Mike Lister

The obligation to understand and comply with the laws of the country you live in rests with the individual, nobody is going to come round to your house and tell you personally that you must do this or that, you are supposed to know, just as you are supposed to know in any country, Thailand is not unique in this respect. The Revenue Department tax rules have existed for decades and have largely been unchanged, the fact that both the Revenue and many foreigners (not all) have chosen to ignore them or soft pedal, is not really relevant, those laws always existed. Last year, the Revenue said they were going to tighten compliance and the rules and the media has been letting everyone know, in no uncertain terms, that they are now required to comply with the tax rules and that they will no longer be ignored. If you or anyone else choses to continue to ignore those rules, that is your choice, just be aware that the excuse of, "I didn't know" has been used up! I presume from what you have written that you have never filed a tax return because nobody queues up with boxes of statements etc. Tax filing is done on the basis of the honor system, you declare your income and calculate your liability, that is either accepted or not. If it is not, that's when the boxes of statements come in but frankly, that's going to be one in a hundred or more hence there's no need to recruit and train up lots of staff, especially since tax returns are filed online anyway. I am tempted at this juncture to mention what happens to people who don't pay taxes that they owe in Thailand or the strong possibility that tax filings will be linked to other aspects of expat lives here but somebody, probably you, will tell me it's all scare mongering so I wont even mention those things. I can tell already that you are a hair shirt kind of guy who simple tells every one to bring it on because you're not going to be so stupid as to pay tax. That's fine, that's your choice and I wish you good luck with whatever decision you make.

I think there are two parts to that. The first is, is it covered by a DTA, this is something that can be reviewed without waiting for anything from the RD. The second part is, if it is taxable under the DTA, how does it get declared and that may need to wait until new forms are issued. Although that second part begets the question, how do foreigners declare it currently, for those that have to.

If you know you won't exceed the minimum assessible income threshold, I agree, you don't need to go and get a TIN. But if you do and you owe tax, that's a different story.

Yes agreed, the calculation for EURO/THB follows the same design as that of GBP/THB, they are both calculated via USD which has a direct relationship with the Baht, whereas the other two currencies are what is known as cross rates.

You may wish to read the following write up which explains the THB exchange rate quite well. The Pound does not have a direct relationship with THB, the GBP/THB exchange rate is calculated from USD/THB and is a cross rate based on USD value, as is EURO/THB. So yes, the Pound and EURO are connected to USD although there's no magic involved.

Yes.

https://www.slickcharts.com/sp500/returns

A link below to the KPMG Tax News Flash page listing the latest news from the RD. It's a useful link because it's easy to read and everything is in one place. As new announcements are made, they should appear in the link: https://kpmg.com/th/en/home/insights/2019/01/th-tax-and-legal-news-flash.html Also linked is the Siam-Legal web page which provides useful legal commentary on tax related issues: https://www.siam-legal.com/thailand-law/thailand-new-tax-on-foreign-income-an-overview/

I don't think so. The value of THB is dependent on the value of US, there is almost no repetitive seasonal adjustment in THB value. https://www.xe.com/currencycharts/?from=USD&to=THB

Hmmm, I like to understand the P/E but as a stand alone tool it's not that reliable, as I'm certain you know but perhaps others don't fully understand. The problem is that P/E can be tweaked to give false readings and in the West, creative accounting means it often is (maybe that's why the US has such high PE ratio's)/ PE also doesn't consider debt load which must be factored in and can change the profitability outlook from positive to negative. The bottom line is that there isn't a single measure you can use to confirm the financial status of a company or country, you have to combine several and look at them from different angles. I like to understand Price to Book Values because that factors out liabilities, which is useful when used in conjunction with PE. https://www.investopedia.com/articles/fundamental-analysis/10/false-signals-pe-ratio.asp

What you describe in NOT an either/or account., it is a sole account with a second signatory.

There's some confusion in these pages about account types and structures. Sole Account - opened, owned and operated by one person Sole Account w/second signatory - opened and owned by one person, in one persons name but a second signature is added later and appears under blue light on the signatures page. That second signatory can withdraw funds but cannot change the account in any way. No rights of survivorship, name on the passbook refers to XX. Joint Account - opened, owned and operated by two people jointly, they both bear equal responsibility for the account and both are required to change the operation of the account. There is a single account opening application. Rights of survivorship are not guaranteed. Names on the passbook refer to XX AND YY. Either/Or Account - opened jointly, but owned and operated by two people, individually and separately. Ownership of the account is with whoever holds the book. There are two, individual account opening forms. Both parties are required to close the account. Rights of survivorship are assured. Names on the passbook refer to XX OR YY.

Thank you for those things, we appreciate it very much.

We're only two weeks into the thread and the Simple Tax Guide but the feedback has been overwhelmingly positive. I do want to acknowledge the significant contributions made by three "behind the scenes" posters, who wish to remain anonymous but who have done an outstanding job of research and suggesting ideas for how to move the topic forward. Thank you, I am extremely grateful for your efforts. If anyone else has comments they wish to contribute but don't want to do so publicly, please feel free to PM me.

No problem....have you read the link below? Assessible income is money that is received that is not exempt from tax for any one of a number of reasons and is eligible to be assessed for tax, even though it may not ultimately be taxable. So if you receive money that you know to be the subject of a tax return in Thailand, you have 60 days from when you reach the minimum threshold, to obtain a TIN.

Almost certainly no, most of the "decline" results from the strengthening of USD. https://www.xe.com/currencycharts/?from=USD&to=THB https://www.marketwatch.com/investing/index/dxy

That point has been discussed several times earlier in the thread, we all need to move on.

The poster has told me that he's located in the North East.

Below is the link for anyone to report details of their visit to a Revenue Office, anywhere in the country. The objective is to record details of any information that was obtained as a result of the visit, new rules, requirements etc.

This thread is solely for the purpose of recording information from posters who have had contact with the Revenue Department in the different parts of the country, eg, filing of tax returns, questions asked, TIN applications etc. Any information you can supply that will help other readers understand what new rules are being enforced, new measures being taken and the responses to any tax related question you asked, will be invaluable. Please state the location of your visit. Since we are now in the peak time when members will visit RD offices, it's an excellent time to gather first hand information about how the new changes will be handled. Note: if you visited and didn't learn anything new, it's probably not worth reporting that! Any off topic discussions and unnecessary posts will be removed without warning.

I have updated the guide in the OP with the following information: When to Apply for TIN (Tax Identification Number) "Within 60 days from the date he derives assessable income". https://www.rd.go.th/english/21987.html

Just one teeny weeny bit of tax law for you to ignore or digest: When to Apply for TIN (Tax Identification Number) "Within 60 days from the date he derives assessable income". https://www.rd.go.th/english/21987.html

Yes you can. No you are not, many people need a Thai TIN because their home country bank requested one.

Please read the guide linked below, only funds remitted to Thailand are potentially taxable.

I'm sorry to hear that, we have one at UOB. I suspect you may get a different answer in places such as Bangkok where the request is perhaps more normal.