Mike Lister

If you know, why even ask!

This may help explain: https://www.asianinvestor.net/article/market-views-is-a-bubble-brewing-in-private-credit/496887

I'm pretty certain it is! Anyway, I was quoting YOU, not the tax code! "If it is not remitted it is not taxable in 2024".

I have looked....time will tell on this.

I'm most likely just to ratchet down my risk inm stages over the next few weeks, I've already dialed back some higher momentum funds that have done extremely well but that party is now over. US markets are currently 39% of my total equities but only 24% of my total portfolio.

For the avoidance of doubt, that's my quote you quoted previously, and not T&G's but I guess the quotes editor is screwed up.

A factual answer in English.

Words game are unhelpful! If the funds were sent from A to B they were remitted, ergo the funds are a remittance. The way in which the funds are sent is not segregated by the type of mechanism or vehicle, in the Revenue Code. https://www.merriam-webster.com/dictionary/remitted Whether or not the remittance is assessable may well be another topic, subject to all the rules we already understand that govern assessable income and exempt remittances. What I wrote earlier is that it doesn't pass my sniff test and still doesn't, apparently it doesn't pass that of other either. We will no doubt find out in due course.

Better come to Chiang Mai in that case, most staff at District 1 & 2 offices speak English well.

I didn't say they couldn't be tracked, of course they can! What I said was: "What they might be saying is that such transactions are too difficult to track and enforce so we'll give them a pass, or, it might just be a WAG on his part....dunno".

There are no official international tax rules, what are you talking about? There is a DTA between Thailand and the USA, is that what you're trying to say? If that is the case, it does not say that the US citizens are only taxable in the US, it depends on the class and type of income. Your second statement in bold above is also nonsense. The USA does not prevent other countries from taxing income that arises in the US.

I'm not sure which is the more damaging part, the lack of clear information from the TRD or the anxious willies who constantly imagine the worse.

I also wish that. But having worked previously for the Big 4, I have heard many outrageously untrue words uttered by supposedly knowledgeable people. Often, the aura that surrounds the company negates any element of doubt about what is said. We will find out in due course.

Ask yourself, does the way in which the funds are delivered make any difference, TT or cash via ATM.

Not especially anyone, pure scaremongering

Agreed, too many brain farts for me.

Thanks, you cheered me right up.

Yes, lazy English on my part....sorry! It should really read, remitted earnings or more perfectly, assessible income.

Not really a tax grab, for most people. This years earnings, due to be reported in the tax return dated next 1 January.

I don't believe him.

I just wrote almost exactly the same thing in another thread on this subject, I don't think he's correct.

According to the video, foreign ATM and credit card transactions are not assessable income (albeit I couldn't find the spot again where I first heard him say that). Do I believe that? .......I don't think I do, I mean, a person could quite happily and easily live here year round using an overseas account and an ATM card, I know people who do that. The fact the account is located outside Thailand's borders doesn't pass my sniff test, but that's just me. What they might be saying is that such transactions are too difficult to track and enforce so we'll give them a pass, or, it might just be a WAG on his part....dunno.

I read it is well supported also, at present levels, but the potential to increase them in a down trend economy is next to zero. IF there's a perfect goldilocks landing of the economy, from hereon out, great, but when in your life have you ever known future economics to be perfect and would you bet on the future ever being so! I would not. True that a political upset in the US could change things; true that what happens in China could change things also; but there are too many large scale variables at present and most are all US centric or related, the US being the only market that is firing on all cylinders. Having all your eggs in one basket, that has a broken handle, is not a reasonable risk. Most global trackers are market capital weighted, in a market where the ten largest stocks represent 30% of the index weight. That's not an index or market tracker, that's a fulcrum! So it is with many funds where market momentum distorts fund performance. Holding global trackers (or high momentum funds) might be reasonable in an up or early bull market but not today.

In bold above....that's not really the issue, albeit I think it would be naive to think the TRD did not take legal guidance before announcing this reinterpretation of the rules, this is not ammateur hour, it's the tax revenue department of a government. The key issue is whether or not the reinterpretation will achieve their objective and that answer is likely to be no, which is why they appear to want to pursue worldwide taxation. Leaving assets outside Thailand semi-permanently will negate the effect of the new rule interpretation.

It depends on your tax residency. https://www.gov.uk/tax-sell-property/selling-overseas-property#:~:text=You pay Capital Gains Tax,be able to claim relief. Also, the income will be reported under CRS rules.