
The Cyclist
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I haven't mentioned tax credits. I am of the opinion that as things stand today, income remitted after 01 Jan 2024 will mostly likely be * Non taxable in Thailand if already taxed. * Liable to be taxed in Thailand if not taxed already * Subject to DTA's and what clarification comes from the RD. Things like tax credits etc, will have to be dealt with by individuals in conjunction with RD, very few peoples circumstances will be exactly the same, which is why I can see a blanket statement covering expats in the not too distant future. Something along the lines of " If you are from a Country that has a DTA with Thailand, income already taxed in that Country will mot be assessable for income tax in Thailand " That will then leave individuals to prove that their income is already taxed or covered by a DTA.
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I dont think I was, but to clarify. 1. UK Government Pensions - Taxable only in the UK. ( Covered by DTA ) 2. UK State Pension * Not covered by DTA * Not taxed in UK as below tax threshold ( But will be when combined with other UK earnings ) The point I was making regarding the UK State Pension is what will the RD classify it as 1 - A Government Pension as it is paid by the Government. 2 - Just a pension, not covered by a DTA and subject to being assessed for Thai taxation. The UK State Pension does not apply to me and I cannot remember what the DTA said ( if anything ) specifically about State Pensions.
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The poster involved @KannikaP State pension is taxed at 0% because it falls under the £12570 threshold, which strongly suggests that he does not have any other UK income, so why in the name of anything sane would he give up his PTA to have his State Pension taxed at 20% rather than 0%, and possibly then be skelped for Thai Tax as it appears that the State Pension is not covered by a DTA. Some pensions, certainly Government pensions ( no idea about the State Pension ) will always be taxed in the UK, regardless of what you try and do, UK tax only stops when you die.
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The topic is about a change that will occur on 01 Jan 2024 that may, or may not have an impact on foreigners residing in Thailand. It is absolutely nothing to do with the Thais internal income tax system, VAT, or any other internal indirect taxation. Sure, this change will mostly effect richer Thais who have various assets overseas, who have been using a loophole to avoid taxation. It will also effect foreigners in Thailand who have been using loopholes to avoid taxation. You really think that this is aimed at improving equality ? I would argue that it is nothing to do with equality, and Thailand would not have introduced it, without outside pressure ( OECD ? )
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Oh no ? What is this then ? Most of my income remitted to Thailand year after year did not come from the UK and neither would I have been classed as a Resident of Thailand for tax purposes. So why would I need to file a tax return in Thailand ? Just another example of the garbage posted on these related threads Furthermore, as the changes only come into effect from 01 Jan 2024, prior years are irrelevant.
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Investment options in Thailand ?
The Cyclist replied to mja1906's topic in Jobs, Economy, Banking, Business, Investments
Whoever it was, was bang on the money -
Investment options in Thailand ?
The Cyclist replied to mja1906's topic in Jobs, Economy, Banking, Business, Investments
If I reach 76 I will be doing a George Best and spending my money on booze, sex and drugs, the rest I will just squander. No need to worry about investing at 76 -
My next extension is next week, for the sake of Baht 5000 or thereabouts, a 300km roundtrip and a night in a hotel I will renew it. The Chicken Littles would do well to have a look at this 4 point plan. 1. Gather the known facts 2. Assess the known facts 3. Formulate a plan 4. Execute plan. Points 2,3 and 4 are moot because point 1 ( as yet ) does not exist. And stop with the unadulterated BS.
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Considering that this " Change " is effective from the 01 Jan 2024. Any and All references to going back X amount of years to do audits is nothing but scaremongering at its finest. Exactly. Too many Chicken Littles banging away on related threads screaming doom & gloom, which is quite interesting and amusing, as no-one has a clue what will happen after the 01 Jan 2024.
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They will be of use to show that UK tax has already been paid on that Pension. A P60 for financial year 2023 and 2024 will cover the Thai tax year of 01 Jan - 31 Dec 2024, married up with a bank printout of monthly deposits to Thai bank. In 20 odd years of being paid my Government Pension and a further 3 years of Private Pension I have never had a pension payslip. P60 and Statement of Future payments come annually in the same envelope from both providers. It hasn't even been confirmed yet that I will need to file a Thai tax return. For reasons known only to yourself, you are inventing problems that currently do not exist.
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I dont mind PI, have a couple of mates / old work mates that live there and been many times. I don't think I would like to live there full time and I certainly wouldn't be booking a ticket to escape Thailand over a clear as mud directive, where I might have to pay some tax and / or fill in an annual tax return. Or clarity might be forthcoming and it may turn out that I need to do neither