anrcaccount

We see the same thing in almost every single real world report: the Thai RD aren't interested in taxation of any foreign remitted income. If you're not working or running a business in Thailand, you don't need to deal with the TRD. That's the status quo, it hasn't changed.

Sure, they could ask, but you'd still be within the law. There's nothing relating to the timing of when any assets were bought/sold. Source of remitted funds = proceeds from sale of capital , no gains have been remitted. Checking the 'source of the source' is completely outside of their remit. Lest we forget, remember the video with the TRD rep, you can also: sell your stocks/any other asset for gains> buy a watch > then sell that watch> remit to Thailand non assessable Classic!

Completely compliant with remittance guidelines. No Thai tax payable on remittance of capital.

I agree with your logic and reasoning, but it is still unclear how the TRD views this. Consider someone who simply worked a salaried job for 20 years in their home country, and over this 20 years paid all their spare income into the mortgage on the property. They then sold this property (for a significant capital gain as it was owned for 20 years!) and transferred the proceeds to Thailand as a tax resident. How can Thailand even consider taxing this income, earnt prior to 31-12-2023, just because it is parked in a mortgage offset account , but funds in normal bank accounts are exempt? Absolutely ludicrous. Same goes for income invested into stocks / funds instead of parked in a bank. As I've pointed out before, if they actually tried to implement this, it could be worked around by simply rebuying any stable asset with the proceeds of the original asset sale > Selling that asset at cost > and remitting the proceeds to Thailand > no capital gain, no tax. Anyway, in full agreement with your view. If the TRD are in any way serious about taxing remitted foreign gains, they will 100% need to provide detailed clarity on the point of what constitutes 'income earned pre 2024'.

Not necessarily at all. No hysteria present. Many people sell a property or stocks in their home country, and then purchase real estate in Thailand. Many of the sales and subsequent purchases, would have happened in 2024, therefore any capital gain on the sale, theoretically assessable upon remittance to Thailand. But I suspect few to none would be declaring this, despite this situation likely occurring many thousands of times in 2024.

Gifting in Thailand is still a legal tax loophole, as much as getting a loan from your offshore assets as collateral or getting an LTR visa that exempts from tax your foreign sourced remittances. Correct, gifting is completely legal . The gift recipient need not 'report' anything to the TRD , and thus I can tell you already what this members report will be - no Thai tax payable on the gifted funds for the giver or the recipient. Other 'loopholes' include remitting 'income earned prior to 31-12-23' ( which is still very open in definition as to what exactly that means) , and this one here, which is quite nice IMO: Selling an asset overseas for capital gains> Rebuying an asset immediately and then selling that at cost> Remitting the proceeds to Thailand. Remittance of original capital is tax free.

CRS is just one of many "pieces of information' used selectively ( misleading) by this firm to scare expats into using their services. This is why remittance taxation is completely flawed, and almost nowhere in the world uses it. It's wildly impractical. It's unreasonable to expect self declarations to be accurate, when so many scenarios and exceptions / exemptions exist, and the official tax authority is mute, a complete absence of clarity. Remember, 95%++ of foreign expats have never had anything to do with the TRD. If the TRD want that to change, they need to do more than release 2 internal directives and publish 1 infographic. 'Just trying to provide information" ? Are you really that gullible? This firm sprung up in October 2023, riding the coat tails of the media reporting on the internal POR/PAW directives, to see if they could make a business out if it. If they were 'just trying to provide information' , why weren't they doing it before then? Yes, filter the information very carefully.

But that is incomplete. If the withdraw was from a fund composed on non-accessable money, then it would not be a tax event to withdraw it in Thailand. But there would need to be records showing that in case of audit. It's more than incomplete, it's also incorrect, and deliberately misleading / non factual. One of many examples of the dishonest marketing used by this firm, specifically designed to create FUD ( fear, uncertainty, doubt) in the minds of expats in order to drive them to use their services. It's quite sickening really , IMO. Lets be clear: The CRS only reports aggregate account balances and not individual transactions with a few specific exceptions ( types of income). ATM withdrawals are not included, nor any transactions that pay to a third party , like 'paying school fees'. So, no, the TRD are not 'aware of these financial activities' Let's also be clear: No significant tax has ever been paid on foreign remittances to Thailand. No one has ever paid tax on a foreign ATM withdrawal or credit card transaction. The law hasn't changed, the only official change is 2 internal interpretative directives, posted nearly 18 months ago.

Ah, yet another report of someone filing a return BUT conveniently owing no tax. Also, another report from someone who already has a TIN and a filing history. What about the thousands ( tens of thousands) of foreigners who remitted THB millions in 2024 to buy property....or even expensive vehicles? None of them are paying tax, right? Yet to see a single report. Reality is evident in the "blank faces" , status quo remains , Thailand ain't seriously interested in taxing foreign remitted income. No one who previously didn't file, should be worried if they don't file now. Yet to see a single report, that changes that opinion.

That sounds like an explanation they could accept. Thank you for the advice. They will accept the explanation. It's just a box ticking compliance exercise for the banks. In the extremely unlikely event they do not , there are many agents and legal firms in Thailand, that will get you a Thai TIN, starting at about 3000 THB. This gives rise to no obligation to file a Thai tax return or pay any Thai tax, but you will have the TIN.

Yup, and of the 5% who technically do owe Thailand something, 95%+ of them ain't filing either!

Whoosh, obviously the sarcasm of this post went straight over your head. Get it now?

Yes, you're absolutely right. 95%+ won't file.

Well said. I suspect he'll be waiting a long time, for a call that will never come!

Yes, I remember that poll. It was published in the Thai Enquirer a while back. And here's another interesting factoid, closer to home. In another recent tax thread, one of our flock, @MikeandDow posted: 'They will have to be knocking on my door before i fill out any of there (sic) BS'. That one post received 68 'I agree' emojis (1 of them was mine) and 37 other positive emojis. I think that's the biggest reaction I've seen on this forum for many a year. So we know what the sentiment is on this forum. It's right at the top of page 1. IMO it'll be more like 95% of expats who don't file a Thai tax return , and just like last year, and the 10 before that, there'll be no consequences.