Mike Lister

It's buried in the link somewhere because that's where I first saw it, currently however it's elusive! The link below says the same thing" "What are non-reportable accounts under CRS? Non Reportable Accounts Include retirement and pension accounts; non-retirement tax-favoured accounts; term life insurance contracts; estate accounts; escrow accounts; depository accounts due to not-returned overpayments; other low-risk excluded accounts". Also, the TRD guidance on CRS, FYI https://www.rd.go.th/fileadmin/user_upload/FATCA_File/crs/Thailand_CRS_Guidance_180823_VF.pdf

The quote regarding largest seizure of assets appears on page 19 of the AMLO report. I'll let you know the other shortly

I said I would respond as soon as UOB Bangkok replied to my query: The simple answer is, as long as you have an FET (or equivalent) in your name, dated any time and from any Thai bank, they will transfer the funds overseas once again. All they want to see is proof that the funds originated from overseas in the first place.

I do not but I will look and I'm sure I can find it again and will let you know.

There's an opinion piece this morning which is very similar

I can't see that accomplishing anything useful for anyone. Visa's and tax residency are two different things, the one doesn't and shouldn't enforce the other.

I read this as possibly left versus right, the current police command agenda doesn't fit with that of the establishment.....unsure.

That's broadly our understanding at present, although we cannot be certain how the TRD may interpret these things and operationalise them practically speaking. It looks increasingly likely that all of this will be a "suck it and see" type operation (that's of Hershey's origin rather than anything vulgar)where many of us sit back and watch to see what happens as returns are filed and the results reported on the forum and elsewhere.

An interesting diversion but still very related is the 2022 AMLO report into Money Laundering Risks, of which Tax Evasion and Fraud is a key element. It's an interesting read because it puts tax fraud into context of the wider picture and helps explain why the current actions are being taken. Narcotic is the largest most prosecuted crime in this basket but if I read it correctly, tax fraud generated the most by way of seizures which makes it a cash cow: "The largest amount of seizures between 2018 to 2020 were tax evasion and tax fraud with 1,692,205,790 Baht/year on average, or 32.23%" https://www.amlo.go.th/amlo-intranet/media/k2/attachments/NRAYThailandYforYPublicationYEnglish_6112.pdf Another useful quote that's worth remembering is that some small accounts, typically pensioner based, are not required to be reported and shared under international rules. Hopefully this relieves some of the stresses from expat pensioners who fear becoming an equal subject of scrutiny as the drug trafficker and billionaire evader. There's a second paper which also includes some useful insights and helps fills some information gaps about the shadow economy and tax losses. As discussed previously, the black and white are simple to understand but the grey is tricky: "2.1. Tax avoidance and evasion There is a distinction in the literature between “tax evasion” and “tax avoidance”. For example, The International Bureau of Fiscal Documentation (IBFD) highlights that “avoidance is a term used to describe taxpayer behaviour aimed at reducing tax liability that falls short of tax evasion” (IBFD, 2009, p. 30). Thus, tax avoidance is seen as legal. By contrast, tax evasion is defined as the illegal non-payment of tax; this non-compliance with tax legislation is a crime which is punishable by some sanction. In practice the differences between tax evasion and tax avoidance activities are “complex with numerous shades of grey in between legal and illegal practices” (Sikka, 2014, p. 135). The difference depends on the legitimacy of a taxpayer’s activities (Sandmo, 2005) and this legitimacy will often have to be decided by a court if there is “a legal challenge by the tax authorities” (Sikka, 2014, p. 135)". https://pure.strath.ac.uk/ws/portalfiles/portal/173682872/Natpraypant_etal_AF_2023_The_introduction_of_anti_tax_evasion_legislation_in_Thailand.pdf

So does this mean the drinks are not on you on Saturday? 🙂

It's off topic but refers to hospitals wanting to extend life and charging accordingly.

All payments made to the Social Security fund are tax deductible.

Who's your daddy now! 🙂

https://taxninja.in/blog/different-countries-different-financial-years

One step at a time. If you're a single filer you can't claim your wife;s deductions. Are you married and if so, are you filing single or jointly? Bur yes, the health insurance premium must be paid to a company in Thailand.

Harsh, but true.

That's not correct, the 60 PC deduction remains but is for self employed, you're confusing two groups. Later,, no time now

If you have THB income, LTF fund contributions can be a useful tax deduction with tax free profit if held to term..

I can but I'm not going to because I have other more important things to do, it's easy enough to find. Oh what the heck, here's an artcile on it: https://kpmg.com/th/en/home/insights/2018/02/thailand-tax-updates-15february2018.html NOTE: it used to be an 85% deduction.....can you imagine? Make something for 10 baht, sell it for 100 baht and claim 85 baht as your costs and the rest as TEDA, wheeee.

In the world of taxation, taxpayers are often given a choice whether to take a standard deduction or to itemise actual costs and provide receipts. My wife takes the standard deduction which allows her to deduct 60% of the cost of sales, as input costs. That leaves her 400k to apply against the tax tables, before deducting TEDA. She nets between 675k and 750k, depending on contributions to LTF's etc and TEDA.

My wife earns 1 million as self employed and pays virtually no tax because of a standard 60% deductions for the cost of sales (whereas the true cost is closer to 25%). I earn about a million but leave half of it outside Thailand whilst half of what is remitted is exempt, again, no tax. Some of it is luck of the draw, some of it is planned, but does perhaps go some way to explain why so few Thai's pay tax.

It's 50% if remitted pension income, up to 100k. Yes, it must be remitted otherwise it's not income. Yes, the allowance is because it is pension income, there is however a corresponding allowance for non-pension income earned from employment, as I recall. EDIT TO ADD: I think the earlier poster included the 150k zero rated band in his total.

Water

FYI https://surfshark.com/blog/vpn-in-china#:~:text=under government restrictions.-,Are VPNs in China illegal%3F,VPN in the first place.

I'm the exact opposite. I transfer two pensions to Thailand by Direct Deposit, from the pension provider, to my Thai bank account, the bank and the TRD can see the amounts and the source. I also hold a fair amount of legacy cash here in THB so there's no question about my living expenses. They no longer bother sending me tax forms each year, not only because they seem to know I'll file any way but also because they can see there's no tax due. For me, this is an easy process.