deejai33

I've thought a bit about your question. I've concluded I do not under rate much. I know what I enjoy, what is pleasurable, what is good for me. I appreciate it. I am aware of it. 'Rate it well'. I do not underrate things in life. I appreciate, am aware of a good thing. Seek it out. Do other people not appreciate what they like ? Fail to see the good things ? Maybe I've misunderstood the question.

Wonderful loophole looks like its closing. If you haven't already paid tax on income remitted to thailand in 2024 then you'll be obliged too. Double tax treaties may help you. In 2023 you can still get through the loophole if you have 2022 income to remit. Do it before end of 2023. Be thankful the loophole worked for 38 years.

Yes, I've thought of that plan too. I already have a few months a year out of thailand, holidays. Have some longer holidays out of thailand totalling about 6+ months every couple of years. This has an expense associated with it ofcourse. But might be funded by less thai tax paid. But maybe not. Needs thinking through. I like thailand. Could be a worst-case scenario plan. Might better to pay up ?

But sounds too much like a perpetual motion machine to me. The bead shop owner had to buy the beads in the first place, so he does not have 10,000 baht to spend at beer shop. Maybe has 3,000 to spend. Same for beer shop owner. Soon dwindles to zero. And VAT is claimable by shop keepers, so only 1 lot of 7% is ever collected.

Yes, nice to see some extra info from RD. Q+A format with examples. But as you say, google translate fails almost completly with the translating to english. 1st question: Question: Order of the Revenue Department No. P. 161/2023 dated September 15, 2023. How do you steal a bear? 2nd question Question: Order of the Revenue Department No. P. 161/2023 dated September 15, 2023. Is there any law governing the use of the amulet? 555. Later talks of tax victims and buddist gods.

Did you live 180 days+ in 2022 Will you live 180 days+ in 2023, 2024 etc Decide which years you could be taxed by thailand. For 2023 return you can avoid tax on 2022 income. So I'd say , yes bring it in tax free before 31st dec 2023. Jan 1st 2024, loophole goes away. But if they delay the change, 2023 income could be exempt, can bring it in 2024 ! Complicated !

Do they bring 6 digit USD amounts into thailand ? Tax is only on thailand remittance still. Not world-wide income. Hard to spend 500,000 USD in thailand ! But maybe you mean bring in 100,000 USD, barely 6 digit. If they've paid tax on it already, no big problem. If they haven't, maybe they should. And reflect, be thankful, how lucky they were in previous years to have a tax loophole/rule.

Yes, looks similar. But uses complex language about 'economic substance', 'disposal gain', and 'multinational groups'. SINGAPORE – Foreign-sourced disposal gains will be subject to tax in Singapore from Jan 1, 2024, if received by entities of multinational enterprise groups that do not have economic substance here. Not sure that means you and me. Sometimes I feel like I am a disposal gain. 555.

Yes, quite possible. Get expats to declare, warn of stiff penalties for lying, then check a few people and make examples of offenders. Could even name it a 'tax-return'. 555.

Under the proposed rules the 'previous years income' loophole/rule will not apply in 2024. Its too late to do much about 2023 now. In retrospect, what expats should have done for past 40+ years is what you say. In say 2015 open an account called 2015 income. Place enough money for 2016 expenses into account before end of december 2015. Taxed or untaxed money, doesnt matter. On 1st Jan 2016, transfer all it it to thailand. That money is previous years, so no tax on it. Nothing about is it pension, interest, dividend etc. Easy, using loophole ! Start a new account for 2016 income and repeat The few lines of transactions on the bank statements would be full proof of your compliance with the rules. Looking back on this, I am now shocked that this was a well known process for expats. Many advisors, web experts out there. Why was it not well discussed ? Probably as RD didnt pursue us for tax. But they could have, and could look back to older years if they wanted too. Maybe worth doing a 2023 account, just incase they repeal the new change.

I agree that for most people, money in savings accounts has been taxed by 'home' country. But you read here about: 1. Rental income from renting out your house in another country. Sometimes its taxed by 'home' country, sometimes not. Australians mentiin that. 2. Dividends. For UK non-uk tax resident expats, dividends are not taxed in UK. 3. Interest on savings. Might or might not be taxed yet. 4. Tax haven money, as you say. So all these sources could accumulate in a 'savings' account. And yet never been taxed. The other factor is what rate of tax has been paid in home country. Could be lower than thai rate, leading to tax on 'savings'.

Yes, he's just passing the tax issue onto a relative(s). They now have the foreign income to push them over tax threshholds. All these ways people suggest to evade thai tax, are risky as it is clear you are trying to evade tax. Maybe low risk of getting caught, maybe not depending on technology.

I think the word 'savings' is a bit misleading. All your money starts out as income from some source. Might be taxed, or might not be. You spend that money. Money you don't spend 'magically' turns into savings ! Maybe stored in a savings account. The question, has that 'savings' been taxed yet can be asked. Tax collectors look for untaxed money. The relevant question is has tax been paid. Not is the money 'savings'. Probably most expats money in savings accounts has already been taxed. But its not always true.

If you are tax resident in thailand (180 days+), then the RD could audit you. Ask you to provide details of your income. How do you support yourself in thailand ? You could lie. Or you could say you withdraw thai baht from Halifax using ATM. The money may or may not be taxable in thailand If you lie you are taking a risk. Maybe one day halifax will provide a list of baht withdrawls to RD. It could happen. Up to you what risks you take.

... Seems misleading to me. Where does the amendment say that ? The amend refers to income remitted to thailand only. Not about a persons worldwide income. Very important difference. The OP should correct his mistake. He sounds like he's a professional adviser.