Bangkok gubernatorial election candidates attempt to woo support from street vendors
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88
Maga/Trump's big ugly bill set to kick 14 million Americans off their health care coverage
New MAGA slogan: We're gonna make America great! But if you can't pay, you can't stay! -
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Accident Big Bike Crash Leaves Rider Dead – Final Wave Farewell Before Crash
One extremely loud bike less. -
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Taxation of worldwide income for Thailand Tax Residents?
With respect, I believe some clarification on that is needed. There is no explicit OECD membership requirement mandating that a country must adopt a global taxation system (taxing worldwide income of residents, regardless of where it is earned or remitted) over a remitted taxation system (taxing only income brought into the country). The OECD does not prescribe a specific tax system as a condition for membership. Instead, OECD membership involves meeting a broad set of criteria related to economic, governance, and policy standards, including commitments to transparency, good governance, and cooperation in international tax matters. To re-iterate, the OECD sets guidelines for tax cooperation, compliance, and transfer pricing rules, but it does not mandate a particular taxation system (global vs. remittance). Instead, it focuses on preventing tax avoidance, encouraging transparency, and ensuring that multinational companies pay their fair share of taxes, especially under its Base Erosion and Profit Shifting (BEPS) initiative. While OECD countries tend to follow the global taxation system, this is not an explicit requirement for membership. A country can remain an OECD member while implementing a remittance-based or territorial tax system, as long as it adheres to broader OECD principles regarding transparency and anti-tax avoidance measures. In Thailand’s case, the current system taxes foreign-sourced income of residents only when remitted to Thailand, and yes, proposed changes to tax worldwide income (even if not remitted) are being discussed under the excuse to align with global tax practices and OECD standards. These proposals are partly motivated by Thailand’s ambition to join the OECD, suggesting that while not a formal requirement, adopting a global taxation system may be seen as aligning with OECD principles of tax fairness and transparency. However, Thailand’s existing remittance-based system is not inherently incompatible with OECD membership, as evidenced by other non-OECD countries with similar systems (e.g.,possibly Malaysia ??? .. < unsure > ... I think Malaysia has been a key partner state of OECD OECD since 2007 ?? (ie not a full OECD member) and I believe Malaysia still has a remitted system, although I believe it has introduced some global taxation aspects (but not all) ... and perhaps like Thailand they are talking about full global taxation?? ... I may not be up to date here ) ... When I surfed on this, I read that some countries with a 'purported' territorial (or global) taxation system, in fact have closer to a mix of the two ( ie mix of global and remitted). These OECD countries being Chile, Costa Rica, Ecuador, Panama, Singapore, Hong Kong, Malaysia (as already mentioned), Guatemala, Thailand (as already discussed in this thread), and to a much lessor extent Mexico. But the point is, my understanding is that there is an absence of a clear OECD mandate against territorial taxation , and further some who are OECD members do not have a 'full' global taxation system, but have a mix of global and remitted. -
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Friendship Supermarket Closed
I buy LOADS of stuff off Lazada......But get real.....If you need meat,milk,vegetables, ketchup etc etc you go to a supermarket and or Makro.. And Friendship is absolutely the best supermarket in Pattaya... -
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Report Foreign Earnings Taxed Under New Thai Rules - But With Exceptions
Right. If they can push the BOT to strengthen the baht even more - completely without economic sense as the country isn't earning foreign currency because of no tourists and weak exports - then a bonanza of tax-free foreign remittances arriving in hard currencies (USD) at a falsely inflated baht, will strengthen their foreign reserves more than the government would earn from fewer tourists paying VAT or corporate export taxes.
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