-2024/?do=findComment&comment=18559204

All my income that is remitted to Thailand is current monthly. There are no deposits other than when goes through and out every month. I keep some small cash cushion for emergencies.

At least that I've been able to find, there is no documented evidence from any Thai Accountancy or law firm that such an arrangement and tax-declaration has ever taken place since that law was enacted FEB 20016.

Good. That makes things easy. I was thinking if I had a more than 100 million baht inheritance, I would go spend 6+ months somewhere else and then bring the whole thing in tax free.

It doesn't say that. However, if it is less than 100 million baht, doesn't matter anyway. But there are other opinions: Relations Between Inheritance Tax and the New Thai Tax Law Receiving Inheritance from Overseas and Bringing it to Thailand Any individual holding Thai citizenship or a Thai resident residing for 180 days or more who receives a foreign-source inheritance and brings them into Thailand is subject to taxation under the new tax law. In contrast, an individual who is not a Thai resident (residing 180 days or less), who receives a foreign-source inheritance and brings them into Thailand, is not subject to taxation under the new tax law. https://www.siam-legal.com/thailand-law/relations-between-inheritance-tax-and-the-new-thai-tax-law/

FYI: Who is not liable to pay inheritance tax? The following instances are exempt from paying(Thailand) inheritance tax: Receiving inheritance with a value of not exceeding THB 100 million. Being a legal spouse to the inheritance owner. Receiving an inheritance from the owner who died before the date of the enforcement of the Inheritance Tax Act (1 February 2016). A government agency or legal entity receiving inheritance for education, religious or public purposes. Persons or international organisations under commitments between Thailand and the United Nations, or according to international laws or contracts or reciprocal arrangements with other countries. https://thailand.acclime.com/guides/inheritance-tax/#part4

Further guidance from the Revenue Department on Foreign Sourced Income In addition to examples of scenarios in which taxpayers should be exempt from Thai tax on foreign-sourced income, the FAQ also clarifies several points, including: “Remittance of income into Thailand” is defined as any action in bringing the income sourced abroad into Thailand, including wiring money from a bank account, transferring money via e-banking, or physically carrying cash into Thailand. However, the FAQ did not confirm whether spending money in Thailand from an offshore bank account, credit card, or debit card could be considered a remittance of income into Thailand. https://www.mazars.co.th/Home/Insights/Doing-Business-in-Thailand/Tax/Revenue-Department-s-guidance-on-foreign-income

https://aseannow.com/topic/1306896-thai-government-to-tax-all-income-from-abroad-for-tax-residents-starting-2024/?do=findComment&comment=18559204 To which the answer to that (AMCHAN) query was NOT: Foreign sourced tax-free gifts up to 20 million baht as maintenance to spouse? You Betcha. We do that for our mega-wealthy tax clients all the time. Beats paying 35% tax on that 5 - 20 million baht of the gift component. Been that way since FEB 2016.

OOPS looks like they at YT took down my Mike Bloomfield solo. OK try this one:

Thanks Mike. As someone who has used the 65K+ per month retirement exension modus operandi since year 2007 , I saw this AN post way back in September 2023: But no matter how good your intentions, some will always want to play the "How could they ever find out if ..." game.

Just thinking about him lately Mike Bloomfield here with The Electric Flag

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