oldcpu

Interesting view. ... and i guess my comment off topic, but is this really the case? I speculate not the case in Phuket where I live but possibly in other provinces.

Yes. por.161 is not law. Its a ministerial instruction, but if one wishes to go against it then one is into legal action with the Thai Revenue department. That is something I would prefer not to do. Why is 161 of interest? Because before, both Thai and foreigner would have income outside of Thailand, but they would not remtit such in the year of earning. They would wait a year. Then they call it savings. Because prior to por.161, the tax interpretation was only money remitted in the year of earning was taxable. Por.161 closed that loophole. With por.161, no matter when one remits foreign income, it is considered assessable and taxable (subject of course to tax exemptions such as Royal Decrees, DTAs ... and other aspects of the tax code). Also note por.162 specifies that por.161 is only from 1-Jan-2024 onward.

Thats why its a hypothetical example. lol.

Sadly I am not such a hypothetical billionaire ... very very far from such ... but perhaps similar to you, I also went for bank accounts with low interest for my funds in Thailand. For funds outside of Thailand (such as Canada) where I already file an income tax return every year to Canada, I do try to optimize my investment and obtain much higher returns.

further to this, I tried reading parts of the Thai tax code. I see section-40 of the Thai tax code in 40(4a) includes "interest on a bond, deposit ... " as assessable income. However as happens from time to time with the tax code, other aspects than a single paragraph are also relevant. One must continue reading I then noted section-42 of the tax code: 10,000 THB is a pretty low threshold and easy to exceed. That suggests our hypothetical billionaire needs to include their $3-million USD interest as assessable income, file a tax return, but not pay any more than their 15% withholding tax. EDIT: I am still looking for more relevant sections on 'withholding tax' in regards to not being included (or being included) in 'assessable income" On a different (but related aspect) I looked at what it states about mutual fund income and assessable income: i recall Krungsri bank personal, in trying to sell me a mutual fund, claimed mutual fund income need not be put in a Thailand tax form (ie saying such is not assessable income) so in the Thai tax code I noticed with interest section 42(c) That seems to support what Krungri bank stated. i.e. mutual fund income is not included in the tax calculation and it is not assessable income. However , I still have not looked to see if there are any relevant Royal Decrees nor Ministerial instructions on interest in Thailand in regards to tax calculation. Further - I could have missed points or other relevant tax code clauses, so one really needs to triple check everything I noted - as I too am unsure.

It would be nice if that is the case. ...and I am not trying to start a debate ... I am just trying to find what the Thai RD says about this. I note on the Thai web site under 2.1 "Assessable Income": https://www.rd.go.th/english/6045.html However that link in 3.2 goes on to note (as already pointed out): Does the "computation of PIT (personal income tax)" mean it is not to be considered as assessable income? I think it infers that. I also know there is more to 'assessable income' definition than just the tax code in isolation ... but that also Royal Decrees and Ministerial Instructions need to be considered. I am curious as I have deliberately placed my funds in Thailand in low interest bearing accounts (avoiding high interest) to just barely stay below the threshold in which an income tax return needs to be filed if such (although already taxed) was considered assessable income. I have felt the slightly higher interest I could get is not worth the PIA to file an income tax return (where obviously in evaluating 'worth' this is very very very subjective). However if withholding tax on interest means it does not feed into the 'assessable income' category, then I might shift funds to a higher interest bearing account. ... Such higher interest might pay for a few expensive meals or more.

Are semantics important here? i read it can be excluded from other income, but does that mean it is not 'assessable' income? (I assume that is what you mean).

That's interesting. Of course one (on $20-million US$ interest) is still paying $3-million US$ in taxes likely in withholding taxes (the flat 15% rate you refer to). What is most interesting, is the statement "individuals may choose to exclude interest from other income", although as to where that exclusion applies in the precise implementation is not clear to me yet. Obviously these are mute and hypothetical points/discussions ... but given other discussions on this thread, it has me wondering, is this interest (with a flat 15% tax rate) to be included in 'assessable' income for the determination of whether a tax return is required on such a large amount of interest. Yes, the Thai tax on the interest was already withheld (by bank or financial institute) so the Thai RD have their money , ... but is it still necessary to report such on a Thai income tax form if, say, that is one's only income while a tax resident of Thailand? i prefer NOT to start another heated discussion on this, but if any know the relevant section in the Thai tax code, or Royal Decree or Ministerial instruction they could point to, that would be a useful reference to keep.

Misleading imho. Every baht ( minus basic deductions) one earns in interest in Thailand on that remitted money while in Thailand is assessable by Thailand and hence potentially taxable. If one assumes a pathetic 2% interest, that is $20,000,000 interest that will be need to be reported and taxed in Thailand. As long as that money remains in Thailand, even if one is not a Thai tax resident, my understanding is the interest received while the money is in Thailand, will still be taxed in Thailand, as the interest is assessed as Thai earnings. We have different views here.

I think all agree that tax residents in Thailand with assessable income from within Thailand or remitted to Thailand from any earnings after 31 Dec 2023, , over the required assessble income threshold , need to apply for a Thai TIN and submit a tax return. But some of these videos have me shaking my head .. Maybe they reduced the # of numbers in the falang TIN from 13 to 10 to save money? lol .. After all, all Thai know falang can hardly count to 10, much less to 13. lol .. or maybe it's due Trump being president, and AI stocks falling .. due the moon almost being a full moon .. and .. and .. ... lol. Apologies. The devil made me post this.

In my case no email. No phone call. My recollection was that I was at the Bangkok bank branch getting a bankbook updated, and I was called over and asked to complete and sign the form. Fortunately I was in no hurry as I did ask them a few questions, and I had to wait for someone more senior to answer my questions. Krungsri was similar, .. they had me fill such in when I was at the bank for other reasons.

I had to fill something similar at Bangkok bank some time back. Also at Krungsri Bank. And recently when opening new Canadian trading accounts I had to do such. Forms were a bit different but same sort of information required.

Yes, if not done already. But (apologies), ... TIT so who knows.

So it's a two way street at times. I can live with that.

There is a saying that may be relevant: "Don't look a gift horse in the mouth "

I am interested to learn the truth. Not fire insults at people who don't agree with my view. For my year 2028 re-proof of income, starting this year, I have shifted from proving the $40k/year US$ equivalent to the $80K US equivalent, in no small part due to my now being required (by Canadian law) to with draw a minimum amount of funds per year from a Canadian RRIF (retirement income fund - only taxable in Canada). As for my incomes ... my large combined Canadian pension incomes can only be taxed in Canada. My large European (government organization 'civil service' type pension from working in Germany) being government civil service is not taxable in Thailand. That just leaves a small German pension (which IS assessable and hence taxable in Thailand) that falls under the submission threshold of money needed to file a Thai tax return. ie its too small. But I do also have an LTR visa. I did NOT get the LTR visa for taxation reasons - rather I obtained it for the convenience of not going to immigration every year. Initially (before seeing PID.95) I thought there might be a chance I would have to file a Thai tax return, but the tax return forms perplexed me due to no place to list the noted exempt income. So in 2024 I remitted no income into Thailand (and frankly I obtain better interest abroad). Then when PID.95 came out, I concluded the Thai RD knew what they were doing and that any income I brought into Thailand (while under the LTR visa) was not to be considered assessable, although as already noted - it was already not to be considered assessable (except for small German pension). If your paper works is complete ,why not show us where in the tax form you plan to list your exempted income as being exempt? Or maybe your paper work is not YET complete. Now - as to WHY i am interested - this topic comes up a LOT with my expat friends who do not have the LTR visa, so like them I am very curious about this. Its a common topic and I want to be accurate in my knowledge here.

yes ,that is correct. But what is significant is that PID.95 is for the LTR-Highly Skilled professional in the 2023 tax returns (Thai and English language). I emphasize year 2023. Yet in PID.90 and PID.91 for tax year 2023 there is no mention in the tax exemption sections to list as tax exempt the LTR-WP, LTR-WGC, nor LTR-WFTP visas. Nor in Thai language 2024 Thai tax return. What was the MOST popular LTR visa? The LTR-WP. Yet nothing ... nothing ... nothing in 2023 (Thai/English language) nor 2024 (Thai language) tax return forms to include such in the exemption lists, ... yet here was LTR-HSP in the the 2023/2024 tax return forms. Clearly that is because such foreign remitted income for those LTR visa holders (LTR-WP, LTR-WGC, and LTR-WFTP) is not to be considered assessable income. It was PID.95 that resulted in my finally shifting my view in terms of the assessability of tax exempt foreign income.

See what SHA 2 BKK posted. Did you even look at PID.95 before asking? I think not.

and I replied it likely included exempt income from RDs/DTAs/Ministerial instructions. Yes - I pointed out Thai RD practice from 2017 to 2023 (English/Thai language) and 2024 (Thai language).

Again - once again - in that VERY VIDEO, the RD official stated when defining assesable income, that there is exempt income that is not part of assessable income. How often do I need to retype that? You are missing what I typed. I will type it again: In that VERY VIDEO, the RD official stated when defining assesable income, that there is exempt income that is not part of assessable income. Why don't you tell BoI (and maybe RD) that you believe the LTR visa should be called a fancy visa? Ok - you were were warned.

Quite clear ? Good. POR 161.162 does no such thing. It does not eliminate individuals evaluating what is assessable income, It does provide some guidance in a very specific area. That is all . OK? Thai taxpayer includes anyone who is a Thai Tax Resident. It tells you, Assessable income is any income that falls into Section 40 ( 1 ) to 40 ( 8 ) of the Revenue Code. Yes ... and further to that are Ministerial instructions (such as por.161.162) , Royal Decrees (18 and 743) where RD-18 notes some foreign income is exempt taxation (where you even initially denied the words 'exempt' in the context of not taxable, until RD-18 was pointed out to you). You are off on a tangent. The discussion is whether exempt foreign income (per DTA & RD-18) is or is not included in assessable income. I have proven it is 'not included' by past references to Thailand Revenue department practice and taxation forms , and you are throwing up non-sequitur videos and quotes. I don't disagree with anything they note. I fully agree with those - but NOT with you.. Its you I disagree with as you are imagining them stating things which they do not, and you are ignoring clarifications/amplifications to what they note which is in RD-18 (as it calls up DTAs) and in Ministerial instructions. .

Yes you are right. I'm bad.

Actually you should listen to the RD department, where , as i have stated multiple times, as recorded in the video that YOU linked to, stated that when evaluating assessable income, that some income is exempt. But you chose not to listen the the RD official. Why do you chose not to listen to them?

Say what? I don't use that expression. I will repeat - if you need to resort to insults (as seen in other posts) I will follow up on this. I have no issues with seeing this entire thread containing what I see as your misinformation and scaremongering deleted.

and they made a mistake. There was no place on the official tax return form to claim your tax exempt income as being tax exempt. If they filled in a form for you showing that, please post that here (again - if you already posted such previous). No he did not. In fact as i have already pointed out, and RD official stated in Thai (which the translator failed to translate) when considering assesable income , some income is exetmp. No it does not. I already pointed this out. No they do not. They skirt around this very specific topic of some exempt income being not to be considered as assessable.