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From the instructions for PND91 Computation of Net-Income In computing tax liability by using the net income method, a taxpayer has to bring into account all assessable income arising in a tax year. https://www.rd.go.th/fileadmin/download/english_form/2023/GUIDE_91_66_Complete.pdf If not assessable, not declared, thus no need to "find" an exemption to deduct it.

Assume so, but the 2023 form does not specify that. Maybe 40(1) designates Thai employment only? Personal Income Tax Return for taxpayer with only income from employment under Section 40 (1) of the Revenue Code Only https://www.rd.go.th/fileadmin/download/english_form/2023/230367PIT91.pdf The instructions do not specify Thai income only, but that would be assumed by most. https://www.rd.go.th/fileadmin/download/english_form/2023/GUIDE_91_66_Complete.pdf Note item A2 is where you enter the total from section B, exempted income. But section B does not have an option to list foreign excluded income. My guess is @thecyclist TRD officer just plugged the number in a somewhat related slot, probably line 2 "government pension fund contribution", in order to avoid admitting a misteak. PND90 would be required if the taxpayer is reporting interest or dividend or rental income, etc. It has the same exemptions in section 1, item 2.

I would believe the IRS disagrees. You generally need to file if your gross income is greater than your standard deduction. Unlike Thailand, we don't have to guess. https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return

It appears you knocked off 0.01 baht. Shirley, you've shown yourself qualified to work as a CPA in Thailand!

You appear to be directing wise to PULL money from your bank, rather than having your bank PUSH money to Wise, using PLAID as an external (paid) facilitator service to shorten processing time. Am I correct that there is a service charge from Wise when you add to your balance via ACH? If so, how much? The fee appears to be 0.25% of the amount added to your balance jar. https://wise.com/us/pricing/receive/ When calculating fees to send USD to THB, the cost to send US$1000 as transfer from your balance is $6.68 (variable fee = 0.54%), while the cost to send via bank debit (ACH) is $9,60 (variable fee - 0.80%) For $2,000, the fees are $12.06 and $17.55 For $10,000, $55.07 and $81.22 https://wise.com/gb/pricing/send-money?sourceAmount=10000&sourceCurrency=USD&targetCurrency=THB So the fee for your $3000 (~100K baht) means at the current exchange rate, you'll get 103,383 baht (fee $17.44) sending from balance, or 103,103 if using Plaid (fee $25.51). Not a big deal for the convenience, I suppose, when you look at the difference in baht. Plaid is not a free service. They charge Wise per use to facilitate bank authorizations, otherwise a normal ACH pull to add to your balance takes longer. Finally, it's helpful to know that the Wise ACH transfer time may be slower than some other payment methods. That’s because banks tend to take a little longer to process ACH payments, meaning it can take up to 4 days for your payment to be cleared and received by Wise. I have always sent FROM my credit union TO Wise. Never used this Plaid thing you and others have encountered from the Wise side of the transaction. I may have been asked in the past to set up a Plaid link, but I don't recall.

She's more relaxed, about to retire. Unburdened by what has not being elected.

It's always a remittance, from start to finish. The term describes the sum of money being sent, and/or describes the process of sending the money.

Dearest Sir, I have been requested by the Nigerian National Health Administration to contact you for assistance in resolving a matter. The Nigerian National Prophylaxis Company has recently concluded a large number of contracts for Covid® interdiction in the sub-Sahara region. The contracts have immediately attracted donations equaling US$500,000,000. The Nigerian National Prophylaxis Company is desirous of Covid® interdiction for other viruses, however, because of certain regulations of the Nigerian Government, it is unable to transfer these funds........... Yours in scientific trust, Prince Aloha Snackbar al Fauci

Nothing suspicious here. I'm just surprised he didn't claim one of his captors put a rope around his neck and yelled out "this is MAGA country!"

Shazam! That Trump is one clever dude! He's got y'all pushing Kremlin propaganda talking points! Here’s why Trump’s talk of annexing Canada and Greenland should not be dismissed The US president-elect’s “shopping cart” of other countries’ properties should worry all American vassals https://www.rt.com/news/610533-trump-annex-canada-greenland/ Trump demands Denmark hands over Greenland The US president-elect has also refused to rule out military action to retake the Panama Canal https://www.rt.com/news/610559-trump-greenland-panama-military/

Interesting when you google it and find this appears in such fine publications as easternupdates.com diplomaticwatch.com thestreetjournal.org and my favorite dailypost.ng Yepper, I get my breaking international health news from Nigeria. I guess they can afford the huge research staff, being supported my all those Nigerian princes and all.

I've seen this exact same video hundreds of times. Only difference is all the faces in those videos are WHite and speaking English, wanting to escape the relentless rat race in (insert western country) for a more relaxed lifestyle.

Simple solution. Log onto your bank account and SEND the money to Wise with a free ACH transfer. It should arrive almost immediately, unless your bank batch processes ACH transactions, in which case it would be at opening next morning. No Plaid involved, and you'll save yourself the transfer-in fee charged by Wise to PULL from your bank account, as well as the extra days of processing by your bank.

That wasn't the point. You don't have to be "rich" to benefit from tax-free capital gains, but that particular exemption is especially beneficial to those with large amounts of capital to start with. You don't have to be "rich" to benefit from seasoning your income for a year overseas before bringing it in. Those earning millions annually overseas will benefit biglyer than workers picking strawberries in Sweden to support their family in Thailand. These appear to be special dispensations for people with friends in upper management that just happen to benefit the little people.

Twas reductio ad absurdum. The tax consequences for sending via Wise, using various Wise accounts, "should" be the same as if sending via Swift, using various intermediary/correspondent accounts, if we're declaring the assessable money we remit into Thailand. We have opinions, but nothing definitive, on whether gifts sent directly to a wife's account would be potentially taxable to the giver. Thai law is specific only on the tax liability of the receiver. Tax implications of how it's received is a gray area, conducive to interpretation.

That's the way I understand how the system works at present. Rich folks write the rules to protect rich folks' wealth. It appears to work in our favor in this instance. I don't know whether or how TRD tracks remittances and matches them to tax numbers. I don't know what would happen if a Thai reporting "no salary" on their joint tax return receives 5 million baht in their bank account. I don't want to be the first to find out.

The remittance to the wife doesn't become property of the wife until it is deposited in the wife's account. At that point, gift tax rules apply to the beneficiary. Until then, it's yours. As @sometimewoodworker postulates, the financial entity is acting on your behalf as trustee, transferring YOUR funds into Thailand. If you remit assessable funds, you are liable for tax. When you gift taxed remitted funds, the gift transferred domestically is not taxable to either party. I'm guessing this is how some of the great houses move their wealth around freely. Gifts transferred offshore are still gifts, but avoid tax implications for remitting current income.

That sounds...................Wise.

That is my opinion only. It's not advice. That would be reportable.

That is correct. Interest is taxed at 15%, withheld at source. Dividends are taxed at 10%, also withheld at source. Capital gains on mutual funds registered in Thailand are not taxed. Gains on sales of SET-registered stocks are not taxed, as well. That's why those mutual funds pay zero dividends. Any gains you make are considered non-taxable exempt income. Foreign mutual funds held in a Thai wrapper that pay dividends do so to the holding bank, not to the retail customers, which raises the NAV. Of course if you're property of Uncle Sam, you declare all of that on your 1040, and might possibly get a credit for Thai tax paid.

Nah, it's JPM's savings, not my current income. My current income comes from my account. This deposit just showed up in my account from JPM....go ask them to show if it was THEIR assesssable income, and THEY as remitter can file a return and pay the tax. I'm calling it a gift. Majik! P.S., yes the spelling was intended. Speaking with a borkerage rep on the phone a couple nights ago, the rep was unaware of what a SWIFT was.

Perhaps. But if I send current year income via SWIFT it goes from my borkerage account to borkerage JPMorgan account as correspondent bank then to my BKK Bank account. Presto-chango -- JPM and my borkerage remitted the funds, not me. I'll believe it when someone passes an audit!

For that, we'll have to wait and see how those funds are treated when some unlucky foreigner gets audited!

The overseas Wise account is in the OPs name, thus OP is remitting the funds and may be liable for tax. If the wife had a Wise account, OP could perhaps gift into that. Of course, would have to determine whether the wife's Wise account is registered as a Thailand-based account.

My wife called the 1161 TRD helpline (NOT our local TRD office) last week and confirmed with them that a gift received outside of Thailand is treated as a gift when the recipient remits into Thailand. **edit to change who wife called!** We plan to set up a Schwab account in her name to receive annual gifts of perhaps US$ equivalent of 1 million baht. She will invest in US-registered ETF's earning many times more than she could earn on investments here. Schwab will withhold 15% of dividends per DTA, and 0% of capital gains. She will invest in capital appreciation funds that pay little/no dividends. No US tax return needed. After I'm gone, she can remit as needed. That will give her experience investing, and she'll have funds available as IRS may take up to a year to produce the required tax document to release my assets she receives in my will. All of the gifts will be from non-assessable prior savings, so I could remit first and then gift, but I don't want to take the risk of going through an audit and having to provide all the documentation.