smedly

47 minutes ago, kingstonkid said:

This is not a Thai thing

it is when being discussed on here and responding to headline on here

i hope the UK police lock him up - ## idiot

3 hours ago, webfact said:

The allocated 50 million baht budget

tiny compared to tourist revenue 

brave man

not if MFP  is ejected/disoleved  - if that happens how can you have a functioning government when 40% of it is no longer there.....................they think they can continue with this farse ???

OMG

3 hours ago, webfact said:

DE FACTO PHEU THAI BOSS-CUM-CONVICT Thaksin Shinawatra has already been granted parole

why ?

oh but he is too ill ?

### ing joke

as if drink driving wasn't enough

lets intoduce another drug the cops fail to deal with, ### stupidly beyond understanding 

parliament can't function with half the MP's kicked out, an election must take place 

this country is a farce

2 hours ago, CanadaSam said:

A step in the right direction IMO, kudos to Thailand for keeping addicts out of the over-crowded jails.

hmmm, still should be a hefty fine if caught in possession or using

now working perfectly 

13 hours ago, snoop1130 said:

couple was allegedly seen fornicating openly on Jomtien Beach

so ### what

5 minutes ago, gargamon said:

You should try to get out of BoyzTown once in a while. 

speaking from experience lol

how about waiting until after th event instead of your crystal ball pedictions

33 minutes ago, Mike Lister said:

If they earned no interest, they cannot be taxed. But there is an anomaly with FCD accounts which, if held by non-residents, are funds that are deemed to be offshore. 

i am resident, been here over 20 years but only had visa extensions from 50, my FCD was opened about 13 years ago internally transferred from my Thai current account, note the facility to do that was removed from online banking, you can of course do it the other direction, FCD to BAHT, clearly I have had these funds pre 2024

On 1/14/2024 at 7:37 AM, Mike Lister said:

If you hold a Foreign Currency Deposit account (FCD) in Thailand you may wish to understand the banks position regarding A) your eligibility to retain the account, if you become tax resident, and (B) the circumstances under which a withdrawal and conversion of foreign currency from the account, into THB, is considered a funds transfer and is therefore a taxable event.

 

Thailand does not have offshore banks within its boundaries, offshore banks/branches are, by their very nature, outside the borders of the country. Instead, many Thai banks operate accounts that have some similar characteristics to offshore accounts in that money can be transferred into the account and then withdrawn or transferred out again, without prior approvals. One of the larger banks offers this type of account under  two headings, one for Thai nationals and one for non-resident foreigners.  Thai nationals who open such an account are liable to tax on money earned within the account and from 1 January 2024 onwards, the account will likely come under scrutiny from the RD for inbound transfers.

 

But non-resident foreigners are not liable to tax on this type of account, unless they opened the account using a work permit. BUT, if the non-resident foreigner stays in Thailand beyond 180 days, they become de-facto tax resident. It is possible that their eligibility to hold the account could cease and that transfers from the account represent taxable income from day 181 onwards.

 

Confusing and messy? Possibly! It may well be this is not an issue for many, based on their circumstances but it is something that shouldn't be ignored or over looked.  I don't have all the answers on this yet but there is an issue that account holders need to satisfy themselves  on regarding the two aspects described above. I tried to have a discussion with another poster recently about this subject but it wasn't conclusive and it didn't end well!  What was clear however was that the moment the account holder withdraws funds from the account and they are exchanged for THB, that is potentially taxable income, subject to all the other usual factors.

I have an FCD account in Bangkok bank, the funds where deposited from Thai account (when it was possible) in a lump sum, the origin of the funds was a transfer from UK many years ago, the balance hasn't changed for a very long time, I use it for visa extension yearly, it is in Thailand in  Thai bank, I don't see how this can be taxed