anrcaccount

As was very well said by someone else, we've still not seen any NEW enforcement of the OLD tax laws. IF and WHEN we do, that'll be newsworthy. Otherwise, it's status quo, which is, foreigners who don't work in Thailand, don't pay tax.

In Thailand............... Recording the Incident >>>>>>>>>>>>>> Resolving the Incident

Yup, can see now multiple reports on this thread of that same experience. I have spoken to over a dozen people now ( Non-US Citizens, not working in Thailand) who have had the same, it bears repeating: Go into the branch, ask for help with completing form. "Do you have work permit" - answered no. OK then, fill basic details, copy/sign your passport, bank book if you have it, done. No need to provide any tax ID, Thai or foreign. So, no need for anyone to be concerned about this form.

Pretty much now I see only the poor old (actually young in age) 7-11 staff still have them on, probably a head office mandate. Although I note the manager has stopped wearing a mask....

Thanks for the update. Do you still consider the risk high enough that you wear an N95 every time you leave home? What would it take, to get to a level you are comfortable removing the mask from the dog on your profile picture?

Get advice from a Thai based, crypto experienced, professional accountant on this. IMO, very few/no individuals have ever paid tax on crypto trading gains, in Thailand. Did you read the FAQs in that Bitkub post? They share basically NOTHING with the TRD, and are at pains to point that out. This forum is not the place to get advice on this topic. If you were asking about remitting UK/US pensions, you've come to the right place. Crypto, not so much.

My view based on the reading of the regulations is: Some credit card issuers are considered non-reportable financial institutions altogether. Others, do not need to be reportable if they have policies of not accepting overpayment of more than US50k, or have policies to return any overpayment in excess of US50k, within 60 days. Those that are reportable, are reportable on a depository basis- that is only if a credit balance is held (overpayment), in excess of the reportable thresholds. So, the credit limit isn't the relevant piece. Based on this, it's logical to infer that very few credit card accounts would ever be reportable. Remember, only once a year this information is exchanged, and only on aggregate balances (with some exclusions).

How can that be, Thailand operates a remittance based system of income tax. If you sell but don't remit, you are not liable to tax. Yes, understand on the sell and not remit, agree, you're not liable if you don't remit. I'm replying to the poster who says: I have already well covered that you need to be a Thailand tax resident in the year of import for there to be a tax lssue with transfers. And as stated, actually you can still have a "tax issue" ( apparently, technically) , when you remit in a year that you are NOT a tax resident. As to how that could work in practice....... I would say, unworkable.

Technically, the year of remittance is not relevant to the 'tax issue'. As discussed in a previous thread, the technical interpretation is only the year of the sale (realisation of the income) matters, not the timing of the remittance to Thailand. As the others state above , if you sell during a year you are non-tax resident, you can remit the sale proceeds any time following that, exempt of thai tax, even if you are Thai tax resident in the year you remit. Ludicrous, creates the following types of scenarios: 2025 - non-resident, sell property overseas, buy thai property, remit sale proceeds, not liable for thai tax 2025 - non-resident, sell property overseas 2026 - thai tax resident, buy thai property, remit sale proceeds, not liable for thai tax 2025 - thai tax resident , sell property overseas 2026 - non-resident, buy thai property, remit sale proceeds, liable for thai tax** (**note, technically, you would be liable as a non-resident, even thought non residents aren't required to file a return.........?!?)

Great question! But on the other hand I doubt expats will welcome global taxation on income and assets either! I suspect the answer is none , or very few, as it is a ridiculous concept, unworkable in reality. Sure, global taxation would be unwelcome, but it would be much simpler / clearer for the authorities to administer, and is much more common, with hundreds of jurisdictions taxing residents on worldwide income (assets, not so much).

This is a good example of the absolute nonsense of remittance based taxation and why almost nowhere in the world does it. If and when they ever enforce tax on foreign income remitted, can you imagine the number of work-arounds that could be put in place to avoid a punitive additional tax on real estate purchases: Loan agreements- anything that flows in is a loan Purchasing agencies based offshore that are non resident Sellers gaming the payment timings in order to ensure the buyers remit when non resident Nominees purchasing Gifting used extensively Probably many other ways to approach, no doubt a goldmine for creative accounting! If it ever is actually enforced (IMO unlikely), I think a swift back pedal will occur or, something like has been suggested above, an exemption, maybe granted. It would just create nonsensical outcomes. Are there other jurisdictions worldwide that impose personal income tax on foreign source funds remitted for a real estate purchase?

If I have a choice between deciding whether to follow rules, or, accepting the word of strangers in an anonymous social network forum that the rules wont be enforced hence I don't need to follow them, guess which one wins hands down. Ironic. As you, an anonymous stranger, advise others to follow your opinion on the rules, instead of taking direct advice received from their local, official, revenue department.

I did. He is not correct. Much of what he is promoting regarding CRS is simply false. As I said, FATCA is mainly about in your case, Thailand reporting back to the US. FATCA has been in place for a decade so nothing new for you, this year. FATCA , like CRS, does not report on individual transactions, has a 50K US minimum threshold and this applies to credit cards, so only if you somehow overpaid your credit card and it was more than 50k, in credit, would it be reported! Even in that case, only a single aggregate balance and no detail of the transactions.

"Transferring/remitting funds internationally and being spent" isn't relevant to the CRS data sharing. I'm guessing you did not read the source. I'll say it again: the CRS simply reports aggregate account balances, ONCE A YEAR, and does not include individual transactions, excepting the cases of certain income as specified in table 5. There is no way this information shared can include individual foreign credit card (or ATM) transactions. There is no source to suggest the CRS regulations involve any sharing of credit card information, especially at the individual transaction level.

Yes, have spoken to several people ( Non-US Citizens, not working in Thailand,) who have had exactly the same experience: Go into the branch, ask for help with completing form. "Do you have work permit" - answered no. OK then, fill basic details, copy/sign your passport, bank book if you have it, done. No need to provide any tax ID, Thai or foreign.