CTwelve

Thanks. I became aware of that when going for a check up in Chinatown at the nearest local dentist. Turned out the receptionist was also the dentist and the place was filthy. Everything from the chair to the tools used looked like it was from the 1970's. Ended up going to Thantakit which was clean and modern and thankfully there are no urgent issues apart from mild Pericoronitis.

Does anyone have a recommendation in the Bangkok area for complex wisdom tooth removal? Price is not the main concern.

Imagine the Thai Inland revenue service being tasked with endless paper trails for every single one of the millions of foreign residents living in the country.... It is not happening. I expect there will be an annual tax declaration form, probably completed at the yearly immigration office visit with the threat of occasional spot checks.

It looks like Singapore are doing the same. It's just a general tax evasion clampdown for those that live there. https://www.straitstimes.com/singapore/politics/foreign-sourced-disposal-gains-subject-to-tax-from-jan-1

"This is to address international tax avoidance risks relating to non-taxation of disposal gains in the absence of real economic activities,” Same thing. The are just cracking down on general tax evasion which is what we're seeing here. To be honest it's completely reasonable.

This is my take on the situation. I expect there will be an annual form that will need to be completed. Foreigners will only have to declare any income that hasn't been subject to tax. The whole purpose of the announcement is to close loopholes on tax evasion and make sure people are aware they need to to declare / pay income tax if they have not paid it. Let's be honest. The Thai Inland Revenue service are not going to be capable of working through endless paper trails for the millions of foreigners who live in Thailand.

I agree, but those same people can easily avoid such problems by staying out of the country for half a year. Let's wait and see what actually happens. I suspect it will be an additional declaration form at the annual visa renewal counter and the concierge will swiftly bundle you through with very little questioning. If I am wrong then there's going to be an incredible amount of work for the Thai Inland Revenue service making endless paper trails for the estimated 5-6 million foreigners who live there. It will also drive out all external wealth / investment coming into the country and nobody will touch the Elite Visa with a bargepole.

I am fairly certain they are targeting tax evasion loopholes and this issue has been blown up out of proportion. What about those Elite Visa holders who have income from businesses abroad, taxed abroad. Are they going to allow those 'tax residents' to setup and migrate their business to Thailand? I highly doubt it. I would imagine any income that comes into Thailand that has already been taxed will not be liable again. However, the info that has been released so far has been sketchy at best.

I think it is worth looking at the facts as we know them. The main purpose is to close the 1 year loophole that some people have been using to avoid paying tax. They are also targeting profits made from external Stock/Forex/Crypto trading where no tax is being paid. It states that tourists or countries with double tax agreements are exempt, but no further info on the specifics or future reporting requirements. My opinion is they are cracking down on general tax evasion and not looking to impose additional taxes on previously taxed income. The info is a bit vague on what is going to happen but I think people with pensions or previously taxed savings income will likely be fine. If earning money from abroad and it is being taxed abroad then that should not be liable for further taxation. https://www.bangkokpost.com/business/general/2652846/amendment-to-see-overseas-income-taxed

Yes, but they are not going to bypass international tax treaties. That would be a political and ethical disaster for Thailand and destroy foreign relations. If you paid tax on your income they will not go for it again.

Even if everyone who lives in Thailand needs to fill in an annual tax report then just declare it as 'savings' 'tax already paid'. Same for pensions. All seems likely a storm in a tea cup.

No need to worry imo. This is only going to be a concern for those who are legit evading paying income tax. The announcement only suggests they are aiming to close the loophole that allows Thai Tax residents including foreigners to avoid paying any income tax by leaving that income outside of the country for a year. That is it. They might eventually require foreigners to file / declare yearly income, but they haven't announced that.

The more I read into this the more it seems to be a none issue. As long as you paid tax on the income (either at home or in Thailand) then there's surely no issue. I suspect those who live in Thailand for over 180 days may have to fill a tax return and declare all inbound income for the year. They probably wont even ask for proof that you paid tax abroad, but may ask if they want more details. For those who are not evading tax then there's going be no issues at all. Pensions or Savings already have had tax paid.

Come on man.. You need to do better. ???? Yes, the UK has a tax treaty with Thailand. It is called the Convention between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Kingdom of Thailand for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income1. It was signed on 18 February 1981 and entered into force on 20 November 19812. It is effective in Thailand from 1 January 1981 and in the UK from 1 January 1981 for Petroleum Tax, 1 April 1981 for Corporation Tax and development tax, and 6 April 1981 for Income Tax and Capital Gains Tax2. The treaty covers the taxes on income that are imposed by both countries, such as income tax, corporation tax, petroleum revenue tax, capital gains tax, etc1. The treaty aims to avoid double taxation and prevent fiscal evasion by providing rules for allocating taxing rights between the two countries and reducing tax rates1. You can find more information about the treaty and related documents on the GOV.UK website3 or here.

Exactly, they are not going to be able to police that.. I really think this issue is a nothing for most people. Most pensioners barely bring in enough to even hit the tax thresholds anyway to even worry. The most impacted people will be high net worth 'tourists' on Elite Visas. If they are going to tax all 'income' from abroad, especially those who already pay tax in another country then that Visa is basically finished. I suspect there will be more back and forth over the coming months until this is cleared up.