In my oppinion we could all just calm down and relax a bit. NOTHING has changed so far.
Here just a few lines, If you want to read the full text:
https://immo-th.com/taxation-of-income-for-foreigners/
The Topic: Taxation of Foreign Income
As is well known and the subject of heated debate, the government plans to introduce new rules (beginning in 2024) for the taxation of income earned by foreigners staying in Thailand for more than 180 days and remitted to Thai accounts. The current lack of information has led to frustration and uncertainty among foreign retirees.
Today, we aim to address the situation especially for pensioners, as taxation for other foreigners—such as employees, digital nomads, dividend recipients, long-term visa holders, and investors with local income—is already clearly regulated. While the official announcement was made in 2023, there is still no clear guidance from the authorities on how taxpayers should be classified, how much tax should be due or how double taxation agreements shall be taken into account (status October 2024). This delay is largely due to the fact that the relevant government agencies are still reviewing the details and procedures. ...
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Rumors and Misinformation
In recent months, numerous articles, YouTube videos, and even TV reports in Thailand and abroad have spread misinformation, adding to the confusion. ...
How much tax will I need to pay as a pensioner in Thailand if we are required to file tax returns in the future?
Scenario 1:
Your monthly pension is deposited into your account in your home country, where it may be subject to local tax regulations.
If you withdraw funds from this account using your home country credit card at an ATM in Thailand or transfer them online to your Thai account, specifying that they are for “living expenses,” no taxes will be owed under current regulations. Tax treaties between Thailand and other countries also apply here and should be reviewed.
In case of inquiries from Thai authorities, you can demonstrate that your funds are “old money” earned before January 1, 2024, by providing bank statements, tax returns, inheritance documents, etc., translated into English and certified by your embassy. Though this process requires effort, it will be acceptable to Thai authorities.
However, if this approach is not feasible, or less advantageous from a tax perspective, you will need to declare your pension income in your tax return and pay taxes in the following year, assuming you have a TIN. Scenario 2 will provide a more detailed example of how tax burdens might be calculated.
Scenario 2:
You receive your pension directly into your bank account in Thailand.
The annual pension amount is converted into Thai Baht using a pension certificate and certified by your embassy.
You will use Thai tax return form number 91, which is in Thai script and typically requires assistance to complete. After entering your annual income (in this case, your pension), you first deduct allowable expenses, just like in your home country’s tax return process.
Example Calculation Based on Euros for Taxation in Thailand:
The pensioner receives a net income of €1,100 per month, which is approximately 42,000 THB/month, or around 504,000 THB/year.
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In summary, a foreign taxpayer with a monthly pension income of €1,100, or €13,200 per year (equivalent to 504,000 THB), would pay approximately 200 Thai Baht in taxes.
Enjoy life, relax and take it easy.