
Mike Lister
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Everything posted by Mike Lister
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Vit D has a binding effect that is important to thyroid performance. Since I had mine removed last month, I'm taking 4,000 mg of calcium per day, and D3 three times a day and I spend a lot of time outdoors.
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The picture regarding taxation of Foreign Currency Accounts (FCA) for Residents vs Non-Residents (NR), still has not been made perfectly clear to everyone's satisfaction. Perhaps someone else can find the right form of words to paint a clearer picture for everyone else's benefit? My take on this subject is as follows: An FCA for a NR in Thailand, behaves in a similar manner to an offshore account. except, the NR account here is ALWAYS onshore. Unlike a fully offshore account, it is the residency of the account holder that determines their liability to tax, not the behaviour of the account itself. Put differently, a Resident and NR account are identical and held in the same location onshore, the only difference between the two accounts is the continued eligibility of the account holder to own the account. If a NR opens a Foreign Currency Account here as a Non-Resident (they remain here for less than 180 days per tax year), the account is free of tax and the funds in it and any interest earned, do not need to be reported for Thai taxation. BUT, if the account holder remains here for more than 180 days, their eligibility for a Non-Resident account ends on the 181st day and the interest earned by the account becomes taxable in Thailand and the capital in the account will be deemed to have been imported (even if the bank has not formally notified them of any change because these are RD rules, not just banking rules). There is then a third scenario that has been reported, that I can neither confirm or deny, because I have not seen independent proof. This is where a NR holds a NR FCA that is populated with foreign currency that is sent back overseas again. In the report, it was said that the bank would exchange the foreign currency, into THB and then exchange it back to foreign currency , before it could be exported. I've never heard or even imagined anything like that before, normally the account holder would pay a fee in lieu of exchange if currency was exported, but this aspect is not really relevant to this discussion. Assuming the bank does make that dual exchange, my take on this is that even though the account holder might be NR, the funds are imported into Thailand, the moment they are exchanged into THB by the bank, even though they are immediately exchanged a second time and re-exported. Why? Because there are strict criteria governing the deposit of THB, into a FCA which includes supporting documentation.
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Police to get tough on drunk drivers over New Year
Mike Lister replied to snoop1130's topic in Thailand News
A local amphur is running a don't drink and drive campaign and has pasted large posters saying don't drink and drive, along with a picture of a man drinking a bottle of beer, a farang! -
Er......you need to do some googling on that I'm afraid. https://www.immigration.go.th/en/ Thailand changed its political system. At the same time an economic crisis caused the new government to cut its budget, which resulted in the former Immigration Department to be downgraded to the Immigration Division under the command of the Police Department of the Ministry of the Interior in November 1932
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No, but only because we had the usufruct written at the time we bought our house and our lawyer managed the whole thing. But it's easy enough to do, it used to cost 60 baht to write the usufruct at the Amphur, today it may be slightly more, but still, 60 baht!
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Agreed, we have done the same. @mfd101 Agreed also, the usufruct must be registered at the Amphur and recorded on the channotte.
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You been watching too many horror flicks, stop trying to scare people with the things that "could" happen.
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Yes, I do, an usufruct will help ensure that doesn't happen. Despite what you may think, the law does support foreigners and Thai's.
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That's brilliant, I'm pleased you had a great time,thanks for the feedback.
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Another (tricky) income tax question
Mike Lister replied to BenStark's topic in Jobs, Economy, Banking, Business, Investments
Make no mistake, those funds are in Thailand, they are not offshore. I am told, but I cannot see for my self, where it says that the bank will make two currency exchanges, from foreign currency into Baht and then from Baht back into foreign currency, whenever funds from the account are remitted overseas again. IF that is the case, the currency exchange takes place in Thailand hence at that point, they have been remitted. There is a big difference between a non-resident account and an offshore account, the account in question is not an offshore account, it has some operating similarities, that is all. From a RD perspective, those funds are inside Thailand, regardless of whether they are in foreign currency or anything else. -
Those numbers look good, perhaps check again in say 6 months and look for consistently rising or falling numbers.
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Your A1C is just fine, it is not pre diabetic. Vit D and Calcium - have you checked your TSH and FT4? Thyroid issues may be involved, I say this having just had mine removed and been through this loop..