chiang mai

The rate used when the funds were received or exchanged by the bank.

Yet another post telling us why something can't be done! Yet despite that claim, somehow the TRD collected 396 billion baht in income tax revenue last year! https://www.statista.com/statistics/1126300/thailand-government-revenue-from-taxes-by-type/

It looks like the supplier must be VAT registered or use e-invoice which is pretty broad. Since the shopping period has now passed, you may as well include any of the items you mention and if they get rejected, you'll find out why. Nothing to lose there I reckon.

Hmmmm, no! Apart from the personal allowance that everyone gets, deductions and allowances are mostly tied to the different types of income. There are 8 classes of income and most are accompanied by an expense deduction of some sort. For example, Category 1 income includes salary and pensions. You're allowed a deduction equal to 50% of that category of income, maximum 100k baht, for expenses incurred that relate to that income. And so on. There are no allowances or deductions that specifically relate to the things you mention in your post hospital services, purchase of major appliances, major auto repair, etc. I'm unsure about the 50k deduction for goods and services that you mention, I think that might be a one time incentive by the Revenue to persuade people to spend more on certain items, the details are below, https://sherrings.com/shopping-personal-income-tax-allowance-2024-thailand.html

This thread has once again become dreary, disappointing and short on substance. Something half factual gets posted and the next few pages get devoted to those who don't think the TRD stands a cat in hecks chance of ever successfully taxing foreigners and reasons why it won't ever happen. It's one thing to challenge perceived fact and understanding but it's unproductive and pointless to pooh pooh everything, without any substantial basis other than the somewhat racist connotation that it's too difficult, too complicated and this is Thailand.

If you want to debate this issue with me, you must try harder to remain focussed on the things being discussed and not not wander off aimlessly at a tangent, making broad sweeping statements about mildly related issues and blame everything on my failure to understand!! Nobody ever suggested that there aren't unknowns and unclear issues, that is not even remotely relevant to the definition of the high level credit card related tax process, which is very simple and very clear and is the issue being discussed. The poster attempts to make excuses why credit card transactions can't be considered assessable, all of which are manufactured and grasping at straws, presumably because he feels exposed on that front.

I don't understand why people try to overcomplicate things, the basic process is this: 1 - The Taxpayer spends time in Thailand, becomes tax resident and spends money here, derived from a potential variety of sources. 2 - The Taxpayer self determines whether the money that was spent is assessable and either files a tax return and reports the income or decides it isn't necessary. 3 - The TRD examines data from a variety of in country and potentially overseas sources and initiates investigations based on what it sees. Nowhere in the above is a step that eliminates income because it's too difficult to determine if funds are assessable or not. Nowhere in the above is a step that eliminates funds or people just because TRD can't immediately see all the detailed information they might want or need. If the TRD wants further information about a particular taxpayers return or spending patterns/habits, using ANY funds remittance mechanism, cash, TT, debit card, credit card etc etc, the TRD will tell the taxpayer to supply that information. If the taxpayer refuses or cannot, and the TRD suspects even loosely that funds have been remitted that were assessable and they were not declared, an estimated tax liability will be presented to the taxpayer, based on what the TRD sees and thinks. If the TRD believes that Bernie from Bolton has been living in Pattaya year round, paying all his expenses using his UK Barclaycard and TRD has evidence to support some of that, Bernie will get a bill. If Bernie has a problem with that and thinks the TRD is incorrect, there are tax tribunals and appeals processes for Bernie to use to convince the TRD of the error of their ways and prove the funds used to pay the CC bill, were not tax assessable. Now, has any of the above ever happened....dunno, nobody on AN knows the answer, they can only guess. Will the above ever happen? Of course it will, the choice of remittance mechanism doesn't change the assessability of a remittance although some will believe it does and will try to take advantage. Will people self declare credit card transactions on a tax returns? Who knows, again, we can only guess and assume.

It doesn't matter that the funds are remitted by a bank or by a company such as Deemoney, neither will remit Baht. They will change the Baht into the currency of the destination country first and as the example in the link suggests, it is foreign currency that will be received, not Baht.

OK, sounds like you work and your employer takes care of everything for you. You will have an HMRC tax account, you need to find that number and log onto it using the HMRC Tax Gateway and you'll see your numbers. Understand?

I'm a Brit and I have to work out my UK numbers for many categories, savings interest income, rental income and investment income, it's not difficult to do if you contact the companies you do business with. Plus I have to do a self assessment every year, don't you?

50,000 baht. Unless going to neighbouring countries or two provinces in China, in which case, 500k baht and 1.5 mill baht (I think) respectively. THB is restricted currency that is not freely convertible, hence the controls on export of the baht.

Plus it's something that some people always believed was safe, and now a widely held long term belief is being challenged and it makes for uncomfortable reading for some.

Goodbye

Late edit: should read, 120k, not 129k

There is no need to personalise this issue SWW and I strongly object to you doing so. A straight forward legitimate question was asked, a straight forward simple answer is all that's required, without the need for personal digs and commentary.

The TRD rules say that you must file a return, if you have income over the minimum assessible income threshold which is either 60k, 129k or 220k, based on marital status and income type, regardless of whether you owe tax or not. If you do not file a return when you should have, there are penalties that can be levied and these are draconian if tax was due. In practise, there is no evidence that penalties are levied, that's to say we are not aware of anyone who has ever been penalised. You must decide what you want to do in this respect.

Just for completeness sake, here's BOT's version of events as at end 2Q24, but there are fewer pictures and more words in this one. ...:))) https://www.bot.or.th/en/thai-economy/economic-outlook.html

CIMB expects USD/THB at 37 by year end! https://www.cimbthai.com/en/personal/who-we-are/news-event/2024/news24.html SCB expects 34/35 https://www.scbeic.com/en/detail/file/product/9509/gxps4fqlrg/Outlook-2Q2024-Full-report-ENG-20240704.pdf

For anyone interested in such things.......an interesting review of the Thai economy as of September 2024, it covers all related aspects including tourism , exchange rates, manufacturing, exports etc etc......just pictures charts and graphs, no long words! 🙂 https://www2.deloitte.com/content/dam/Deloitte/th/Documents/about-deloitte/th-economic-outlook-3Q2024-EN.pdf

This is an old and trivial story but I don't think I've seen it written explicitly before and I have seen that somebody asked......you do NOT need to include any pre-31/12/23 foreign sourced income on your 2024/2025 tax returns, assuming the new forms do not change in this regard. https://www.forvismazars.com/th/en/insights/doing-business-in-thailand/tax/further-guidance-on-foreign-sourced-income

Boutique or exotic currencies such as THB, only maintain their value where there is demand. Typically that means countries closer to Thailand where nationals of that country are more likely to visit Thailand and want currency in advance. The further away you go from Thailand, the more the banks charge to obtain that currency and exchange it for your own local currency. Which is why taking a million plus Baht to Canada is a poor idea because it will cost you more to exchange it for CAD, or, you will lose any interest that money could have earned at home, were it in your home currency, that is if you don't get arrested at Swampy for trying to take over the limit amounts out of the country!

No you cannot, THB cannot be freely exported, it is a restricted currency. You can carry up to 500k Baht to neighbouring ASEAN countries but only 50k Baht to any other country, except to two southern provinces in China where the amount is (I believe) 1.5 million Baht.

Is it me or is there an echo in here!

I imagine the TIN application probably is paper based since that's the very first record in the system. But thereafter, all personal IT filing is online, unless the taxpayer doesn't know how to do that....eventually most people will know. I could quite easily file my taxes each year, from my desktop at home, by logging into the TRD system and completing the various screens they ask for. At the end, they may ask me to upload some documents as proof, or they may not, depending on the contents of my tax return. When it's all finished it will tell me the return is complete and would I like to print off an acknowledgment, for me, that's all there will be until next year. The above is not that dissimilar from online self assessment in the UK. In both cases, the Revenue has some information about me already, in the case of TRD, they know the amount of interest I was paid and the amount of tax with held on that interest, all I need to do is enter one of my Thai bank account numbers into the system and all my accounts appear on the screen. That process has generated one piece of paper, my receipt, what paper it generates at TRD is unknown but I seriously doubt they print it all off and study it at their desk.

193K is 70% of 276k, for info purposes and not used in any calc.