Yumthai

As stated by Thai law: - You have the right to gift (wherever it comes from) your wife up to 20M THB per calendar year tax-free in Thailand (Tax may arise for the gifter from the country where the gift is originated though). - Your wife has the right to gift (wherever it comes from) you up to 20M THB per calendar year tax-free in Thailand. - There is no law/rule stating that a gift gifted back to the gifter becomes assessable income and, as such, has to be taxed.

Are you now practicing illeism? This is "your" understanding not "our" as you rightly wrote in another thread: "Not everyone agrees with the above interpretation and it has been the subject of much debate". My view along with many others' is that offshore sourced income derived by a Thai tax resident before 1 Jan 2024 is not subject to Thai personal income tax as per instruction No. Por. 162/2566. Therefore remitting this money into Thailand never requires, alone, to file a tax return.

I usually do not waste my time and energy trying to follow unenforced or unenforceable rules/law. To me, it does not make sense. To each their own.

If you read carefully your own quote, it is clearly implied that in this article tax is due. Just because the fine is applied on the amount of the tax due. Simple logic. In any case, if tax due is 0 then the fine for not filing would be ranging from 100% of the amount of the tax due (0) up to 200% of the amount of the tax due (0). Both calculations = 0. Simple math. @Sheryl mentioned the same - no penalty for failure to file - in her post below:

To bring more clarity about personal tax filing requirement in Thailand: - There is no "failure to file" personal tax penalty. - Fines arise only if tax is owed and/or "if someone intentionally provides false information, presents false evidence, or commits fraud to evade or attempt to evade taxes". So, if you correctly assess with no intention of fraud and it's clear for you that you don't owe any tax, there can't be any penalty (if ever audited) for not filing. There should be no fine for non-intentional mistakes, but only on the amount of tax due. Good readings: https://www.thailandlawonline.com/revenue-code/tax-law-revenue-code-general-provisions https://www.thailand.go.th/issue-focus-detail/007_057

We all understand that "more than a cumulative 180 days" means "181 days or more" but shhh, please don't be pedantic. The great Mike L. poster joined this forum on 07 Oct 2023, 94 days to date, and accounts 2,124 posts until now, that's an amazing average of 22+ posts per day. You can't reasonably contradict the voice of truth.

Rich Thais I know manage to either pay 0 tax or at a tiny rate compared to their income/net worth. Amazing Thailand.

The "Catch me if you can" attitude reflects the whole Thai population way of being/mindset. Most of foreign residents just adapt ; the others, who cognitively can't, suffer all along their journey desperately struggling to shove a square peg into the round hole.

Well a smart-ass RD officer could always argue that the money remitted in Thailand on January 3rd could have been earned on January 1st/2nd, kindly letting you know that if you disagree you'll have to provide legalized Thai translations of all supporting documentation.

Probably not as for big businesses BOI will likely get involved providing tax incentives/allowances. This is why rich get richer, big money has always legal ways to mitigate tax.

Will never happen although I would be ok for such rule, let's say 0.1% tax on each transaction, with no question asked. Then, Thailand will become the new tax heaven for all HNWIs and UHNWIs.

Keyword is "intentionally". People have no intention not to file tax returns to evade tax or to file false ones. They are just not aware of any recent change because they haven't received any direct information from RD officials. "Thailand is a land of compromise", it's ok not to know.

That is so true. The most relevant thing that should be addressed in this thread is speculating about law enforcement. Tax laws have not been enforced since decades, and as long as you can hire an "agent" or pay a couple of thousand baht to bypass any rules in this country, why would one rationally think that it will be the case starting from 2024? Did Thai government announce anything related to strict law enforcement and the methods they would apply in order to achieve it? No, because they realistically know they can't.

It seems you are in your 70s, may I kindly suggest you keep focusing on short term investing.

You're right, there's no CRS/Tax issue as long as you do not remit any money in Thailand while being TH tax resident. I just wanted to point out the fact that CRS information sharing affects only non-resident account holders.

Question might arise but is irrelevant. I may not "need" a non-immigrant visa but I can legally apply and get one if I meet and according to the current requirements, as I am free to remain the number of days per year (be it 0 or 365) I want in Thailand. RD won't (be able to) enforce anything on non-residents for tax purposes in Thailand. If they are not happy with that, they will have to change residency rules and visa requirements.

You can hold a LT visa being non resident for tax purposes in Thailand (staying less than 180 days/year). Do you mean that staying 180+ days per year in Thailand will become a mandatory requirement in order to get a LT visa?

CRS is a potential issue for those who hold non-resident bank accounts. If all your bank accounts are resident accounts (meaning reported address is in the same country where the account is opened) no CRS information will be sent anywhere.

Fortunately, you will never be jailed for minor tax evasion in Thailand as the millions of supposed Thai taxpayers who do not (intentionally or wrongly) file and pay tax.

No. https://www.amalinvest.com/halal-investing/taxes-on-stocks-for-international-investors In summary, foreign investors ('non-resident aliens' in IRS tax speak) are not liable for capital gains tax, but are subject to dividend and estate taxes. Dividends are withheld by the broker before distributions are made to the investor.

Unreal, just because there are several countries where there is no tax or where residents, according to their profile/income type, are legally exempted to file and pay tax.

Source is misleading. If you mean you have to pay tax in US as a US person it's true wherever you reside (mitigated with DTA if any). However, you don't pay PH taxes on foreign-sourced income as an alien residing in the Philippines So, if you are not a PH citizen: no income sourced in PH => no income tax in PH. https://www.taxesforexpats.com/country-guides/philippines/us-tax-preparation-in-philippines.html RESIDENT CITIZENS Resident citizens of the Philippines are taxed on all their net income derived from sources within and without the Philippines. ALIEN INDIVIDUALS An alien individual, whether a resident or not of the Philippines, is taxable only on income derived from sources within the Philippines. Resident aliens are taxed in the same manner as resident citizens on income sourced within the Philippines. https://taxsummaries.pwc.com/philippines/individual/taxes-on-personal-income The Philippines taxes its resident citizens on their worldwide income. Non-resident citizens and aliens, whether or not resident in the Philippines, are taxed only on income from sources within the Philippines. https://kpmg.com/xx/en/home/insights/2021/07/philippines-thinking-beyond-borders.html Resident citizens are taxed on their income from all sources. A person who is not a citizen of the Philippines (that is, someone who is defined as an alien), regardless of whether the person is a resident or a non-resident, is taxed only on the individual's income from Philippines sources. Likewise, non-resident citizens are taxed only on their income from Philippines sources.

No. Only resident citizen are subject to tax on their worldwide income. Alien (resident or not) are subject to tax on their Philippines-sourced income only.

In a far away future, over the online dictionaries, this thread will be quoted as the perfect illustration of the epic and accurate Thai expression: "Farang fink too mutt".