Well, I read about this before it was posted and have a document (see my attachment) that has endeavored to translate and summarize the Thai version of the proposal.
I don't have time to read every post, but my outlook is every retire here over 180 days in total residency is going to get whacked.
I suspect the next step will be the Dept of Revenue will instruct every Thai bank from Jan 1 2024 to place a withholding tax on all OS inbound transfers.
It will be then up to each individual to deal with the taxation issues to justify and recover their bank transfer withholding tax, if possible!
"Clause 1 : Persons who are residing in Thailand according to Section 41 , paragraph three, of the Revenue Code. who have assessable income due to work duties or activities conducted abroad or because of assets located abroad according to Section 41 , paragraph two of the Revenue Code In the said tax year and has brought that assessable income into Thailand in any tax year That person has a duty to include that assessable income in calculating income tax according to Section 48 of the Revenue Code. In the tax year in which the assessable income was brought into Thailand"
Knowing how most government departments in Thailand are a circus, dealing with these people will be like pulling teeth.
This is going to justify the government hiring a mass of new employees to deal with all this new taxation BS.
Plus, tax accountants will have a windfall, dealing with all the Farangs trying to navigate the mess created.
We will all most likely need a tax ID to comply with the proposed legislation.
If those that have 401K or like retirement accounts or savings accounts where tax was already paid in years gone by in their home country, they will be victims.
Unless, your country has a tax treaty with Thailand maybe, and a big maybe, you might have a chance to be exempt, but if not, you're screwed IMHO
For those from a country with a tax treaty, they will want official documentation from your home country's taxation department that all your OS funds being transferred to Thailand have been fully taxed in your home country.
I fully support them going after money laundering or funds that have been hidden overseas for tax avoidance by individuals or corporations.
But, honest Farangs that have retired here are going to be caught up in the net,
It can only be interpreted as a money grab and extortion by the Thai government against retirees and other honest foreign residents of Thailand.
Tax Concern.pdf
Well, I read about this before it was posted and have a document (see my attachment) that has endeavored to translate and summarize the Thai version of the proposal. I don't have time to read every post, but my outlook is every retire here over 180 days in total residency is going to get whacked. I suspect the next step will be the Dept of Revenue will instruct every Thai bank from Jan 1 2024 to place a withholding tax on all OS inbound transfers. It will be then up to each individual to deal with the taxation issues to justify and recover their bank transfer withholding tax, if possible! "Clause 1 : Persons who are residing in Thailand according to Section 41 , paragraph three, of the Revenue Code. who have assessable income due to work duties or activities conducted abroad or because of assets located abroad according to Section 41 , paragraph two of the Revenue Code In the said tax year and has brought that assessable income into Thailand in any tax year That person has a duty to include that assessable income in calculating income tax according to Section 48 of the Revenue Code. In the tax year in which the assessable income was brought into Thailand" Knowing how most government departments in Thailand are a circus, dealing with these people will be like pulling teeth. This is going to justify the government hiring a mass of new employees to deal with all this new taxation BS. Plus, tax accountants will have a windfall, dealing with all the Farangs trying to navigate the mess created. We will all most likely need a tax ID to comply with the proposed legislation. If those that have 401K or like retirement accounts or savings accounts where tax was already paid in years gone by in their home country, they will be victims. Unless, your country has a tax treaty with Thailand maybe, and a big maybe, you might have a chance to be exempt, but if not, you're screwed IMHO For those from a country with a tax treaty, they will want official documentation from your home country's taxation department that all your OS funds being transferred to Thailand have been fully taxed in your home country. I fully support them going after money laundering or funds that have been hidden overseas for tax avoidance by individuals or corporations. But, honest Farangs that have retired here are going to be caught up in the net, It can only be interpreted as a money grab and extortion by the Thai government against retirees and other honest foreign residents of Thailand. Tax Concern.pdf
