jerrymahoney

From Mazars as quoted prior: According to the Revenue Department, it will seek opinions from the stakeholders affected by the new rule and issue guidelines to provide more clarity. The plan includes an amendment of the personal income tax return form to facilitate the foreign tax credit claim. https://www.mazars.co.th/Home/Insights/Doing-Business-in-Thailand/Tax/Thailand-Tax-Foreign-Income-Taxable-from-2024

Unless on the site you ask them to continue to do so.

As a start, Thailand does not have a double-tax agreement with the EU. DTA's are with individual EU countries as per here: https://www.rd.go.th/english/766.html

Taxman: There's one for you, nineteen for me ... In his 1969 anti-tax song (Taxman), Harrison was facing a marginal tax rate of 95%! In disbelief, he and fellow Beatles penned one of the greatest anti-tax songs. https://russellinvestments.com/us/blog/taxman-theres-one-for-you-nineteen-for-me

OK -- but just a note to my post above: "The Economic Section monitors economic, financial, energy, trade, investment, and labor trends in Thailand. The team presents U.S. views on bilateral and multilateral economic issues to the Thai government and the public." https://th.usembassy.gov/embassy-consulate/bangkok/sections-offices/economic-section/

I only quoted Mazars. Nothing from me. If I had to pay taxes based upon my 65k+ baht per month and no exemptions other than those already on the books, not the end of the world for me. I may be totally naïve about it, but I have a feeling the economic section of the US Embassy in Bangkok that deals with US-Thai bilateral economic issues, might have something to say if the Thai RD, as per DTA Article 20 treatment of US Social Security, tells US citizens in Thailand: F-U.

It is also important to mention the taxpayer’s burden in providing proof of foreign tax credit. Where Thai domestic law is still silent about a foreign tax credit available for individual taxpayers under this circumstance, a provision under double tax treaties could provide relief from any double tax arising. However, the conditions, methodologies, and documents supporting the claim are still unclear. According to the Revenue Department, it will seek opinions from the stakeholders affected by the new rule and issue guidelines to provide more clarity. The plan includes an amendment of the personal income tax return form to facilitate the foreign tax credit claim. (my italics) https://www.mazars.co.th/Home/Insights/Doing-Business-in-Thailand/Tax/Thailand-Tax-Foreign-Income-Taxable-from-2024

That comment Sir, whilst bang on the money, will give the doom-mongers heart palpitations. Some on here were maybe pre-dated by former US President Ronald Reagan when he said at a 1986 Press conference: " I think you all know that I've always felt the nine most terrifying words in the English language are: I'm from the Government, and I'm here to help. " https://www.reaganfoundation.org/media/128648/newsconference2.pdf

From the Mazars article linked above: According to the Revenue Department, it will seek opinions from the stakeholders affected by the new rule and issue guidelines to provide more clarity. The plan includes an amendment of the personal income tax return form to facilitate the foreign tax credit claim.

Following the above link also led to this: https://www.mazars.co.th/Home/Insights/Doing-Business-in-Thailand/Tax/Thailand-Tax-Foreign-Income-Taxable-from-2024

While I had heard of such reciprocal international tax agreements, I was never involved either in work or personally. At least for me it was not a waste-of-time to better understand how that might impact any changes, if any, in the Thai resident tax structure that might occur.

For me, ALL my income qualifies under Article 20 US-Thailand DTA. But even if none of that is exempted (and Thai RD in their FAQ says that at lest some income is to be exempted) as an age 70+ 180+ days/year tax pigeon, I figure with all the available deductions and 150k 0% bracket, my annual taxes would be in the +/- 4000 baht per month range. I wouldn't like it but doable. Thus the morning contribution from the I'm-alright-Jack brigade.

I have posted this prior: https://www.rd.go.th/english/23520.html

Sometimes you just do things for what make sense at the time -- and it turns out way down the road they make sense for totally different reasons. At age 65 I re-structured all my finances to dovetail with the 65K+ monthly deposit for the extension via retirement option. And it turns out, having done that, it sets me up quite well for any possible exposure to the newly instigated tax regime here in Thailand.

Some people, for whatever reasons, may have need to seek professional tax/legal assistance. But I am leaning toward that, for the majority of retirees especially the 65+ crowd as I am, these things may be fairly straight-forward.

Some people on here -- obviously not you -- are their own biggest problems with their reports of the evil Somchai RD man and his up-to-me interpretation of the applicable laws and treaties.

Some of all this reminds me of the Walt Kelly Pogo cartoon line: We Have Met the Enemy and He Is Us

Gordon Wu aside, how many Americans are there in Thailand for whom Social Security is the major part or all of the funds that they bring into Thailand each year and for whom such assistance would prove useful. BTW from the US Embassy - Bangkok website: Economic Section The Economic Section monitors economic, financial, energy, trade, investment, and labor trends in Thailand. The team presents U.S. views on bilateral and multilateral economic issues to the Thai government and the public.

Well maybe there will be some reaction from the US Embassy - Bangkok if/when the Thai RD says NUTS! to your US-Thailand DTA and we will be taxing all the US Social Security monies brought into Thailand regardless of SS being specifically exempted (only can be taxed in issuing country) in Article 20 of that silly DTA.

So in the Thai Examiner article linked in the OP, it contains this Thai image as below. Does the Thai guideline (?) actually say as in the OP: Also exempt will be those who have been taxed in a foreign country that has a standing Double Tax Agreement with Thailand.

... not to forget the Trilateral Commission.

Monaco. Sounds nice. Maybe I can rent an apartment near my yacht.

'Questionable insurers' is being polite. Some insurance that some use on here has been frequently and recently been referred to as a scam or an unsustainable business plan. In my case at least, I have a life insurance policy in Thailand that has a very nice medical rider available which can kick in up to the age of 90. ... such is part of my due diligence.

A large component of regularly posting knowledgeable people are 'self insured' i.e. they have no insurance.

For anyone who wants to remit IRA funds to Thailand. But that ain't me as I wrote.