Mike Lister

I don't agree that you have the right slant on what's happening. I do not believe it is that the government wants to extract additional money from foreigners, it's more that the government wants to stop tax evasion by Thai nationals using overseas accounts and that by default, foreigners have to be included in that process. Foreigners are not the target, their residual or collateral damage. I do not believe that the majority of regular retirees will be affected, only those with above average income will. It's also worth pointing out that the effective tax rates in Thailand are substantially below what they are in most Western countries, an income of 70k Baht per month is likely to incur an annual tax of around 10,000 baht, based on the calculations various poster have made and had authenticated by their local RD office. I can't speak to what paperwork may be required, or whether it will need to be translated etc etc, in the event of more complex and higher value transactions. I do know however that Thailand's property sector relies heavily on foreign buyers who are unlikely to be willing to see their purchase price funds taxed or the property sector see a massive downturn in sales.

bump.... @Sheryl Are you able to provide guidance on this?

Capital Gains in Thailand are taxed at Personal Income Tax rates, there are no capital gains taxes per se. Fixed Rate (actually both fixed rate and fixed duration) accounts are offered by all Thai banks in THB but these are relative to the BOT rate which is currently 2.5%. 1, 2, 3 year fixes etc are available with rates around that level. Note: 15% with holding tax is with held from all fixed rate accounts and must be reclaimed from the RD via a tax return at year end....it has been this way for many years. Variable rate savings accounts are also available but again, subject to 15% tax. Foreign Currency accounts are also available in USD but the combination of low interest rates and account charges make these accounts uncompetitive.

Pseudoephedrine is a Category 2 controlled substance here because it is used in the manufacture of methamphetamines'. There was a problem a couple of years ago where several million doses of the drug went missing from local hospitals, believed to have ended up in Myanmar in the hands of drugs factories.

No, thats bar stool gossip! Google the newspaper that may not be quoted, google "hospitals must treat emergencies without cost".

I have an estimate of 200k/300k to remove a cancerous thyroid, at Bangkok hospital, I also have an option to have it done at Suan Dok/Maharaj but I don't have a figure for that yet. The surgeon works out of Sriphat which is the semi private arm of Suan Dok, can anyone confirm whether the Suan Dok option is definitely cheaper?

I NEVER said anything even remotely similar to that! However did you get from me defining the duration of a tax year, to all incoming funds having tax with held?

The tax year runs from 1 January to 31 December, the tax return must be filed the FOLLOWING January through March.

Very true. They teach in MBA business schools to be wary of companies with marble foyers and soft comfortable couches surrounded by vases of fresh flowers, that's very true.

No I haven't and I can imagine that districts where there are lots of foreigners and tourist businesses, may well be the exception.

No, if you arrive and leave in the same day, you had zero days in that country. Revenue departments globally count where you were at midnight. If you happened to be on a plane at midnight you weren't anywhere for tax purposes on that day.

You think the strength of the Thai economy is governed by foreigners spending the entire year in Thailand? If so, you weren't paying attention in Thailand Economics 101.

For Revenue purposes, a day is where you were at midnight hence the day of arrival and day of departure are often not counted. I know this because I counted days in this way for three different Revenue Departments, for several years. If your flight leaves before midnight and arrives after midnight elsewhere, you get to pick up an extra day or so.

Taxable Income per year (Baht) Tax rate 0 – 150,000 Exempt 150,000 – 300,000 5% 300,000 – 500,000 10% 500,000 – 750,000 15% 750,000 – 1,000,000 20% 1,000,000 – 2,000,000 25% 2,000,000 – 4,000,000 30% Over 4,000,000 35% https://www.rd.go.th/fileadmin/user_upload/AEC/AseanTax-Thailand.pdf

No, I'm not. "Dumb excuses not to help the less advantaged". Government subsidizes the cost of diesel by 25% which costs the country a small fortune but helps farmers and small business; during covid it paid out money to poorer households where the income earner had paid Social Security previously; the poor have free health care; they are able to settle untitled land and make it there own; there are debt restructuring programs to help them manage their money; produce grown by rural farmers is most often sales price protected and/or subsidized; schooling and university fees are subsidised and low interest loans given over many years; there are countless agencies and departments who provide training, job skilling etc. Short of giving every poor person in the country a huge wad of money that they would blow in the blink of an eye, what else would you have government do for them? On the other hand, covid/inflation giveaways have caused massive economic problems for almost every country that engaged, Western economies are sinking under the debt, managing that debt is critical to the poor much more so than just giving them more handouts to fritter away. BTW, the submarine costs 13.6 Million Baht or USD 395 mill., Thai GDP is about USD 510 Billion.

Not to be pedantic but Plok is an abbreviation, Pits is shorthand.

First your problem is the rich poor divide which then morphed into the need for governments to buy submarines, it's unclear what your primary concern might be.

There is almost certainly going to be a more intense and in depth scrutiny of business owners tax affairs than there is of foreign retirees, most of whom are on limited, fixed, recurring income. But this will be true of any country because the potential to manipulate numbers and massage the detail is far greater for a business owner than it is for the pensioner who makes a single transfer each month. And yes, a pensioners tax return is in the simple variety camp, what else would anyone expect.

From a tourists perspective the time has never been better, the Baht is at its lowest rate since 2016 (give or take one or two temporary spikes)

I leave 400k in the bank year round on a fixed deposit and it rolls over every year, it's been there for years. That's my Immigration money. If I didn't put it in a fixed deposit I'd get a lower rate, for me that fix is the best I can safely get so there's no deal between banks and Immi., it's my investment choice.

An interesting article in the UK Telegraph this morning is directly related. It says that HMRC is cracking down on overseas secondary income using web sie data from a number of different sources. This is an extension to a program that was purely UK based initially, now it's being expanded to include global sources. Apparently, the likes of Airbnb already reports detailed information about overseas lets, by British citizens. The significance here i that it's not just Thailand who is seeking to tax undeclared overseas income, many countries are actively doing the same thing. https://www.telegraph.co.uk/money/tax/income/holiday-home-owners-banking-hmrc-global-tax-crackdown/

Yawn. ???? A country or government debt is no different from household debt, it's a sign that somebody is living beyond their means. If the household budget in in deficit mid month, it isn't because somebody has taken money away from the family, it's because the family spent too much!

So you don't think that increased spending will lead to increased debt, really? Or is it that you don't think that increased debt will lead to a weaker currency? Put your toys back in the pram and start debating the topic and let's see what you think is wrong about the chain of events I suggsted.

Oh, OK then! Er, I'd have thought that rather than attacking the poster and resorting to name calling, you might have been better off attacking the post and explaining why you think it's incorrect and even, even, putting forward your own views.....too much to ask I suppose, too difficult I imagine, oh well, maybe after you've slept it off you'll feel differently..

The good old tax clearance certificate. The US used to issue those to green card holders before they could leave the country, as you say, why not require them to be issued before visa's are extended.....it doesn't bear thinking about!