Mike Lister

https://www.bnnbloomberg.ca/currency-angst-is-going-global-as-strong-dollar-vexes-markets-1.2054961

In a land where doctors don't like to give patients bad news and everyone answers yes to every question, regardless of the correct answer, one has to question if what one is being told is correct or not....every single time.

Tax collection rates here are very low, about 7% of the workforce pay taxes and only 11% file a tax return, that is changing slowly.

Income earned and remitted before 1 January 2024 is not assessable.

Read again what I wrote, slowly this time! If you have assessible income of over 120,000 then you need a TIN, which is exactly what you just said!

That's not even remotely how the tax system works in any country, it relies on taxpayers to declare their income and file accordingly.

Exactly that

The rule is, assessible income of over 120,000, then a TIN is required.

That's not true at all, not even close.

Above seems like best advice here and fairly accurate to me.

The penalties for tax evasion here are harsh, up to 200k and 7 years.

Somebody very kindly PM'd me to say that the two posts above are not correct and that the 12.5% tax is understood to have been repealed in 2020. The fact is I don't know any longer because I can't find definitive proof either way but I am still looking. If anyone else knows of a reliable link for this, I'll be grateful.

No I'm not kidding, I don't think those decisions should be proscribed, it's down to individuals how they want to play it, abide by the law or flirt the law because there is no penalty! And you say that people do want advice which is why they come here. Todate, they haven't had any from the long thread because that's been full of circular debate, long hale page rants, discussions about CRS and gawd knows what else! It's only been since January that the Simple Guide thread has been where people have been prepared to field simple questions about the basics because they knew they would get help. The long tax thread has existed since September and was always used to debate Thai tax rules, posters complained in January that it might be closed and insisted it be left open for debate, so it was. I started the Simple Tax Guide in January with a specific purpose in mind, which was NEVER about debating, in fact, debate was not allowed, according to the rules that were posted in that thread at the time and several times subsequently. The purpose of that thread was to present known or assumed fact and to allocate unknows to the list at the end of the Tax Guide. Now that the Simple Guide thread has been closed, out of necessity, all the debate can continue to take place, in the long thread, which is where it always has been and where everyone wanted it to be. Going forward, that will not change. An updated Tax Guide will be published shortly but will sit in a thread of its own and will be pinned and locked, any updates to it will replace whatever version exists at the time so there is only ever a single version available at one time. Why? So that readers who don't want the distraction of wading through pages of posts and lengthy debates, in order to find out the things that are known, can do so easily. If anyone wants to debate aspects of the new Tax Guide, they can do so in the long thread where all the debates on tax take place and always have taken place. Lastly, I personally offered my present role to various posters who have been associated with the tax guide and the simple tax thread and all refused. I also offered those posters different roles to contribute to the guide and they also refused. The chance to influence, steer and design the guide and the thread was offered and declined, I don't want hear it from anyone that they don't like what happened next, because they did.

Whatever that means

You wouldn't want to, trust me, it may seem like a good idea but it's an incredibly difficult job that take huge amounts of your life. The plus side is that you get to understand posters behaviour much better. Many posters would cringe at what they have said, especially the bickering and arguing, if they could stand outside themselves and view from a distance.

Bond yields and value work in opposite directions. If Treasuries are going up then yields will fall, it's because the markets expect interest rates to fall, which they certainly will.

https://www.thailandlawonline.com/article-older-archive/property-tax-land-and-building-tax

Same rules apply to domestic rental: PROPERTY RENTAL INCOME 1) Most property rental income that is remitted to Thailand is considered to be assessable income and is taxable here, unless of course it has been taxed in the home country and/or the DTA prohibits its taxation (which seems improbable). 2) "All rental properties are subject to a House and Land Tax, which is 12.5% of the annual rental income. On top of that, the rental income is taxable, and owners will have to pay Thai income taxes on the money. Thai income taxes are calculated using a progressive scale ranging from 0-37%". 3) Overseas property owned by Thai tax residents are not liable to Thai tax on that property.

I don't see that USD has weakened at all, in fact, the opposite seems true. https://www.marketwatch.com/investing/index/dxy

Correct. There is no place on the current tax forms to show exempt income. It is possible there may be a place in the future, if/when the forms are redesigned so we'll need to keep our eyes open.

I'm sorry, my statement is incomplete, I''ve not had my coffee yet! 😞 If his total annual ASSESSIBLE income transferred into Thailand is under 120,000 baht per year, he doesn't need a TIN and doesn't need to file a return. His disability income is over 120,000 but is NOT assessable hence it does not have to be reported.

Ouch, that should incentivise people to pay attention.

Either way, it doesn't matter, SWIFT transfer or direct deposit achieves the same objective. If he uses the monthly transfer mthod, he can use that to qualify for the monthly income option If his total annual income transferred into Thailand is under 120,000 baht per year, he doesn't need a TIN and doesn't need to file a return.

I agree with the post above quoting Smokin Joe. The VA disability pension is a government pension that cannot be taxed by other than the US.

Yes, if you do not stay for more than 180 days you would not be tax resident, regardless of which visa you have. Yes again, the tax year is the calendar year.