Yumthai

You can't be penalized for not lodging a tax return in Thailand. You will be fined only if tax was due and you didn't pay.

https://www.bot.or.th/en/our-roles/financial-markets/foreign-exchange-regulations/exchange-control-regulation.html#accordion-89d74b5d26-item-394b0956bc "Bringing into or taking out of Thailand baht banknotes in an amount exceeding THB 450,000 or foreign currency banknotes in an amount exceeding USD 15,000 or its equivalent requires a Customs declaration when entering or leaving the country."

Other example of RD exemption: Inheritance and gift remittances are exempt from PIT according to certain conditions/thresholds.

It has been the case for years dealing with Immigration offices all over the country. Why would it be different with RD?

Politically wise it's not that easy. Which countries dictatorships on Earth enforce ATM checks on their tax residents? I assume foreign banks will not give such information to Thai RD without an international warrant for criminal investigation.

Au contraire, I don't look down on Thai people I just quote their own law which I think was rightly thought, maybe IMHO not to close an existing tax loophole but to somehow legalize a common and necessary practice. On 1 Feb 2016 gift tax law was put into effect in perfect knowledge of what @jerrymahoney mentioned with reason: "before the SEP 2023 ruling, if one had earnings ex-Thailand that he/she wanted to bring to Thailand, they had to wait until the next year. If they wanted to bring the money in during the year earned, it would be taxable. However, as some would suggest above, if they DID want to bring it in during the year earned, all they would have to do would be structure the transfer up to 20 million baht as a gift to a spouse tax-free." Therefore, and I quote you appropriately: "It would be a serious mistake to under estimate the capability that exists here in many seemingly antiquated departments and institutions. Put more bluntly, the Revenue is not stupid!". I'll go beyond: People who think the Revenue Department put, in 2016, a law into effect without deeply knowing what was going on for years in their country and further consequences could be the ones who doubt on their capacities. Different angles, different interpretations, point of views may vary depending on the glasses one wears. Now, with the new Sep 2023 ruling, is the current wording of the gift law makes it a legal tax loophole? Yes, it does (and it was before as per Jerry quote). My opinion: If the purpose of the Thai government is to close all tax loopholes then they will have no choice but to amend the gift tax law (because it's a too strong argument before a court). In the meantime gift rules still apply.

This is your opinion. Gifting is perfectly legal in Thailand.

Are you saying that once a spouse has gifted his/her partner, the said partner can't gift his/her spouse anymore? Is there a waiting period? Should the partner wait for one week/month/year/decade before gifting again? Should they divorce and marry again? All this need way more clarity. There isn't. As for now, the law would have to be amended regarding "gifting back" in order to be enforced. Indeed, if you gift 100K to your spouse and she gifts you back 100K the next day, multiple times a year it will be clear and obvious that you want to use a tax loophole. Anyway, no need to gift back 100% of the amount right away, also money can be used to pay for stuff/services etc. Prerequisites: you trust your spouse.

The interpretation of any accountancy or tax law firm remains an interpretation of the law. I turn the question around: Can you find one instance in the Thai law that clearly states gift law is only related to gifts within Thailand and gifts coming from foreign sources are taxable? What matters is TRD point of view, and they are supposed to strictly apply what is written in the law, not what isn't.

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.