freeworld

It works like a real credit card. At the end of each month a statement arrives with the min payment due. This way there is a balance each month and quite high interest is charged if one does not pay off the full debt.

Don't worry, the immigration officer will do their best to help find a solution.

Looks like the general gist of all these tax threads is many people don't want to pay tax in Thailand but want to live here.

News from ars techica Microsoft will stop old Windows product keys from activating new Windows installs

The Thai tax year does not change it remains 1st Jan to 31st Dec. There is an additional requirement for individuals deriving certain income from rent, advertising, professional fees, business income, entertainment to file an additional half yearly tax return and submit by October. OCTOBER Deadline Form/Report Description of Form/Report Instructions/Comments Deadline for Internet Filing October 2, 2023 (in lieu of September 30, 2023 which falls on Saturday) Por Ngor Dor 94 Mid-year personal income tax return An individual taxpayer who derived income under Section 40 (5), (6), (7) and (8) such as rent, professional fees, business income etc. during January to June 2023 must file this return and pay any tax due to the District Office. Deadline for Internet Filing October 9, 2023 (in lieu of October 8, 2023 which falls on Sunday

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To be tax resident in 2024, one has to stay 180 days or more. To decide and clarify in Thailand one has until June 2024 to sort it out or to have other options.

Its not a new law, it always existed in the revenue code and RD have clarified their interpretation of the revenue code with their new order which is effective from 1st Jan 2024. Thai tax year starts on 1st Jan to 31 dec and if one has assessable income the tax return must be filed by end of March following the tax year. This has always been the case.

Money is needed to fund govt services of which I'm sure every long term tax resident is making use of in some form or another.

Relax, many tax accountants don't know and many RD people also don't know. Take your time and assess your situation. You have until maybe 25th of June 2024 next year to get clarification.

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For the uk dta see article 6: Limitation of relief.

1) Thai tax year 2) Taxable income 3) If one has paid taxes on the income in ones home country, one can apply and get a tax residence certificate for each tax year in the home country to offset paying taxes in Thailand.

The allowances really need to be factored into consideration The taxable income is not the 12500 example. TAXABLE INCOME = Assessable Income - deductions - allowances PWC Thailand I Thai Tax 2023/24 Booklet 6 Deductible expenses The amount of personal expenses that may be deducted depends on the category of assessable income, as follows: • Income under the above categories of assessable income (1) and (2), including goodwill, copyright and other rights under (3), a deduction of 50% is allowed subject to a maximum of Baht 100,000. • Income under (5), the rates of deduction vary from 10% to 30% depending on the type of rented property. • Income under (6), (7) and (8), the rates of deduction vary from 30% to 60% depending on the type of income or type of business. The deduction of expenses in relation to goodwill, copyright and other rights under (3) and assessable income under (5)-(8) may be on an actual basis if satisfactory evidence of the expenditure can be provided to the Revenue Department. Allowances There are two categories of allowances after the deduction of expenses: 1. Personal allowances Baht • Taxpayer 60,000 • Spouse (if spouse has no income) 60,000 • Legitimate child of the taxpayer or the spouse (without limit), each 30,000 • Additional allowance for legitimate child of the taxpayer or the spouse from the second child onwards who was born in or after 2018, each 30,000 PwC Thailand I Thai Tax 2023/24 Booklet 7 • Taxpayer’s adopted child (maximum 3), each (If there are legitimate and adopted children together, a maximum of only 3 children is allowed) 30,000 • Parental care, each 30,000 • Care of disabled or incapacitated family members, each 60,000 • Care of a disabled or incapacitated person other than a family member 60,000 In addition, a resident of Thailand who is 65 years of age or older is entitled to personal income tax exemption on income up to an amount not exceeding Baht 190,000. 2. Specific allowances • Life insurance premiums in an amount not exceeding Baht 100,000 paid by a taxpayer on his/her own life are allowed as a deduction provided that the insurance policies are for a minimum period of ten years and the insurer is carrying on a life insurance business in Thailand. If the policy includes a savings plan which provides an annual return to the policy holder exceeding 20% of the annual premium, the entire premium will be non-deductible. Deposits with banks in the type similar to life insurance for a minimum deposit term of ten years are allowed as a deduction in the amount up to Baht 100,000 in each tax year. However, these deposits together with the above qualified life insurance premiums and the health insurance premiums referred to below must not exceed Baht 100,000 in each tax year. In addition, the amount paid, up to a maximum of Baht 10,000 for a life insurance premium for the taxpayer’s spouse who does not earn income is also allowed providing their marital PwC Thailand I Thai Tax 2023/24 Booklet 8 status exists throughout the tax year. • A health insurance premium, up to a maximum of Baht 25,000, paid by a taxpayer to a life or non-life insurance company in Thailand for his/her own health is allowed as a deduction. However, the deduction for this premium together with the life insurance premiums and deposits with banks in the type similar to life insurance, referred to above, must not exceed Baht 100,000 in total. A health insurance premium, up to a maximum of Baht 15,000, paid to a life or non-life insurance company in Thailand for the taxpayer's parents or the parents of the spouse of the taxpayer is allowed as a deduction. • For the purpose of encouraging long-term savings for security upon retirement, allowances are granted for investments in the following funds and pension life insurance, whereby a taxpayer is entitled to invest in one fund or several funds, subject to a maximum amount of Baht 500,000 in total for each tax year. - Qualified pension life insurance premiums paid to a Thai insurer in an amount not exceeding 15% of assessable income received which is subject to income tax, with a maximum of Baht 200,000. - A contribution to a registered provident fund in an amount not exceeding 15% of the wage with a maximum of Baht 500,000. - An investment in a retirement mutual fund in an amount not exceeding 30% of assessable income received which is subject to income tax, with a maximum of Baht 500,000. - An investment in the national savings fund in the actual amount, with a maximum of Baht 500,000. - An investment in a super savings fund in an amount not exceeding 30% of the assessable income received which PwC Thailand I Thai Tax 2023/24 Booklet 9 is subject to income tax with a maximum of Baht 200,000 in any tax year. • Mortgage interest incurred for the purchase or construction of a residential building in Thailand may be deducted up to maximum of Baht 100,000. • Expenses paid by the taxpayer or spouse for antenatal care and child delivery up to Baht 60,000 for each pregnancy. • A contribution to the government’s social security fund may also be deducted. And then there is also donations

Because most billionaires are not really billionaires.

Yes it is not legal. The estate should go through probate first. Whilst both people are alive, the other person can withdraw money on the account showing the bank book with the other authorised signature in the back of the bank book and has to show an ID card at withdrawal. The second signatory on the account is not authorised to close the account.

Poor animals. Through no fault of their own now probably destined to be put down.

Thanks for that clarification.

Nothing to do with whether tax was paid. It is reporting customers financial information by banks and financial institutions.

Just like the US then.

But is it the 20 million baht is the recipient does not pay tax on it. But when it is in the hands of donor and part of that constitutes earned income, should it not be partially taxable?

Could not use the phone to call someone?

Refer to the DTA and the Thai revenue code.

You claim a rebate in your home country for Thai taxes paid.

Of course it is going to be for old customers. It is for all investment and bank accounts.