Plan to attract a million foreign investors stalls yet again: TAX breaks are the sticking point

[Gabor56]

Nothing

 

[248900_1469958220]

When all this Covid malarkey is over, after the Baht has tanked and and hardly a tourist has set foot here for over 2 years.....I would think any sane Thai would welcome with open arms any tourist willing to come here, even hippies....there I said it EVEN HIPPIES!! I think the Thais are going to learn that 'beggars cant be choosers' and this will be a very hard one to take. Things are bad. They are worse than anyone in power would ever dare to admit. I shudder to think how this place looks after another year of this. However......

 

I am looking forward to 3 large Leos for 100 Baht, endless tourist visas, 1000 Baht "looooooong time" 

[ukrules]

When they give me a passport I will consider paying some tax.

 

This will never happen because I would do nothing more than fill out a single form. No interviews, no language tests, nothing.

 

I will never hold a Thai passport, ever.

[geisha]

Maybe someone here has the time to number and name all the failed ideas of the government. If they have enough paper that is.

[mrfill]

4 hours ago, mikebell said:

I am British and was taught a million had SIX noughts.  So how many in a billion, please?  And a trillion too?

When I was a kid in the UK, a billion was a million million (i.e. 12 zeroes, nowadays referred to as a trillion).

A thousand million (9 zeroes, nowadays referred to as a billion) was called a milliard.

The UK government changed to use the exaggerated american terms in 1974.

[UKresonant]

Why not just give non-Thai national, a 2.4million baht personal tax allowance, don't bother them unless they are clearly bringing in more than that in direct, in year, income. 

The concept of differences is already present, they can say it is to compensate for the double to x10 pricing based on appearance.

Keep it simple, Think of the VAT revenue????

 

The more Thai end Bureaucracy for Non-Thai nationals, the less they want to come (and spend)! Less FX for the Thai economy, less VAT return. Less win-win scenarios. 

 

Edited July 23, 2021 by UKresonant

[whiteman]

Thailand the HUB of Tax RORTS

[scorecard]

5 hours ago, Shuya said:

After that it will be another one, then another one, then another one... Just not to confess it was destined to fail from the beginning. 

The headline details mentions buy condos.

The original proposal mentions buying land in own name.

[Almer]

2 hours ago, TheFishman1 said:

I wonder where they come up with these great ideas TIT

Keeps them in work

[Almer]

1 hour ago, 248900_1469958220 said:

When all this Covid malarkey is over, after the Baht has tanked and and hardly a tourist has set foot here for over 2 years.....I would think any sane Thai would welcome with open arms any tourist willing to come here, even hippies....there I said it EVEN HIPPIES!! I think the Thais are going to learn that 'beggars cant be choosers' and this will be a very hard one to take. Things are bad. They are worse than anyone in power would ever dare to admit. I shudder to think how this place looks after another year of this. However......

 

I am looking forward to 3 large Leos for 100 Baht, endless tourist visas, 1000 Baht "looooooong time" 

I think you will be somewhat right

[Almer]

56 minutes ago, geisha said:

Maybe someone here has the time to number and name all the failed ideas of the government. If they have enough paper that is.

I will do it fir a small fee, but at 72 i dont know whether it will ever get completed.

[Misty]

1 hour ago, 248900_1469958220 said:

When all this Covid malarkey is over, after the Baht has tanked and and hardly a tourist has set foot here for over 2 years.....I would think any sane Thai would welcome with open arms any tourist willing to come here, even hippies....there I said it EVEN HIPPIES!! I think the Thais are going to learn that 'beggars cant be choosers' and this will be a very hard one to take. Things are bad. They are worse than anyone in power would ever dare to admit. I shudder to think how this place looks after another year of this. However......

 

I am looking forward to 3 large Leos for 100 Baht, endless tourist visas, 1000 Baht "looooooong time" 

There will be a vacuum and a great sucking sound, which will be filled by money and influence from a heavily populated country to the north

[newnative]

Umm.  Tax breaks aren't the only 'sticking point'.   

[248900_1469958220]

16 minutes ago, Misty said:

There will be a vacuum and a great sucking sound, which will be filled by money and influence from a heavily populated country to the north

Laos????? BwhahahaHAHAHAHAHAAAAAA!!????????????????

[Mavideol]

4 hours ago, Hockeybik said:

Will 1,000,000 rich Chinese come here to buy condos?

nothing is off the table here.... in Thailand a couple of magic words like "expect, hope, wish, anticipate, dream..."  555

[Autonuaq]

Thailand has signed the treaty which also includes the treaties to avoid double taxation. Signing of this treaty means that the country where the world income falls according to the treaty may also levy taxes such as income tax. Means that if Thailand wants to be able to collect income tax, it must cancel this treaty or grant the foreigners permanent residency.

 

Canceling the treaty will not be a logical step, so it could be good news and mean to be able to get this done all foreigners get a permanent residence permit, which puts them on a par with the Thai as it is now the case with a permanent residence permit. With this provision Thailand acquires the right to be able to collect the world income.

 

A point of attention is that people who make use of this must have the choice of law on the legally concluded marriage and associated with it, because after 10 years, according to international law, this automatically transfers to Thai law if this choice has not been made.

[BadBouy]

Ten years, will the visa still be good after the next coup? Can't be many years left on this group. I know when I think long term investment Thailand is the first place that comes to mind "NOT".

[DBath]

"However the sticking point, previously reported and now rearing up again is the proposal to have foreigners pay just 17% income tax instead of the usual 35%."

 

After all, 0% must surely be better than 17%, never mind all the money those rich farangs would pump into the economy. ????

[itsari]

Foreigners allowed better tax breaks than the small percentage of tax payers in Thailand ? Cant happen

[sammieuk1]

Imagine the COE and visa time needed setting this up  I'm on day 23 and going nuts at the shambles of what was once just booking a flight ????

[khunPer]

4 hours ago, AMFWolfie said:

Maybe I'm missing something here. Surely income tax is only paid on actual income generated in Thailand. How will this effect wealthy retirees or anyone they are looking to attract that is not actually working in Thailand??

If you stay in Thailand for more than 180 days days you are tax resident in Thailand, and shall pay income tax to Thailand, which is actually the case for all foreigners staying here for more than 180 days.

 

Any income from abroad is taxable in Thailand, if it's brought into Thailand - i.e. transferred - during the same calendar year that earned.

 

If a foreign income is already taxed in a foreign country, like many retirement pensions are, and the is a double taxation agreement between the foreign state and Thailand, the income will not be double taxed.

 

For some people it can be a benefit, if their income taxation follows the country of tax-residence, and theryby to have the income taxed in Thailand, if the income tax percentage is lower. This is for example the case for some European countries; however, those countries might insist on taxation as country of source for the payout, for example retirement pensions paid by a government, or retirement savings based on tax deductions in earlier income...????

[ricardofel]

The incompetents continue to run the asylum!

 

[The Hammer2021]

6 hours ago, Smithson said:

The point of attracting foreigners is to bring money to the government/country. Why should they pay less income tax than locals or long term expats, many of whom are self employed?

Because they pay more overall tax due to their higher income. Lower tax brackets might attract wealthy investors but it is the ease of doing business, of setting up a business that attracts people plus a stable rule of law that treats people justly. Who in their right mind would come to a country where swaggering gun men in jackboots wander around checking 'papers', entering dance clubs, breaking up parties and potentially arresting workers. Massive established conglomerates can cope with these problems but not small independent business operators.

[raccos21]

It is more sounds like they plan to attack foreigners’ millions.

[Uroller]

Wouldn’t it be a better idea to focus on getting on top of the pandemic???? It should be the only priority and I find it very alarming that the military not police were going around restaurants in Phuket (Boat Avenue) checking that alcohol was not being served after 9 pm. 

[Destiny1990]

Including to own a single landplot or?

[kynikoi]

How about they just stay in Florida or Greece?

 

Boats, women, nice weather, decent beaches, good food.

 

Problem solved

[DefaultName]

5 hours ago, Hockeybik said:

Will 1,000,000 rich Chinese come here to buy condos?

If this scheme allows them to actually OWN the land, I wouldn't put it past the Chinese government to sponsor them to do just that.

[Kwaibill]

And an apparently botched Covid response has no effect on investor confidence?

[kynikoi]

The reality is they can't square the circle. They want everything yet give nothing.

 

I do mean nothing. What are they proffering? Nothing. A person that does in on this scam their life will be no different in terms of privilage than the average retree on 1900b visa.

 

They need to stop digging.