Mike Lister

Sorry that I missed this earlier but I see that Jim has replied and I agree with what he has said. That inward remittance is not going to be taxed at source and certainly not at 35%. That said, how it might be taxed when/if the funds were declared on a tax return, is another story. It is solely down to the tax payer to make the declaration, nobody else so that person needs to understand the source of the funds and their classification.

I'm not involved in this discussion but I do want to respond to one point I read and that is a person can be tax resident in more than one country, at the same time, simply because 180 x 2 = < 365. https://www.gfp.institute/post/what-to-do-if-you-satisfy-more-than-one-countrys-tax-residency-test

Even if you do go over, you still have TEDA on the Thai side, Tax Exemptions, Deductions and Allowances which will buffer you.

The relevant part of your post seems to be this: "My take originally is that those who have a business in Thailand and the UK and receive rental income on their homes would pay income tax in Thailand and of course seen even basic state pensions would be taxed". Assuming you are from the UK, any income that arises there, be it pensions and/or rental, is taxable there, that is mostly inescapable. But that means you should be able to import that money to Thailand, free of any Thai tax because your income has already been through the UK tax process and is considered taxed.

My unofficial advice is to do nothing this year, although that depends on what income you have brought into Thailand last year and when it was earned. If I were you I'd just wait to see what new announcement's, if any, are forthcoming from the Revenue. Next year you may have to file a tax return but that depends on what income you bring into Thailand, from overseas and from within Thailand. In the meantime, you might want to read this:

Below are the links to the main international tax consultancies in Thailand. Because they are all based in Bangkok and have existing connections with the Revenue Department, they will be amongst the first to know of any new tax changes. You can check each one of them periodically to see what new things have been announced: https://kpmg.com/th/en/home/insights/2019/01/th-tax-and-legal-news-flash.html https://www.mazars.co.th/Home/Insights/Doing-Business-in-Thailand/Tax/Further-guidance-on-Foreign-Sourced-Income https://sherrings.com/tax-advisor-insights-updates-thailand.html https://www.grantthornton.co.th/insights/tax-alerts/ https://www.siam-legal.com/thailand-law/thailand-new-tax-on-foreign-income-an-overview/ https://www.pwc.com/th/en/press-room/press-release/2023/press-release-14-11-23-en.html

Wow, nice job of baiting a moderator, keep it up and see where it takes you!

A basic DDS degree, Doctor of Dental Services in Thailand, is a 6 year degree program. https://www.dent.chula.ac.th/wp-content/uploads/2022/10/ddsstructureen.pdf

Chartchai is always an interesting read, his column in the Post gives some clues to what the economics problem might be. Some interesting tidbits: Thai industry utilisation is only 56%, the second lowest in the world just ahead of Nigeria! IMF growth projections for 2024 depend on the digital wallet being implemented along with the underlying loan assumptions, 4.4% if implemented, 1.4% if not. Total private domestic debt (this is every baht that has been borrowed in the country, exclusive of government and BOT borrowings), is over 200% of GDP plus foreign short term loans total more than THB 2 trill. The biggee seems to be, according to Chartchai, liquidity. Liquidity is the ability of a company to obtain credit and/or sell products to pay bills. Liquidity crisis occur when the economy is underperforming and/or when financial institutions are unable to lend, either because they don't have the resources or because the credit risk of the borrower is too high. Capital outflows in January totalled over THB 100 bill. and are likely accelerating whilst Corporate Bond payments totalling nearly 900 bill are due this year. IF even a lesser percentage of that amount was defaulted, the domino effect would wreck the credit industry. In a nutshell, private borrowings must be reduced and industry made more efficient and productive. Read his column, he's always interesting.

I wouldn't worry about it. There are lots of people similar to you who have spent their entire working lives never needing to understand tax because everything was taken care for them by the government and their employer. Which is really why we we're doing what we we're doing in these threads and by producing the simple guide. Ultimately however, the subject can never be reduced to truly simple terms because it can be complicated for some. Which is why we desperately need these discussions to be simplified and focussed and not keep going round in circles, talking about airy fairy aspects that are nothing more than distractions that confuse a majority of people.

10 April and 12 June are the next two dates for the MPC. that 3/2 split makes April look doubtful, June is sure to be a cut.

Not understood one word of what exactly?

The S&P is set for a correction I think, how deep is uncertain. But what is certain is that all good things come to an end. US earnings are up 4.4%, not bad at all. China is still looking messy but there's lots of good buying opportunities to be had. I see India has now surpassed the HK exchange as the fourth largest, it's the way of the future I imagine.

The Amphur will be a good place to start since the death must be recorded there. If there's a formal written will, it should go through Probate Court which is not always a quick process so checking with the court is another place to look.

I was reading the PWC press release page and spotted the following, which I think is interesting because it points towards a wholesale upgrade of the Thai Revenue approach to tax, rather then just the one small rule change being discussed here. The web site also has a copy of the RD 5 year plan which started last year and lists all the changes and strategy the RD will undertake. It's a meaty document but is only in Thai. BANGKOK, 14 November 2023 – Brace yourselves for new tax rules in this digital era. That’s the message PwC Thailand has issued to entrepreneurs with sweeping changes in tax regulations and practices on the horizon. New regulations and policies are imminent as the Revenue Department continuously updates the tax code for the digital era. With cross-border business increasingly conducted online, regulations written for a pre-internet age no longer suffice. Tax agencies aim to establish fair systems that capture revenue in an economy without borders. That means regulations, interpretations and practices will transform rapidly in the coming months and years. Entrepreneurs must prepare now to adapt. Those who understand the new rules can confidently comply, reducing audit risk and burdensome disputes. But ignoring this tax revolution could create business headaches as companies scramble to realign operations and prove compliance. https://www.pwc.com/th/en/press-room/press-release/2023/press-release-14-11-23-en.html

Below are the links to the main international tax consultancies in Thailand. Because they are all based in Bangkok and have existing connections with the Revenue Department, they will be amongst the first to know of any new tax changes. You can check each one of them periodically to see what new things have been announced: https://kpmg.com/th/en/home/insights/2019/01/th-tax-and-legal-news-flash.html https://www.mazars.co.th/Home/Insights/Doing-Business-in-Thailand/Tax/Further-guidance-on-Foreign-Sourced-Income https://sherrings.com/tax-advisor-insights-updates-thailand.html https://www.grantthornton.co.th/insights/tax-alerts/ https://www.siam-legal.com/thailand-law/thailand-new-tax-on-foreign-income-an-overview/ https://www.pwc.com/th/en/press-room/press-release/2023/press-release-14-11-23-en.html

The Simple Tax Guide has been updated with the latest information and most errors fixed. If you spot anything that needs attention, please say:

I'm not going to give up on this because I think it's too important, We have a responsibility to appropriately inform the less aware and to set aside misleading and extraneous stories. This need over rides any poster saying whatever they want. But I do think a different approach is called for so I've consulted on this subject and agreed a way forward. Any more false claims such as resident foreigners not being tax resident or assessable income not being defined, will simply be removed and replaced with the information we understand to be factual, along with a quote from whatever source it originated from. There will be no more debates on these points unless new information arises that makes it sensible for the issue to be revisited. Everyone is welcome to post their opinions and ask questions, but posts that are overly lengthy and contain thoughts on everything and anything are not helpful. The key forum rules that posters should keep in mind are the ones below, they are the ones that are most often broken in this thread. 9. You will not post disruptive or inflammatory messages. You will respect other members and post in a civil manner. Personal attacks, insults or hate speech posted on the forum or sent by private message are not allowed. 10. You will not post troll messages. Trolling is the act of purposefully antagonizing forum members by posting controversial, inflammatory, irrelevant or off-topic messages with the primary intent of provoking other members into an emotional response or to generally disrupt normal on-topic discussion. 11. You will not troll or stalk other members by misusing forum posts, private messages, reactions, emojis or by any other means. 14. You will not post slurs, degrading or overly negative comments directed towards Thailand, Thai people, Thai culture, Thai institutions such as the military, judicial or law enforcement system or specific locations within Thailand.

The bigger problem, I think, is that USD is at the top of the FOREX tree, every other currency in the world is measured against it, either directly or indirectly. If/when BRICS takes off, which it almost certainly will, sooner rather than later I suspect, whatever currency(ies) they use will be based back to USD. Even if they operate solely on swaps, the respective currencies have to be measured. The Yuan is not mature or stable enough to be the dominant currency, that leaves Japan which is OK if it's part of a basket but not on its own. There's then the question of how the BRICS group interacts with the US market, which is arguably the biggest single market in the world, what ever currency is used by BRICS, must be valued against USD. One possible solution is that BRICS remains a regional solution only with the BRICS/US interface remaining in USD. But that doesn't solve the problem of USD dominance in economies such as Thailand where the economy is measured against USD. It needs some serious thought to understand what the end game might be.

T Turns out he had leukaemia, whether or not he knew it I don't know. Presumably he did and that was why he couldn't get travel insurance.

Things are different here, the spread between the BOT rate and the rate a customer receives on their loan, can be massive, 10% of more.

If you believe that, you probably don't believe that marketing works at all, which of course it does. TAT will target different markets and set up campaigns in those countries, advertising and the like, aimed at the segments they are trying to attract. People respond to marketing, consciously and sub consciously, you're surrounded my marketing influences all the time, even here in the forum. Sometimes their efforts are aimed at airlines, the carriers that bring people here, perhaps to incentivise them to offer more flights etc.

This thread has been closed, per the request of the op.

I've removed an anti-Semitic post, please keep it civil.

Ah, yes, well spotted. I was just thinking perhaps you might have a follow on question regarding GSB....:)) Sorry, brain fart