The Cyclist
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I take it that information in the post above, given by, I assume, a fellow American, is sufficient. In addition, under CRS, your Thai Bank will report information on that account to the Thai RD. Low value accounts becoming reportable as of the 01 Jan 2024.
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I am open to be corrected, but isn't the Revenue Code Thai Tax Law ? Within which, all the questions that Ben asks are answered.
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Good luck doesn't come into it. File, don't file, I could not care less. I just don't want to be in a position to be bitten on the **** at some date in the future. Be academic anyway, if Thailand goes ahead with the reported Global Taxation, I'm off.
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I have just booked my Interuptor for a lunch date tomorrow, followed by a visit to my local TD Office to ask the question ( Again ) * The last time I asked, I was told yes, and given a pencilled in PND 91, to use as a template. Lets see what I am given tomorrow.
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Perhaps, because at this moment in time I do not have a TIN ? And it would be pretty stoopid doing what you suggest without one. A good enough reason, or would you like to open your mouth and let your belly rumble some more ? Not very bright, are you.
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What do you think foreigners remitting foreign funds into a Thai Bank account would be classed as ? It's all part of the being tax compliant and not engaged in Tax evasion process.
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I have no intention of selling my UK house. I might need it if Thailand does make a move towards global taxation. The house in Thailand will become a 5 month holiday home.
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Prior to 01 Jan 2024, I agree The RD now knows every foreigner that holds a Thai bank account. Thai banks have to report on them to the RD every year.
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I'm not getting into that debate again The word exempted is open to interpretation ( And at this stage is not clear. Does it mean exempt Thai Income Tax Or does it mean exempt filing a tax return if you are a Thai Tax Resident. I believe it means Exempt Thai Income tax. Others believe it is exempt filing a tax return.
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That is why it is commonly referred to as FATCA / CRS.
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Every foreign account in Thailand is subject to CRS reporting. It is the account, in a CRS Country that matters, not the Nationality of the account holder. Some of you Americans are nowhere near as speshul as you seem to think you are.
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Not quite true. Those that move to Thailand do not get an annual uplift, whilst those that move to the Philipines do. Something to do with reciprocal agreements, that I have never looked into. I'm still working on the basis that I will not get a State Pension due to it becoming means tested between now and me reaching claiming age.
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No worries for me. It will be a PND 91, 2 pages of the UK DTA and copies of my P60's. It will then be up to the RD Office to do as they please. Something else you have difficulty in grasping, I couldn't care less, whatever route the RD Office wants to go down.
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No its not the case, with the exception of possibly some UK pensioners that are surviving only a State Pension. Which oddly enough, is assessable income, but probably falls below the level where tax becomes payable. The other oddity with the UK State Pension ( In the majority of cases ) is that it not taxable in the UK, so there is no tax credit available.
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And that is where we disagree. Section 40 ( 1 ) says Pensions are assessable income. Assessable does not mean taxable. You seem to have a severe issue grasping that point.
