Mike Lister

"China Holiday Travel Surge Hints at Consumer Spending Pickup". “The Chinese consumer is beginning to stir,” said Frederic Neumann, chief Asia economist at HSBC Holdings. https://www.businesstimes.com.sg/international/global/china-holiday-travel-surge-hints-consumer-spending-pickup#:~:text=A RESURGENCE in travel over,with low confidence and deflation.

Yes she does and we're running a special currently, buy one, get one free.

We normally take a beach break in February, this year Madam suggested Rayong, ordinarily we'd probably hit Pattaya/Sattahip or Koh Chang, followed by Hua Hin. Is Rayong worthwhile for a few beach days in a nice hotel? Any tips, tricks and recommendations, gratefully received. Looking for a nice beach and a nice hotel. We don't have to scrimp on the costs because Madam in paying. 🙂

I've just got over a prolapsed disk which took three months to heal. The doctors wanted to operate of course but I know from experience that if you can get through it, three months or so should see you healed without an operation. No lifting, good posture, anti-inflammatory such as Myonal or Arcoxia are effective, as is Tylenol 6 hour. Heat pads work well, followed by some slight stretching and ice packs. If problems sleeping, try Gaba100 before going to bed. If you are able, back strengthening exercises such as bird dog do work well because it helps strengthen your back muscles.

And what about the Thai Baht side of the equation, any sunlight Peking through the cracks? 🙂

I have to comment again on this. I spend 600k a year in Thailand but bank more, my wife spends another 360K but also banks much more. We own our own house and have no debt. That amount gives us a good standard of living year round, two vehicles, trips every two months and holidays twice a year. There's nothing we want that we don't already have or can't easily buy out of cashflow. Medical comes out of cash and we have 4 mill set aside for that. We eat out probably 65% of lunches, don't drink or do the night scene.

A brand new shiny version of the document! Duplication removed Headings inserted for easy of finding relevant sections (index to follow) Latest conclusions and facts incorporated Reordered flow for ease of reading. Added: CG, Crypto, Dividends, Inheritance, Gift, Real Estate Purchase. Note: The document is based on our current understanding and displays links where appropriate. Inevitably, the document, in the absence of hard facts, includes some assumptions. Feel free to comment as necessary.

Another concept that is helpful for readers to understand is that the purpose of funds in the home country is of no interest to the Thai RD, other than to understand the level of tax on those funds and whether they were taxed or not. Similarly, the Thai RD doesn't care what the purpose is of your remitted funds that are brought into Thailand. All the Thai RD wants to know is how much, were those funds taxed or exempt and is tax now due on those funds in Thailand. The fact that those inbound funds might be used to buy a condo, a car, for living expenses or whatever, is irrelevant to the tax picture.

Some posters still not getting what assessible income is.....try this....there are three stages: 1) Remitted or transferred Income - these are any funds sent to Thailand from overseas, for any purpose. 2) Assessible Income - this is income that must be declared on a tax return. It excludes income that the RD says is not assessible, it excludes income earned before 1 January 2024 and it excludes any income specifically excluded under the terms of the DTA. 3) Taxable Income - this is assessible income from above, but minus TEDA (Tax Exclusions, Deductions and Allowances). You can have Remitted Income 1) above that is not Assessable 2) and not Taxable 3), savings would be a good example of this. You can have Remitted Income that is Assessible but not Taxable, any income that has already been taxed in your home country is an example. You can have Income that is Remitted, Assessible and Taxable but no tax is payable, this is because it falls below the level of the Thai TEDA (or Personal Allowances) equivalent.

Why would you get a tax demand if you haven't filed a tax return!

No, not assessable income.

Agreed. And if you own your home, probably even less.

A couple of things came together for me, The first was that I started to think about the issues from a different angle and to divide the inbound transactions into two parts. The first part is the tax treatment (or lack of) of funds in the home country, the second part is the Revenue's expectation of those funds once they are remitted. The Thai RD doesn't care whether the inbound funds were earned through working in a job, sale of an asset or other investments, all they care about is whether or not they are excluded, assessible or taxable and whether or not they have already been taxed. As poster @JimGantquite aptly reminds us also, the RD doesn't care either what the purpose of the incoming funds are for, only that they meet certain tax criteria, i.e. exempt, assessible or taxable. There is no reason to believe that there should be a special class of funds, resulting from the sale of real estate in the home country, imported to Thailand to buy real estate here and that that class of funds should be tax exempt.

And the answer to Point K on the list of unknows/unclear issues is: K) - How will the taxation (or clearance) of imported overseas funds into Thailand, needed to buy Thai real estate, be handled. Imported funds to buy real estate will be addressed in the same way that imported funds for any purpose will be, there's nothing special about the fact those funds are buying property versus anything else. The document will be updated as follows: 17.5 The Thai Revenue Department does not consider the purpose of the funds that are imported, only whether the funds are assessible or not. For example, funds imported to buy real estate will be addressed in the same way that imported funds for any purpose will be, there's nothing special about the fact those funds are buying property versus anything else.

The subject is the baht, not Biden.

US social security is payable on number 3 every month, that sells usd and buys baht.

Tax paid in Australia can be used to offset any tax liability in Thailand, if the rate here is higher.

Exactly. The conundrum is, if the US has a liquidity crisis because it can't pay interest on its debt, where does it go.

I believe that is in keeping with BOT regulations for overseas transfers, unless the sender has a work permit or proof that the funds are originally from overseas, which would both be exceptions for the bank.

The UK economy is more difficult to accurately forecast than the US, it's reliance on overseas markets being one reason, it's size being another.

For consumers, yes, for the government, no.

An unnecessary vulgar post has been removed.

Nope, that's what it is. But it may not last. https://www.marketwatch.com/investing/index/dxy

The US CPI report was released yesterday, up until that point, there was every indication that inflation might come in flat or slightly down. https://www.morningstar.ca/ca/news/246190/us-inflation-surprise-unsettles-markets.aspx#:~:text=The Bureau of Labor Statistics,faster than economists had predicted.

An update of crypto, per the above, with thanks to Yumthai: The new proposal is as per the Sherrings link, https://sherrings.com/cryptocurrency-income-personal-tax-thailand.html PIT on the gain for internal transactions, or, PIT on the amount brought into Thailand. Comments?