dinga

Despite strong/dogmatic statements to the contrary, it always seemed to me that LIFO approach was the only realistic and simple option for TRD. In my view, folks should base their calculations on LIFO since for many that is likely to be their worst possible outcome if the new remittance interpretation makes it out of ICU.... (which I doubt)

Agree - some useful info/comments but questionable accuracy at least as far as this non-US bloke is concerned. Therefore in my view the video is NOT to be relied on - but he did have the good grace [ie reserved the right to change those positions] by saying these were opinions based on current TRD practices which (a) have never had to address the remittance complexities; and therefore (b) detailed information/rulings/guidelines are expected to be issued by TRD. For what it's worth, I still reckon the changed interpretation will be reversed/not implemented so can't see any reason for the continued paranoia, hand-wringing, and unnecessary fanning of doom & gloom based on what (may) happen in other jurisdictions. Let's wait to see if Daddy puts his considerable fingers on the scales ....

I would put it another way. Gold preserves purchasing power - nothing more, nothing less

Very likely - but it doesn't matter what she knows, Daddy is The Man - and no way in hell would he want taxes on (a) Remittances to Thailand, otherwise than in the same year as earnt; or (b) World Wide income.

"IN THE RACE OF LIFE, ALWAYS BACK SELF-INTEREST AS YOU CAN BE SURE IT'S HAVING A RED-HOT GO" Prediction: With the new (puppet) PM, the proposed/mooted Tax changes are DOA [Dead on Arrival] - none will ever happen due to powerful Thai interests. Rest easy fellow farang hand-wringers!!!

MADE-UP NONSENSE - the following facts are from the 2024 Thailand Budget: Collection of revenues can be classified by types of collection as follows. (1) Taxes (Net) Net taxes of 2,506,589.1 million baht, equivalent to 72.0 percent of the estimated receipts can be divided by direct and indirect taxes as follows. (1.1) Direct taxes of 1,272,050.0 million baht include: A. Personal income tax B. Corporate income tax C. Petroleum income tax D. Inheritance Tax (1.2) Indirect taxes of 1,784,939.1 million baht include: A. General sales taxes - Value added tax - Specific business tax - Stamp duties B. Specific sales taxes - Petroleum and petroleum products - Excise tax on imports 414,750.0 million baht 811,200.0 million baht 45,300.0 million baht 800.0 million baht 1,004,000.0 million baht 915,700.0 million baht 70,600.0 million baht 17,700.0 million baht 633,505.7 million baht 231,430.8 million baht 113,516.0 million baht 43 - Other consumption tax - Mining royalties - Petroleum and natural gas royalties - Other natural resources royalties 252,353.2 million baht 2,160.0 million baht 33,979.0 million baht 66.7 million baht 112,700.0 million baht 34,733.4 million baht C. Export - Import duties D. Licensing fees

MADE-UP NONSENSE - the following facts are from the 2024 Thailand Budget: Collection of revenues can be classified by types of collection as follows. (1) Taxes (Net) Net taxes of 2,506,589.1 million baht, equivalent to 72.0 percent of the estimated receipts can be divided by direct and indirect taxes as follows. (1.1) Direct taxes of 1,272,050.0 million baht include: A. Personal income tax B. Corporate income tax C. Petroleum income tax D. Inheritance Tax (1.2) Indirect taxes of 1,784,939.1 million baht include: A. General sales taxes - Value added tax - Specific business tax - Stamp duties B. Specific sales taxes - Petroleum and petroleum products - Excise tax on imports 414,750.0 million baht 811,200.0 million baht 45,300.0 million baht 800.0 million baht 1,004,000.0 million baht 915,700.0 million baht 70,600.0 million baht 17,700.0 million baht 633,505.7 million baht 231,430.8 million baht 113,516.0 million baht 43 - Other consumption tax - Mining royalties - Petroleum and natural gas royalties - Other natural resources royalties 252,353.2 million baht 2,160.0 million baht 33,979.0 million baht 66.7 million baht 112,700.0 million baht 34,733.4 million baht C. Export - Import duties D. Licensing fees

This link seems to confirm that, in Principle, PIT is payable on the Capital Gain. In practice, the above advice and the comment by <farangkinok>, taken together, seems to offer a Practical approach. https://sherrings.com/capital-gains-personal-income-tax-thailand.html

I am not inventing absurdities - 20+ years of relevant experience in Thailand has taught me the importance of considering all possible risks and alternative views under ALL of the applicable laws. I've seen many examples where simplistic interpretations have foundered on the rocks of Thai realities. My clear understanding is that real property purchased during a marriage is treated as Joint Property - regardless of the source of the funds. Another clear understanding is that, in order for the TRD to accept the bona fides of a gift, the 'giftor' should not benefit in any way from the use of the gift. [there are a number of other differing views on the TRD risks re. the acceptability of gifts]. My recollection is that there are no definitive clarifications from the TRD on any of these different views. Given the uncertainities, I simply urge anyone who is seriously considering the gifting of funds to their wife in order to purchase real property, to get professional advice BEFORE proceeding. You of course can rely on your dogmatic view and bush lawyer interpretation, but given the potential consequences for 'getting it wrong', I think others should be far more comfortable obtaining prior informed and professional advice. But as always, up to everybody to make their own decisions....

Herein lies a potential problem - given the 'giftor' has a 50% interest in property obtained during the marriage, under the C&C Code. Seems to me the TRD may well challenge the bona fides of at least 50% of the 'gifted' amount. Again - prudent to obtain professional advice before proceeding

Wonder how long it took for the pigeon to beat Mike Teavee osted 9 hours ago (edited) Ok, so you're gripe is that we shouldn't discuss UK remitted income on here... Understood.... I'm off for a game of chess with a pigeon... Edited 9 hours ago by Mike Teavee

Just a word of caution - Under the Civil & Commercial Code, I understand property bought during a marriage carries joint ownership (ie. 50:50 regardless of (a) the Chanote registration being in the name of only the Thai citizen; and (b) the Land Office required statement that the land is bought solely from funds 'owned' by the Thai national. Don't think the TRD position on the eligibility of such a 'gift' has been determined at this stage - so it would be prudent to get professional advice before proceeding.

You are delusional (since when have I wanted to discuss remitted Australian Income?) Enough for me - no point in further arguing the bleeding obvious and adding to non-relevant content when I sought to achieve the opposite.

PS. This thread was started by a Brit so maybe you Dingos should go start your own thread... Typical - Poms always the "moral winners". Pragmatism & reality is not a feature - this thread is already 47 pages long, and has been hijacked with longwinded non-relevant commentary. Why expect folks to page through so much irrelevancy on the basis that you think it of universal interest? Simple solution - create a new UK thread [and other countries of individual interest] and let us decide whether to follow or not

Take off the blinkers and re-read the last page of threads (pretty well 100% UK tax discussions). Start your own topic for those of you interested

REMINDER: this thread is about Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II For goodness sake, most of us have ZERO interest in matters UK. You Poms should start your own thread and not (further) destroy this one for the rest of us.

Perhaps - however I would strongly urge anyone who is assessed significant import duty on a courier consignment to closely check the HS Classification Code that the Company/Customs has used to determine the duty rate. Personal experience with a glaringly incorrect HS Code (and the resulting wrong 30% import duty rate which was properly 0%) took a frustrating long time to overturn - making me very suspicious of processes and motives.

The consistent message is NEVER send goods to Thailand via courier - as assessment of customs duties & taxes is pretty well guaranteed, as well as frustrating clearance processes. Use EMS Post

Thanks - my additional understanding is that the extension to 10 years is (a) only allowed after internal TRD requests & deliberations [not automatic]; AND in any event (b) restricted to cases of believed tax evasion [a position which would seem to be impossible for the TRD to conclude if the usual 2/3 year audit period determined Zero tax was payable for those years]

MIKE Given the entrenched competing views, I'm thinking a simple answer to this simple question may help folks decide what to do...........For a tax resident whose income exceeds the minimum but who has Zero Tax to pay, what is the penalty for NOT lodging a Tax Return?

Simplest way would be to increase the 7% VAT to 10% [which has been put off for decades]. But political realities remain the impediment...

No I don't agree. If I was in the position where (a) I was a Thai tax resident and had never before lodged a tax return as I had no tax to pay; (b) For 2024 & beyond under the recent remitted income interpretation, I continue to have no tax liability despite having over the minimum assessible income; and (c) and in the apparent absence of any penalty for not lodging a tax return in these circumstances; I would continue to NOT lodge a return. I don't see a risk/reward analysis would reach any other conclusion. Two qualifiers though: 1. I have been lodging tax returns for some 20 years so my stated position is theoretical and NOT a recommendation on how others should proceed 2. As necessary, I would get advice to ensure the correctness & supportability of my self-assessment that no tax was payable. But that's just me...

I am merely trying to provide some much needed balance & perspective - not interested in 'challenging' individuals, only the positions espoused

Hair on Fire!!!! Forget about conjecture, what does the Revenue Code prescribe???? Section 37/ 2 A person intentionally fails to file tax returns prescribed under this Title in order to evade or in an attempt to evade tax, shall be subject to a fine of not exceeding 5,000 Baht or an imprisonment for a term not exceeding 6 months or both. Can't see any penalty for other circumstances where a tax return was NOT filed. Forget about conjecture, what does the Revenue Code prescribe???? Again, my quick read is that the audit period is usually 2 years which the TRD can request be extended to 5 years [only in cases of tax evasion, I understand the prescription period is a maximum of 10 years] Forget about conjecture based upon what may or may not happen elsewhere. "Read the words", understand the Thai environment and accept the possibility that different interpretations may be applied by TRD officers. We are not in a risk-free space but common-sense usually prevails

Not so in my case - I have a TIN and a Pink Card with very different numbers. The Number on the Pink Card being my Permanent Resident Registration.