Mike Lister

I know where the revenue document comes from, it says so in the document. My question is which version of the simple tax guide was the link taken from, dated when.

Correct

Thinking more about this question......who is being referred to in the by private investors, Thai people, Western investors or? Thai people will likely take any profit as soon as it becomes visible, they will form queues outside gold shops as news of price increases emerge, simply because they are short of cash and always in debt. Take the money and run. Western investors are more likely to invest for the longer term which means if they are selling now, it's because they also are short of cash or they think there will be a crash and their paper may become worthless. Ultimately this is a debt related issue, I think. Global borrowings are too high, especially US borrowings, which sparks concerns about USD and what will happen to the assets of those companies that will fail, when it all implodes. If they are holding bullion, they are probably free and clear. But if they are holding paper, ouch! To summarise, profit taking and fear are the key drivers, I think, is it not the same with everything!

I was going through the Simple Tax Guide this morning, trying to understand what the problems are with various links. In doing so, I realised that I didn't see the document you linked in your post. Can you please tell us why you linked that document and where it came from and when you saved it? You wrote, "Documents you referred to from Thai RD before also state clearly for income from employment only". The current Tax Guide is Version 8, Rev. A, each version has been revised many times meaning there have been as many as 50 different version of the document, since it was first started. At one stage, particularly in the early days, I used some documents to explain different aspects of tax, simply because a particular document explained one aspect well, eg the end to end tax filing process, TEDA, Tax Tables etc, all of which are generic to tax, regardless of the source of income.

If you are 100% certain that your income is exempt by virtue of a tax treaty (DTA), there is no need to include that income on a Thai tax return, simply because there does not appear to be anywhere to put such information at present (this may change as the forms are redesigned). If it helps you, I do exactly this with some income I receive from US SSc each year, instead I only report income from other countries which is not exempt. In the past, when I have sat with Revenue staff to enter my income details into their online system, they have ignored any reference to my DTA exempt income, albeit I have declared the income to them. If by not reporting your DTA exempt income, that means you do not have enough assessable income to meet the reporting threshold and doesn't warrant filing a tax return, then don't (there is no penalty for not filing a return, when no tax is due). If later, the Thai Revenue asks you why you didn't file and queries your DTA exempt income, be prepared to prove your earlier belief regarding the DTA exemption.

The major banks guestimate the year will end around 5,200, which is lower than today, JPM says 4,600! Sell in May and go away, they say. I'm seriously considering taking an early holiday this year.

Yes, but.......try removing the FAANG stocks and then recalculate that P/E and see what you get, it falls by 50%. https://www.nasdaq.com/articles/whats-the-sp-500-without-its-faangs

Thanks, how odd.

Thanks, I found another one like that this morning when I was checking other links. There's something very odd with the links generally here, one day they are correct and later they direct elsewhere. I have closed the Simple Tax Guide thread and will spend some time soon, going through the document and intend to look at the links once again, at that time. I just tried that PWC link you posted, when I used Google Chrome the link came back to AN forum but when I loaded Firefox it went to PWC!!! Clearly, something in forum software is not quite right so I'll forward the issue to Admin. @george please note the foregoing. https://taxsummaries.pwc.com/thailand/individual/other-taxes#:~:text=The inheritance tax rate is,are exempt from the tax.

Get over it, it's funny, regardless of whoever the character is. Life is short, chill a little.

Sorry I can't help you in that case, nobody else seems to have this issue or lack of understanding and you are the only one to have complained out of the thousands who have read it. My suggestion is that you don't use it, if it is not clear.

I'm sure it must, I've used a one year fixed deposit for many years and there is no difference in the design of the two year product.

The issues you describe does not exist inside the actual tax guide, only in the link after a cut and paste of the link is made....if you were to look inside the guide you would understand this. Several people, including some techie types, have attempted to understand why the link displays that way but have been unable to. However, you know all these things and have known about them for some time because this has been explained to you previously, that is why your comments are not helpful.

Somebody posted the following in the Simple Tax Guide thread which I've now had closed hence I don't have an opportunity to correct what was said, in that thread. But for anyone who is interested, and somebody certainly was, the following is not true: "Thailand does not tax inheritences valued under 100 Million Baht (about 2.2 million pounds)". The Simple Tax Guide says: INHERITANCE TAX 48) "Heirs are subject to the inheritance tax only on the value of a legacy that exceeds THB 100 million obtained from each testator together either once or on several occasions. The inheritance tax rate is 10%, except in the case of heirs who are ascendants or descendants of the testator, where the rate is 5%. Legacies received by the spouse of a testator are exempt from the tax". 49) https://taxsummaries.pwc.com/thailand/individual/other-taxes#:~:text=The inheritance tax rate is,are exempt from the tax. As you can see, the conditions vary based on the relationship and the amounts involved. More information exists in the link above.

Maybe because Central Banks will only buy gold for delivery whereas most private investors only buy ETF's, certificates and funds and doubt that the issuers of that paper would even exist, if there was a meltdown. I think it would be pointless to buy gold except to have it and hold it. I considered buying Eden Tree gold at one point but decided the risk was still there and was too great. But if I'm the government of Bongabonga, knowing that my gold bars are nicely tucked away in the BIS vaults, I probably sleep very soundly.

Exactly. Not easy for those who are not accustomed to keeping sound financial records but not impossible.

Yeah, sort of....except he says in the op he's converting baht for baht so he's not really converting at all, he just wants to understand the inflationary effect between 2011 and 2024.

THB 31,553.27. https://fxtop.com/en/inflation-calculator.php?A=26000&C1=THB&INDICE=THCPI2011&DD1=31&MM1=01&YYYY1=2011&DD2=31&MM2=03&YYYY2=2024&btnOK=Compute+actual+value

No, you misunderstand. If you are not prepared to cooperate and leave this thread clean and instead, post half page posts and rants about Australia, the threads is all yours to do with as you please.

If that's what you want, that's what you shall have.

As requested previously, can we please move this discussion to the Australian pensions thread and leave this one clear for tax guide queries and new fact that is not dta dependent? Thanks.

There is no new law, only an operational change and a new interpretation of existing law, ergo, there is no need to gazette the change, any announcements have already been made via Q and A sessions with the tax consultancies.

It would be no different back home if the inheritance was from a non English language speaking country

Where principle and interest/income can be easily divided, a statement dated 31 December should be adequate. Any more than that and we await guidance from the RD. Much of this comes down to the quality of the taxpayers record keeping and their ability to easily distinguish between comingled funds.

I would guess that a copy of the probate order or the disbursement from the Executer should be adequate, both should be easily obtainable.