anrcaccount

Not arguing with this. However, there's no evidence the TRD actually looks into any currency exchange transactions, then tries to match them to a tax resident, then in turn to any return that that resident may or may not have filed.

Wow, this guy is the absolute definition of a slick talking farang in a blue suit. I bet he's still pretty new to Thailand. I would warn my family from purchasing life insurance or an expensive vaccuum from him, should he knock at the door. But, in this case, I do concede he is talking some sense.........

How many of those apply to retired Pensioners, who make up the majority of these threads. All of them.

No, incorrect, exempt is no need to declare. Let's add to the list: Gifts remitted, exempt, no need to declare unless over 20M THB. Income remitted that is exempt under DTA, no need to declare. Pre 2024 income remitted, exempt, no need to declare. Remittance of proceeds of assets sold at cost or a loss, exempt, no need to declare, Loans, exempt, no need to declare. Any asset or income not remitted to Thailand - exempt, no need to declare.

Start at 3 minutes - What is assessable income Through 4 minutes DTA's onto 4.39 US Social Security https://www.youtube.com/watch?v=4mNdXpvY1GQ You must be blind and deaf. What he says is: "to give an example US Social security payments is assessable income from work duties abroad, so if you receive it during the year in which you are resident of Thailand, and you transfer it to your Thai bank account, generally you would have been taxed on that under the residence rule. HOWEVER, according to the DTA between Thailand and the US, Social Security payments is taxable only in the countries of the payer. Because this is paid from the US, then it is taxable only in the US, in other words it's not taxable in Thailand." So, where do you get from this, that this needs be declared on a Thai tax return? He doesn't state that. Nothing in this document refers to US Social Security being required to be declared in a Thai tax return.

Because I believe that the Tax Consultant, from Siam Legal, completely destroys that myth. Although to be fair, he uses US Social Security ( And not UK Government Pensions ) as his example. However, the same principle must apply to all sources of income that come under the Exclusive Taxation Rights clause. Providing one is a tax resident, and the money is dispersed and remitted from the 01 Jan 2024. I see nothing in the Siam Legal video that states that US Social Security needs to be included/declared in a Thai tax return. Where do you get that from the video? Multiple sources have clearly stated US Social Security does NOT need to be declared on a Thai tax return. You're almost as bad as Lister, the way you keep going on, with a complete inability to admit where you're incorrect. If US Social Security was required to be declared, it would have been required last year, and the 10 years before that. The POR/PAW updates do not change that, many people were remitting it directly.

Fair enough, I take your point/s. Talking about it isn't a problem, you seem to have a sensible strategy. I am still yet to see a single report on any individual actually paying Thai tax on remitted foreign source income , let's see.

Agreed. Only because people like you are lining up to self-enforce. In a complete lack of any real clarity from the relevant authorities, not only are you trying to understand and make up the rules, but you're also then looking to enforce them, upon yourself. Surely, "JING LOR" , is an appropriate term for this.

Really? Ask them if they've ever filed a return that taxes foreign sourced IRA income remitted to Thailand. How many of these returns have they filed, and what is the result. If not, why not? The rules haven't changed, only the year of earnt income has been adjusted.

"UNpossibly" complex for the TRD to even begin to calculate. Helps identify why almost nowhere in the world operates remittance taxation, it's practically unenforceable. Anyone who pays a single baht of tax on any foreign remittance to Thailand is IMO, a poor tax planner. Firstly you can use the gifting provisions, they are pretty simple. Secondly, you can take income and buy something with it (anything, a stock, a car, some art) , then immediately sell said something at cost, and remit the proceeds of the sale, squeaky clean. No capital gains. In both cases, the remitted funds are non assessable/exempt/whatever the latest term is, and no need to declare.

Please, stop, spreading this rubbish. It's been clearly established by multiple sources that (remitted) US Social security income does not need to be declared on a Thai tax return. If that is someones only Thai income, no tax return need be filed at all.

You're the guy that argued you need to list all your remitted income on a tax residency declaration form to a Thai bank. You then proceeded to be fixated on CRS as a bogeyman, that required every remitted transaction to be shared and declared. Next, onto the next phantom fixation with declaring items that are clearly exempt, when multiple sources agree that there's no need to declare it, if it's exempt. Now, starting to talk about reporting posts for comprehension. We have someone so obstinate, they simply cannot accept when they're wildly inaccurate, despite being clearly shown many times.

If you're really committed to getting one, you can get it for half that price, 3500THB with "thailawonline". I believe other firms/ agents can do it for around that price also. So the price you're being quoted is not good at all, IMO predatory, just like much of what that type of agency is offering.

I think the best way to file would be to not file. But it seems you're committed to trying. Please keep us updated...

You're probably the first person they have ever come across who has attempted to file in this manner, and the first time they've ever seen the that detail of remitted income. Don't be surprised, if you find this is much more trouble than it was worth.

I guarantee he has already reported them , and most likely, the report has been ignored. Evidence would suggest the Thai authorities have zero interest in enforcing the taxation laws on foreigners / foreign remittances.............. so it's likely they they equally have zero interest in enforcing the laws on foreigners illegally giving tax advice to other foreigners!

I'm far from a fan of Expat Tax, and wouldn't trust much what they publish. But I did view their webinar on remittance of capital gains. and it doesn't state that everything in any investment / brokerage account pre 2024 is considered "income" per POR 162. They acknowledge the concept of original capital being remitted, non taxable, and the idea of calculating capital gains. There is also an acknowledgement that any investment sold at cost, or a loss can be remitted as non assessable.

Now, you're getting it. It was probably more than 75% too. Nothing has changed apart from an internal interpretation guideline and a whole lot of hot air. It's still insane to try to pay tax on remittances. I doubt a single Satang has ever been paid. This may change soon, but only because of anyone filing through a predatory agency. Anyone going to the TRD to try and do this direct is being sent packing.

Yes, complete coincidence. No, they're not responsible for that as part of the CRS data sharing regulations. They're not. The RD isn't concerned with speculation in an expat forum, some cowboy expat led tax agencies, or poorly written and researched expat focused media articles. This isn't making the news in the Thai media.

This poster is completely misinformed on what the CRS actually is, and continues post this rubbish. They've been corrected on this multiple times, by multiple members now. FACT: The CRS reporting obligations have nothing to with remitted income, nor that remitted income being reported to a tax authority. There is no need for 'tax residents to declare remitted income' for the CRS obligations to be met. FACT: Thailand can comply with its obligations under CRS, by asking its FIs/Banks to share a data file once a year. This data file contains only aggregate account balances, and does not contains any references to remitted income, does not include individual transactions, excepting the cases of income as specified in table 5. SOURCE: https://www.rd.go.th/fileadmin/user_upload/FATCA_File/crs/Thailand_CRS_Guidance_280823.pdf

From personal experience with Jomtien Tax Office, I second that. By the way, it would be helpful on these threads if posters would mention which tax office their successes/failures occurred. Success = being sent home with nothing after visiting the tax office. Guaranteed Success = Don't go to the tax office. Keep doing what the vast majority have done for many years, have nothing to do with TRD, unless you are working or earning income sourced in Thailand.

I absolutely take your point but remember the reports include details of the following for every individual account you have in both participant countries of the DTA, including credit card accounts. This means the Thai authorities can query us on any payments into the cc accounts to pay off the loan if they suspect the loan involved payment in Thailand. What information will be reported to tax authorities? The information reported to tax authorities will have been provided in the self-certification form, and details about the accounts and products you have, including: the balance or value the total amounts of interest or payments credited Sorry, but you've missed the point, and you continue to post inaccurate 'copy pastes' from a predatory expat tax agency. Firstly, credit card accounts themselves aren't generally reported at all in the CRS data sharing. 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, in excess of the reportable thresholds. That means, only people who load up their credit cards with a positive balance ( not credit limit) of $50,000 USD or more, at the once a year point, of this account being eligible to be reported. 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).

No, it's you who doesn't understand the CRS. It's not "all your financial dealings" Educate yourself. Here's some facts to help you: CRS Source: https://www.rd.go.th/fileadmin/user_upload/FATCA_File/crs/Thailand_CRS_Guidance_280823.pdf Table 4 ( page 60) it defines exactly what financial information is shared which is only once yearly, aggregate account balances, does not include individual transactions, excepting the cases of income as specified in table 5. Regarding the inaccurate info you've posted regarding credit cards, you can see there is no way this information shared can include individual foreign credit card (or ATM) transactions. In addition , the CRS reporting obligations have nothing to with remitted income, nor that remitted income being reported to a tax authority. Unfortunately, CRS has become a term used, in a scaremongering fashion, being pushed by Thai 'expat' tax experts, in order to drive demand for their services, along with fitting in nicely with the worldview of the those who believe there's an eye on their every transaction.

I went to the trouble of sharing my source with you and all you give in return is a sneering remark about parroting. Don't ask me again. I asked if your source was A or B. A) a slick presented, foreigner fronted 'expat' tax specialist that sprung up less than 18 months ago? Or B) did you take it from an established firm that has actually had experience filing Thai taxes , and dealing with the TRD, over many years? You said B, when it was in fact A, so remarks are warranted IMO. Be very careful with this source, as it is not an established Thai tax firm, it was only established in late 2023, and as such, has a short tenure filing Thai taxes or dealing with the TRD. Many are arguing this firm is illegally giving advice, as it has multiple foreigners dispensing tax advice on free calls and publishing multiple webinars, none of which feature a single Thai person........... but, I guess that's a different issue...........

Not going to waste my time replying other than advising you to reread prior threads going back years with your same argument above and "no" real knowledge has been gained. As I mentioned prior - carry on for the many AN members that find these threads hilarious. Don't worry, I agree with you, it's the other poster who is parroting 'expat' tax advice from a foreigner fronted firm that only sprung up 18 months ago......... The only "real" knowledge has been shared by multiple members now, who have gone to their local TRD, and been sent home packing. With the real world status quo being - TRD isn't interested in taxation of foreigners remitted funds.