Taxes on money transfer

[Aforek]

Hi, 

 

I don't speak of fee but of taxes ( from the e-revenue office )

in case of transfert of money from overseas to have a fixed account ( 800000 bahts ) to show to the immigration, do we have to pay taxes to the e-revenue ( I guess it's an government office ) for these 800000 bahts ?

 

thanks 

[jackdd]

As i told you in your other thread already, income is only taxable if you bring it into Thailand in the year it's earned.

So if the 800k are just savings from the years before you don't have to pay any tax.

[Aforek]

57 minutes ago, jackdd said:

As i told you in your other thread already, income is only taxable if you bring it into Thailand in the year it's earned.

So if the 800k are just savings from the years before you don't have to pay any tax.

ok, do you have a link to a text ( at least in English, but even better, in Thai ? ) thanks 

[userabcd]

https://www.pwc.com/th/en/publications/assets/thai-tax-2017-18-booklet-en.pdf

https://www.thailandlawonline.com/revenue-code/income-tax-law-in-the-revenue-code#ii

 

You may:

• Search the web for many other ref manuals and booklets of the big accounting firms practicing in Thailand concerning personal tax info.
• Contact the revenue office to clarify with them directly.

[Aforek]

6 hours ago, jackdd said:

As i told you in your other thread already, income is only taxable if you bring it into Thailand in the year it's earned.

So if the 800k are just savings from the years before you don't have to pay any tax.

In the link sent by  userabcd, I read this " whether paid within or outside Thailand, and on assessable income derived from foreign sources to the extent that it is brought into Thailand in a year in which income is received"

English is not my language, but I think to understand , as you say, that only income received this year ( 2018 ) is subject to taxes ; so years before, no taxes for income received for instance in 2016 and 2017

correct ? 

 

[orientalist]

6 hours ago, Aforek said:

English is not my language, but I think to understand , as you say, that only income received this year ( 2018 ) is subject to taxes ; so years before, no taxes for income received for instance in 2016 and 2017

correct ? 

 

Correct. Anyone who resides in Thailand more than 180 days in a year is liable to pay income tax on income in Thailand or earned overseas and remitted to Thailand the same year. Money earned in previous years is considered "savings." But actually nobody seems to be checking, and many retirees have their pensions sent here without being hassled for tax.

 

Those of us who claim refunds for withholding tax on savings accounts in Thailand need to be a little more careful about this, just in case anyone at the Revenue Dept gets suspicious. I make sure my foreign bank interest is collected and sent in one or two transfers to a near-empty foreign bank account in December, then send it to Thailand with TransferWise in January. So there is an easy-to-follow "in-last-year, out-this-year" record in case the tax office ever asks me.