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jonny on the spot

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    1 minute ago, Puccini said:

    The Revenue Department Order 161/2566 is not a new law.

     

    The Revenue Department Order 161/2566 doe not declare any other law null and void.

     

    The Revenue Department Order 161/2566 is a guideline for officials of the Revenue Department to apply and implement Section 40 of the revenue Code correctly.

    They never did a correct thing in their life, every office different outlook , how can we get some more tea money

     

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    2 minutes ago, JackGats said:

    Let's not forget tax advisors have recently been creeping out of the woodwork eager to cash in on this scare. LTR holders will make juicy customers if they can be scared enough to seek counselling at this premature juncture.

    I have zero faith in LTR or elite, and i dont think anything is premature because these people really are stupid enough to do anything.

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted · Edited by jonny on the spot

    23 minutes ago, K2938 said:

    The problem with Malaysia is that the conditions of their Second Home Visa are very onerous and expensive and if you go there for 6 months without a visa you will probably get into trouble even if you leave some time between the different stays.  Or what visa are you thinking about using for Malaysia?

    As far as i can see if you have a condo RM 1.5 

    mil and an income you are golden. I will obviously look into this properly if i have to.

    Sorry for the edit

    Dont forget property there is an investment, you aint actually throwing money away.

     

    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    15 minutes ago, tomkenet said:

    Malaysia sounds much better than Laos and Cambodia, but mm2h visa has become expensive. It might change I've heard. Do you know how overseas income (not taxed at source) is taxed in Malaysia.

    I havent even looked yet but im guessing if i am only there 6 months i am a visitor not a resident. But i gotta tell you property is good value there.

    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    3 minutes ago, vukovar77 said:

    Yeah,and nice women ,but very dangerous country (Phnom Phen,Siam Riep).So much poverty,robbery and pickpoketing.I was robbery victim as well in Phnom Phen.You need to take with You not more than 30-50USD in a in small denominations.Food is not tasty like here.Laos is nice and with good food,but visa policy is pretty much difficult.

    Im pretty much sold on Malaysia for my 6 months a year if this tax thing happens. I suppose its just a case of being careful, it can happen in London if you unlucky just as easy.

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    7 minutes ago, Dogmatix said:

    There probably are some future rules for inheritance tax because Srettha told the RD to propose ways of raking in more tax from it and from the Land and Buildings tax.  Inheritance tax was reintroduced by the junta government, saying it was a symbolic gesture not intended to raise much revenue but was clearly the thin end of the wedge. Gift tax usually goes together, so they will certainly review that at the same time. .

     

    I might have to walk back what I said about gift tax not being a fruitful line of enquiry, at least under existing rules.  The exemptions do seem to apply to gifts between spouses and I can't see anything about the exemptions not applying to gifts from overseas. You can give 20 mil a year to your spouse for maintenance purposes and the same to your child.  But RD officials visit to see, if it looks like that much is being spent on maintenance in a poor Isaan village for example?  There seems very little written about gift tax and I can't even find the law in English or Thai.  I thought it was included in the Inheritance tax law but it is not.  

     

    So perhaps you can make tax free gifts from offshore to your Thai spouse up to 20 mil a year tax free.  It probably has to stay with her thought.  If they see it was transferred to your account, they might it was not a gift but could she transfer it back to you as a gift some time later?  If she has an overseas account, the initial gifting could be done there and gifted back to you in Thailand. 

    Well that might be the way forward, for example i spend about 2.5 mil a year not including cars big purchases etc. But surely they will close that gap?

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    56 minutes ago, tomkenet said:

    Which retirement countries would be the best in your opinion?

    This Thailand was always best of the lot in south east Asia, in many ways probably still is, but this latest abortion is a game changer, even if you want to pay these people a bit of tax the rigmarole you gonna go through dont bear thinking about.

    Maybe think about splitting you time between a couple of places, thats what i am going to do.

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    10 minutes ago, John Singer said:

    It is a mystery to me how the new PM, co-founder of Sansiri, could come up with a plan that leaves 99% of foreigners contemplating buying property in Thailand scratching their heads about how to get funds for a purchase into the country. 

    I don't see this happening. 

    The man in hospital/prison, this mans boss probably had this great idea.

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    2 minutes ago, Ricardo said:

    Fifty years ago, as a teenager, I used to wash cars for pocket-money, will Thailand now suddenly want tax on that income ?  Obviously not !  So the question is just how far back they will want to go, in trying to tax my earnings/investment-profits.  We might eventually get clarity, but I'm not going to panic, or hold my breath either.

     

    When Immigration change the rules, which one tries to comply with, it often takes them years for it to come fully-into-effect.  And in the past the older pre-change cases have often been grandfathered, for some years, one might hope that the same will happen this time, too ?

     

    It happens that I might find it convenient next summer, to spend a longer-than-normal trip to the UK or Canada, that too will buy me some further time, waiting to see how this is implemented while still having spent under-180-days in Thailand, next calendar-year.  So again there, a bit of time for clarity to emerge from the general gloom, or sanity to reverse the possible new-rule.

     

    The main problem I see is that, for my annual retirement-extension every Autumn, Immigration currently tell me to bring-in 12*B65k monthly-transfers from overseas, whereas the possible new tax-rule/law sets a maximum of B150k before income-tax starts.  This is an inherent contradiction.  The two requirements ought surely to align ?  But TiT.

     

    Lastly I would estimate that I've brought-in, and spent in the local-economy, some B50-million over the past twenty years, generating economic-activity of some B250-million within Thailand.  Does the country really now want retirees like this to stop coming here  ...  it really would be cutting-off their own noses, to spite their face ?

     

    I have to believe (for now) that this is simply a mis-step, poorly thought through, which will turn out to be a false-alarm.  But  ...  I am holding my breath !  ????

    This country REALLY dont think at all, they just cant shut their mouths, the idea of think first get a working plan then speak dont enter these peoples minds.

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted · Edited by jonny on the spot

    3 minutes ago, Lemsta69 said:

    looks like I'll have to do the same except I have friends in Bali so I'll probably look at trying to stay there half the year if I can.

     

    I like Thailand but it only works if they don't tinker too much with the existing rules or try to clean the place up. paying tax on all foreign remittances and getting sweet FA in return is not a good deal at all.

    Well said i agree with every word of that.

    I tell you another thing, i bought my last 2 new trucks last year, no more cars no more building houses no more nothing.

    Restraunts tesco lotus and gas are all this place is getting from me.

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    I know what im going to do if this actually comes to fruition.Im going nowhere near a Thai tax office or number.

    I will waste 3 million Baht on a condo in Malaysia or Cambodia, learn the 20 words of whatever language to match my extensive Thai vocabulary and dig in to watch Netflix for 6 months of the year.

    I am too invested in Thailand to leave altogether, but i wont subject my self to what this tax abortion is going to become, i just cant do it.

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    6 hours ago, Dogmatix said:

    Saw an old friend today who said he had been harassed by the RD a few years ago.  He was based in TH for years but worked offshore and had no Thai sourced income.  Then after he retired in Bkk he was employed for a couple of years by the Bkk office of an international firm as an advisor which landed him in the Thai tax net for the first time. After his contract expired he stopped filing income tax returns as his only income was a European pension already taxed at source.  So he assumed no assessable income, no more  tax returns.

     

    Suddenly one day a delegation from the RD shows up unannounced at his house demanding that he file tax returns again and pay tax on his foreign sourced income. His Thai daughter dealt with them and they ended up agreeing that his pension was not assessable because it was already taxed at source in a DTA country.  The next year they showed up again with the same demands.  My friend is very irascible and was visibly upset with the RD officers since his his assessable tax situation was still the same as the previous year. Eventually his daughter gave the boss man 1,000 baht to go away and not come back.  So far they haven't.

    There we go, our future tax Baht working for us in action, I hope my redemption is a 1000 Bhat.

    Dating with Dan. Help the Goat find a Good Thai Woman

    in ASEAN NOW Community Pub

    Posted

    3 hours ago, Goat said:

    Good afternoon readers.

     

    As you all know the Goats hobby is scoring hot Thai chicks that are not Ladies of the Night.

    It is somewhat of an addiction.

     

    But part of me thinks maybe I should just settle down with one woman in a long term relationship for a year or two.

     

    I know a lot of you blokes are blissfully happy with your long term partners. There are some real gems out there.

     

    So I am thinking you could help me by looking at the profiles, and recommending which ones I should attempt to have a crack with.

     

    I am older now so my strike rate has dropped off. If I put it on ten i will usually get one.

     

    I wont be too fussy.

    My requirements

    1] Under 50 kgs

    2] No kids

    3] no tattoos

    4] Gainfully employed

    5]Under 38 years old

    6] Born a female

     

    This dating service has been set up by popular Thai blogger Dan.

    I have used all the others before so it is time to give this one a go.

     

    I am happy to travel to meet the right girl anywhere in Thailand as i also like to travel.

     

    https://dating.danaboutthailand.com/

     

     

    Which ten should i go for?

    Please no disrespectful comments about the ladies on offer. If you havent got anything nice to say about the ladies please dont say anything.

     

    Feel free to say anything about me, I can take critisism, and if you think I wouldnt stand a chance with some of them feel free to tell me why. Feedback welcome.

     

    Cheers.

    Good man and good luck ????

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    23 minutes ago, stat said:

    I just checked about gift tax in TH. Up to 100 Million Baht in gifts that they our relatives send us we are on the safe side. That should be sufficient for most of us folks here ????

     

    https://www.mazars.co.th/Home/Insights/Doing-Business-in-Thailand/Tax/Introduction-of-Inheritance-and-Gift-Tax

    So someone can gift me 99 million tax free?

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    Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

    in Jobs, Economy, Banking, Business, Investments

    Posted

    20 minutes ago, Hummin said:

    Even before all facts is on table? 

     

    I have learned that the storm we see after press releases by thi government, useally is just stirring up alot feelings, page by page members arguing and making predictions, and i  the end nothing changes. 

     

    Most here Im sure coming from countries who is  part of the tax deal? 

     

    If not, wait and see what you actually have to deal with. 

     

    The only thing I have said, Im not going to pay tax to Thailand if there is no benefits for me, just paperwork. 

    Wait and see is a plan i dont like subscribing too, by then its too late.

    If i thought for 1 minute these people were capable of making a system that worked that didnt have mind blowing bureaucracy, i could probably get my head round paying a bit of tax

    But they cant and they wont it will be the usual dogs dinner spilling over into an already dogs dinner immigration.

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