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Mike Lister

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  1. All savings accounts are subject to 15% with holding tax, some banks will not deduct the tax, for the first 20k of interest earned, as along as you show them your Tax ID card. That tax is not with held on children's accounts. The tax is capable of being reclaimed by filing a return at the end of the year, subject to the usual tax rules regarding income etc.
  2. All the tax forms are available in English, as are the instructions https://www.rd.go.th/english/65308.html
  3. Even products that are sold in Thailand have often rely on imports for components, parts or ingredients, Iron and Steel, mineral oils and fuels, precious stones for the jewelry trade and especially, motor vehicle parts. .
  4. And broken supply chains that increased the cost of shipping. At one point there was no available shipping containers because companies were using them to store inventory. That made shipping goods far more expensive.
  5. Well yes, they would be! If a barrel of imported oil costs USD 75, it costs more to buy when the Baht is weak at 37 than it does when it's stronger at say 31. Plus the price of a barrel of oil is not always USD 75, the product itself can suffer from price inflation also.
  6. Yes of course, but there's a big difference between small Chinese suppliers wanting to skirt currency controls in China and the country of China wanting to move away from a USD base for their currency. FWIW I lived in Beijing for three years, I saw first hand how quickly things change. I've sat in the revolving restaurant of the Oriental Pearl in Shanghai and watched the worlds supply of cranes building out the skyline, the rate of change is some areas was breathtaking.
  7. The contributions are tax deductible, up to 30% of assessible income, max 500k. It's a retirement fund, you have to hold it for minimum 5 years. UOB has several such funds. https://www.uobam.co.th/en/tax-benefit/rmf
  8. Thanks, yes, that's me getting my wires crossed. There are several new trading blocks being established, BRICS is just one of them which of course cannot include Japan because it is a G7 country. But Japan is a member of the fairly new, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which includes New Zealand, Australia, Brunei, Canada, Chile, Malaysia, Mexico, Peru, Singapore and Vietnam. The new trade group that I had in mind earlier when I mentioned Japan is RCEP which comprises 12 regional economies and Japan, China, s. Korea and ASEAN countries. The aim of most of them, especially RCEP, is to avoid using USD ion trade bill settlement. https://en.wikipedia.org/wiki/Regional_Comprehensive_Economic_Partnership https://accesspartnership.com/asia-for-asia-the-future-of-regional-trade/ https://www.voanews.com/a/britain-joins-asia-pacific-trade-group-that-includes-japan-/7183030.html
  9. Consulting a reputable tax advisor is an excellent idea, especially since nobody in this thread (or its predecessor) has identified themself as an experienced, Thai trained and certified, Tax CPA. Our role in this thread is to provide information for members to follow up and decide upon and to get them thinking about what to do next, apparently it's working.
  10. Exactly. Which is why China has been on a gold buying spree, because they don't want to be embargoed by the US and have their USD assets at risk, the next time they misbehave. Think Taiwan, think South China Sea.
  11. RMB was never going to be a safe haven currency whilst the Chinese economy is n the state its in and everyone understands that. The only remaining choices for safe haven are gold and USD, and other prime currencies....TODAY. Tomorrow is very likely to be a different picture entirely.
  12. An interesting article on currency manipulation, if nothing else, look at the table. https://www.cfr.org/article/tracking-currency-manipulation
  13. That's mildly junior high funny of course, but the reality is that Thailand is a USD 550 bill economy and is right next door to the worlds second largest economy. It's a no brainer that the two countries would grow their trading relationship and deploy currency swaps and try to avoid using USD where ever possible. That's the whole basis of BRICS, to which, many countries in the region have signed up, including Japan, China and Thailand.
  14. I disagree. Neither Thailand nor many other countries are happy that their economy and currency is so closely related to USD. When USD weakness and THB strengthens as a result, that generates a current account surplus that the Fed calls currency manipulation, ditto Taiwan, Germany and Switzerland. The solution, according to Washington, is for Thailand to buy more goods from the USA........really!
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