lordgrinz

Holy Cow! Another "Hub" in Thailand, time to celebrate!

Well, I guess it's better than walking the streets of Pattaya mugging tourist.

I'm wondering how Wise works into this with their Interest bearing Wise Account and Debit Card (USD Swept Program/FDIC 4.85%). Don't need the ATM withdrawals, but paying using the Debit Card feature would be nice, especially if it avoids taxes.

Which could be paid many months or years later, or not at all.

Yes, but how would you apply assessable income to a credit card purchase?

I'm going to give the Thai government my US TIN which is my US Social Security Number? I think not.

Lets hope they don't operate like the Immigration Office, because some piece of paper you just printed off online won't cut it.

Does it state how to prove those savings? Nope...so it's a remark without clarification.

I hope so too, I'm just worried about what they definitively accept as proof, that would have to come up in an audit to be proven one way or the other. Unless of course the RD comes out and clarifies this for all of us, not just RD's off-the-cuff comments to Sherrings.

Well, that puts you and NJHOUSE on my list of guinea pigs to watch over the next year or two 😉 "If" either one of you gets audited, then I will be all ears on how it panned out.

Not sure if I did, but I do have ExpressVPN, so maybe. Pretty sure I did it here though.

I keep my mailing address in the USA, so that's helped. The last mail I had sent here was the most dangerous one yet, had two ATM cards in it, two checks from escrow/insurance refunds on sale of my house, and my new US drivers license. Glad those documents all made it here.....LOL

I'm waiting on the guinea pigs first.

No, they sent the debit card to my house in the USA, and I had a family member send it to me here in Thailand.

I'm guessing anything sent into a bank account will not go unnoticed, jury is out on debit/credit cards though, that I would agree might be much harder for them to chase down, especially since not all countries are part of CRS reporting. We'll see soon enough.

Do you actually believe that people will send in millions and millions of baht in remittance and nobody will question it?

Yes, because B6 million will go unnoticed by RD? I'm waiting to see how people fair when they try that theory.

You're definitely one of my favorite guinea pigs now, keep us up to date on how your taxes go next year.

I said in my situation, which when added (B1 Million) to my wife's salary, based on last years taxes, would mean an extra B245,000. She paid only B86,000 last year in taxes for comparison.

Unless you missed it, Thai authorities are cracking down on at least one type of person "farangs", and being that they have a lot more money than a typical farmer.....you can expect them to be very vigilant going after it. Even in my simple tax situation of sending say B1 Million here, then adding that to mine and my wife's tax return would mean paying B245,000 in extra tax. I am sure the RD is drooling over how much more they can strip from taxpayers, especially "farangs".

To each their own, but with so many different perspectives on this issue, and the many more that will happen with tax preparers, tax lawyers, different RD offices, etc.....just leaves this all a mess for Expats, just look at the way Immigration Offices handle things differently. Thailand should probably start by compliance within in its own government agencies, before implementing new laws/rules/etc. I wish I had a crystal ball, I would like to see all the tax nightmares people go through the next few years......because I can guarantee there will be many. Waiting for the first expat to post that RD didn't accept a foreign bank/financial statement they thought proved pre-2024 "savings" without notarization, an Embassy stamp, and MFA stamps that will never happen.

He is an Italian Lawyer, but the chairmen and managing director of MPG. I found this article explaining who he is and little more about the company. https://expatlifeinthailand.com/mpg-20th-anniversary/

I know, but still caught my attention as soon as he said it.....I would like if he expanded on the reasoning, I want to make full use of my Wise card if this can be done, and one of my Credit Cards also.

Interesting video.....especially the US couple example where he speaks about ATM and Credit Card purchases. https://www.youtube.com/watch?v=ljy7qdhy4VU&t=94s

Correction, she has two PhD's.....pretty impressive.