Overseas salary / dividend into Thailand

[FridgeMagnet1]

I live and work in Thailand for a Thai company, have a work permit and pay social security etc 

 

But i also have a company in Estonia and want to take some money out. And pay it into my Thai account 

Can anyone recommend an advisor or accountant who can advise me on this? 

There is all sorts of stories about overseas income and the tax status of that here, so I’d like to get real advice  
 

 

Thanks   

[fdsa]

I don't have any real information and even my Thai accountant doesn't know what to do with the overseas dividends LOL but I've read online that you have to pay 10% on dividends from abroad, and 10% on salary if it is 0-500k THB per year or 20% if 500k-1000k or 30% if it is above 1000k per year.

I will be very grateful if you share your experience because I plan to do the same in the next few months.

 

My Thai company accountant suggested to transfer the money to the Thai company bank account instead of a personal bank account, and withdraw money from the Thai company bank account. But it seems overcomplicated to me.

Edited September 15, 2022 by fdsa

[FritsSikkink]

Dividend's are paid to shareholders unless your Thai company is a shareholder of the Estonian one his suggestion is not the right one. You as a share holder can get paid dividend on a private account there, pay tax in Estonia and take money out of that account with an Estonia bank card. Salary could use the same process.  

Edited September 15, 2022 by FritsSikkink

[FridgeMagnet1]

11 hours ago, fdsa said:

I don't have any real information and even my Thai accountant doesn't know what to do with the overseas dividends LOL but I've read online that you have to pay 10% on dividends from abroad, and 10% on salary if it is 0-500k THB per year or 20% if 500k-1000k or 30% if it is above 1000k per year.

I will be very grateful if you share your experience because I plan to do the same in the next few months.

 

My Thai company accountant suggested to transfer the money to the Thai company bank account instead of a personal bank account, and withdraw money from the Thai company bank account. But it seems overcomplicated to me.

Yeah, sounds complicated and I don’t have a Thai company bank account.

 

been stuck on this for a while. I’ll share my findings 

[FridgeMagnet1]

6 hours ago, FritsSikkink said:

Dividend's are paid to shareholders unless your Thai company is a shareholder of the Estonian one his suggestion is not the right one. You as a share holder can get paid dividend on a private account there, pay tax in Estonia and take money out of that account with an Estonia bank card. Salary could use the same process.  

I thought about this, but because im

not Estonian and don’t reside there I can’t get a personal account in Estonia 

unless I’m very much mistaken

[FridgeMagnet1]

The issue is reporting the taxation in Thailand

 

There is no company tax in Estonia until I get my accounts audited and take a dividend. Salary is tax free there IF I show evidence of reporting my personal income tax here in Thailand

where I have a TIN

 

i just don’t know how to report my Income Tax here on an overseas salary.

 

if I get audited and pay myself a dividend, it’s 20% corporation tax in Estonia and whatever it is here in Thailand on personal income from dividends  

[fdsa]

check this thread https://aseannow.com/topic/1268470-tax-residence-certificate/

[FritsSikkink]

40 minutes ago, FridgeMagnet1 said:

The issue is reporting the taxation in Thailand

 

There is no company tax in Estonia until I get my accounts audited and take a dividend. Salary is tax free there IF I show evidence of reporting my personal income tax here in Thailand

where I have a TIN

 

i just don’t know how to report my Income Tax here on an overseas salary.

 

if I get audited and pay myself a dividend, it’s 20% corporation tax in Estonia and whatever it is here in Thailand on personal income from dividends  

You can ask you HR or Finance department to help with your yearly tax declaration, done between February - April. On that tax form you can declare your Estonian income besides your Thai income. Then you will get a paper from the tax department what tax you still need to pay. This can be done in one go or you can pay equal parts in 3 months time.

[FridgeMagnet1]

2 hours ago, fdsa said:

check this thread https://aseannow.com/topic/1268470-tax-residence-certificate/

Aready got a TIN from my employers 

[FridgeMagnet1]

2 hours ago, FritsSikkink said:

You can ask you HR or Finance department to help with your yearly tax declaration, done between February - April. On that tax form you can declare your Estonian income besides your Thai income. Then you will get a paper from the tax department what tax you still need to pay. This can be done in one go or you can pay equal parts in 3 months time.

Thanks, that’s interesting. I’ll probably do that.

 

 

[metisdead]

A post advocating the use of illegal activities and the replies have been removed.

 

A post commenting on moderation has been removed.

Edited September 16, 2022 by metisdead

[sanmyintmaung]

6 hours ago, FritsSikkink said:

You can ask you HR or Finance department to help with your yearly tax declaration, done between February - April. On that tax form you can declare your Estonian income besides your Thai income. Then you will get a paper from the tax department what tax you still need to pay. This can be done in one go or you can pay equal parts in 3 months time.

You can also use RD Samart Tax application from Revenue Department Thailand to declare the dividend income and calculate the amount of tax owed for the current financial year.