Mike Lister

But the government doesn't own the foreign currency reserves, BOT does. And the purpose of those reserves is to maintain the Baht and to guarantee trade, not to provide loans to government on request. Government cannot simply say, gimme the money, government has an annual budget, that's their money to spend, not the reserves, they cannot be touched by government..

I understand that, he was suggesting that the coffers had been pilfered, presumably that's because the foreign currency reserves are lower than they were previously? Foreign currency reserves are held in a variety of currencies, including THB, but are accounted for in USD. When the exchange rate changes, so the value of the foreign currency reserves rises or falls, giving the appearance that the reserves have reduced when really they haven't..

The one big change that has been made is that previously, income earned overseas but imported into Thailand in a different year from which it was earned, was not taxable. Now, that income is taxable, regardless of the year the funds are imported. Whether or not the DTA between the two countries will negate that tax, remains unclear, it appears that in some cases it may not.

I think it's too early to confirm that nothing will change, indeed some things almost certainly will. For example, income earned overseas from renting out immovable property, will be taxable in Thailand, when it is imported, subject to DTA rules which will vary from country to country.

It's pretty much universal tax law that anyone who lives in a country for more than 180 days in a single tax year, is considered to be "tax resident" or "resident for tax purposes", in that country, end of story.

No, they are talking about ANYONE who is resident in Thailand for tax purpose, that means anyone who stay here for more than 180 days in every tax year.

The tax rate in Thailand is NOT 35%, the highest tax band is but there are lots of other bands below that. The first 150k is tax free, the next 150k is taxed at 5%, the next 200k is taxed at 10%....and so on. The full tax tables are here: https://taxsummaries.pwc.com/thailand/individual/taxes-on-personal-income

In theory you could get hit by a truck before lunch, in which case the whole subject is moot.

It depends on the country involved, the source of the income and the specifics of the DTA, much of US based income cannot be taxed by Thailand under treaty laws. But to be clear, there is very little clarity regarding what will happen, things just haven't been decided and agreed plus everything could easily change in a flash. Perhaps best to chill and wait and see.

I agree, that's got to be a possibility since many other countries require similar from resident aliens who reside in their countries, before they are allowed to depart.

One more time ryan, just for you! Income tax in every country is assessed annually, that's when you do the summing up and make the tax calculation. Everyone is entitled to a 60k per YEAR tax deduction, plus, everyone over age 65 years is entitled to a 190k per YEAR tax deduction. In addition, the first 150k of income on the Thai tax tables is zero rated, that's the first 150K per YEAR. When all is said and done, the average over 65 year old pensioner will be entitled to over 400k in tax free money per YEAR. Please tell me you got that!

I'm very confident that nobody is going to get taxed on imported money to buy a house, the market would collapse.

Only if you have a job in Thailand. Eligibility for Thai SSc is based on employment in Thailand, not earnings. Thai person who earns income by playing the stock market for example and pays tax, isn't eligible to join SSc.

I wrote, 400k, not 150k.

Earned in Thailand or qualifying income imported into Thailand, from overseas, whilst you were tax resident in Thailand.

No, I'm talking about assessable income in Thailand, which includes, money earned in Thailand and qualifying income imported from overseas. It doesn't matter how much you earn overseas, what matters is the amount that is imported into Thailand. Overseas earnings are not taxable in Thailand, as long as they are not imported.

Expect lots of pollution from crop burning.

Many types of income from the US are excluded from taxation in Thailand because of the DTA, social security is one, government and private pensions are another. The Thai tax tables are stepped, tax is calculated at different amounts based on the level of income, it is not a flat rate 35%. There is a big difference between the effective tax rates and the Thai tax table amounts. Lastly, there are several generous deductions available to reduce taxable income, a personal allowance of 60k baht is available to everyone plus for over age 65 years, an extra 190k deduction exists. Further deductions exist for wife, children, life insurance, medical insurance and so on. After all that, the first 150k of income is zero rated for everyone. These things mean that the average expat pensioner must earn over 400k baht, before they begin to pay tax at 5%.

I'm sorry, that's a typo on my part, of course the reserves are in billions not millions. If you look at the BOT link I supplied in my post to that poster you'll see the effect of exchange rate movements, on the foreign currency reserves. Because USD has strengthened that means there is more baht required per dollar hence the total of USD when calculated in USD is lower than when the exchange rate is higher/stronger, as it was in April.

I am not non-resident for tax purpose in Thailand but I am non-resident for tax in the UK. I live in Thailand year round, did I say something that made you think otherwise?

If you have non complex financial affairs and have only regular payments that you import from overseas each month, pension or similar, along with savings interest in Thai banks, the tax return is simple. But it is in Thai so you may need help. I take my numbers to the local RD offices every January and the people there are happy to complete the return, free of charge, it takes 5 minutes. As long as you know what the net position or bottom line is regarding paying additional tax or getting a refund, you can easily trust RD to do that job for you. The Thai RD code is simple, it is not all complex for simple tax accounts. If you have a business here the story is different, you need an accountant.

The foreign currency reserves are not all held in USD, they comprise lots of currencies, over 24 plus gold and SDR's, USD is less than 40%. THB is strengthening at present and USD is weakening, the US DI is down to 105%. See the effect of USD strengthening and weakening on the reserves, below. https://app.bot.or.th/BTWS_STAT/statistics/BOTWEBSTAT.aspx?reportID=80&language=ENG

How do you figure, there's USD 212 million in BOT's foreign currency reserves currently and that includes gold? If the USD weakens and the exchange rate improves, that amount will increase substantially.

Bangkok Hospital and Suan Dok have it. But you have to wear a camera backpack for eight hours whilst the pill is on its journey, plus, you need to be x-rayed 90 minutes after you swallow the pill to make sure it has left the stomach and entered the small bowel. Sometimes it doesn't, sometimes it bounces around and has to be helped on its way with an endoscope. Finally, you need to be x-rayed some hours after its all over to make sure the camera has exited as planned.

I understand your point but new people are always going to come along and want personalised answers without having to read the thread. I think it's probably best to keep everything in one place and insist that newcomers read through it all.