Question about Taxes or general income Taxes.

[Sam564]

Hello thai visa community,
 

i have a little question about Thai taxes in general, my situation is as follows.

 

I earn from Free lancing or Online Sales (Amazon, Ebay and Ali express)  a monthly Profit at least 10000 Euros(sometimes 15- 20k but lets say that 10k its my normal earnings).

All my earnings i earn OUTSIDE of Thailand, i do NOT own a Business in Thailand eighter.

Now my money its all outside of Thailand, what would happen if i moved like monthly 8000 - 10000 Euros into a Thai Bank?

 

Any Taxes? Any Income Taxes?  I can expect a easy income like 4- 5 mil Bath

 

And what its the best bank to transfer money from Europe or USA to Thai bank? I have SCB, Kasikorn, and the Bangkok Bank.

I had no trouble to open a bank account, just went their with 100000 bath to each of them and said i would like to deposit the money, they gave me a nice Visa or Mastercard credit card as-well.

I was really treaded nicely, more nicely then those guys from German bank employees :).

 

I studied in Germany and just finish my studies and got back to Thailand after 29 Years outside of Thailand.

I been living in Europe and the US for all my Life(i am 30 Years old).

 

So what would happen in my case?

I talked to my relatives(Thai),  they say..... i can pay someone and i don't need to pay anything or something like that in that direction.....

But for me that's a NO GO. Any advise would be awesome.

 

I been living now in Thailand for 1 month now.

Edited March 30, 2018 by Sam564

[Sam564]

Example, If i sent around 8100 EUROS,  do i have to pay fees at the kasikorn bank?

[55Jay]

I leave the earnings/taxes to someone else, but for moving some money into Thailand from US, I (and other TV members here) use Bangkok Bank. 

 

You can do on-line internet banking transfers from a US bank/institution to their New York Branch, which makes it a "domestic" transfer.  

 

Bangkok Bank New York then deposits the funds into your Bangkok Bank account in Thailand, in Baht, converting at the TT rate.   My transfers typically take 48 hours and cost me about $12.00 USD for $2,000 dollars +/-.  Fees are all Bangkok Bank, my US bank doesn't charge for the domestic transfer.

 

I believe Bangkok Bank has a branch in London that offers a similar procedure. 

 

http://www.bangkokbank.com/BangkokBank/InternationalNetwork/Pages/Default.aspx

Edited March 30, 2018 by 55Jay

[Sam564]

27 minutes ago, 55Jay said:

I leave the earnings/taxes to someone else, but for moving some money into Thailand from US, I (and other TV members here) use Bangkok Bank. 

 

You can do on-line internet banking transfers from a US bank/institution to their New York Branch, which makes it a "domestic" transfer.  

 

Bangkok Bank New York then deposits the funds into your Bangkok Bank account in Thailand, in Baht, converting at the TT rate.   My transfers typically take 48 hours and cost me about $12.00 USD for $2,000 dollars +/-.  Fees are all Bangkok Bank, my US bank doesn't charge for the domestic transfer.

 

I believe Bangkok Bank has a branch in London that offers a similar procedure. 

 

http://www.bangkokbank.com/BangkokBank/InternationalNetwork/Pages/Default.aspx

 

 

I have my money with payoneer, as i do business in Amazon, cn and com. All my income goes true their.

Now they say that they will send the amount: 311,164.91 THB  My question is still, If Payoneer sends it in Bath. Will the Thai bank still charge me fees? Shouldn't happen right? Bath its like a local transfer, or am i mistaken?

[55Jay]

Ah, OK, I don't know anything about that,  so I'll leave it there.

 

Good luck, cheers.

[wordchild]

I would avoid transferring money from outside Thailand into Thailand in baht, firstly rates for baht purchase offshore are significantly worse , generally, than you would get in Thailand.  And secondly, it may trigger extra questions from your bank, (to satisfy Bank of Thailand requirements ) eg where/why did you obtain baht outside Thailand?

On taxation the answer is yes, your income brought in monthly, in the way you describe, from outside Thailand, could be subject to Thai income tax. As a general rule current year income ( even if earned outside )transferred into Thailand,  is subject to Thai tax. If you hold income offshore until after December 31 in any given year, then ( under current guidance)  you would be regarded as transferring in your savings or capital and this would then not be subject to Thai tax. 

[Sam564]

49 minutes ago, wordchild said:

I would avoid transferring money from outside Thailand into Thailand in baht, firstly rates for baht purchase offshore are significantly worse , generally, than you would get in Thailand.  And secondly, it may trigger extra questions from your bank, (to satisfy Bank of Thailand requirements ) eg where/why did you obtain baht outside Thailand?

On taxation the answer is yes, your income brought in monthly, in the way you describe, from outside Thailand, could be subject to Thai income tax. As a general rule current year income ( even if earned outside )transferred into Thailand,  is subject to Thai tax. If you hold income offshore until after December 31 in any given year, then ( under current guidance)  you would be regarded as transferring in your savings or capital and this would then not be subject to Thai tax. 

 

Thanks for the anwser, how much tax do i have to pay if i i earn yearly 4 to 6 mil Bath?

Do the Thai goverment have some thing like a Tax rate like in US oder Germany?

Edited March 30, 2018 by Sam564

[wordchild]

Why on earth would you want to pay tax?

[wordchild]

Tax rates would scale in a similar way to other countries, probably less than Germany more than USA ( depending on state).

but you have NO legal obligation to pay tax in Thailand if your earnings are offshore as you suggested in your first post.

what you should do, to be safe, is simply hold your earnings in a bank offshore until sometime after the end of the calendar year, then you can legally and safely bring them into country completely tax free.

[Sam564]

okay thanks, but what if i send money like 300-400k Bath every month, would i raise suspicion with the bank?  I mean do i have tell them how i make the money?

i mean its none of their business right?

Again i don't want to do anything illegal, and i wont in anyway pay a stupid Government officers(my reratives advised me to do that)just so i can pay less or no taxes.

[Sam564]

2 hours ago, wordchild said:

Why on earth would you want to pay tax?

i thought everyone pays taxes :), its a unsure time as those Juntas are in charge of everything.

 

2 hours ago, wordchild said:

Tax rates would scale in a similar way to other countries, probably less than Germany more than USA ( depending on state).

but you have NO legal obligation to pay tax in Thailand if your earnings are offshore as you suggested in your first post.

what you should do, to be safe, is simply hold your earnings in a bank offshore until sometime after the end of the calendar year, then you can legally and safely bring them into country completely tax free.

 

Would the 30% taxrate apply to me in this Case? And do they do that yearly?

Edited March 30, 2018 by Sam564

[IsaanFam]

So, what Ebook are you going to sell me if I asked you via PM how you do your Amazon #Dropshipping? 

[Sam564]

9 minutes ago, IsaanFam said:

So, what Ebook are you going to sell me if I asked you via PM how you do your Amazon #Dropshipping? 

 

I dont sell Ebooks :)

[blackcab]

8 hours ago, Sam564 said:

okay thanks, but what if i send money like 300-400k Bath every month, would i raise suspicion with the bank?

 

Send foreign currency not Baht.

 

If you do that the banks couldn't care less. Many foreigners send many millions of Baht in foreign currency.

[wordchild]

1) do not remit (significant)  funds to Thailand in baht, this can cause a red flag , and, at the least, subject you to questions. Exactly as  Blackcab says above, remitting foreign currency will cause no issues.

2)to (legally) avoid tax do NOT  remit money as you earn it every month. hold your earnings offshore outside Thailand until Jan 1 of the year following the year in which you earned the money. Frankly, for the amounts you are talking about , you would  be well below the radar anyway and almost certainly no one would  ask questions. But if you want to be completely safe and also completely legal  bringing money into Thailand in the year after you earned it would ensure that you would have no (Thai ) tax liability even if the Tax people found out about it and questioned you.