FridgeMagnet1 Posted September 15, 2022 Share Posted September 15, 2022 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 Link to comment Share on other sites More sharing options...
fdsa Posted September 15, 2022 Share Posted September 15, 2022 (edited) 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 1 Link to comment Share on other sites More sharing options...
FritsSikkink Posted September 15, 2022 Share Posted September 15, 2022 (edited) 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 1 Link to comment Share on other sites More sharing options...
FridgeMagnet1 Posted September 16, 2022 Author Share Posted September 16, 2022 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 Link to comment Share on other sites More sharing options...
FridgeMagnet1 Posted September 16, 2022 Author Share Posted September 16, 2022 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 Link to comment Share on other sites More sharing options...
FridgeMagnet1 Posted September 16, 2022 Author Share Posted September 16, 2022 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 Link to comment Share on other sites More sharing options...
fdsa Posted September 16, 2022 Share Posted September 16, 2022 check this thread https://aseannow.com/topic/1268470-tax-residence-certificate/ Link to comment Share on other sites More sharing options...
FritsSikkink Posted September 16, 2022 Share Posted September 16, 2022 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. 1 Link to comment Share on other sites More sharing options...
FridgeMagnet1 Posted September 16, 2022 Author Share Posted September 16, 2022 2 hours ago, fdsa said: check this thread https://aseannow.com/topic/1268470-tax-residence-certificate/ Aready got a TIN from my employers Link to comment Share on other sites More sharing options...
FridgeMagnet1 Posted September 16, 2022 Author Share Posted September 16, 2022 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. Link to comment Share on other sites More sharing options...
metisdead Posted September 16, 2022 Share Posted September 16, 2022 (edited) 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 Link to comment Share on other sites More sharing options...
sanmyintmaung Posted September 16, 2022 Share Posted September 16, 2022 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. 1 Link to comment Share on other sites More sharing options...
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