Mike Lister

Correct. The US SSc income is exempt by treaty and the pre 2024 savings are exempt by Por162.

I read a post today that said many foreigners in the rural villages, still don't know about the tax rule change and I suspect it's true. Unfortunately for those who do know, articles such as these are going to need to be repeated constantly, if the message is to get out to more people.

Yes, it's considered to be a foreign remittance. There's a technical explanation how the TRD will know but explaining it attracts heated arguments so I won't bother. Suffice to say, if those ATM transactions are only periodic and are limited in size, I doubt they would be an issue.

Perhaps about time to get back to basics and remember what all the kerfuffle is about! Previously, anyone earning income overseas and remitting it to Thailand, whilst they were tax resident here, had to wait until the following year in order to escape Thai tax on that income. Now, it doesn't matter when the money is remitted, the same year, the next year or five years later, it becomes taxable whenever it is remitted. Previously, remitted savings were never taxable, exempt income was never taxable and income covered by a DTA, was not taxable in Thailand....those things haven't changed. Previously, income that was taxed overseas could be remitted to Thailand and the DTA invoked. That meant that the tax already paid overseas, could be used to offset any Thai tax and the average net taxation effect would be very similar, in most cases. That hasn't changed. Previously, foreigners who were tax resident in Thailand and who had even fairly low levels of assessable income, were always required to file a Thai tax return. That hasn't changed. Previously, foreign tax residents with no assessable income in Thailand, are not required to file a Thai tax return. That hasn't changed.

One liberal estimate puts the total value of all westerns in Thailand at around 3% of GDP per year. Recent surveys have shown that less than 10% of them plan to leave as a result of the tax change, some of that will be talk. Impact? Minimal, is my guess.

I'll take that bet and I'll raise you an eclair.

Yes, of course, it's very common. My wife and I have a joint accounts as well as our own separate accounts.

Some members are confused by this so just to clarify: proof of tax paid on all interest at Thai banks is confirmed by certificate issued by the banks.

I think so too.

My experience is that simply showing you have the money for a deposit is not enough, the hospitals want an estimated amount transferred to their account, before significant service is rendered.

I "self insured" for 18 years, during which time my medical bills totaled about THB 250k. Three years ago I bought a very expensive Thai based policy with a high deductible and many many exclusions. After one year the company was taken over by a larger company and my insurance was cancelled. I looked at buying a policy through Dubai which was much better value and managed under totally different rules but decided against it. Consequently I reverted to paying my own way which is not for everyone. Whilst major medical events can consume many millions of baht, I think you have to be very unlucky to end up in that situation. I recently had my thyroid removed by a top rated hospital and endured 5 days of first rate care. The cost was 170k Baht, about the same as one years health insurance premium. I regret the year I spent being insured, it was bad judgement on my part.

You don't need to submit proof of when the savings were earned, at the time when you file a return, only later if asked. If you can show that the savings have existed for over one year, that will likely be sufficient in my book to confirm they are savings and not income. It is improbable the TRD will want to see that tax has been paid on that money, only that it is not income. It is not for me to agree of disagree with your view regarding credit card transactions, only to inform what the rules are. The TRD staff in the French Embassy video interview confirmed CC transaction are regarded as assessable income, as does the UK HMRC, I'm happy you take your own view.

1. - Copies of your UK tax return will prove the interest paid on UK savings. 2. - It's not a matter of whether the CC charges can be tracked but whether they represent assessable income or not, I and other believe it does but it's not something many people will report.

I have no opinion on either LIFO or FIFO that I wish to express here, neither have I ever had one as it pertains to Thai tax. If you have an opinion and you want to express it, feel free. Nobody has said you can't discuss the pros and cons of FIFO/LIFO, if that's what you want to do, this is simply something else that you have made up that has no basis in fact.

The rules of this thread and the tax discussions are very clear, you have been involved in the thread long enough to understand that. You know that you cannot recommend tax avoidance measures and you know you can't refer to moderators in derogatory terms! You have done both those things recently and you have been admonished for doing so. The existence of a law does not have to be proven in order for everyone to easily understand when suggestions are illegal. If you, a US CPA, have concerns about when something might be considered illegal, please ask beforehand. You may offer an opinion as long as you state clearly that it is such but you must not state it as fact, unless it can be proven. If you wish to continue any discussion on this subject, do it via PM, NOT here.

An off topic post that was critical of moderation and discussed Israel has been removed. All views on taxation are welcome in this thread but you may not, under any circumstances, contend that things will happen that are only conjecture and supposition and remain unproven. You also may not scaremonger and suggest that things may happen that have no basis in fact currently and about which there is no evidence. The tax threads are regarded as factual threads.

Yes you are correct on the first point, my wording was sloppy. But the second point remains speculation.

Por 262 confirms that any income accrued prior to 1 January 2024 is free of Thai tax, please read number 3 in the attached link. https://sherrings.com/foreign-source-income-personal-tax-thailand.html Any income earned after that date, is potentially tax assessable in Thailand. The date of the actual transfer is not relevant, only the date the income was earned is. There is no proof that the TRD uses LIFO to assess the contents of commingled funds, that is speculation at this point.

It can be done in sections, there's an average 12 pickets per section and 46 sections. I estimate one day per section which means it should take the wife about six weeks to finish, as long as she doesn't take a day off. If she pulls a double shift she could be done in three weeks, I'll mention that to her.

525 boards, this is going to be a long job.....maybe I'll just grow a hedgerow instead. 🙂

Question: how to fasten to steel cross bars, self tapping self threading screws or drill the cement board? @sometimewoodworker

If you took this question to TRD and asked them what their position would be, I can see TRD offering you money just to go away and not come back! 🙂 I GUESS, a product like this would require annual settlement to figure out the net effect over the course of the year.

Posts are never deleted, only ever hidden from view by members, moderators and Admin can still see all those those posts going back a long way. I "deleted" them because they didn't add anything to the debate that doesn't exist in other posts, plus, some of them were not very complementary for the member who seemed to be struggling with the question. I've looked again at those posts and indeed those things remain true. I need to consider other members who tell us they don't enjoy scrolling through of posts about the same thing that doesn't interest them. It's for this reason that I declutter threads where ever possible and attempt to leave a framework, without losing substance.

A little perspective is needed. It is extremely unreasonable that eight or ten forum members who understand taxation in their own countries and who enjoy debating tax related topics, should be able to arrive at answers about Thai tax that will then inevitably be taken as fact, by thousands of other readers, who don't have much idea at all. It's even more unreasonable that should happen where less than half of those more experienced members agree on a particular aspect. That is only one step up from drawing answers from a hat. The bar needs to be set even higher than it already is because the potential implications and ramifications of putting out misinformation, are substantial. It is for this reason that the so called simple guide has spent pages trying to qualify and caveat what is written......unfortunately, none of these pages contain anything similar. Ah yes but this is just a social network forum you say. For lots of members, this forum is their only information source on many things, especially tax. Consequently, every post, every debate and every conclusion is watched closely by readers who are looking for answers and are likely, in the absence of any other information source, to grasp at straws. The bottom line is that I'm far happier having several pages of unknowns and unclear topics than I am a page of contrived assumed guesses that are unsubstantiated or wrong.