Let's Talk Taxes!

[FruitPudding]

Let this thread be where you post any tax questions you have!

 

1. If I sell an investment using a broker/exchange outside of Thailand, I don't have to pay tax unless I bring the money back into Thailand during the same tax season as the capital gain was realized? Is my understanding correct? Or do I have to wait a full 12 months, regardless of the tax season deadline?

 

2. Supposing I didn't keep the gains, but I did send them back to Thailand as a gift to someone else during the same tax year (i.e. I give my friend/wife/dad the money by sending it to their Thai bank account). Could this be considered illegal? It doesn't sound like tax evasion to me, but maybe tax avoidance

 

3. If I invest in the US stock market (as a non-US citizen) from Thailand (Thailand is my tax residence) using a broker in Europe, do I owe America taxes? 

 

4. For the crypto traders out there: does Thailand tax crypto to crypto transactions? 

 

5. Are crypto/stock gains to be declared on the same form as, let's say, regular work income?

 

6. What are the penalties for tax evasion? (Either filling out the form incorrectly or not doing a tax return at all).

 

 

IMPORTANT NOTE: I don't intend this thread to be a place where illegal activity is conspired, but a place where we can discuss the facts and be better informed.

 

Edited June 3, 2018 by FruitPudding

[lkv]

Most of these are answered by Google but I'll take a shot.

 

1. Should the money resulted from.the sale be paid into a foreign account and then subsequently transferred into Thailand, who is to say that money is a profit resulted this year or 10 years ago? This loophole is still there because rich Thais are benefiting from it. The Tax Department is not actively pursuing these type of matters.

 

2. If you sent money to your girlfriend, again who is to say that money represents overseas stock market profits or savings or pension or whatever. The onus would not be on you anyways, but the GF. But this also is not actively pursued. Should she be receiving large amounts, say millions of dollars all of the sudden,  it would be more related to AMLO rather than the Tax Department.

 

3. As a non resident alien, simply making profits on the US stock market, you are not liable for tax. More info here.

https://www.investopedia.com/ask/answers/06/nonusresidenttax.asp

 

4. Crypto market is unregulated, how can anybody have access to a wallet to wallet transaction? If it goes through a Thai exchange, that may be a different story.

 

5. Not sure if anybody knows what the forms are, I don't think most expats have seen one before if you know what I mean. The ones working here may have, but I have a feeling those are mostly declaring local generated income. 

 

6. See below what the law says, however I have not heard of any case so far where foreign income is involved to go through courts, unless fraud or money laundering is involved.

 

http://sherrings.com/tax-evasion-law-thailand.html

 

More importantly, the last paragraph states the intention is not to send people to jail, but to increase revenue collection. So if it came to it, we would be talking fines.

Edited June 3, 2018 by lkv