Mike Lister

There is an even more important one that comes before those two and that is if your income has already been taxed in your home country, that tax can be used to offset any tax liability here. Please read this:

DTA's provide a lot of relief for many people, including the fact that any tax paid on income in the home country can be used to offset any tax liability in Thailand. Because Thailand's tax rates are generally lower than most in the West, this means that few people will pay additional tax on income that has already be en taxed overseas. You might want to read this:

Thread moved to Banking Investments ,Finance and Economy section for more focussed replies.

It is extremely difficult for foreigners in Thailand to buy first issue bonds, they are nearly always reserved in advance by banks for preferential customers. A bank such as UOB Asset Management may be able to guide you but I suspect you are limited to the secondary market which requires the services of a broker. I have heard that some banks such as Kasikorn allow foreign customers to buy after market bonds via an app but I've never seen first hand evidence of this. I think the most important aspect you need to consider is the profitability of Thai bonds, Thai central bank rates are only 2.5%. 15 year bonds have a coupon rate of 2.8% which is tiny compared to T'bills and Gilts. In addition, the brokerage fees, bank charges and tax makes holding Thai bonds prohibitively expensive. So if you intend to buy them, you should have a clear reason why. One reason might be that you think the value of THB will strengthen, which would be good enough. Those things said, if your objective is the investment visa, the BOI will be able to help with your bond purchases so they would be a good starting point. https://www.worldgovernmentbonds.com/country/thailand/

OK but we need to go to the next level down on this, the reason that industrial utilisation has dropped off is because of the lack of demand globally. It's fallen from 70% to circa 55%, not because of something that Thailand has or hasn't done but because external demand has not recovered, especially China. Remember, Thailand's economy is based on the export of goods and services which needs an overseas market in order to function normally.

I don't know that the RD does want all expats to have a tax number, remember, the tax rule change wasn't aimed primarily at expats, it was aimed at Thai citizens, that was the stated objective. Similarly, there is no reason to believe at this point that there will ever be a link between the RD/Tax ID numbers, and, Immigration/visa extensions. It is of course possible that link could be established but just being possible, doesn't mean it's likely. The huge range of spoken and written languages, combined with the large diverse range of financial products, makes it highly unlikely that all RD offices around the country are going to want to, or be able to, interact with foreigners. Even the banks don't want to do that and all their products and material is in Thai., there's no reason to think the RD is going to be any different.

Agreed in bold

Your original quote was wrong, that was why it was edited out, you know it so stop arguing!

That's very interesting, I'd heard about that but never paid any real attention to it until Charchai mentioned it in his column, that's a really sad looking graph!

It's possible we could see that if there is a liquidity crisis, it wouldn't be the first time a central bank injected money into bank balance sheets.

No it hasn't been updated, my initial post on 2 February said: "Q; a lengthy question about tax paid on income overseas. A; There is no double taxation in Thailand, tax paid overseas can be credited against tax payable."

Umm, do I sense that we have a member with multiple accounts or is it just me? I think maybe some IP tests are in order.

I think we're a tad late in the day to start changing the title of a thread that is almost 5 months old. I personally don't see a lot of angst amongst members about this subject. What I see is heightened awareness of the issues and individual members beginning to assess their own situation and tabling questions, I think all those things are very desirable at this stage. But your quote from the latest Q&A is not correct. What that quote actually says is, "When residents of Thailand pay tax on income abroad, it can be credited against the tax payable in Thailand according to the Double Tax Agreement that Thailand has entered into with foreign countries". That is very different, potentially, from saying what you misquoted! https://sherrings.com/foreign-source-income-personal-tax-thailand.html

From the article, it appears to be the same company that was involved in a fatal accident a few weeks ago, on the same road. If you've seen how their vans are driven on the 107, it will come as no surprise.

Some of you may see a green banner/header on the top of the Simple Tax Guide that contains Revenue Department wording about Section 40, at least one person has complained suggesting that the contents of it are misleading. This appears to be a cache issue which goes away if you clear cache or use an incognito window, most people cannot see the banner or the wording.

No need to apologise EK, I'm perfectly happy with anyone putting emoji's on things I post, when I post as a regular member, which is most times. Your previous warning however came from putting emoji's on posts about moderation and there is a big difference, which is blatantly obvious to most. It also came as a result of additional issues, about which you are fully aware.

Here's the 4Q23 report on the economy by BOT, things did slow down, mostly because of external factors. But it looks like tourism supported private consumption which remains the key economic driver. "The Thai economy slowed down from the previous quarter. Tourist expenditures and the value of merchandise exports, excluding gold, softened due to the subdued global demand together with structural factors, which negatively affected manufacturing production and private investment. Public spending also contracted from capital expenditures of the central government as well as investment from state-owned enterprises. Nevertheless, private consumption and activities in the service sector continued to improve and remained to be the key driver of the Thai economy". https://www.bot.or.th/en/thai-economy.html

My dad were a myna, he were down t'pit, outside Barnsley for over 30 years.

Seized from him were 17,800 Euros in counterfeit cash (682,585 Baht), £5,400 Pounds in genuine sterling cash (266,992 Baht) and some genuine Thai cash (199,000 Baht). And of course, if he brought the money into the country and didn't declare the money to Customs when he entered Thailand, he's in violation of Customs Law. So either he goes to jail for counterfeiting or he goes to jail for violating Customs Regs.

UOB will not, CIMB used to but it took around 4 weeks to clear, I don't know what the current position is of BBL and Kasi. etc. The foregoing is true, even of Treasury Department checks, it's a FATCA issue I believe.

Another poster raised this point privately so I'll address it publicly: I am both a poster and a Moderator in the Finance and Economics section, I am very clear about where my two roles start and end but I appreciate that some of you may not be. For the avoidance of doubt: I am perfectly happy that any poster disagrees with anything I say that relates to the subject of the thread, but not the management of it, or violations of the forum rules. I am probably more aware of the forum rules than most posters because one of duties is to enforce them, rules 8, 9, 10 & 11 seem to be the ones that posters frequently overlook whilst posting and violations of them cause most friction. https://aseannow.com/forum_rules/ From past experience, I think most posters already understood these things. Since the vast majority of posters are easily able to control themselves, post sensibly and operate within the rules, the above has not been, and is not, an issue for them. In fact, there has only been one single query on this point in the past four weeks! Site statistics confirm that we experience many hundreds of online viewers every minute, moderating a small percentage of posters consumes a lot of time and is a disproportionate activity that requires everyone's co-operation.

"So do you think it is reasonable that we can truly pick what we remit, I am indeed hoping that is the case". This is absolutely the case, it is the basis of all self assessment in that you the assessor/taxpayer, determine what funds you remit and from where. You are innocent until proven guilty! It is the RD job to determine if the facts and supporting evidence you (may be required to) submit later are adequate or not. If they think they are not, they will have to disprove them.

If you look at where the Simple Tax Guide is linked, it shows in the link with a green banner that says, "For Tax payers with income only from employment" and then references the Revenue Code Section 40. I can't see in the document where the link gets that information, can you?

If you had read the guide you would understand that is not the case! Why that preview exists is not clear, I'll try and fix the problem.

It wont be necessary to separate the two, for pre 1 January 2024 savings.