Yumthai

This is legal requirements for financial institutions not customers of the FI. Customers have to follow FI policy/terms and conditions. If they don't, penalty may be account closure. No more no less.

Source? What is the penalty for not doing so?

You can have offshore accounts registered with a legit offshore address at the time you opened it. Not updating a bank account address is not illegal nor tax evasion. If banks ask you can just ignore it. At some point they may threat to close your account and eventually close it, this is the worst thing that can happen.

Then when cash is needed they just borrow tax-free from the corporate entity.

This has yet to be seen. If it happens solutions will come along, as always in Thailand.

Even with such tax incentives Thai stock market is so under-performing that it's still more profitable to invest in US stocks and pay up to 35% marginal tax. Besides, you can claim a US dividends tax credit (15% WHT) in Thailand.

I would not count on that. CRS requires financial institutions to identify customer tax residencies and report financial accounts held directly or indirectly by foreign tax residents to local tax authorities. How would a bank send information to a country they are not aware of?

CRS kicks in only with offshore accounts registered with Thai residence address.

Thai gift rules mention only the giftee as being the one responsible of the tax if any. To me the tax situation of the gifter is uncorrelated, however some members think the Thai tax resident gifter could be asked to provide evidence (if audited) to have paid tax prior gifting.

Flat rate 13% , from first cent earned. VAT 10% PIT 15% for income/capital gain > THB3M CT 15%

Wake up.

If you can document that the individual who receives the money in Thailand is the one who has inherited there is no issue where the money is put. Anyway, your mother (non tax resident in Thailand) can gift you up to THB20M/year tax-exempted in Thailand. No declaration either.

If you inherited prior 01/01/2024 then get and keep a personal bank statement showing the money on 31/12/2023. Tax-exempted anytime when remitted in Thailand. If you inherited after 31/12/2023 then keep all documents proving the inheritance to your name (certificate, receipt, tax/bank statements...). If ever audited by Thai Revenue Department you may need to provide Thai or English translations. Inheritance is tax-exempted and not to be declared up to THB100M.

If their goal is to close all the tax loopholes then this remittance tax is not the right instrument as there are too many legal possible workarounds to avoid tax. Worldwide income tax implementation is the only way.

No, I think that Thais in a whole bring in more money from abroad than foreigners.

Oh really? We don't have numbers but I suspect that all the money received by Thai people in Thailand from their own offshore accounts/relatives/friends/sponsors/... outweighs foreigners money.

Deleted.

Nothing worse than what will happen to the 1,000,000s of Thai people who don't file either.

... only if they stay less than 180 days a year.

I don't believe Thailand is willing to reach that level of Chinese/North Korean control over their population, but if they eventually start strictly enforcing rules restraining privacy and freedom I will limit my stay in Thailand at 179 days/year.

So, TRD will coordinate with Immigration to implement a way to control systematically/yearly the tax situation of every single foreigner residing in Thailand meanwhile millions of Thais will continue "doing nothing" remaining unchecked? Unreal.

At this point that's by far the smartest move.

https://www.rd.go.th/43338-1/clear-cut-ภาษีการรับให้-gift-tax-ใครต้องเสียภาษี.html This is a 2023 Q&A in Thai from TRD related to Gift Tax. What we learn among other things (Google Translate): - Receiving tax Or commonly called Gift Tax, is a personal income tax collected from assets given or received to children, spouses, relatives, or other persons before the gifter's death. The gift tax was created to be consistent with the inheritance tax, preventing inheritance tax evasion. - The giftee is the sole responsible of the income/gift tax payment. No mention of the gifter. - Parents mean father, mother, grandparents, great-grandparents. - Descendants mean children (including adopted children/illegitimate children certified by the father), grandchildren, great-grandchildren.

Long-term residents who assess there is a non-zero probability of tax audit/enforcement and need certainty should, in coherence, consider quitting Thailand tax residence status asap. Why? Because the huge majority of non-working foreign residents in Thailand has never paid tax for decades on their foreign-sourced remittances (based on the old remittance rule that was not strictly followed and this income potentially not fully exempted) and they are now living with the Sword of Damocles hanging over their head, which could harshly fall with up to 10 years retroactive fines & penalties at any random audit. Do I believe this will happen? Not.

"... it all focuses on Tax status when the income was earned" simply because in the new tax rule announcement it's implied and granted that the only people impacted are Thai tax residents. Since non tax residents are only taxed on their Thai-sourced income wherever it is earned/paid, remittance event is irrelevant (because you'll have to declare and pay income tax even if this income is not remitted in Thailand). Hence, non tax residents in Thailand are never impacted by the remittance tax rule.