NoDisplayName

Serves the Chinese right for building infrastructure and signing trade deals and paying leases for facilities! Don't they understand the rules-based international order? Just regime-change those brown folks! Send a little kinetic love their way until they submit. Winning®!

What's the problem? The stable genius has assured us that trade wars are fun and easy to win. Ignore the last one, it was just a fluke. After all, he's promised that Canada and Mexico and China will be paying the tariffs. And if not, he'll just release the kracken and send the bill to Greenland. Winning®!

Thing is, we do have laws and regulations on this. Miranda says non-assessable is not reported. Miranda also says over 60/120K assessable requires filing, even if no tax due. I understand your view, but I'm gonna follow the letter of the law, right up to the point where it gets inconvenient. Others may feel differently, but for me it's just a part of living here. Get an extension (half a day+shopping), do 90-day reports (5 minutes online x4), file an FBAR (10 minutes online), and now file tax (15 minutes online + bank letter). 15 minutes to file a null return is cheap insurance when you don't know what's coming. It's not a game-changer. Worldwide income would be.

Really! What's Musk ever done to earn a peace prize? It's not like he ordered the execution of American citizens by drone strike without a trial.

This time when he said he was goin' out for cigarettes, he meant it.

This is where things get complicated. The regulations seem to be written for a population that does not invest, that has all their eggs in one single passbook savings account. Is this a case where you sold off one entire holding, then sent the entire proceeds to Thailand? If so, then you only have to worry about what the cost basis was, or which cost basis. If only partial, we still don't have a definitive ruling on whether we send capital first, then gain, or whether any partial transfer is considered a combination of capital and gain. Or was it a mix of some of this stock, some of that stock, sold some winners to offset some losers, add in some cash from the credit union..........bundle it all together and send it over?

As long as you have documentation to show the entire amount was pre-2024 earnings, you should be fine. Best document would be a bank statement from Dec 2023 showing a cash balance, and of course the SWIFT paperwork showing the transfer from that account to Thailand. If you sold the investments prior to 2024, it's simple. If you sold in Jan 2024, accounting for full/partial remittance of investment capital/gains is currently.........unknown. Call the TRD help line, #1161, to get the official answer. **NOT ADVICE, OPINION ONLY**

Get your name in the paper announcing yet another hub in the hub of hubs, to stay relevant.

Not just salary..........section 1 is income derived from employment Section 40(1) income includes your salary, wage, per diem, bonus, bounty, gratuity, pension, rent allowance, employer-provided rent-free lodging, debt liability paid by your employer, and any money, property or benefit you received in connection to your employment. "Expense" may be a poor translation. I think of it as a standard deduction any taxpayer may take without supporting documentation, instead of filing an additional Schedule A itemizing expenses. Isn't that available for rental income also? You can take a standard 30% deduction or elect to itemize expenses?

On the PN90 you, you enter your pension in section 1(1), then 1(2) you deduct contributions 1(3) you add allowances. 1(4) is the total, then in 1(5) you take up to 100K off. No. 1 item 5. Enter allowable expense equal to 50% of the amount stated in item 4. but not exceeding 100,000 baht. If you and your spouse both have income and you are filing jointly, you and your spouse can each deduct expense as stated above. Thus, the maximum allowable expense is 200,000 baht in this case.

I mentioned neither neo-cons nor wokesters in my post. I stated "this is the way." Rules-based international order.

Thai funds? All I've seen are funds managed by banks that hold one foreign mutual fund in a Thai wrapper. Dividends paid by the base fund are retained by the Thai fund, reinvested in itself, not credited to shareholders, thus pay no dividends...so no tax for the retail holders. For that, you get to pay the original base fund fee, plus excruciating bank management fees, plus front and back end loads, and switching fees. Per treaty, and when you've filled out your W8-BEN, interest and dividends are taxed/withheld at 15% with no refund, and no tax return needed. Capital gains are not taxed. Possible solution? Invest in capital appreciation ETF's that don't pay dividends. This is long-term money, gifted, to sustain her in the event, as IRS can take up to a year to provide the tax clearance certificate to release my brokerage account. No estate tax on this, her individual account. But that's all for another thread..........'twas only mentioned here as a real-world example.

You're almost there. This is covered by your DTA, not paragraph 25, which applies to Thai social security income. Harry receives $3500/month US social security. Let's say he pays $500 in tax and remits $3000/month to Thailand. That remittance is tax exempt by DTA. He doesn't need a tax credit, nor a claim on paragraph 25. Thailand can't touch it. Me? If I collect, I get a measly $1000/month and pay no tax. As that's my only income, I don't even have to file a return. I'll remit it all to Thailand, but I'm not worried. It's exempt. No matter if its not taxed, and I haven't paid tax so would have no foreign tax credit. I'd be over my TEDA for assessable income, but I don't need to file. I don't even need a TIN. And paragraph 25 still wouldn't apply. Thailand still can't touch it. When Trump makes good on his promise to abolish tax on social security benefits, the DTA language will still be there. US social security will remain exempt, not taxed anywhere. And paragraph 25 will still not be applicable. Thailand better not even look at it sideways, or tariffs will rain down bigly! But what of poor Victor V. from the Kingdom of Latveria, which does not have a DTA with Thailand? He receives Latverian social security of $5000/month, but the meanies at the LRD withhold 50% tax. He remits his $2500/month which is fully assessable and taxable by Thailand. Without a DTA he doesn't even get a tax credit. He pays tax. Paragraph 25 does not apply. Works the same for other types of income. My wife has a Schwab account holding mutual funds. As a non-resident she pays no capital gains tax in the US. When she remits her gains to Thailand she pays tax on the gains as ordinary income. Paragraph 23 excluding "Income from sale of investment units in a mutual fund" does not apply. As above, only applies to Thai income.

I find it hard to understand that you don't understand. You are citing an exemption in a paragraph in Thai tax law that applies to the Thai social security fund and claiming, apparently because the translation sounds like a foreign social program, that it also applies to foreign funds. I am citing the same paragraph, citing similar exemptions for Thai sourced income, as evidence that the exemptions in that paragraph do not apply to foreign sources. That's it.

That was just an example. Point is, all pension goes into this separate account, money from that account moves to Thailand. You can trace its location throughout the year, and can prove it. As to your gold coins..............didn't we hear that personal assets in the home country sold and cash remitted is not taxable. They used examples of cars and expensive watches and I think jewelry, also. Maybe track down what that rule was being referenced, maybe your stamp and coin collection would fall in that category.

If you have your pension going to a dedicated bank account, which is sent to your Thai bank monthly, you would have a paper trail showing that specific bundle of money was remitted. The remainder would be the savings. Just my thought. Seems logical, but TiT.

Refund? What refund? That paragraph is listing assessable income streams that are exempt from tax. Nothing about double taxation or refunds. I can pull tax-free money from the US, and according to you is also tax-free in Thailand. We buy a small family rice farm, and with subsidies and rebates and credits, we're squeaking by barely pulling in a $quarter million profit.......currently at zero tax. All of that can be remitted tax free to Thailand. Or we can take a real life example.........my wife and I file joint, with standard deduction and 0% capital gains bracket, we can earn ~$120,000 in capital gains from stock sales in the US with ZERO tax due. You telling me that's tax free if remitted into Thailand? Of course not. Those exclusions in that paragraph are solely limited to Thai situations. Thailand provides special subsidies to Thai rice farmers, Thailand does not tax gains on sales of Thai mutual funds and SET registered stocks. Thailand does not tax benefits from the Thai social security fund. I hope this post helps you to understand.

So under the same paragraph, 15) Income of a farmer from sale of rice cultivated by the farmer and/or his family. I just found the bestest loophole! I can buy a rice farm in Mississippi, then all my income from rice sales will be exempt from tax. "Well, gosh, yer honour, it just says rice, it doesn't say Thai rice!" Or for the lazy folks, there's 22) Income from sale of investment units in a mutual fund. Another great loophole. My US brokerage capital gains from mutual fund sales are now fully tax exempt!

The comment on social security was the claim that all social security benefits are not taxable under paragraph 25. That only applies to the Thai national fund, noting the wording Compensatory benefit received by the taxpayer from the social security fund under the law governing social security. That's the Thai social security fund under the law governing Thai social security. As to pensions, I believe they are normally considered assessable if remitted, unless otherwise exempt by DTA, royal decree, or specified law. There are reports of local TRD officials telling foreigners one thing, and other TRD officials telling them the opposite. "Some guy said a thing" is not always the best reason to believe the thing around these parts.

No worries, Hunter and other family members have received a full pardon.

It's only illegal if "they" do it. When we do it, it's for democrazy 'n sheet, yo.

If the IO reset your 90-day, you should have a new receipt stapled in your passport.

No English forms available for 2024. File online using Thai forms only. Note that 2021-2023 English paper forms did not have the year at the top, just a blank line where you enter the year. I'm betting there won't be any new forms this year. But what do I know?

That's not a tax return, it's an attachment to either paper return PN90 or PN91 to claim your exemptions and allowances. This is filled out for you by the system when you file online. ************** Hey! No fair changing the link after I responded! Now you've got the "derived from employment only" form.

What documentation? Pre-2024 prior savings remittances are non-assessable, not taxable, not declared on the tax return. They are invisible to the Thai tax system. No statements are provided nor needed. The system is set up for the taxpayer to self-determine assessability and then self-determine need to file. Assume the taxpayer can document if requested. If for some reason you were audited and had transferred in ten million baht, you would only need to produce documentation if questioned about that specific transaction, or were asked to list your NON-assessable remittances. Why volunteer unasked-for information? PIT calculations only include assessable income. You're providing the TRD staffer the opportunity to make a misteak that could cost you money. Once they've decided, it's nearly impossible to get them to admit their error. So you would have to pay the tax and then appeal in tax court. I consider this my Thai Miranda rights........"You have the right to remain silent about non-assessable remittances. Anything you submit can and will be used against you in a court of tax." ***OPINION ONLY, NOT ADVICE. FOR EXTERNAL USE ONLY.***