Mike Lister

Thanks for posting that, there are indeed things to be learned from that, some of which you've posted. Another point perhaps is that Bitkub is quite new, can anyone think what other new financial facility has been implemented in the past couple of decades? Concepts such as Capital Gains and Commingled Funds on the other hand are decades old and have been in use for as long by Thai taxpayers for as long. Are we to believe that no Thai or foreign person has ever repatriated a Capital Gain from overseas that has been subject to tax and that consequently the TRD has never encountered this issue before? I suggest this is very improbable! The point here is that the answer does exist, it's just that we don't know what it is. The other answer is that it makes perfect since to me that the TRD would approve strategies such as FIFO for new instruments, the fact they have never been mentioned in the TRD Code todate, is telling and suggests that possibly, they haven't in the past.

Once again, you're missing the point by miles. The solution is to find out the answer, preferably from the TRD, not create a work around because we don't know the answer today. So no, for the very last time, you are in the business of giving advice to US citizens on US taxes, typically on a fee paid basis. I am only interested in gathering and presenting information on the Thai tax system, a system that neither of us is trained in nor qualified to deliver advice on....which is why I don't!

Sensible, agreed.

If you were the TRD and the default position was that nobody filed, you'd make the rules such that everyone filed every time and only didn't file,on an exception basis, just like in the rest of the world. And if you were a foreigner, you could easily break that cycle by becoming non tax resident for a year.

I don't recommend anything here, only provide information....but you knew that. "how do you assess what's principal and what's income on a chunk of fungible remittance?" Income first, principle second, perhaps. Pro rata, perhaps Who knows, I don't and you don't, so why provide a work around, just because you don't know! Developing new work arounds every time there's a knowledge gap makes a person appear lazy or.......well, you know! And enough of the personal attacks, OK!

I love these arguments, I'm betting they'll go down a real treat with the Revenue inspectors. "There's nothing to say you can't". "It doesn't say what it's not". Or the look on their faces when you tell them it's not income because you used FIFO. "You used what, FIFO, really.....farang heathen accounting devil, Thai no have FIFO". arf arf!

I have online banking with two banks here and have had for well over over a decade, I can send funds to the UK online, within limits, I do not have a work permit. I also have the Bangkok Bank app but I am unable to send funds overseas, to an account in my own name. Which parts of those things are you able to/unable to do in contrast to what I can do?

This, I think. Page 1 https://aseannow.com/topic/1323489-new-tax-laws/?do=findComment&comment=18801755

What would you imagine, how much?

It was reported here that over 400 bank transaction per year is trigger

I didn't view it as personal but I do have a strong sense of a circular debate. I think we should go back to basics on this, the original statement should stand, until somebody posts a link to concrete data that changes it, otherwise we're just chasing our tails, because of two detractors.

I can't find the quoted piece, I'm certain I have read it but can't see where. I need to put this down, Mrs Mike's getting cranky and it's the holidays. I'll pick i back up shortly.

I can't see immediately the previous year clause but I am certain I have read it in something you quoted, I will look for it and post when I return. In the meantime, the PWC link you quoted was here: Tuesday 02:46 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.

Bond yields are directly linked to current and future interest rates, US interest rates are twice that of Thai rates.

….…to assess their income for Thai tax and file a tax return. According to the rules as we interpret them, you must file a Thai tax return, as long as the following criteria are met: You were Thai tax resident in the previous year, AND. You filed a return in the previous year, OR You had assessable income that exceeds the threshold. 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. If anyone wants to improve on the above, please draft something for us to look at. Done.

That law was changed, it's not an issue today, you stay away and come back and not have to report.

From the quote you supplied from PWC!

I checked into a hotel many many years ago that had one of those contraptions in it, I asked the young lady I was with why it was there and she, quick as a flash, said she believed the hotel used to be a hospital at one time and this was left over equipement.

And you didn't file in the previous year....don't forget

There is the "assessible vs not assessible" income aspect but there is the "filed in previous year" aspect also, those variables makes it difficult to write a simple statement answering the question, do you have to file or not.....as you realised when you tried to answer scotties question. Saying nothing and not trying to give guidance is a cop out, the question is unavoidable and must be answered. Trying to answer it in part leaves dangerous holes, trying to answer it fully attracts ridicule about angels and pins. Thus far those variables are: Were you tax resident Did you have income Did you have assessible income Did you have Thai sourced income Did you file last year.

So pointless really then!

I only added that highlighted text, because you said in an earlier post that you thought it should be made explicitly clear! Please make up your mind which you want.

As another poster has said, letting your wife or partner check in saves yet one more person handling your passport and registering details from it and copying it. That workaround notwithstanding, I always take my passport with me when I travel for an overnight away from home. I don't know that CM is a rogue office bu it does tend to implement measures before other offices. I still have the same TM30 in my passport from five years ago and we travel inside the country a fair amount.

How does this grab you? ….…to assess their income for Thai tax and file a tax return, providing the assessable income threshold has been exceeded. If the assessable income threshold has not been breached, it may not be necessary to file a return, especially since there is no penalty for not filing, when no tax is due. However, at least one authoritative interpretation of the TRD rules state that taxpayers who filed in the previous year, must file again in the following year, but this rule may not be actively enforced. 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.

Scaremongering.