Mike Lister

Yes, some Thai investment and pension funds are but they must be Thai funds and also held for a minimum period, in the case of an LTF (long term funds) for example, 7 years. The rules governing RMF's or retirement mutual funds are similar. Here's a link to UOBAM which has a range of such funds, it will give you an idea of what's involved. https://www.uobam.co.th/en/fund-type/6/retirement

My take is that the US economy is well ahead of where everyone thought it would be whilst Thailand is falling further behind. I don't see US rates coming down any time soon. Some of the USD strength was a flight to safety when Israel/Iran took off but much of it is based on the comparative strength of the US economy and the fact the interest rates will stay higher for longer.

Is there really any downside to following the rules as they are set out centrally and filing a return, even when no tax is due?

It would take a brave man or an idiot to bet against USD being replaced within at least a decade, I think.

A quick cut and paste below on what the document says below. If you try to say that million was a Gift to your wife and then you end up using it as living expenses and somebody checks, it might be that there will be a problem. But there again, conjugal property and all that might mean there isn't. Gift Tax is something that is used by wealthier people hence we only know what's written in the Revenue Code rather than what the practical application is. Yes, Gift Tax is often used as a loophole, which is why many other countries wrap additional rules and conditions around it to limit the abuse.....thus far we can't see that Thailand has done the same. It seems clear that Gift Tax can be used legally to genuinely gift funds to somebody, it's also clear the Gift Tax rules can easily be bent and the Gift will be less genuine. What you describe is a Gift to your wife that's really for living expenses. You'll forgive me for thinking that's not really a genuine gift and the risk is the TRD may see things the same way. So the answer is, I think....if it's a genuine gift and all the rules are strictly followed, it's a good facility to use. But if it's something else, well, there's a risk. GIFT TAX 59) "PIT is levied on gifts given by persons who are still alive. The tax is collected on the assets or the amount given to parents, ascendants, descendants, spouse, or others based on the value of the gift that exceeds a prescribed threshold, which depends on the type of gift and donor. Assets or amounts given that do not exceed the threshold are exempt from tax. 60) The following gifts are exempt from PIT: a) Income derived by a parent from the transfer of ownership or possessory right in an immovable property without any consideration to a legitimate child, excluding an adopted child, in the amount not exceeding THB 20 million throughout a tax year in respect of each child. b) Maintenance income or gifts from ascendants, descendants, or spouse, in the amount not exceeding THB 20 million throughout a tax year. c) Maintenance income derived under a moral obligation or gifts made in a ceremony or on occasions in accordance with established custom from persons who are not ascendants, descendants, or spouse, in the amount not exceeding THB 10 million throughout a tax year. d) Income from gifts in the case where the person who receives the gifts will use them for religious, educational, or public benefit purposes according to the intention of the donors under the criteria and conditions referred to in the Ministerial Regulations. 61) Gifts in excess of the above thresholds will be subject to PIT at the rate of 5% and will not need to be included together with other income when computing the annual PIT liability. 62) For ascendants/dependants the threshold is THB 20 mill, nor non-ascendants and dependants, it's THB 10 mill". https://taxsummaries.pwc.com/thailand/individual/income-determination 63) Note: Because Gift Tax is predominantly a domain of the wealthy and depends to a large extent on local practise, there is a shortage of confirmed information on this subject. One field of thought is that Gift Tax cannot be used to escape Thai tax by Gifting untaxed money from overseas. On the other hand, many Western countries, including the UK, do not tax gifts from overseas. Members wishing to exercise this option should seek qualified advice before using this option to Gift untaxed funds. 64) Two additional points on this subject are: 1) Funds that are gifted, must be for the use of the person to whom they are gifted. 2) Gifts can be revoked later and reclaimed, under specific circumstances, such as if the receiver of the gift defames the Gifter or fails to take care of their serious medical needs. Issues arise here when the receiver is the spouse of the gifter and under marital law, the gift is regarded as conjugal property. Until this becomes more clear, it is critical that anyone wishing to use Gift Tax, seeks professional advice.

An important update to the Tax Document above, which is now referred to as an Introduction to Personal Income Tax in Thailand, rather than a guide. The important message is that there is now substantial evidence to confirm who must obtain a TIN and file a Thai tax return and under what circumstances. That information was posted yesterday in the post above and has now been incorporated into the document in the OP. EVERYONE needs to be aware of the rules on this aspect.

I don't believe there is a requirement to actually pay tax, in order to be classed as a taxpayer. A worker is still classified as a member of the workforce, even if they are unemployed. A taxpayer is anyone who is subject to taxes, which includes those who owe taxes and those who get a refund. In general, there are two types of taxpayers: individuals and corporations. https://www.thebalancemoney.com/what-is-a-taxpayer-5295697#:~:text=A taxpayer is anyone who,of taxpayers%3A individuals and corporations.

I am revising para's 4 & 5 of the Simple Guide to indicate who must file a tax return as follows: Thai tax laws require Foreigners who reside in Thailand, for one or more periods, with at least 180 days in one tax calendar year, AND who receive income from inside or outside Thailand via: a) Income from employment (wages, salaries, remuneration, etc.) assessable under Section 40 of the Revenue Code; b) Income from business operations is assessable under Section 40. c) Passive or property income (interest, dividends, rental income, goodwill, pension, capital gains etc.) based on Article 41 paragraph 2 of the Revenue Code. ......to assess their income for Thai tax and file a tax return, providing the assessable income threshold has been exceeded. Thai-sourced income is always taxable in Thailand, wherever it is received and regardless of tax residence status. Foreign sourced income is subject to remittance, tax residency and other factors such as terms of a DTA. The following individuals are required to file income tax returns for income earned in the preceding tax year irrespective of whether there is any tax due: • A person who has no spouse and earns income of more than Baht 60,000 • A person who has no spouse and earns income under category (1) (salaries and wages) of more than Baht 120,000 • A person who has a spouse and earns income of more than Baht 120,000 • A person who has a spouse and earns income under category (1) (salaries and wages) of more than Baht 220,000". https://www.pwc.com/th/en/tax/assets/thai-tax/thai-tax-booklet-2023-24.pdf

Yes, last year.

A potentially useful analysis of the top five accounting and tax firms in Thailand below. https://thethaiger.com/guides/best-of/top-5-tax-firms-in-thailand

This too shall pass.....keep the faith.

Well spotted! Can we label this one as work in progress? 🙂

The Simple Tax Guide thread says the following, which I think gives newbies sufficient options to consider and decide whether they should obtain a TIN and file or not: There has been some debate over several months about who must file a tax return in Thailand, which I think the TRD makes explicitly clear and is reflected in the Simple Tax Guide. I thought it might be useful however to also provide a quote from PWC on this subject which says: "The following individuals are required to file income tax returns for income earned in the preceding tax year irrespective of whether there is any tax due: • A person who has no spouse and earns income of more than Baht 60,000 • A person who has no spouse and earns income under category (1) (salaries and wages) of more than Baht 120,000 • A person who has a spouse and earns income of more than Baht 120,000 • A person who has a spouse and earns income under category (1) (salaries and wages) of more than Baht 220,000". https://www.pwc.com/th/en/tax/assets/thai-tax/thai-tax-booklet-2023-24.pdf It's not possible, of course, to file a Thai tax return without first obtaining a Tax Identification Number or TIN. The TRD English language translation on this point is clear but the information is set out perhaps more succinctly in the link below which states: "Eligibility Criteria (to obtain a TIN): Expatriates need a TIN if they are Thai tax residents (residing in Thailand for 180 days or more) and have assessable income in Thailand. (see above quote) Application Process (for a TIN): To apply for a TIN, expatriates must complete Form L.P. 10.1 and provide a valid passport, visa, and proof of address at their local tax office". https://www.expattaxthailand.com/thailand-expats-guide-to-applying-for-a-tax-identification-number-tin/#:~:text=Expatriates need a TIN if,at their local tax office.

There has been some debate over several months about who must file a tax return in Thailand, which I think the TRD makes explicitly clear and is reflected in the Simple Tax Guide. I thought it might be useful however to also provide a quote from PWC on this subject which says: "The following individuals are required to file income tax returns for income earned in the preceding tax year irrespective of whether there is any tax due: • A person who has no spouse and earns income of more than Baht 60,000 • A person who has no spouse and earns income under category (1) (salaries and wages) of more than Baht 120,000 • A person who has a spouse and earns income of more than Baht 120,000 • A person who has a spouse and earns income under category (1) (salaries and wages) of more than Baht 220,000". https://www.pwc.com/th/en/tax/assets/thai-tax/thai-tax-booklet-2023-24.pdf It's not possible, of course, to file a Thai tax return without first obtaining a Tax Identification Number or TIN. The TRD English language translation on this point is clear but the information is set out perhaps more succinctly in the link below which states: "Eligibility Criteria (to obtain a TIN): Expatriates need a TIN if they are Thai tax residents (residing in Thailand for 180 days or more) and have assessable income in Thailand. (see above quote) Application Process (for a TIN): To apply for a TIN, expatriates must complete Form L.P. 10.1 and provide a valid passport, visa, and proof of address at their local tax office". https://www.expattaxthailand.com/thailand-expats-guide-to-applying-for-a-tax-identification-number-tin/#:~:text=Expatriates need a TIN if,at their local tax office.

Some stats from the BOI in the link below: Labour Force The size of the work force in Thailand was 40.54 million (Feb 2024), with the majority of the workforce under 35 years of age. Each year about 800,000 people join this force. Many standard labor practices apply, including mandatory severance packages, and overtime payments. https://www.boi.go.th/index.php?page=demographic&language=en#:~:text=of Provincial Administration-,Labour Force,800%2C000 people join this force. Looks like the range is 14 to 65

Just from the numbers you supplied, that's an effective exchange rate of 37.64 whereas todays rate is 39.44....hmmmm! As you say, about 1k baht difference.

That's fine, we don't agree on that point so let's not debate the point any further, in keeping with my earlier commitment not to enter into debates in this thread. The statement I posted about obtaining a TIN is not my personal opinion, it is a requirement from the TRD: "Within 60 days from the date he derives assessable income" https://www.rd.go.th/english/21987.html

Let me come back to you on this.

USD is where it's at and where it's going to stay, allegedly! Dollar’s Extended Reign Delivers Stark Wake-Up Call for Markets

Just for humour value, this is my current asset allocation below. Like many others, my bet on US rates failed but my exposure is not large. But if you combine the hit to EM resulting from a strong USD, and the hit to bonds as well, the hit will be somewhere between a scratch and a flesh wound!

There are more doctors than there are places for them to work full time so many work part time at many places, plus, many have their own clinics as well as jobs in government hospitals. Private and semi private hospitals is where the money is so many doctors will put in hours at several private hospitals. If you look at the CV's of available doctors at each of the private hospitals, you'll see many of the same names appear at several of them. So it is with the Geriatric Hospital which is a semi private wing of Maharaj, the 2,600 bed CMU hospital and is similar to Sriphat in terms of ownership and operation. Your starting point should always be the doctor or specialist you want to see and not which hospital you want to visit. Find the doctor first then find out where they work and see them at the cheapest option. The cost to see the same doctor at their own clinic versus at a well known private hospital may mean the difference between spending 400 baht of 1,000.

It's actually about 48% of the workforce so 48% of 38, million which is 18.2 million people.

That is what have in the Guide as the latest position from those who are involved with crypto, I confess to knowing very little about it myself.

I have "de-cluttered" the thread by removing lengthy, or not directly relevant or technical posts. I've done this in order to keep the concept of question and answer easy to read for members. If you post was hidden, please don't be offended or alarmed and if you would like it reinstated, please let me know. I'm grateful for your contribution, especially the technical material and if it becomes useful for others, I will reinstate it.

We are in a similar situation, I also have been here for 20 years and have remitted funds in the past, mostly without regard to Thai tax although I have filed returns for the past few years. It depends on the source of those funds and the type of them, the DTA between your home country and Thailand is another variable because it sets out what can and cannot be taxed etc. If you want to give us some more information about you, your home country, age, married, kids, and your income sources and amounts etc, just in general terms, we can give you a better idea of how you might be affected. Alternatively, if you want to PM me with those details we can do it that way. It;'s more helpful for others if everyone gets to see the questions and the answers however.