Foreigner Invests In Property Development In Thailand

[ideaman]

A foreigner is investing in a property development buisness with 10 villas.

He has a Thai and a Scandinavian bank account...

His share of the net profit is around 20 million Baht.

If these 20 million Baht over a 2 year period is paid into his Thai bank account, will he have to pay tax of the money?

And how much?

He has no work permit in Thailand as he don't live here. He lives and works in Scandinavia.

What if his Thai partner transfers the money to his Scandinavian bank account, does this partner then need to pay the tax? And how much?

[RAZZELL]

A foreigner is investing in a property development buisness with 10 villas.

He has a Thai and a Scandinavian bank account...

His share of the net profit is around 20 million Baht.

If these 20 million Baht over a 2 year period is paid into his Thai bank account, will he have to pay tax of the money?

And how much?

He has no work permit in Thailand as he don't live here. He lives and works in Scandinavia.

What if his Thai partner transfers the money to his Scandinavian bank account, does this partner then need to pay the tax? And how much?

I take it this is all hypothetical?

RAZZ

[ideaman]

C'mon guys and gals....someone out there must know, no?

[mortenaa]

I think Company Income Tax in Thailand is 30% on net profits. Try search the forum aswell.

[ideaman]

I think Company Income Tax in Thailand is 30% on net profits. Try search the forum aswell.

Yes, I know about the Company Income Tax of 30%.

But this foreigner doesn't have a company in Thailand, he only invests.....the Thai partner will pay the 30% income tax of course before splitting the profit with the foreigner....but then what I ask is, will this foreigner need to pay tax once again? And in case Yes, how much? I've searched high and low and I simply can't get an answer.....even contacted the Revenue Department, who also said they didn't know !! ???