chiang mai

Some members may not have understood the terms and conditions, within which there are two sets of circumstances: if any of the co-Depositors dies, the other surviving co-Depositor(s) shall have the right to withdraw the money from the joint account, either in full or in part. But then: If the Bank has been informed of the death of any coDepositor, the Bank may not pay the other surviving co-Depositor(s). The other surviving co-Depositor(s), together with the administrator of the estate or the deceased’s heirs (as the case may be), shall withdraw the money or close the account, unless the Bank deems otherwise.

News where, Thailand? I doubt that, they don't have a public voice or mouth piece here and even the English speaking media isn't going to print stories about it. Unlike westerners, my guess is that we will hear nothing publically about them, they are not known for their western style whinging. It's also quite a bit easier for those nationals to skip home and avoid 180 days, those countries are much closer than farangland countries. Also, those countries don't have reliable compliant government information sharing schemes and none have comparable pension schemes such as US SSc, UK State Pension or US pension schemes hence traceability is going to be very different. Correction: India has state pensions.

How will we know when they do?

If I were you, I would disregard the credit card transactions. They have been a hotly debated topic but there is scant evidence that they are considered to be assessable or that TRD is interested in them. At age 80 you will likely be eligible for around 500k in deductions, exemptions and allowances, including the 150k zero rated tax band. If your pensions are government issued, such as US Social Security or UK Civil Service, they will be exempt by treaty. My guess is from what you have written that you don't have much to be concerned about.

Charlie is the go to guy for all things aircon related, 20+ years in Oz and very well trained and professional.

FYI Interest income Interest received from bank deposits, loans to finance companies, debentures, and bills issued by a corporate entity is subject to WHT at a flat rate of 15%. Individuals may choose to exclude interest income from other income, in which case they pay the 15% WHT, or they may choose to include such interest income with other income and pay tax according to the PIT rates, in which case the tax withheld at source is credited against the tax liability. https://taxsummaries.pwc.com/thailand/individual/income-determination#:~:text=Interest income,a flat rate of 15%. If you had no other income that was assessable, you could just let the Revenue keep the 15% and your taxes would be deemed settled for the year, there would be no need to file.

I've never seen it said that it would be, only that it could be linked in the future at some point but that's pure speculation.

Maybe he wanted to claim a tax refund of tax paid on bank savings account interest? Maybe his overseas bank requested his Thai TIN? Maybe he remitted a large amount of assessable income? There could be many valid reasons but there's no good reason pay 7k baht to obtain one, it's almost like paying thousands to get your visa extended!

The Terms and Conditions of the savings accounts above seem to give the best of all worlds. If a joint account holder dies, the other account holders can withdraw funds, UNLESS the bank is told that person has died, in which case they may refuse and insist on Probate. That seems to be very straight forward. The bank has no obligation to insist on Probate, if they don't know the account holder has died and that's fair enough. However, I would guess that the responsibility then falls on the other party to the account, who is probably legally obliged to inform the bank of the death and if they don't, they are not inline with the terms and conditions of the account and probably not in line with the law either. In short, the bank is off the hook but the remaining account holder is probably at risk.

I haven't been able to find anything similar for Bangkok Bank. An AI notice that I read said the BB does not have Either or Survivor accounts but I haven't been able to verify that.

Kasikorn 5. In case of a joint account where each of the co-Depositors is allowed to withdraw the deposit individually, either in full or in part, if any of the co-Depositors dies, the other surviving co-Depositor(s) shall have the right to withdraw the money from the joint account, either in full or in part. If the Bank has been informed of the death of any coDepositor, the Bank may not pay the other surviving co-Depositor(s). The other surviving co-Depositor(s), together with the administrator of the estate or the deceased’s heirs (as the case may be), shall withdraw the money or close the account, unless the Bank deems otherwise. https://www.kasikornbank.com/en/Download/TC/TAC_Savings_23052020-en.pdf

UOB 11. Other conditions 11.1 The depositor is aware that account opening by using a joint account name under a money order that any depositor has the right to withdraw money, either entirely or partially. If any joint depositor passes away, the depositor, who remains alive, has the right to withdraw money from this account, either entirely or partially https://www.uob.co.th/assets/web-resources/pdf/personal/tandc/savings/tc-savings-fixed_account-01Jun2021_en.pdf

Read my earlier post again. Some banks call it an "either or Survivor" account. Ask your bank about it, it's not a joint account, it's effectively two separate account applications but with the same number and same book, applied for in full individually.

Staff at UOB understood what I referred to when I opened such an account with my wife. Basically, two people each apply independently to open an account which will end up having the same account number and a single book. This is different from where two people apply jointly to open the same account together which is in joint names. One person has to take responsibility for the tax on the account (is interest is paid) and both parties are needed to close the account. Otherwise, two people can transact independently of each other, on the account. I understand that some banks in the West refer to this as a Either or Survivor account.

I think any account that bears the name of the deceased is supposed to be closed pending probate, even if that is a joint account. It is for this reason that I suggested an either/or account because it is not considered to be joint..

I've never heard of one being used by Thai banks since I've been here, I thought it was a US form.

Instead of a joint account, consider opening an "either/or" account which can be transacted upon independently and should give survivor benefits to the other person. There's probably not much you can do about the 800k account because most banks these days do require probate.

A yellow house book would probably suffice, as would any recent correspondence addressed to you from say a bank. FWIW I keep past copies of my bank credit card bill, for this purpose.

Enforcement using visa issuance would be a slam dunk for everyone, Waiting for evidence of enforcement in the field could be difficult and take a lot of time before anything other than anecdotes became apparent. This forum comprises only a small percentage of the foreigner population, several years is not an unrealistic timeframe. Individual contact strikes me as unlikely, except on an audit exception basis, less than 1% I imagine.

Sorry but I don't, maybe others can recommend. There is a pinned list of tax consultancies in the Finance Forum but they are mostly Big 4 type companies and Bangkok based. I don't know how you'd even begin to find a reliable and reputable company other than asking around for referrals. Perhaps you'll let everyone know if you make any progress in this area. Then there's this but it's three years old: https://thethaiger.com/guides/best-of/top-5-tax-firms-in-thailand

You have a visa that allows tax exemption on income? That being the case, it seems a complete waste of time to bring up the Gazette and pretend that you won't comply with the rule until the new law is published because it doesn't affect you!

"our" is the collective understanding of the members who were involved in the earlier tax thread discussions. https://www.tilleke.com/insights/thailand-new-order-closes-tax-loophole-for-offshore-sourced-income/

The reinterpretation of the tax laws as described in Por 161 and Por 162 aren't changes in the law, they are simply reinterpretations of an existing law. Our understanding is that does not require to be notified via the gazette.

You appear not to understand how DTA's work. As a general rule, if you invoke a DTA you lose the right to any home country personal allowance, and the rate of tax in that country. Instead, you assume the allowances given to you by your country of tax residency, along with that country's personal allowances. This may result in your income being repriced for tax with any difference being either, paid by the tax payer or issued as a credit to the tax payer.

So answer the question.