paddypower
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Posts posted by paddypower
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14 minutes ago, Jingthing said:
The rule is definitely from the extension date, not the expiration date. However I totally get being paranoid about that.
It seems to be a trade off. you get to live in a country where there are a lot of rules which no self-respecting Thai follows expect us sheeple 🙂 Think the ongoing circus over the Thaksin family. It's not far removed from Life With the Kardashians ( I am so not into that kind of thing that I had to ck the spelling 😉
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Any chance any one can refer me to the police Order # ,, describing how many days the 800k much be topped up by, before the next extension date., please? another contributor said 4 months. My IO, this past Feb. said I needed to have the 800k for 2 months. prior to the date of extension. Thanks in advance. this advice allows me to invest in a fund which will pay me 5.5% pre-tax, for the 6 months.
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1 hour ago, foreverlomsak said:
Rightly or wrongly I count it from the extension expiry date, in my case 29 April, so therefore 29 May (30 days), 29 June (31 Days), 29 July (30 days) so total of 91 days, in case months are being counted as 31 days each it's safe to move on August 1, by doing so I had no issue with my local office 3 days ago for my annual extension.
I personally think it should be from the approval date not from the expiry date, but is it worth the potential problem next year for a few days this year.
that is a very interesting opinion: my extension date was stamped Feb 5. whereas the previous year's extension expired Feb 11. to be 100% safe, I should re-calculate, starting with the 2024 expiry date.
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Edited: thanks. if only this Gord Darn country would remove the exception to the Immigration regulations where it is ''subject to the interpretation of the local IO'' ...or what ever words they use to make like more difficult than it need be. No other civilized country makes up laws and rules where they can be interpreted in any number of ways,, depending on the mood of the person you are dealing Sorry to say this, but some Thai government officials can be real snakes, when it comes to exercising their authority. so, Rant over. in my case. Following your suggestion, (this is a bit of a wrinkle.... visa extension stamped on Feb 5, 2024
expires on Feb 11, 2025. ) I will start calculating on Feb 6 -29 = 23days + march 1-31 = 31days April 1-30 = 30days May 1-13 = 13 days Total ; 97 days.EDIT: 2024 expiry date Feb 11, 2024 - add Feb 12-29 = 18+31+30+ May 1-16 = 16 = total 95 days. I think that May 16 should be safe for a new date for draw-down of 400k. thanks for spending time on my situation.- 1
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19 hours ago, DrJack54 said:
Ditto.
I would take it up to the 800k 4 months prior to application.
Note not expiry.
Thanks...I will be sure to do that. That leaves the question of what date can I draw down 400k?
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1 hour ago, TigerCat said:
"Only if a too large a bank account suggests a tax return should have been filed -- might you get a know on the door."
How much is a "too large a bank account"?
easy peasy. I have 5 different bank accounts. How many do you have.?
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1 hour ago, jayboy said:
I think it's fine but I wonder whether it's necessary to have any of the added highlighted text at this stage.It's a commendable attempt to provide clarity but not really possible at this stage without a lot of subjectivity.I'm sure it will be mostly clear in a few months.
Sometimes this discussion reminds me of that of medieval scholars debating how many angels could dance on the head of a pin.
I believe those scholars devoted years to their studies. I imagine it will be the same with the refinement and implementation of regulations governing Thai taxation of foreigners. We forget 'This is Thailand', where Inertia rules the land.
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40 minutes ago, Yumthai said:
They would not inquire on past tax calendar years unless audited. Then the simple answer will be: "I didn't file because I was not tax resident that year."
No further question will be asked and no actions done because at this point and with the current law no penalty arises when remitting foreign-sourced income in a year you are not tax resident.
would they not look at your visa stamp? if you are retired, you're resident (unless you have the travel stamps to show otherwise).
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12 hours ago, 4myr said:
Today I visited my local tax office in Prachuap Khiri Khan. Here a short summary of things that might interest you as well.
On tax credit documents:
1) they prefer the foreign sourced documents with stated paid taxes to be translated to Thai. Does not need to be a certified translator. Can also be machine translated. As long as the translation makes sense.
2) I showed them an Annual Salary Statement from NL with stated paid payroll tax, and a Final Tax Assessment report from the RD in NL. Both documents they accept and the tax credits mentioned can be deducted from the Thai tax amount.
3) However a tax credit cannot be used over multiple tax years. Suppose your payroll tax credit in 2023 is 500K baht. And in 2024 you transfered 1M baht. As a single you need to pay 83K baht tax wrt the 1M remittance. By using the tax credit of 500K you don't need to pay tax. However, the remainder tax credit amount of 500K - 83K = 417K cannot be used in future tax years.
In years of not being tax resident:
1) In the tax year that a person is not tax resident, you can transfer as much money as you can. You will not pay taxes. This is in accordance with https://www.rd.go.th/english/6045.html. “A resident of Thailand is liable to pay tax on income from sources in Thailand as well as on the portion of income from foreign sources that is brought into Thailand. A non-resident is, however, subject to tax only on income from sources in Thailand.”
2) the Prachuap tax officer and her colleague next to her, gave the wrong interpretation of Question 9 from the Governments Q&A . According to the tax officer, she will only look if in the year that you remit the money, you are tax resident. If yes, then you need to pay taxes. Contrary to Q&A #9:
https://www.expattaxthailand.com/thailand-revenue-department-foreign-sourced-income/
Question 9: If a person lived and worked or conducts business in a foreign country for a long time but later returned and brought to Thailand his accumulated incomes earned overseas, will such a person have to pay taxes on these earnings?
Answer: No taxes need to be paid. This is because the said accumulated earnings came from assessable income that occurred in the tax year in which the person stayed in Thailand for less than 180 days.
Fortunately we have the Q&A in Thai https://www.expattaxthailand.com/wp-content/uploads/2024/03/Thailand-Revenue-Department-QA-Revenue-Deaprtment-Order-DI-No.161-2023-15-Seotember-2023.pdf to convince that she is wrong.
An example of how a tax officer can ignore exceptions in a DTA from Thai tax rules:
I showed her Art 14.1 of the NL-Thai Double Tax Agreement:
" Article 14. Capital Gains.
1. Gains from the alienation of immovable property, as defined in Article 6, paragraph 2, may be taxed in the State in which such property is situated."I told her - I will sell my house in NL in 2025 with profit. And I will transfer principal + profit in 2026. In 2025 and 2026 I will be tax resident. Do I need to pay taxes in Thailand in 2026. She said YES.
not sure I follow your interaction with the tax dept. Is it correct to assume that your capital cost of your home/property (is it defined, as in other tax jurisdictions?) is not taxed, if brought into Thailand. Is it correct that your capital gain is taxed? that does not make much sense, since I bought and sold one property here and claimed it as my principal residence. The gain on the house and contents were not taxed. The gain on the land (which we cooked the books as to sale proceeds for) was taxed. I'm a retired international tax consultant (EU & Canada). I suspect these new taxation regulations are written on toilet paper. I am also of the opinion that anyone planning to sell their home in another country consider setting up a crypto channel to move funds here tax free.
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17 hours ago, Bkk Brian said:
No I mean John Spencer, Urban Warfare specialist, poor deflection but good to see how weak your response was to my question
your source is good. tks for the ref., will add him to my references.
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48 minutes ago, Bkk Brian said:
But you operate whit a selective mind and understanding, and many people do.
No I operate with priority matters in order, first job get rid of Hamas the terrorists because of their actions and ongoing risks for further atrocities, second job is working on solutions. That's how these things work, you'll even find I have no need to insult other peoples intelligence along the way.
You express your opinions well. But I'll try to nail you down on this one, Brain. 'First job is to get rid of Hamas'. how would you do that, any differently than Israel is doing? would you bomb 10k, 20k 30k. would it include indiscriminate killing of women, children and (lately) international aid workers? To be even more precise, let us borrow on the reality that exists - if there is a suspected Hamas fighter who looks like he is standing behind what appears to be a a hostage (doesn't matter Israeli or Palestinian) would you shoot him, through the 'hostage' because that is what you describe as 'your 'job' ?
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On 4/9/2024 at 10:43 AM, DrJack54 said:
First part of your post is correct.
You are in under consideration period.
Do not allow funds to fall below 800k.
When you return you will be given a stamp and when the funds have been in bank for 2 months you can apply for 12 month extension.
After extension approved you must not drop below 800k for next 3 months.
After that 3 months not below 400k.
Then back up to 800k for 2 months prior to next application.
Wash and repeat.
Note: some folk opt to have a dedicated bank account for extension purposes and another account for day to day banking
Like you, I'm in the process of switching from 800k term deposit to income method. I have used the 800k method for extending my retirement visa, like, forever years. This next year, (Feb 2025) I will be retroactively switching to the income method (65k months X 12 months). I need to withdraw the 400k as soon as is allowed. My question is what is the earliest date, I can do so, exactly? My current visa was extended on Feb 12, 2024. The IO said 3 months - is that defined as 90 days or 3 calendar months or, as usual, is it not clearly defined in the regulations?. Obviously, I'll top up the 400k to 800k according to the rules. I am gun shy, from using this office. The same office 2 years ago refused my extension request because it included the month of February, which,the IO said 'was a short month so they didn't count it, when calculating the 90 days from the date the 400k had been topped up.' don't knock yourself out on that oddity - he's been moved to an inactive post., due to other complaints.
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6 minutes ago, thaibeachlovers said:
I'm guessing, but you don't know much German history after WW1.
Trump is on record as sayng that 'Hitler did some good things for Germany'.
That's true. Germany was a chaotic mess before he took over; he rescued the Germans from the repression of the French in the 1920s, and he made the trains run on time, apparently. He had many supporters in western countries before he decided to invade Poland ( so did Stalin, come to that ).
That isn't to say that I agree with what he did after sorting the country out, or his methods, just that he did some good things for the Germans.
I am a student of Eastern and western European history, ancient and contempory, (coincidentally, as I was born and educated in western Europe). When I got to your words ''that's true'' I stopped. No amount of 'whatevery' after Germany's WW 1 defeat justifies the evil that Hitler initiated. His book 'My Struggle' (1925) (some of the philosophy of which he later abandoned) imagined the eradication of the weak, the helpless, 'for the common good and for the strengthening of the ''superior race''. He described gassing them. It is hard to miss the blowback to your remark that 'the trains ran on time', considering their eventual use during the Holocast.
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On 3/12/2024 at 6:30 AM, Chomper Higgot said:
But of an attempted whataboutary swerve on your part.
But nothing at all like the criminal prosecutions following J6 that have secured scores of convictions for crimes committed.
thanks. I recommend every one who argues that this was not an insurrection/coup attempt and that there was no mob violence should watch the BBC on- site documentary described on Fox News here .:
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On 3/6/2024 at 2:05 AM, thaibeachlovers said:I think they rewrote their values to include "it's OK to hate Trump, as he's more evil than Satan, Hitler, Stalin, Mao, Pol Pot, Ghengis Khan, and any other nasty they can think of".
Trump is on record as saying that 'Hitler did some good things for Germany'. I imagine most military families wouldnt appreciate that. he also ''loves'' Putin, Xi, Kim Jong Un. what a fun group of friends he has. if only he would shoot someone dead on 5th Avenue, NY, he would have even more of the GOP voting population eating out of the palm of his hand (and paying for his PERSONAL legal fees and civil penalties.) That is not hate, that is just my opinion.
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On 3/4/2024 at 7:09 PM, Dolf said:
No wars, steady economy. Biden is almost dead.
no wars? the 2 Bush's started the last couple of wars. a steady economy? yes, and.... and.... and.... OH! you forgot, Biden is POTUS for the past 3.5 years. which village are you from, so that we can let them know that we have located their idiot.
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On 3/4/2024 at 9:16 PM, Dolf said:
Why do they need intelligence? It's 2024 not the 1960s. America doesn't need more wars.
you're certanly not going to find many signs of intelligent life in the GOP these days. The best the GOP can do as a response to the SOTU address by Biden.....https://www.foxnews.com/video/6348665612112
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On 3/4/2024 at 7:28 PM, Dolf said:
Circle of freeloaders. Trump is right.
yes indeed. to the rest of the world, especially here in Canada....he is an <deleted>
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On 3/3/2024 at 2:46 PM, Will B Good said:
Lazada Trying To Locate My Orders From 2022.....no way I would have the patience to wait that long.
only reason, I was looking to repeat a bargain buy. really high quality cotton towels 70% discounted . Looks like they went out of business 🙂
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Thanks to Transam's post - it is really easy to find old orders. The plus is that i buy expensive dog meds. by working my way back, I can compare prices and find the best deal. Only from a Bangkok source - I don't trust other suppliers.
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On 2/28/2024 at 3:20 PM, Dolf said:Trump won 10 out of the last 11 polls. Biden is finished. Old puppet put in place by the deep state to keep the money flowing and wars going.
I watched Trump at one of his recent rallies, on Fox (courtesy of Youtube). To quote him: 'the last election was stolen from us and we're not going to let the 2024 election get stolen again'. This is a con man speaking, a circus ring master. He ADMITTED that he lost the 2020 election ( to a man you call senile). But his personality disorder is so screwed up, he cannot 'man up' as you Americans say, and admit it, in public, to his fans. It is difficult to understand how sane people can consider him a safe pair of hands to look after the future of the USA, in a world where the main players include Putin, Kim, Xi. I love them...they love me. As the frmer intelligence officer described Trump, at CIA headquarters - ''me-me-me-me-me-me-me ''.
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On 2/27/2024 at 8:56 AM, EVENKEEL said:
It's ironic how when one retires his prior employment becomes so much more exciting than what reality really was. I'll bet you're a hero in all your afternoon naps.
I bet you can tell a joke or two, at a party, eh? nudge-nudge wink wink. say no more.
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Thanks for the answers. Before you all leave this thread - is there another thread where members discuss difficulties accessing their Lazada wallet? tia
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Yes, silly me, indeed. my investment strategy is to invest Thai 100%; no capital gains tax here. Excluding investment property, my Portfolio is approx 90% for dividend income and 10% for small cap equities. I have a good track record, cashing in dividend earning stocks for short term investment in IPO's The comment I made was in reference to one '550k hit' that I took,. In that incident, my broker (& others) did not disclose the lack of transparency in their research notes. The IPO was BTG, at 40 baht.. Research notes given to me privately by my broker's research department valued it at ranges between 50-64 baht. so i plowed 3 mill in to the IPO. Unfortunately, I did not keep that email attachment. Later, after the IPO flopped, the research notes changed, with an addendum, disclaiming responsibility and disclosing that the research/valuation was prepared by the company and not by the researcher dept.
Yep, I i thought about suing. Then, this being Thailand, I dropped the idea, trashed my records. A lesson learned - the only time I did not do my own DD,, instead getting lazy and relying on what I thought was an independent source.
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Retirement 800k rules
in Thai Visas, Residency, and Work Permits
Posted
as we say in the home country ''brilliant'' thanks.