Mike Lister

We're aware that the Thai tax return form is being redesigned but nothing has been announced about what the new form may require, the changes could be minor or substantial because it is changed every year. If you have authoritative information from the Thai Revenue that confirms all incoming remittances to Thailand in 2024, must be included on the new form, it would be excellent if we could all understand that. If you have a link confirming that information, please post it.

That's imprecise wording in the article, that is not the Revenue definition. If you are remitting savings that were earned prior to 1 January 2024, those savings are not taxable in Thailand. If you are remitting savings that were earned in part after that date but were taxed in the UK, they are still not Thai taxable.

Can you manage 10 pages!

For the benefit of those who only speak English, let me try to decipher what you wrote. If I understand you correctly, in order to avoid having to pay tax in Thailand under the new tax rule, you decided to pay for some things using overseas money, perhaps even an offshore account or a foreign credit card....is that what you did? Whilst I'm happy that you're pleased with what you've done, it should be pointed out that paying for goods and services in Thailand, using offshore accounts/cards, is still regarded as taxable income in Thailand. The fact that you're doing things that way and presumably not reporting that "income" is also known as tax evasion. Perhaps I've misunderstood, in which case I think I can be forgiven because of the complexity of your post, so please do feel free to clarify.

Well spotted, you're one of those rare posters who have actually done their homework and read something, I like that. 🙂 One thing you may have not spotted is that there is an equivalent of the Personal Allowance on the Thai side. TEDA (Tax Exemptions Deductions and Allowances) for an over age 65 year old is roughly equivalent to the Personal Allowance. In a worst case scenario, the Thai RD disallows the UK PA, in which case the Thai TEDA compensates. In a best case scenario, the Thai RD allows the UK PA AND you get the Thai TEDA also.

No, you shouldn't have to pay tax on either pension because you already pay tax on them in the countries where they arise. The Revenue did a question and answer session with one of the large tax consultancies and this was confirmed during that meeting, the details are here: https://sherrings.com/foreign-source-income-personal-tax-thailand.html

The following is a complete guide https://www.rd.go.th/fileadmin/download/english_form/220364guide-allow.pdf

A nonsense post has been removed.

Expect away, those things wont happen! To get health care you would need to have paid into the social security fund because that's the driver. And you want the vote...really!

It may seem like baloney from a DTA perspective but that is what the RD confirmed in the Sherrings Q&A, Q15 below https://sherrings.com/foreign-source-income-personal-tax-thailand.html

Please read the link below and come back to me with anything that is unclear.

This is normal. All bank interest is deducted 15% tax at source, some banks will not do this if you show them a TIN but not all. Tax paid on interest on Fixed Deposits cannot be stopped, you must reclaim this via a tax return.

I removed a post that was just too much bizarre speculation about the prospects downstream, not healthy, not for us or you!

I've removed a post that was incorrect and incomplete, the poster meant well but the picture he painted was the wrong one. The first 150,000 baht of taxable income is rated taxable at 0%, it is a zero rated tax band and not free income. Also, there are TEDA (Tax Exemptions Deductions and Allowances) that range from 60,000 to over 400,000, based on your age and circumstances, in addition to the zero rated band..

Yes

That's all correct. Your interest earned in the UK is already subject to tax at source, ditto the Thai interest in banks here. You have the option to declare the Thai interest here or via the UK, I suggest here is easier because it is not taxable in the UK.

A trolling meme has been removed, it will be the last one!

You really need to do some reading and relax a little. https://aseannow.com/topic/1316818-personal-income-tax-guide-for-foreigners-thailand/

Totally untrue. As things stand presently, excluded income does not have to be shown on the Thai tax return, there is no place to put it.

If it was, you would have heard the market sector screaming at the top of their lungs, which we haven't. And since the PM is an ex CEO of a major property developer, that's all the more reason to believe there wont be any impact whatsoever.

UK State Pension is regarded as assessable income under Thai tax law, it is not excluded income that is exempt under the DTA, only government pensions are exempt. If you do not live in the UK permanently and are registered as non resident for tax purposes, you must still pay UK tax on any income that arises there. YOU really should read the tax guide, here's a link:

A bit of an over dramatization I would suggest, I doubt very much that many long term expats will be leaving Thailand as a result of this change. And to be clear, it is not the responsibility of the embassies to tell its citizens about the new tax law in Thailand, it is the responsibility of foreign residents to find out. I suggest reading the linked tax guide is a reasonable place to start.

Sort of/not really, you might want to read the tax guide linked earlier

I recommend you read the tax guide, linked earlier, it will answer most of your questions. But basically yes, only funds remitted to Thailand are potentially taxable, funds that remain outside are not.

Yes you can parse that money and remit only capital, it depends on your to provide the necessary records to confirm what you say, if asked.