Mike Lister

1. No. 2. Still taxable.

Stop it! Firstly, you are still receiving something that you are paying for, ergo, it is still taxable. Secondly, you're flirting with discussions about tax evasion so please don't go there.

Too funny! You are still paying them for something you received in return. The fact you are paying them directly from an overseas account, doesn't change that fact.

It's OK, it does the job. I really like the Bangkok Bank account/app, excellent security, account balances with every transaction, offline copies of all trans vis SMS....neat.

Yes, we both see that account, along with all our other accounts and bits and pieces, on the UOB app. But I don't know about the PC version, I've stopped using that.

Er, ...dunno actually, probably not...I'll check.

It depends what you asked for when you opened it, physically there is not much to distinguish between them. My guess is that you may have a joint account but I can't know for sure. My wife and I have one at UOB (Thai), it created quite a panic when I said I wanted us to open one because the branch staff had never opened one before. It took a number of calls to HO to get the paperwork straight.

The type face size issue appears to have resolved, I'm not sure he did what but your type face is normal. I mentioned parts of my background in order to make a specific point in a post I wrote, not to make it the new focus of the thread! The 60% deduction for costs in Thai tax is optional, tax filers can detail actual expenses if they wish. Here is a link to the forum rules, please familiarize yourself with them because they are the basis of any actions that moderators take, nor more, no less. https://aseannow.com/forum_rules/

No, it's a different class of account. An application for a joint account is a single application that two people sign, there is a facility within that application to specify how many people must sign in order to transact, which can vary based on needs. But an either/or account application is completed separately by both parties and then brought together in a single account. There is no facility to specify how many people must sign, whoever has the book or transacts on the account, is the full and complete owner. The only time the two parties do need to come together is to close the account.

Certainly any who has read AN or TVF over the years will have been aware because of the many posts warning readers not to remit funds in the year they were earned, my guess is that was one of the most common statements made on these sites, by expats.

Please read the folloiwng and revert to us with any outstanding questions afterwards. Thanks

Please do not type in such a large type face, it gives the impression of shouting and is difficult to read. My career and background are not the subject of this thread and personalization of them are very much off topic, as much as you may be curious and wish to know more. I am aware of the 60% deduction for expenses. My wife runs a business and we file her taxes using that very generous deductions, which until fairly recently was even higher. Thank you for telling me who I should and should not be trying to help and how but your advice is not required in this area. Now, I insist that the debate return to the topic and not stray further afield, any further off topic posts will be removed. Thanks.

A joint account yes, but not so with an either/or account. An “Either or Survivor” account is a type of joint bank account where any one of the account holders can independently manage and transact on the account, and in case of the death of one account holder, the surviving individual(s) gains full control of the account without the need for legal procedures.Sep 7, 2565 BE

No, not at all, the Revenue made their announcement last year and it was very clear: https://sherrings.com/foreign-source-income-personal-tax-thailand.html#:~:text=The Foreign Source Income Law&text=A resident of Thailand* who,bringing the income into Thailand.

Nicely planned out, well done.

Fair enough, I was just curious. It looks like GSB has assets of 1.77 trillion which means they have deposits at a similar level and the MOF is the owner. The DPA guarantees payout within 30 days, my guess is that it would be very hard to liquidate 1.77 trill, of assets that quickly. I presume they are subject to the same Basel III rules as the other banks so the first 18% will be fairly liquid but after that, who knows.

Re: joint accounts. When a couple open an account together, they open a single account in joint names. When that same couple open an either/or account, they each open the account individually, even though there's only a single account, both must fill out account opening forms. The disadvantage to the former is that the account must be frozen when one person dies so the other person is unable to transact on the account, until the will of the deceased has been processed through Probate Court. The advantage of the either/or account is that the account is owned by whoever transact on it, there is no reliance on the other person and the account can remain open. Another advantage of the either/or account is that one person is designated as being responsible for tax on the account, when the account is opened. Neither a joint nor an neither/or account works for immigration purposes.

The problem with the Gift Tax issue is that there are some aspects that are unclear so it's difficult to give any answer with confidence. Gifts between hu8sband and wife are set out in the RD Code, up to 20 million is free of tax. But how that would play out when a foreign spouse was involved and the gits are from overseas and destined to go into a joint account owned by both husband and wife, is messy. Many government see gift tax as a way to get around paying tax, done properly it's legal, pushed too far it's not and I don't know in the case of Thailand where that line is.

Interesting that they would do that, presumably its a ploy to attract funds, the question is, who underwrites that policy? We know in the case of the other banks and the deposit protection scheme that all members pay a premium to the insurer which is underwritten by BOT. But who insures GSB funds, what's their policy on payout and who underwrites it?

I don't think anyone outside of a few people in the Thai RD can answer this question with 100% certainty, not at this point in time. I also have UK property that I will sell before too long so this issue applies to me also. My view is that any gain earned, prior to 1 January 2024, is tax free, in Thailand, that is clear because the RD has stated as much. The question then becomes, how will apportioned gain be calculated for tax purposes, from 1 January 2024 and the answer is, I do not know. My best guess is that Thailand does not want to prevent foreigners' from bringing money into the country to spend on real estate in Thailand so there will almost certainly not be a tax to pay on those house sale proceeds, as long as the property was a primary residence. If it was not and CG was paid on the sale, that will be adequate proof that tax was paid and again, not taxable in Thailand. For a crystal clear bullet proof answer, you will have to wait I'm afraid, until the RD speaks.

1. Theoretically those would be savings so no. 2. Not medical bills but health insurance premiums are, with a Thai insurer, up to 25k per year can be deducted from assessable income

LTF's seem to have had their day, the Thai Airways bankruptcy killed mine stone cold. Couldn't agree more, invest of offshore, the charges here are seriously heavy.

No

Per depositor, per bank, excluding certain account types. https://www.dpa.or.th/site/index

There may well come a point where you do that so never say never. I never imagined I would cut all ties with the UK but I no longer have any reason to visit. I still own property there which I will never occupy again, I'm certain of that and which will be sold at the first opportunity. Times change, people change, circumstances change.