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Really Need A UK Bank Account
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2,991
Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II
Bunk. If DTA says certain income, like govt pensions, are "exclusively taxable" by source country -- that's it. Thailand has no authority to tax same. But, using the US-Thai DTA: Thailand has "exclusive taxation" on US source private pensions. But -- because of the "savings clause" integral to the DTA -- the US also can tax these private pensions, although their taxation authority becomes secondary to Thailand's. And, as such, the US has to absorb a tax credit for the Thai taxes paid. Thus, Thailand gets to keep all taxes paid, and the US collects none -- if credit exceeds US tax bill. Or, collects the difference between US tax bill and the Thai tax credit. Result: You, the taxpayer, end up paying a tax bill equivalent to tax bill of the higher taxing country. Now, Thailand could, in the above example, decide to abrogate their "exclusive taxation" privilege of private pensions. This is a so-called "override," and is frowned against by the OECD, but is allowed if it doesn't violate the spirit of the DTA, mainly, avoiding double taxation. https://repository.law.umich.edu/book_chapters/330/ But, Thailand would be daft to override this "exclusive taxation" privilege -- and forego taxes needed for its coffers. Thus, their best avenue is to say nothing about excusing taxation, if taxes are paid in home country. As such -- in my case -- if I remitted my private pension income into Thailand -- and it amounted to "taxable income," because it exceeded TEDA and the freebie bracket -- I'd file a Thai tax return (if it didn't, I wouldn't -- with no chance of any repercussions of note). Thus, Thailand would collect taxes from me, they otherwise wouldn't had they put out a dictate of "no need to file Thai tax return for income taxes, if paid in home country." The final result: My total tax bill for the year wouldn't be any different if I only had to pay taxes to the US: Because the US has to "eat," via credit, the taxes I paid to Thailand (if any). And, if I had no Thai "taxable income" after subtracting out TEDA -- then no additional effort needed to get a TIN and file a Thai tax return. [But, if I owed Thai taxes, and had to file -- I could easily do this by mail, and not wasting time, gas, and parking by going to TRD. No big deal.] -
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UK Immigration - Stranger Danger!
Must be a quiet day at school. If you got more involved when you have no teaching, instead of writing drivel on your computer, you might get on better. By the way, your hourly rates are wrong and immigrants don't get houses. It seems you are not the one who should be answering your alter ego's questions. -
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Official: Trump Nominates RFK Jr. for Health Secretary
You raise an interesting point. "overwhelming scientific evidence". Who controls said scientific evidence? IMO someone coming in to shake up the CDC, NIH, big pharma and big food can only be positive. -
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Who's Gonna Win The Tyson Fight?
Cost me nothing as I already had Netflix for years 😉 -
5
Lockable metal storage box large size -where to buy?
150x60x60 easily deduced to cm. Obviously feet meters parsecs would be a little large, mm too dinky. But then again how would one who failed basic geometry ever know this simple deduction. -
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TM30 Reporting System Problem
Where are you at? Where I am, we have to show up and do it ourselves, or my wife, even it is an 3 hours round-trip, they do not give my wife permit to do it online. Only for registered hotels and guesthouses. So for my wife, drive to emigration on Thursday, and to renew my OA visa on Monday, when they do not let us do it same day. 2x 180km in less than one week. -
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Is This A Good Deal?
There are fields in China full of unwanted first generation electric cars. Nobody wants em, worthless. Battery technology keeps progressing at such a rate the cars become obsolete. Am I going to buy a new Chinese electric car? -
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new Wise account details, bank says fraud
Thanks. Yes WISE have all my Thai bank details. Have done transfers for years with them. It's just this new change that threw me. Next month will do a 5k into my wallet followed be opening Wise app and do transfer to my Thai bank from the wallet.
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