sometimewoodworker

If talking about a car loan in Thailand the term interest is used however the way the Thai system functions is totally different from the way the majority of the western world uses the word interest. So you have in practice “Thai interest” and interest in the west interest is calculated periodically sometimes day by day in Thailand Thai interest is calculated once at the start of the loan so in the west when you pay off in ½ the time the total you pay drops in Thailand it doesn’t matter if you pay off in half the time total you pay is the same So the term interest used in Thailand would be more logically be a loan arrangement fee. ignore all the loan interest calculation apps and websites unless and only unless they are specifically designed for Thailand. The vast majority of them are program to allow for a decreasing capital amount reducing the amount of interest paid.

It is only those who haven’t read the rules and their DTA or read the rules and their DTA and don’t understand their meaning, (this is the majority unfortunately) that are using seems and maybe. The vast majority of foreigners understood the very limited rules they needed to know. They had not bothered to learn the things that didn’t affect them. This is completely normal and understandable. Over time I have found that the vast majority don’t bother to read and throughly understand rules and regulations, they will usually just not have the interest or time. All of this is if there is just one set of rules involved. We now have about 63 sets to deal with! individually people only have 3, but as a group it is 63 that along with the different allowances, different marital statuses different sources of income, different levels of income etc all mean that it is rather difficult, to say the least, that this is true for everyone. Someone who is not just subsisting in Thailand (like yourself for a single example) will benefit hugely from a professional advisor and tax planner. Many of those individuals have already consulted with (or in my case will soon consult with) a suitable individual or company. I know of an individual who is remitting about 2.7 million Baht to Thailand annually who has no requirement to either pay tax or file a tax return, a different individual will have a 700,000 tax bill with the same level of remittances

The regular tax officers do not need to know anything about the individual DTAs THAT is the beauty and terror of the Thai tax system! The individual tax payers have to decide, and remember and keep records, of what is assessable income and what is not, if they need to file a tax return or not. So if Jo Bloggs decides that the income he is receiving from his stable of personal gratification ladies is covered by the Shireland DTA (approximately 200,000,000 baht equivalent) he does not mention it in his tax form, but he does declare the much smaller, in this case 2,000,000 baht equivalent commission he receives from his freelance lady delivery chauffeurs he has allowances totalling 350,000 so starts paying tax from 500,000 to 2,000,000 it is only if, or when he is audited that he has to justify not paying tax on his total 202,000,000 income This is where the systems are totally different the immigration officers apply the rules the TRD accepts your interpretation of the rules, until or unless they decide to audit you. Then YOU have to justify your interpretation and they may accept you have correctly decided your assessable income is 2,000,000 and your tax payment is correct or that the work of your personal gratification ladies is not covered by the Shireland DTA so you now owe 70,000,000 tax and possibly penalties as well. Then you can try to justify your reading of the Shireland DTA TLDR any arguments or concerns may happen as late as 2034 when the audit clock runs out.

A rather poorly worded statement. 1) U.K. state pension are not exempt under the DTA 2) All U.K. pension income that is not exempt is assessable income 3) all assessable income is subject to the Thai taxation rules Q.E.D. the U.K. state pension is taxable in Thailand However if you need to pay tax is a different question and there the allowances and 150k zero band come into play

The new forms are not going to change anything with the regard to filing a tax return. Everyone who has consulted a financial advisor, tax accountant or the TRD in person has given the same answer 1) You assess your income 2) you decide if the income is exempt or assessable for taxation 3) if you have no assessable income or if the income that is assessable is not more that the allowances and 150k zero band so means that you have no tax liability the TRD does not want you to file a tax return. 4) just because the TRD does not want you to file a tax return does not stop you filing one. 5) there could be reasons why you feel that a zero tax return is good for you 6) the only people that the TRD wants to file tax returns are those who owe the TRD tax

That is where you really should read the revenue code section 3 https://www.rd.go.th/english/37749.html you are inventing out of whole cloth a liability that does not exist. you should also read the Marriage and contracts concerning property of husband and wife is governed by the sections 1465 to 1469 of the Thailand Civil and Commercial Code. there you will find that unless declared in writing at the time that the gift was given to be Sin Somros that all gifts are personal property of the recipient and are Sin Suan Tua. so there you will find that even the simplest of reading shows that a true gift can never be considered by the TRD as party the property of anyone other than the recipient of the of the gift. stop spreading FUD the Thai law on gifts within marriage is clear

It is, as I have mentioned, unlikely that the 2024 tax return will have much change from the 2023 one. the guidance notes will have significant changes, though again not many as the rule is only slightly different. You can almost certainly file a tax return! However you do not want the TRD to be asking questions as that is most likely to be an audit of your return and audits are never welcome

The majority of U.K. tax payers will have a Thai tax liability, depending on the total amount remitted to Thailand. this is because the U.K. tax free allowance £12,570 is above the Thai tax allowances. Depending on individual circumstances it is likely to be a small amount until you are sending more than about £20,000 per year

She can avoid paying income tax if she has no income. She can’t avoid all taxes but she can easily live on the income generated by a few million US$ The reason for the loophole being closed was to get income tax being evaded by the high net worth Thai taxpayers foreigners are collateral damage

Yes they would

The big 4 are already booked almost nonstop and have had lots of consultations already, my appoint was about 5 weeks out

If you get any benefits from the gift it is no longer a gift and is assessable income. conceivably if your wife purchased land to the value of the gift it would qualify, as long as you never benefit from the purchase.

You need to ask these to somebody who understands the USA DTA, I only know that SS pensions are exempt, I suspect that most other pensions are assessable if transferred, but you need someone who is conversant with the USA DTA as it seems unclear that you know it well enough. Probably not. Only if transferrer to Thailand Correct You decide if it is assessable. It is possible that you will be audited (extremely unlikely but possible). At that point you will have to prove that your decisions are correct. The principle capital is non assessable until it has been exhausted. interest earned before 1/1/2024 is excluded. interest earned after 1/1/2024 and transferred to Thailand is assessable. This is poorly worded SSI income and transferred to Thailand Is exempt all money accrued before 1/1/2024 and transferred to Thailand is excluded. There is no time limit to this exemption The “tempest in a tea cup” is likely correct. The point is that it is you who decides if your money is assessable or not and if you should file a tax return or not. It is possible that you will be audited (extremely unlikely but possible). At that point you will have to prove that your decisions are correct. it is almost certain that you will benefit from a conversation with an expert on the Thai and USA situation. It is almost certain that if you have your USA finances well organised and your funds are not commingled that you will be able to remit enough funds both excluded and assessable that will be below the threshold for tax, you can probably transfer upwards of 1.5 million annually with zero tax liability. However you need advice on the way to structure your finances to avoid taxation

Absolutely Excellent advice This is where commingled funds and the treatment of them causes problems. While you can claim that you only remitted SS funds and left the majority of you assessable funds state side, I’d you get audited the TRD may strongly disagree and insist that the funds were at least proportional payed from each source. And with commingled funds it is impossible to differentiate.

The confusion is almost certainly yours. the rules are reasonably clear, you seem to have a situation where you can profit from professional advice. The majority of uncertainty comes from people not knowing how a certain source of funds are categorised. Also not understanding how the DTA of their countries are implemented and how they are different from other DTAs. It is a case where there are several different sets of rules that apply. home countries tax (if any) home countries DTA Thailand’s rules on what is income (almost certainly different from your home countries rules) Thailand’s rules on what is exempt Thailand’s rules On how home countries tax paid effects Thai tax due Thailand’s rules on available allowances None of the above are rocket science but there are so many that all influence each other that unless you are working with Thai tax and foreign filling you may well make mistakes.

True True Not true, depending on your definition of government pension. USA SSpensions are exempt U.K. state pensions payed by the government are all assessable U.K. occupational pensions from state employment payed by the government are mostly/all exempt So the vast majority of payed by the government pensions are assessable With word changes, true I would phrase it differently, as in ‘ “decides to audit you” but in principle true

Thai’s in general are extremely poor at hypothetical questions, there are certainly some who are good at it but they are unlikely to be in your local office. So you are biassing your points without full knowledge. See above they are working on year 2023 known situation and are competent in their work. Year 2024 hasn’t been published yet and changes are possible before publication so what it the point, for them, of doing anything, giving advice on a situation that could change so making anything done or advice given wrong so causing them to loose face. See above, but also how is that different from the situation in the U.K. for example. It is true for sure, as they will be required starting 1/1/2025 Opinion; the tax forms will change very little. The advice supplied to accompany the forms is a different case and there will be important additions/changes. It is certainly possible even probable that the English version will come out at sometime after the Thai ones.

you really should read the rules and understand them before commenting. 1) given that you are a tax resident. 2) scenario 1; you remit 2 million baht from money held prior to 1/1/2024. you have no assessable income. You have no tax liability and have no need to file a return 3) scenario 2; you remit 2 million baht of rental returns that were generated in 2024 you have 2 million baht of assessable income. You will have various allowances the reduce the amount of the assessable income that will be taxed 4) scenario 3; you remit 1.75 million from money held prior to 1/1/2024. plus 250k baht of rental returns that were generated in 2024. you have 250k baht of assessable income. You almost certainly have enough allowances that all the assessable income is covered. You have no tax liability and have no need to file a return money remitted to Thailand when you are a tax resident is not automatically assessable income, it depends on the source of the money.

I can change the limit for international transfers using SWIFT in my app on my phone, up to 2,000,000. There is no need to go into a branch for that. There are 2 limits that can’t be changed in the app, they are cardless withdrawal at ATM, and withdrawal with banking agent.

Yes. The websites have been posted. None of them will account for every allowance available. None will take DTAs into account. it is impolite to ask the same question multiple times in multiple threads

Getting any card sent to Thailand is a challenge. If you have a Thai account you can’t get a WISE card at the moment. If you tell them you live in Thailand you may well be refused as “ Our cards aren't available in Thailand Join our waitlist to be the first to hear when our cards become available.”

This is where having more than a single account is useful, if you can show that the income was saved and that the remitted funds come from an account that was exclusively pre 2014 funds, no problem, no tax.

You have my sympathy unfortunately you need advice from either a professional or you can try the localTRD office. The TRD staff are often helpful. I very much doubt if you will get a solid answer from this forum.

You need to read the Thai tax law No, You need to read the Thai tax law The HMRC view is irrelevant The TRD has a different view, You need to read the Thai tax law The TRD is well aware of tax evasion strategies. It is your money you are liable for assessing it for, and paying, the tax if you don’t you will be breaking the law. NB I am not now or ever giving tax evasion advice. I can and do, sometimes, respond to hypothetical situations.

I can see no way that those funds are taxable. If you are non-resident during a calendar year you have no assessable income irrespective of the situation if you were tax resident, irrespective of the amount transferred. So any funds remitted during that year are by definition exempt from Thai taxes. if you are non tax resident you can bring in as many millions as you like subject to money transfer limitations, you will have no income tax liability. While there are cash transfer limits anyone popping in for a couple of weeks holiday can bring in any amount subject to the limitations