ukrules

I think you seriously underestimate the number of people who aren't as broke as you who live in Thailand and only ever came here for one reason - the lax approach to international earnings and tax. People aren't trying to avoid tax, they've been doing it for decades as it's always been fully allowed and within the legal framework.

These kidnappers are pure scum and need to be eradicated, this kind of thing is the one major thing along with random murders that can annihilate visitors to a country and taint it for years to come. I'm talking about tourist visits here and we all know these are very important to the self interested bunch in charge

Do you really think they're thinking once about any consequences? Not a chance, there's a very good chance these goons will attempt to enact this BS and once someone notices that everyone with a few million dollars or more in investments has left the country they will attempt to backtrack but it will be too late by then. Many people are currently abandoning the UK due to burdensome taxation which may also be about about to rise based on what I've been reading. Thailand would do well to encourage these multi millionaires to move to Thailand but instead they're guaranteeing that none of them ever spend more than just a few months there.

It's not illegal while there's 180 day rules in place. It's not a loophole either.

All that matters is what the RD thinks and the fines they impose down the road. Uneducated morons or not - if it's owed and they decide to come after it then they will pay one way or another.

What makes you think it isn't? This is the first year of the remittance change and nobody can file a tax return until next year.

Rewatching season 1 of Tulsa King with Stallone in it so I'm caught up for Season 2 which begins this week some time.

If there is a huge bull run ahead then I suspect that 'Kaspa' will do rather well but of course that's just a guess. It is quite new and seemingly very popular. Also it's not completed yet, so once it's done it aims to replace ETH, etc - same as all the others but this one is UTXO based which is interesting on a technical programming level for a number of reasons. I wouldn't put my whole fortune into it or even a large chunk of it, maybe $10k though. Depends how it trades over the coming weeks.

You know there's the concept of what people think is tax free or exempt but it's actually been taxed, just at a very deliberate rate of zero percent. So if something has already been taxed at zero percent, does it remain untaxed income or not and therefore untouchable by Thailand? Just a thought here, the concept of 0% tax doesn't make it untaxed.

Normally you would expect the government of the day to drive major policy change that could have decades long repercussions, not some civil servant in charge of one government department. Think of all those senior 'C level executives' at huge multi national companies located in Thailand, you think they're going to allow their worldwide income to be taxed in Thailand - not a chance, they will take their tens to hundreds of millions of dollars of offshore investments and leave in a heartbeat. Why is the person in charge of the Revenue Department attempting to alter the law in favour of her department? This sounds like a classic case of the tail attempting to wag the dog.

So right now I sold a bunch of stuff for the USD equivalent of many tens of millions of Baht a few weeks ago, that's a capital gain, a large one, it's all gain, the principle is separate on this one. I'm out of the country for 6 months this year and will ensure I'm not resident anywhere by moving around a bit. I would like to know about turning this pile of cash into savings for future usage though. Does anyone know at what point something is considered savings after a period of a couple of years minimum of non residency - is it already and automatically considered savings due to it being realised during a non resident year when global taxation isn't happening? I may remit between 5 and 10 million Baht either this year or next year, or some each year (also going to be non resident in 2025) and that will last me a number of years going forward. The USD is not in a bank, it's on a major crypto exchange in the US at the moment but it's still USD, not USDT (a type of crypto) at the moment.

Yeah, that will keep most of going until some time in January each year. Such a tiny tax free allowance, the whole system is a joke.

The Thai tax system isn't evolved enough for this kind of global taxation. Take investments for example, there isn't a proper capital gains tax in place, it's just personal income tax for everything you make unless of course it's made on the glorious SET (which I don't trust one bit) where somehow there are zero taxes on the gains as it's exempt. If they activate a global taxation with the current structure then anyone who makes even just a few hundred thousand dollars a year will end up out of pocket a lot due to their punitive personal income tax structure. It won't affect 'the poor' which seems to be most of the people on this forum.

That's exactly what I was thinking - it contains nothing new at all - I have to wonder if they are simply rewriting and republishing old articles for clicks at this point.

Never forget, they hate us and will do anything possible to screw you over given even the smallest of chances.

Well, the floodgates are opened for this type of claim so I expect it will now become routine. It would make more sense to remove / fire the person who they're objecting about than the Prime Minister, whoever it is. Don't get me wrong, I'm glad that other guy's gone but the way they did it is childish and nonsensical.

This will be a pain in the arse if they proceed with it, it's one of the very few reasons I stayed in Thailand when I first came. For 2024 and 2025 at a minimum I will be a non resident anyway and split my time between Thailand and Cambodia with a little holiday somewhere else to avoid residency in any country, you can do this depending on where you come from - but not if you come from some countries and it depends on how long you've been away from your country of nationality. It might be time to purchase somewhere more permanent down here in Cambodia. I'm going to look into that if they do manage to get this proposed law change through parliament in the next 10 years or so. Being Thailand i wouldn't hold my breath on that. This is where the CRS data could be of use to them, right now they can only tax remitted income making the CRS data completely useless to them as you could earn a couple of million dollars per year, see it in your bank accounts but they can't touch it as it's outside the scope of the current legislation. But with worldwide taxation in place CRS data becomes important. Right now though it's useless to them if they even get it.

One could even say it's a 'basket of currencies' competing with each other 🤣

Correct, it's charted and known as the DXY, here you can see the decline of the USD since April and June https://www.tradingview.com/chart/?symbol=TVC%3ADXY

What? The judge made his judgement and it stands. The prosecution could appeal. The complainant can't do anything as they are not directly involved in a prosecution.

Normally it would be the prosecution who does any appeal I believe. It has nothing to do with the victim, they are not involved except being a witness.

Saved you a lot of legwork I suspect by double checking here. Some tax experts advice is not worth the paper it's printed on. I have so little trust in them that I would seek at least 2 opinions and perhaps more if they don't agree on everything. However my needs are simple as a non resident for a few years.

The irony here being that this might force someone into becoming a tax resident during a year when they planned to be non resident.

I've got an 'Elite' visa that's good until the 2040s and a 1 year visa in Cambodia that can be renewed each year, I come and go between both places as I please and keep a 'residence' in both.

No, the opposite, they will know and you automatically become a non resident - it's not a choice - they decide when, there is no paperwork to file - if you don't meet the test then you're out. You bank doesn't know <deleted> unless you tell them.