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Depending on how this turns out, it might be a good option for retired folks to take a 185-day break from Thailand. Become tax UN-resident for a year, during which you can sell a suitable portion of your portfolio and repurchase, resetting the cost basis if remitted in a later tax-resident year. Maybe put it in funds that provide an income stream of 6-7%, while maintaining a nearly constant NAV. Income never remitted, fund sale results in minimal capital gain. Downside to that is you're setting yourself up for capital gains tax in your home country. It looks like if you're 60 or over and have held your ROTH for at least 5 years, you can withdraw the entire balance tax-free without penalty. Not taxed as income so won't affect the tax bracket on social security. You'd lose the future tax-free earnings, but if planning to remit soon anyway...........

Some things to remember when watching these infotainment commercials: The translations are not always correct. AI-generated subtitles do not always match the English spoken, due to fast talkin' or poor pronunciation. The translator middleman between the TRD official and the foreign tax expert does not translate everything. Often the TRD official will speak for a minute or more, yet the translated answer is one short sentence. In addition, the translator may mistranslate, he may misunderstand, he may say what he thinks the interviewer wants to hear.

Foreign-sourced assessable income. Unrealized gains....are they assessable? This is why some advised bed-n-breakfasting your portfolio......or at least the portion you intend to sell and remit........prior to 2024.

That contradicts what some of the Youtube tax grifters have been saying. I believe the latest one posted says for partial remittances of sale proceeds, a percentage of original capital AND cap gains is allocated to each remittance until the balance is entirely used up. TRD official did say something about using any method, FIFO or LIFO or whatever, but unclear if this was allowing to move ALL the capital before the gain, or allowing to select which individual stocks of a sold holding to send first, then allocating capital/gain to that portion's remittance. How that would work in reality, with a taxpayer buying/selling throughout the calendar year, is unknown. What is TRD going to do? Demand ALL foreign brokerage statements, Wise statements, foreign bank and credit union records, and then try to match remittances to the closest prior sale? We'll continue with self-determination for time being. Only if someone is audited will we know how TRD will enforce this, at least by that particular official on that particular day.

Remember, the only real change is that the "ONLY current year income is assessable" interpretation was changed for income earned after Jan 01 2024. No longer able to let it (allegedly) sit in an account until the following calendar year to become non-assessable. Result is tax-resident expats now (possibly may) have to follow the laws and learn the specifics. If TRD no longer accepts "prior savings, bro", but wants documentation, some will have to structure their financial transactions differently. Where exactly did "cash in the bank" come from? Is it written in the regulations? Is it a poor translation? Is it just an off the cuff remark made at some press conference? Did it originate from a questionable infotainment Youtube video? Taxing at source, IRS has specific rules on calculating and taxing capital gains, and offsetting losses. Thailand doesn't tax capital gains from sales of SET stocks or Thai registered mutual funds. Thais don't ordinarily have to concern themselves with stock/fund cost basis accounting. This a a new world for TRD, and they've complicated it by making it a remittance system covering some years but not other years, with DTA's and tax residency rules,............and no guidance. How can Thailand tax unrealized capital gains accrued when not tax resident? I buy a stock in 1990 for $100, end of 2023 it's worth $1000. I sell in 2024 for $1020 and foolishly remit to Thailand, the year I became tax resident. Thailand should be permitted to tax the $20 capital gains accrued while tax resident, but not the $900 accrued when not associated with Thailand in any way. My prediction is that once this takes full effect, and someone with multiple expensive watches challenges this in court, we'll get something definitive. I expect a final ruling that investment account sales remitted will be taxed at the NAV on Dec 31,2023, And that's just a simple thing like calculating the effective cost basis based on tax residency. Imagine the TRD heads exploding when trying to consider accounting for a pre-tax contribution IRA converted to a post-tax Roth!

....then the taxi mafia gangster would have released the dashcam footage, not just carefully edited......

Why would they do that if the point of the exercise is to broaden the tax base and bring in more funds? Why would Thailand unilaterally give up taxing rights if they have authority to tax under the DTA?

Not necessarily a protest. Many show up at the local polling place because that is what's expected, to be seen at the voting booth by the entire village. They aren't there to vote, so they don't make a choice, they vote "present."

Capital gain is the income, which is assessable, and is entered on the form as taxable. The original investment is prior earnings, non-assessable, so is not entered. Youtube examples are always simple, they always remit the entire proceeds, but he did state that you cannot separate capital from gain. If you remit partial amount of the sale, it's a percentage of capital and gain.

You no FBAR?

You had a point?

Sounds clueless to me. Not clueless. Just perplexed as to why crazy foreign man would submit so much unnecessary paperwork.

What does that even mean? No interest in Thai PR whatsoever. Lotsa hoops to jump through, too much time and trouble, costs as much as the fancy-pants visas, and not really that stable, as it can be lost easily. No intention of spending years debasing myself before minor officials to receive a certificate of third-world quality assurance. I'm a tourist. I neither want nor need PR. Simple as that.

Had a non-O 2016-2019, filed several times for interest/dividend withholding tax refund. First time around when applying for the TIN, tax lady warned that remittances, including the 800K deposit for retirement, could potentially be assessable if current year income. As only remitted prior savings, not a problem. Non-O died when wife and I were trapped in China during the covids. That worked out for the best, we sent our non-resident China earnings to Thailand while non-resident, used that to buy the house and land and car, unquestionably non-assessable for both of us.

A couple of hours each year? You should see a gynecologist about those sensitive dangly bits.

Not at all, and not in the slightest cumbersome. I make an online appointment with immigration. Drive an hour to Korat, stop at the bank for the required papers (20 minutes), drive 10 minutes to immigration, get a new TM-30 receipt, check paperwork, hop across the street for a coffee, go to the appointed appointment (30 minutes). Done. I've got another year of glorified tourist visa, a re-entry permit, and the nice lady resets my 90-day schedule. Then it's off to lunch and some shopping in the big city. No big deal. In fact, super easy, barely an inconvenience! Now I don't have to bother learning Thai or singing a song. And considering they'd be the first to fall under global taxation....... ***Just peeked at the requirements.. There are a few things you need to do in order to keep your permanent residence active. Before leaving Thailand, you need to get both a one-year endorsement of your residence book and also a re-entry permit. You also need to report to a local police station every 5 years. ... Upon applying for permanent residence, you need to pay 7,600 baht for the initial government fee. Once your permanent resident status is approved, you need to pay another government fee of 95,700 baht or 191,400 baht, depending on your category. ..., it can take up to 3 years or more ... LTR or Elite would be a better deal.

This would be new. I submitted in person in Bangkok way back when, and spoke with the TRD lady at a Korat subdistrict office last year. Neither wanted bank statements to document remittances, were satisfied with my handwritten list of bank transfers and my unsupported claim they were "prior savings." Only required bank paperwork was the interest withholding tax statement needed to apply for refund.

Just sayin'.................that would be foreign tax paid on your assessable pension income from 2021 or 2022, right, assuming you were tax resident then? But that's all pre-2024 income, so not assessable. I can see (in person) wanting to prove it was pre-2024, but that wouldn't earn a tax credit for this year? ***DISCLAIMER: NOT ADVICE. CONFUSION ONLY.***

Instructions in English available on the TRD website. I believe for PN90, you want page 39. https://www.rd.go.th/fileadmin/download/english_form/2023/GUIDE_90_66_Complete.pdf

That would be the Thai version of the IRS W-4. Employers must provide or face criminal penalty. Using section 11, line 13 for FOREIGN tax credits, otherwise not provided for on the tax forms, I think is the manual workaround to not having a procedure in place to deduct foreign credits. The TRD officer can apparently manually alter the records when entering data into the computer, and seemingly override the system rejecting invalid or missing data. IO's at a certain level can do this when processing visa/extension applications to override the need for valid financials.

You have the opportunity to upload documents at time of filing. If you don't have the necessaries, you can still file and have the return accepted, and upload at a later date. File online: https://efiling.rd.go.th/rd-efiling-web/login If your return is flagged for missing documentation, you will receive a text message to log on and check your account status. Missing documents will be listed, and you will be directed to a different webpage, where you will need to log in again with same ID/password. Submit NEW docs: https://efiling.rd.go.th/rd-efiling-web/authen/MTA2

Hold on right there a second, pard'ner! You presented an income/withholding financial statement from some time ago as evidence that your assessable income was taxed? Are you sayin' the tax lady told you that you could take a tax CREDIT on your 2024 Thai tax return for foreign tax paid in previous years? That don't seem right.

The bank letter is the statement of interest withholding tax, is optional, only needed to claim refund. My remittances are all non-assessable, not taxable, not declared, not deducted, If not for the refund, I would not need the bank letter, nor would I need to file, nor would I need a TIN (or in my case use of pink ID number).

Who knew Ashley was adopted from Thailand!

Headmaster Trump to American consumers, "Now drop yer drawers and bend over", speaking loudly and brandishing his tariff stick, "This'll hurt y'all more than it does the Chinese. MIGA!" "