Mike Lister

Yes you can, if you file jointly.

It's all opinion, what else did you think it is! If it were provable fact, the relevant documentation would have been posted months ago. I thought you understood that those people with tax and accountancy experience in these debates have been trying to assess information from a variety of sources in an attempt to decipher what the TRD Code actually says and what operational practice is. But since foreign assessable income is not well documented and not in practise taxed heavily todate, this is all new ground for everyone.

So if you're younger you're expected to have a stronger immune system, in which case why brag that you haven't caught covid, despite not being vaccinated!

So where do you draw the line? If stocks and shares are really only savings and not capital investments, what about property, is that also savings too, it is after also only a capital investment as well. You have savings and you buy something, it's therefore no longer savings. Savings are where you don't exchange the money for anything else.

We're in the same boat, 74 years old and just completed by second bout of covid a week ago but both wife and me feeling exhausted all the time, she with cough also. We may get checked again but have already had one course of anti-virals, it's not fun.

Once again, those are home country tax rules, not Thailand Revenue rules.

No, we've been round that loop before, that is not the correct depiction of how the transfer takes place. Every remittance of capital gains comprises capital and gain, until the total amount is exhausted. You cannot cherry pick whether capital or gain comes first or last, they both come at the same time..

The things we do know are recorded below but many aspects remain unclear, whether that is intentional on the part of the TRD or whether policy has not yet been been decided regarding foreigners overseas income, is also unclear. But it is clear that taxing worldwide income will not be implemented quickly because it requires a change in the law and parliamentary approval.

Most people see such things and panic. 99% of the time they do as you've done and make an appointment to get it checked, spend 15 seconds and 600 baht for the Dermatologist to tell you it's nothing and then leave. I've done it myself once this year already and several times in the past. Better safe than sorry.

Great to know those things happen in your home country. Thailand Revenue however doesn't too much care about those things I imagine, all they see and care about is the remittance of a capital gain from the sale of an investment. That said, I imagine any tax paid as a part of the home country settlement process can almost certainly be offset against any PIT liability that results in Thailand. I don't have a horse in this race, I'm only repeating what has been said previously on these issues.

It was said earlier that principle and gain cannot be separated and that any partial remittance contains a mixture of both, until the entire amount has been remitted. Savings change their form once they are invested, they are no longer savings, they are an investment, not just a part of the money, everything that is invested. The gain, if there is one, is on the total investment, not just on a part of it.

The moment you use your savings to buy stock, you no longer have savings you have an investment. You don't earn income from that investment until you sell the stock, until the point of sale, you don't have savings, you only have an investment and you only have a paper profit and no taxable event. The taxable event occurs when you sell the stock and realise the gain which takes place after 1 January 2024, outside the terms of Por 162.

Stocks are capital gains, capital gains are only realised when the stock is sold, until that time there is no gain and nothing was earned.

Of course it's an unrealised capital gain, he tells us that. Your assumption about FIFO that follows is an assumption based on what you think, not what is fact. That may be fine but you have to tell people it's an opinion/assumption, not a fact.

Yes, I agree, and I wonder why that is.

BL, love you to death but your continued scaremongering on this point is just so far over the top as to be unfunny any more......sorry.

Maybe they do, wouldn't it be great if we knew rather than just aguessed or assumed.

Thailand operates a remittance based tax system, end of story. No country can change their tax system mid year and make it retroactive. You are spreading false rumours and distorting fact, both against forum rules.

Most normal people would say, I don't know we'll have to wait and see. You seem to think that's not good enough and just make up your own rules and present them as acceptable fact. I want to out a lot of distance between me and your opinions, I think you're so far out of control on this as to be dangerous..

Por 162 states that Por 161 shall not apply to foreign source assessable income earned before 1 January 2024. It does not state that everything you own as of that date may be sold, remitted to Thailand and be tax free. A share holding held at 31 December 2023 is not assessable income, it is an unrealised capital gain. A n overseas property owned on 31 December 2023 is not assessable income that can later be sold and the proceeds remitted to Thailand free of tax, it also is an unrealised capital gain. Nowhere does it state in Por 161 or Por 162 that unrealised capital gains held as of 31 December 2023 may later be sold and remitted to Thailand, free of tax. If it doe say that anywhere, please quote where. Nowhere does it state in Por 161 or Por 162 that "unrealized cap gains -- is exempt from Thai taxes when remitted after Jan 1, 2024".

We've had this discussion before many times and you've been cautioned several times about creating your rules and suggesting to members that it's OK. It might be OK for a CPA to suggest such things in the US and be able to get some traction in a two way debate with an IRS official but there is no suggestion whatsoever the same thing will be allowed here. Just because some of the rules here are not known to forum members, is no reason to make up your own rules and suggest them as fact or to suggest it will be OK to adopt them. If those are your personal opinions, make it very clear that's what it is, in big bold letters, for the sake of those who look to the likes of you for substance and fact.

Next time, read the OP before you reply. "Let's say you had $1000 (portfolio value) in foreign stocks on the last day of 2023. And now, in mid 2024 your stock holdings are worth $2000. Does that mean you can still safely sell off $1000 of your stock holdings and remit it into Thailand tax free at any time? As it would be considered savings prior to 2024". The OP is holding an unrealised capital gain on the last day of 2023 and wants to remit them as savings in 2024, which I imagine in the Jim Gant rule of tax law is probably OK.....duh!

Oh, so now you're an expert in Thai law also, I never knew that. Well look, in that case, of course, if you say so, everyone can make up whatever rules they want and if/when push comes to shove, just tell the TRD people that you created your own rules because you couldn't find theirs....it makes perfect sense.

Well clearly, since you decide and promote your own taxation rules for all foreigners in Thailand, you probably never will.

Plus my magical crystal ball from the planet nebula that I found on a beach at Whitby in 1964, its never been wrong.