samtam

The Government and the Bank of Thailand seem to have locked horns over economic policy for the country, with the government wanting BOT to reduce interest rates. Similarly there are powerful forces within the coalition, and from influential businesses that are fiercely against the Digital Wallet scheme, and how it will be funded. Ergo, the Government has itself stated that the economy is in crisis...Straits Times . (and several other publications including one that cannot be mentioned; that one is of course closely associated with one of the major conglomerates in Thailand, and the consensus seems to be that this group are not in favour of racking up the country's debt.) This tussle will play out over time. Whether the economy is truly in crisis, or whether it is expedient for the Government to say it is, is another matter. Certainly GDP growth is lower than originally forecast, 2.8% vs. 3.2%. Whether mucking around with interpretation of the tax code will have a further impact, by restricting investment into Thailand, (certainly the property market sector available for foreign ownership), cannot yet be assessed. Similarly, whether the PM's multiple foreign road shows seeking investment in Thailand is unquantifiable, (although probably not related to tax).

I like your optimism, and your argument makes complete sense, but... Even with the Malaysian scenario with which doubtless they are familiar, and the many discussions herein and elsewhere, the consultative process with CPAs and stakeholders, the RD/Thai government shoot from the hip.

"pretty well off" not my words....@redwood1's LTR visa is for "wealthy retirees"....LTR's words.

Yes, I have considered the LTR visa route, but not sure whether I qualify. I used a LTR visa "specialist agent" whose enquiries initially elicited a "yes", (with various "alternative requirements" to satisfy financials), but then there was a misunderstanding about my marital status, so it's a "maybe". I don't want to abandon the Extension based on Retirement, only to find out that the tax rules have change for LTR in 5 years, or the "maybe" becomes "maybe not", and I have to reapply for an "O" Visa, and all the pain in the derriere that entails.

"giving it try"....by getting a CPA? Maybe others in this situation, (HK investment income at zero tax at source), could chime in.

Oh I understand your comment. The UK State Pension (UKSP) is tax free based on the TEDA. My UKSP is THB431,800 and my TEDA is THB500,000. What I find so odd about the situation in Thailand, is that for many of us, on visas, extended based on Retirement, we are strictly forbidden from working in Thailand, and so are totally reliant on income from abroad to meet daily necessities, such as food, accommodation etc. Holders of LTR for "wealthy retirees" are exempt from tax for inward remittances, and I venture to say this should be the default position for expat retirees. But what I think matters not a jot to the Thai government, and catering to the "desirable expat retirement destination" is not even on the radar.

Re. Number 2, I a Permanent Resident of Hong Kong with Right of Abode, so I don't know whether that affects this income.

Number 1....Oh, so that's now a complete reversal of what I understood from this Opus Magnum. Number 2....It is an income derived from dividends in shares, which are assessed, but deemed not taxable, under the tax laws of Hong Kong: cf: https://taxsummaries.pwc.com/hong-kong-sar/corporate/income-determination Income pre 1 January 2024 is now apparently exempt, but income derived after 1 January 2024 is not exempt...(subject to being utilised within Thailand, by means of ATM withdrawal or HK issued Credit Card usage). Is that correct?

Thank you so much. I'd better go and file it where I can't lose it. The income I referred to was 1) UK State Pension (not applicable under DTA), 2) Income from investments (not taxed in the jurisdiction where they are earned). I think already asked an answered, I presume "assessed" but not taxed means taxable in Thailand, if brought into Thailand, by whatever means?* 1) is assessed but not taxed, or zero-rated taxed, (as it falls below the UK tax allowance) and 2) is assessed but not taxed, because it is zero-rated in the jurisdiction in which it is earned. *Is that correct?

Well I obviously do. ....and hence the reason for the above post. The change is just another paper trail that I will have to create for what will probably be a tiny amount of money to be paid to the RD; my problem, not yours or theirs. Having jettisoned that rigmarole with visa extensions, by using an agent, I guess this will be another one for a CPA, in due course, before March 2025. Whilst I'm at it, Can you please provide another link to the tax rates and deductibles, as I'm going cross-eyed back and forth over the two topic posts. Yeah, I searched it on AN. (Maybe put the glossary in the other post's Guidelines.)

Tax Exemptions Deductions Allowances (TEDA)

I don't know whether it still applies, but does one/can one book online for a renewal of a 5 year Thai Driving Licence at Chatuchak DLT office? If so, does anyone have the link? In a previous thread it was suggested that I can apply within 12 months of expiry; mine expires on 30 April 2024.

Now I'm confused again! What is "it" that changes?

I am agreeing with @Guderian because this is true. What alters it is the allowances and deductibles, to the tune of THB500,000 per single person over the age of 65. My UK State Pension, and income derived from investments that are brought into Thailand in whatever form, (use of foreign credit cards, ATM withdrawals from overseas accounts) are not taxed at source, so are all taxable in Thailand. So yes, the entire income is assessable for Thai tax, but not all of it is subject to tax, after deductions and allowances. As a single person (in Thai Law), but with co-mingled funds outside of Thailand entirely from joint accounts, both myself and my partner (foreigner over 65), will benefit from a THB500K deductible, (total THB1m), as we shall submit separate tax returns, which will reduce the tax bill.

That's how I read it too.

Hardly a ringing endorsement. Based on her own words in the interview, Srettha is the only one to keep the coalition together, inferring that she could not? If the coalition fumbles over much more of its completely altered election promises there may be a few members of that who peel away. (Well that assumes any of them have any integrity, rather than devotion to the spoils of being in government; nah, forget that.) Today's ruling by the Constitutional Court on MFP may upset the whole applecart, which ever way it goes.

Yes. It's truly sad that this is the benchmark for tackling the problem: Let's make sure it's good for tourism. No consideration for the poor (and rich) citizens of the Land of Smog.

Here is the context, for those who missed it. His RD office is Pak Chong:

Agreed. The Cyclist has already done this. As I'm in Bangkok, I'm obviously interested in anyone's experience here.

Where is your local RD?

Yes, Pita's days as an MP might be very short indeed. If MF is banned there may well be trouble.

This lot:

Like the RTA?

Yeah, that's the problem. I exercise my mind on this issue frequently, and I think have substantially concluded that if you're going to live in Thailand, (a developing country), you need to live in Bangkok, which is as good as a city in the "first world"; (they all have issues).

Yes, they, (the government) care about tourists/tourism more than anything else in this country. God forbid the health and well-being of the citizenry should factor in. And I imagine they rather think it's not a problem for them, in the their airconditioned, air-purified ivory towers and motorised conveyances. But, like covid, it affects everyone living in the country. Every single person, rich or poor, hiso or loso.