Everything posted by Yumthai
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Thai Taxation of Funds Transferred from Prior Savings
You wire transfer the money directly to your Thai wife bank account as a gift (you can indicate "Gift" as the purpose of transfer). It's tax free if gifts total amount is not over THB20M per calendar year. You have nothing to declare or file if under the THB20M threshold. You will only need to provide documentation (bank statement showing transfer to your spouse) if you are ever tax audited.
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Taxes on foreign savings brought to Thailand
If you can document (if ever audited) that remitted foreign money was earned while you were not Thai tax resident, it's indeed tax-free.
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Taxes on foreign savings brought to Thailand
I've sent substantial money over for decades even not strictly following the old rule where foreign income was tax exempted if not remitted the year it was earned, like most if not all foreigners residing in the kingdom. I assess remittances were anyway tax exempted at least the main part of it. Nothing has happened and nothing is currently happening taxwise like for most if not all foreigner residents in the same situation. If improbably things change in the future I will adapt accordingly, as most of us will do. And no, it won't be the end of the world.
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Taxes on foreign savings brought to Thailand
I believe making one's aware from TRD by filing a tax return is way more "dangerous" than your above statement. That said, who cares about our beliefs... what's relevant is what is happening in the real life isn't it?
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Taxes on foreign savings brought to Thailand
To sum you up, you think TRD can mostly get and access to all the information they require, double-checking data is genuine/up-to-date, from any jurisdiction and individuals. I think not. Will be difficult to get a settling answer as long as no individual tax audit is reported.
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Taxes on foreign savings brought to Thailand
Still, it could be the same old money that you've withdrawn for instance in cash then deposit the cash back later on. No new earnings. No. CRS reports only accounts balance and some earned interest/dividend. No full transactions history.
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Foreign Income Tax - What happened to the proposed changes?
That's the usual workaround. It works until it doesn't, the day they strictly enforce their own KYC rules and require exhaustive documentation accordingly.
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Taxes on foreign savings brought to Thailand
How does TRD know for sure the money that has been withdrawn from the offshore account was spent? How can TRD prove the money that has been topped back up later on is not the money that has been withdrawn previously? Has TRD access to your offshore bank accounts full transactions? No.
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Taxes on foreign savings brought to Thailand
Lack of critical thinking is seemingly contagious.
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Taxes on foreign savings brought to Thailand
- Foreign Income Tax - What happened to the proposed changes?
They are striving hard to implement this madness however it will eventually fail. There will always be free human beings to stand against enslaving rules. That might not be painless though.- Foreign Tax Credit Calculator
This pretty looks like a "How to discourage (complying) Thai tax residents investing abroad".- Foreign Income Tax - What happened to the proposed changes?
The ones who want to cut people freedom off.- Why Isn’t the Thai Baht Weakening?
I think we don't know much.- Foreign Income Tax - What happened to the proposed changes?
This is part of the globalists plan leading to total control and enslavement of the sheeple for "their own good". They will not succeed.- Baht Poised to Hit 30 per Dollar as Gold Soars
If you add up real inflation that's more about 15% to 20% rise on spending.- Thai Party Plans to Axe 1,000 and 500 Baht Notes
Time to invest in large luggage business.- Thailand Orders Banks to Flag Big Foreign Cash Inflows
This capital inflows exceeding $200,000 reporting is no new rule. "Any person purchasing, selling, depositing, or withdrawing foreign currencies with an authorized bank is required to notify details of foreign exchange transactions to authorized banks. For transactions in an amount equivalent to USD 200,000 or above, the authorized banks need to request the customers to submit supporting documents except for the case where the authorized banks have performed the Know Your Business (KYB) process on the customers. After conducting the transactions, authorized banks will issue evidence of such transactions to the customers." https://www.bot.or.th/en/our-roles/financial-markets/foreign-exchange-regulations/exchange-control-regulation.html#accordion-89d74b5d26-item-be661c7589- LTR Visa is Now available for Long Term Residency
You're underestimating the dreadful consequences of strict tax laws enforcement in developing countries. IMO the main reason why it's not enforced is because the wealthy and foreign money will flow out the day they get taxed more than 15% (and even less), as they can get much better value for their tax bucks elsewhere. Legacy direct tax systems with high rates on individuals are inefficient. Indirect taxation is the way.- LTR Visa is Now available for Long Term Residency
Their pseudo-territorial tax system is not, willingly or not, properly enforced. What makes you think they will be able to successfully enforce an even more complex worldwide taxation?- LTR Visa is Now available for Long Term Residency
Official information is unsurprisingly contradictory, or rather rules have changed after commitment. So if audited and penalized (highly improbable), one will still have the option to sue BOI for deceptive claim/omission. Granted that trial outcome is uncertain.- Question about Retirement Visa and Filing Tax Return
My home country gives, sadly, more respect to migrant foreigners than its own citizens. Its laws do not change every now and then and are truly enforced.- Question about Retirement Visa and Filing Tax Return
What is rubbish is bending to comply with inconsistent, unfair rules that are changing every other day.- LTR Visa is Now available for Long Term Residency
Not more than a temporary carte blanche until it is not... until it is again, and so on.- LTR Visa is Now available for Long Term Residency
The only correct answer will be from the Thai Revenue Department. Be aware that answer is official/location/time dependent. - Foreign Income Tax - What happened to the proposed changes?