ballpoint

No, it was Xanax they were counterfeiting, not Viagra. More like relaxed competition.

That 1% chance happened to me, and I was called in for an audit at the Bangkok Area 3 Revenue Office. This was under the old rules, which, luckily I was following by transferring money to an overseas account at the end of one year and remitting it to Thailand in the first half of the next. Their explanation as to what is assessable and what is taxable was: Funds I have in that account at the beginning of the year (which, under the new rules is now always Jan 1st 2024) are not assessable. Any increase in those funds, from whatever source, between Jan 1st and the time of the last remit for that year are assessable, unless I could show that they had been taxed by a nation having a tax treaty with Thailand. I was careful not to transfer anything to this account until after I'd made my final remittance for that year, but monthly interest payments were made to it. After pointing out that taxes were withheld on these - included in the statement, they were exempted. Had I transferred money to that account prior to my final Thailand remit for that year, I would be taxed on whatever portion of that money I remitted. (Unless I could show it had already been taxed by a nation having a tax treaty with Thailand). Even if my non-assessable fund balance in that account on Jan 1st was higher. For example, if I had $100k on Jan 1st, deposited $50k on Mar 1st and then remitted $50,000 on May 1st, I would be liable for taxes on the full $50k. The reasoning being, I had $100k at the start of the year, I remitted $50k and I still had $100k afterwards. Therefore the $50k was earned during that year - LIFO. The result of the audit was favourable to me, because I had been following the rules. Since then, I visit my small upcountry district tax office every March, taking statements from my Thai accounts and the overseas one I use as the source of the remits. I cross reference every deposit in my Thai accounts with a withdrawal from the overseas one, and highlight the interest and tax withheld in the latter. (I also need to account for every other deposit in my Thai accounts, which over the years have included a large Lazada refund and medical insurance reimbursements. - Take note, those who claim one can use Wise or similar to make it appear that the deposit was a local one. You will still need to prove where it came from). Result so far, no tax to pay, no need to file a return. I will be doing the same next March and see what they say, though this will effectively still be under the old rules. It is March 2026 that things get interesting. The above is fact, I have not added any speculation to it, but will do so now. My take is that the same reasoning will apply to any savings one had on Jan 1st this year. That is, if they are in an account that is otherwise not touched, you can remit the full amount tax free at anytime. Once comingling of other funds occurs however, you will be required to account for that "new" money, and will have to pay tax on it when you remit it here on a LIFO basis (unless you can prove it had already been taxed by a nation having a tax treaty with Thailand). I'm also of the opinion that if you hold mutual funds, or some other non bank account investment, overseas and keep an official statement of their value on Jan 1st this year, capital gains will be treated the same as for savings. If I have $1M in funds on Jan 1st this year and sell, and remit, the whole lot for $1.5M in a later year, my assessable income is $500k. Any increase in fund value prior to Jan 1st this year was not remitted to Thailand and, under the rules of the time, is non-assessable Thai income.

Finally, some sensible policies. (Really).

A bit like this thread