freeworld

Just putting this out there. Thailand accounting standards (TFRS) are based on the IFRS standards which are the general accounting rules used in most countries in the world except the US which uses GAAP. https://www.tfac.or.th/en/Article/Detail/67454 The IFRS: "Several methodological differences exist between the two systems. For instance, GAAP allows a company to use either of two inventory cost methods: First in, First out (FIFO) or Last in, First out (LIFO). LIFO, however, is banned under IFRS." As a note Thailand RD put out a notice for crypto currencies and there it is stated there it is stated they should use the FIFO or Moving Cost Average principle. "The FIFO method is a calculation of the cost of each type of cryptocurrency/digital token, whereby the cryptocurrencies/digital tokens purchased first are treated as sold first, respectively. As a result, the remaining cryptocurrencies/digital tokens at the end of the day are the latest cryptocurrencies/digital tokens purchased. The moving average cost method is a calculation of the cost of each type of cryptocurrency/digital token, based on the average cost of the cryptocurrencies/digital tokens at the beginning of the year and the cost of cryptocurrencies/digital tokens purchased during the year, re-calculated after every purchase." I would assume they would apply the same reasoning to investments. RD-manual_crypto.pdf

This is how business does it: Any currency, asset or liability which has been received or paid during the accounting period must be converted into the functional currency at the market rate on the date of receipt or payment. • Outstanding currencies, assets and liabilities as of the closing date of the accounting period must be converted into the functional currency at one of the following rates: - Mid-rate, or - Average buying or selling rate of commercial banks as calculated by the Bank of Thailand So the payment or receipt is on the day that the transaction took place at the market rate. You would have a record of that.

Agree with all that. "Far from dual pricing being scrapped, much more likely that we would be clobbered for tax at special foreigner rates which were at least double those paid by the locals" If Thais had investment gains and income on foreign assets they would be subject to tax at the same rates as foreigners.

These two places in bangkok area seem to have positive reviews https://www.facebook.com/people/Arm_Hi-FiPa/100057543306248/ http://www.prsmodify.com/

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from a Siam legal article Some Basics of Thai Investment Promotion Law ''In order to be eligible for investment promotion, the applicant must incorporate a company in Thailand either before or after promotion has been granted. Activities that the BOI designate for promotion are those which are eligible for investment promotion by the Board are those which are “important and beneficial to the economic and social development, and security of the country, activities which involve production for export, activities which have high content of capital, labour or service or activities which utilise agricultural produce or natural resources as raw materials, provided that in the opinion of the Board, they are non-existent in the Kingdom, or existent but inadequate, or use out-of-date production processes.” An applicant’s investment proposal must be economically and technologically sound. In considering the project, the BOI shall take into account the following factors etc....'' So perhaps the investor does not own the property but the company.

I guess she has a formal work contract with a specific date that the salary is to be paid on/by. Not acceptable they can state in advance that salary will not be paid for 3 months if it is not according to the work contract. I do not think this is the case at all. "My wife has told me the govt can refuse to pay new workers if they want to" Refer to Thailands labour protection act 2541 https://www.labour.go.th/attachments/article/47756/The Labour Protection Act B.E. 2541.pdf Has she started a process to solve the matter. "Dispute Resolution Process. The approach to handling labor disputes in Thailand is structured to promote amicable resolutions before escalating to formal legal processes: 1. Grievance Procedure: Initially, parties are encouraged to resolve issues internally using the company’s grievance process. This often involves dialogue between employees, supervisors, and potentially HR departments. 2. Mediation: If the grievance procedure proves inadequate, mediation by a representative from the Ministry of Labor can be sought, aiming to facilitate a mutual agreement between the disputing parties. 3. Labor Courts or Ministry of Labor: As a last resort, if the matter remains unresolved, it can be taken to the Labor Courts or further escalated within the Ministry of Labor."

No the tax rates are for everyone. It depends on the level of income of the tax payer.

It is all rather complicated to invest 40000000 Baht. What happens to the property ownership after the 3 years of stipulated investment period. Refer to BOI website: https://www.boi.go.th/index.php?page=procedures https://www.boi.go.th/index.php?page=eligible_activities

Wonder if it is part of this case reported on in April 2024. Did the guy abscond then try to come back? https://thethaiger.com/news/national/thai-police-suspect-russian-individual-and-local-firms-in-money-laundering Once again the sums of money involved are unbelievable.

Duh, then what of CRS system is not free from RD?? "I also read that the request for information on the CRS system is not free. " CRS is an automatic sharing of financial information between tax offices worldwide (except the US) Banks and financial institutions compile and input this info on a tax website within the oecd rules of type of income, outgoings, balance and whether the accounts are reportable or not . It is then automatically shared.

Information requested by who?

Who would want to chance this inhaling laughing gas What does it do to the body? Laughing gas, sold in metal canisters, is frequently used as a recreational drug. It is inhaled, often using a balloon. The gas can make people relaxed, giggly, light-headed or dizzy. It can also cause headaches and make some users anxious or paranoid; too much nitrous oxide can make a person faint or lose consciousness. Intensive, frequent use of laughing gas can lead to vitamin B12 deficiency which can cause neurological damage, according to a government report quoting several scientific studies. The most common early symptoms of neurological damage are tingling and numbness in the hands or feet. Other early symptoms of neurological damage caused by laughing gas include "skin crawling, and later, staggering, uncoordinated walk[ing], lower limb weakness, muscles stiffening or tightening, overactive or overresponsive bodily reflexes such as twitching, bladder/bowel complaints of incontinence or retention, and sexual dysfunction", according to the report.

Tried their coffee one time, took one sip and put it in the bin. Never again.

There is, its in the Thai tax code. Section 19 Unless stated otherwise, in the case where an assessment official has a reasonable cause to believe that any person has filed a false or incomplete tax return, the assessment official shall have the power to issue a summons call upon that tax return filer for interrogation and issue a summons call upon a witness and order that tax return filer or witness to show accounts, documents or any other evidence but he shall give at least 7 days in advance from the date of delivery of summons. Nevertheless, the summons must be issued within 2 years from the date of tax return filing whether or not the filing was done within the time limit prescribed by law or the time extended by the Minister or Director-General, which ever is the later date. Except there is evidence or reasonable doubt that a tax return filer has intention to evade tax or in the case necessary for the purpose of tax refund, a Director-General may extend the time for the issuance of such summons in excess of 2 years but not exceeding 5 years from the date of tax return filing. However, the extension of time limit for the purpose of tax refund shall not exceed the time limit for refund There is also some 10 year limit (tax) in the civil and commercial code or criminal code..cant remember which.

See the news https://www.latimes.com/world-nation/story/2024-06-05/police-officers-in-the-philippines-arrested-for-kidnapping-tourists-demanding-ransom

Wife beater shirt as well to show them off with the muscles. Surely an attraction for the ladies.

Should have followed Manuel

Probably apply for a tax residence certificate to apply for treaty benefits. https://www.irs.gov/individuals/international-taxpayers/form-6166-certification-of-us-tax-residency

You mean like this. https://th.usembassy.gov/united-states-and-thailand-sign-agreement-to-share-tax-information/ I know in my home country the US has very close cooperation with our tax authorities to catch tax offenders from both countries.

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Never. Business and Investment rely on DTA rules.

Do you mean a Thai citizen residing in the UK? The basics are here https://www.gov.uk/tax-foreign-income/residence UK residence and tax Your UK residence status affects whether you need to pay tax in the UK on your foreign income. Non-residents only pay tax on their UK income - they do not pay UK tax on their foreign income. Residents normally pay UK tax on all their income, whether it’s from the UK or abroad. But there are special rules for UK residents whose permanent home (‘domicile’) is abroad.

Here is another reason tax is being scrutinised. Thai authorities are wondering how all this money entered the country from around the globe and how it was taxed. Source article Bloomberg June 2024 https://www.bloomberg.com/news/articles/2024-06-02/thailand-probes-cybercrime-ring-s-assets-of-over-27-million "Thailand Probes Cybercrime Ring’s Assets of Over $27 Million"

You are correct, I withdraw my comment.