Mike Lister

You me both! Slowly slowly catchee monkey.

Exactly, it's these "I wanna do" projects that are creating the future economic crisis.

No, silly! Just because others win big, doesn't mean that some can't win to a lesser degree. Most non-professional investors manage to turn a profit most years, as long as it's more than inflation it was worthwhile having, it was more than inflation and the bank rate, it was definitely a win. Like many others, I've seen return in excess of 20% in the past decade plus it's fun earning it also. In Vegas the odds are stacked against you, over time you will lose, not so on equities markets.

Yes, probably not explained very well, the poster has combined a an expense issue with capital gains.. The issue I raised at the end of the document is solely Capital Gains, specifically relating to real estate overseas and the ability of the buyer to assess that for tax paid and tax due. The solar and car issues were not part of that issue.

Two graphs vis a ve Baht strength and exports:

I understand inheritance is tax free

Tax paid in the home country is used to offset any tax liability in Thailand, it's an offset only, not a get out of jail free card.

There are plenty of international studies to confirm this, even by BOT. The problem is that over 60% of export bills are settled in USD. It that is incorrect, we should have seen Thai exports surge in recent times and we haven't.

Part of the current "economic crisis" is the performance of THB which is sliding, one major forecast is for 36+ by 1Q24. That makes imports expensive, particularly imported oil. Higher oil prices means higher transportation costs and puts yet more pressure on the Fuel Subsidy Fund which is already seriously indebted. That cheaper Baht is unlikely to help exports which depend almost exclusively on the strength of the buyers economy rather than the weakness of the sellers. But here's one for the currency manipulation theorists: if the Baht really is manipulated, why don't "they" just manipulate it now? The other question is, how low will it go? Fair value historically is 32 to 33, that makes both imports and exports fair value. https://tradingeconomics.com/thailand/currency#:~:text=The Thai Baht is expected,macro models and analysts expectations.

There may be some add-ons to that price such as the cos of biopsies.

Two opposing arguments, cut needed or not....I'm with BOT, I say not. Thai prime minister’s escalating clash with central bank worries investors "THAILAND’S prime minister is mounting the biggest pressure campaign for lower interest rates in a decade, escalating a policy clash with the central bank that risks hurting investor sentiment towards one of Asia’s worst-performing markets. Over the past week, Prime Minister Srettha Thavisin has bemoaned the country’s high borrowing costs on social media and called on the central bank to consider rate cuts. His economic advisers launched an unprecedented campaign for urgent easing, taking to various social media platforms and prime-time television debates to highlight how commercial banks were profiteering from the high interest rates at the expense of small businesses and individual borrowers". https://www.businesstimes.com.sg/international/asean/thai-prime-ministers-escalating-clash-central-bank-worries-investors Exclusive: Thai central bank chief says current policy rate neutral, economy not in crisis BANGKOK, Jan 23 (Reuters) - Thailand's central bank chief, under fire from the prime minister for not cutting rates, said slower-than-expected economic growth was not a crisis as portrayed by the government, nor would it be revived by its quick-hit stimulus measures. The Bank of Thailand's current policy rate is broadly neutral, Sethaput Suthiwartnarueput told Reuters on Tuesday ahead of the central bank's next rate meeting on Feb. 7, adding that the country was not facing a deflationary situation. https://www.reuters.com/markets/asia/thai-cbank-chief-says-current-policy-rate-neutral-economy-not-crisis-2024-01-23/

These are the major outstanding issues on the list of unknows/unclear points at the end of the doucment: C. International Gift Tax rules - need clarity regarding tax liabilities on the gifter and the receiver. Done I) - Does the Thai RD consider remitted funds to Thailand that have been through the overseas tax process, to be tax free in Thailand. Or is it the case that overseas tax must be paid on every Pound or Baht that is remitted. In other words, will the Thai RD allow the UK Personal Allowance and other countries exemptions, to be part of the tax paid process. J) - The US is not alone in not requiring certain sectors or classes of people to not file a tax return, even though they have tax paid income, the UK does exactly the same. The question is, how will these classes be able to prove their income is already taxed? 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 almost certainly be handled in the same way that imported funds for any purpose will be handled, there's nothing special about the fact those funds are buying property versus anything else. L) - Capital Gains rules and taxation rates overseas vs CG rules and PIT rates in Thailand.

If you ask them, they will make that transfer on paper only, for a fee.

The OP needs to contact his bank, this is not a matter that anyone in the forum can help with, the thread is closed.

How can an 8 year old be very experienced at anything!

We don't need another tax thread, especially in the visa section! Please join any of the existing discussions about tax, I suggest perhaps this one below:

As said, we don't know at this stage how the real estate sale proceeds issue will pan out, which is why it is listed in the unknowns/unclear list at the end of the document. What you quoted earlier was just one possible method but as already stated, it's impractical for real estate sales.

I think you're getting way ahead of yourself with the available information at this time, it's nice theoretical stuff but not exactly practical at this stage..

You are Thai are you not? If so, that 300k is part of your assessible income for the current tax year which should be declared on your tax return next January. But the final answer will depend on how much you transfer, from where, from what type of account and whether or not the total is over the threshold for filing a return once excluded non taxable income is deducted. I know, it sounds complicated, but it isn't really. Have you read the tax guide?

We're not sure yet, it's the subject of research still. I'm pretty sure though that if you Gift me 2 million baht a year, your kids wont have to pay one satang in tax. :)

https://sherrings.com/gift-tax-law-in-thailand.html

Which part is not your opinion?

Yes, I was wrong, you're entitled to the personal allowance for the child only. Sorry

Sorry guys, I need to come back to you on the university fees issue. There is an allowance to support a child in further education, to the age of 26 years I believe but uni. fees I am now unsure.

https://www.rd.go.th/fileadmin/download/english_form/220364guide-allow.pdf