Foreign source Income - tax question

[britishjohn]

I'm planning to move to Thailand this year, but would like to clarify the taxation of income.

 

My source of income will be dividends from a UK company.  As a non-resident in the UK, no UK tax is charged, I am certain of that, having check with my accountants and verified the same information in a  non residents tax guide.

 

As far as Thai tax is concerned, it appears tax is only applied if the income is brought into Thailand during the year it is earned.  So it would appear provided you leave the funds offshore until the next year, no tax is payable in either jurisdiction.

 

Can anyone confirm this is correct ? Also could there possibly be anything in the double tax agreement which is a fly in the ointment ? I highly doubt it but best to be sure…

[Lamkyong]

what double tax agreement ??

[britishjohn]

UK / Thailand double tax agreement

[Ricardo]

15 hours ago, britishjohn said:

As far as Thai tax is concerned, it appears tax is only applied if the income is brought into Thailand during the year it is earned.  So it would appear provided you leave the funds offshore until the next year, no tax is payable in either jurisdiction.

 

Can anyone confirm this is correct ?

 

That matches my own understanding, and experience over the past decade or so, they operate on a calendar-year basis by-the-way, unlike the UK.

 

It was confirmed to us a few years back, by a major accounting-firm, in connection with the winding-up of an offshore family-trust. The trustees in Jersey were most impressed !

 

I bank offshore, my income/capital-withdrawls flow into that account every year and sit there, I then transfer funds here, or to wherever else I may need them, during the following year.  It is very simple to operate.

 

Sadly my only income-arising in Thailand is a few thousand Baht's-worth of bank-account interest, so I've never needed to bother the Thai tax-authorities.

Edited January 11, 2018 by Ricardo

[Easye]

Hi All,

 

Can someone assist my wife and I are based in Thailand. Over the past 6 months she has been receiving an allowance to live off into a Thai account the remaining salary has been paid into an Australian bank account through a foreign NGO who is based in Thailand. For tax purposes we are non-residents of Australia as we have not lived there for over 3 years. 

 

We are trying to organise for her salary to be taxed through Thailand as we are based here. Does anyone have a Thai tax agent they recommend that we can use?

 

Thank you