smedly

the answer that is confusing to me is in regards to interest earned on foreign bank deposits

the priciple is not assessable income but interest earned is, all of my money is deposited in a foreign bank account, i guess what they are meaning is if the money stays in the foreign bank and is not transferred to Thailand

11 hours ago, Phulublub said:

State Pensions are most definitely not "money accumulated while working".

yes they are

you contributed to a fund your whole working life which becomes payable when certain conditions are met

I think we can all bin this discussion 

10 hours ago, Mike Lister said:

Most private or state pensions arise in the UK and would be subject to the UK tax process hence excluded from tax here.

 

Agreed on foreign savings accounts.

private pensions are in effect long term savings with rules as to how the money is released, I chose  to take it spread since aged 50, i am not old enough for state pension in the uk but i would interpret that as long term savings also, paying into a fund over time - granted not all countries are the same ,, i have no clue how it works anywhere  

1 hour ago, Mike Lister said:

I suggest you read the link, I didn't retype everything that was said. I think what has been said is good news, read it and you'll see,

needs some clarity but overall looks positive, private or state pensions would be money accumulated while working seems to be exempt as does money deposited in foreign bank accounts (excluding interest earned), that would be my interpretation 

1 hour ago, Mike Lister said:

Q: What types of foriegn source income is assessoble income and subject to PIT under Section 41, Para 2 law?

A: ....those prescribed in Section 40 (1 to 8 ) but not including income that is exempt or on which tax does not have to be paid under the Revenue code.

vague as usual

the problem I see here is the economic scales are so different between 3rd world Thailand and the west - from minimum wage - tax thresholds - salaries etc, they are not equal not even close.

If I start to pay tax in Thailand what do I get in return ?

They can't even tax their own citizens as pointed out earlier in this thread, only about 5% of the working population pay income tax, that's a huge number not paying income tax.

45 minutes ago, Mr Meeseeks said:

 

It sounds like they tried to roll the drunk, and he wasn't as drunk as they thought, and he fought back. 

 

Possibly they arranged to have him take home by the motorbike driver after he had been robbed?

my thoughts exactly

14 minutes ago, Mike Lister said:

Only 11% of the labor force (38 million people) file a tax return, only 6% pay tax

wow

I wonder how many Thais in Thailand don't pay income-tax, pretty much every Thai I know or have known DO NOT declare income to the RD

1 hour ago, Mike Lister said:

My wife runs a baked goods business via the internet, she started it four years ago, why?

just wondering if you have skin in the game regarding tax issues such as finance or legal, thanks

13 hours ago, BenStark said:

 

Well, I wasn't born yesterday, in fact I was born 65 years ago, and had a working life in my home country, and must have paid tax on my earnings.

 

I officially moved here 14 years ago (registered at the embassy at that time) so I had no duty anymore to file tax returns since, as I didn't live or work anymore in my home country or in Thailand.

 

 

so you have no income in the UK is that what you are saying ?

ask the victim - oh wait

1 hour ago, webfact said:

service industry

one thing Thais excel at

be very interesting to see if the original coalition parties jump ship back to MFP, they are free to do so and would end the current house majority shafting PT, remember who won the election