Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I

[Klonko]

6 hours ago, Mike Lister said:

I think it's been shown yet again that this thread is too long and unwieldy to be of real value, we've reached 300 pages so new commers can't find their way through a quagmire of posts to find much that's useful.

 

My proposal is that we start four or five new threads on specific aspects that we know should be discussed and this one is closed. I appreciate this thread holds sentimental value for some but let's be realistic, it's time has passed. Legal Strategies to Reduce Thai Tax is already up and running, we might start others topics we can agree on......what say you?

I respectfully disagree. It is easier to follow one thread and identify posts which may be interesting for me. Further,  posts could often not be clearly assigned to a specific thread. I returned to this thread after a one week break and was quickly up to speed again.

 

For example, this thread contains a lot of UK, US and Australian specific issues which are  not relevant for me.  But the respective discussion of accounting methods and DTA entails information and ideas which can be helpful for me and which I would miss if the thread is split up.

 

For newbies, separate threads will soon have 50+ pages each and old information will practically also not be retrievable. A feasible way to provide structured access to the information buried in 300 pages is to expand the tax guide, but I do not dare to ask for such undertaking.

 

 

 

 

 

[Mike Lister]

1 hour ago, Klonko said:

I respectfully disagree. It is easier to follow one thread and identify posts which may be interesting for me. Further,  posts could often not be clearly assigned to a specific thread. I returned to this thread after a one week break and was quickly up to speed again.

 

For example, this thread contains a lot of UK, US and Australian specific issues which are  not relevant for me.  But the respective discussion of accounting methods and DTA entails information and ideas which can be helpful for me and which I would miss if the thread is split up.

 

For newbies, separate threads will soon have 50+ pages each and old information will practically also not be retrievable. A feasible way to provide structured access to the information buried in 300 pages is to expand the tax guide, but I do not dare to ask for such undertaking.

 

 

 

 

 

Your comments on the first part are noted and will be considered along with all the others.

 

Expanding the tax guide: I feel we must know our limitations, which I think we may have already exceeded in some areas. The original concept was to give others the basic and core information, but where do you draw the line? We are not attempting to be a competitor to the likes of PWC but we do want to provide answers to the core questions that most will want answers for. Perhaps I would feel differently if other members were to compile sections they had researched but for the most part that hasn't happened, a contribution from a valued member on Gift Tax was perhaps the largest single contribution.

[Mike Lister]

If this thread were to be closed, what should replace it?

 

Gift Tax?

Strategies to Reduce/Avoid That Tax? (exists already)

Known Outstanding Issues? ( I would like to see this)

Feedback from Revenue Contacts (exists but not used)

 

I suspect that may be sufficient, eventually one of them will emerge to be the dominant tax thread.

 

Or maybe, we just close this one and start a Part II thread that is shorter and easier to navigate?

 

[JohnnyBD]

5 hours ago, Mike Lister said:

Or maybe, we just close this one and start a Part II thread that is shorter and easier to navigate?

This is a very good idea with a link at the beginning to the Part I thread for those that want to browse through 290 pages of posts. Also, links to the other relevant topics for those who want to browse threads like; Outstanding Issues, Feedback from Revenue contacts, Strategies to reduce or avoid taxes, Gift taxes, Inheritance, etc.

[Mike Lister]

1 minute ago, JohnnyBD said:

This is a very good idea with a link at the beginning to the Part I thread for those that want to browse through 290 pages of posts. Also, links to the other relevant topics for those who want to browse threads like; Outstanding Issues, Feedback from Revenue contacts, Strategies to reduce or avoid taxes, Gift taxes, Inheritance, etc.

Great minds think alike, that's exactly where I got to

[JohnnyBD]

7 hours ago, Klonko said:

I respectfully disagree. It is easier to follow one thread and identify posts which may be interesting for me. Further,  posts could often not be clearly assigned to a specific thread. I returned to this thread after a one week break and was quickly up to speed again.

What if he started a new Part II thread with a link to the Part I thread for those that want to browse through 290 pages of posts. He could also, add the links to the all the other relevant topics for those who want to browse threads like; Outstanding Issues, Feedback from Revenue contacts, Strategies to reduce or avoid taxes, Gift taxes, Inheritance, etc.

Right now, there are too many different threads and some are hard to find because people are not posting on them. Just my thoughts.

[Mike Lister]

Two troll posts were 

hidden

[jayboy]

I'm a little abashed to ask this question because I feel I should know the answer.Anyway here goes.

 

I understand that foreign earnings if they are assessable after 31.12.2023 are taxable in the year remitted.What would be the case if I earned money in 2024 but kept it offshore for say three years, and then remitted it.Would it still be taxable in Thailand?

[Mike Lister]

1 minute ago, jayboy said:

I'm a little abashed to ask this question because I feel I should know the answer.Anyway here goes.

 

I understand that foreign earnings if they are assessable after 31.12.2023 are taxable in the year remitted.What would be the case if I earned money in 2024 but kept it offshore for say three years, and then remitted it.Would it still be taxable in Thailand?

Yes it would, there is nothing special about waiting three years before remitting the funds.

[jayboy]

1 minute ago, Mike Lister said:

Yes it would, there is nothing special about waiting three years before remitting the funds.

 

Thanks.That's what I expected.

[TroubleandGrumpy]

22 hours ago, KhunHeineken said:

Interesting link.

 

https://www.lexology.com/library/detail.aspx?g=43262106-5c2b-4c47-9406-a19d79a53276#:~:text=Under the Thai Revenue Code,attach documents or any other

 

"Under the Thai Revenue Code, Thai tax authorities have the power, under certain circumstances, such as in the case where the authorities believe there is tax evasion or any person has filed a false or incomplete tax return, to enter into any places or vehicles in order to search, seize, or attach documents or any other evidence, or to issue a summons call upon a taxpayer and/or a witness and ask for relevant accounts, documents, or any other evidence. However, in normal circumstances, even when the tax authorities are not authorized to directly call upon a taxpayer or request any documents or evidence from the relevant parties, the tax authorities still obtain information and documents in relation to financial transactions and tax payments from both domestic and foreign sources.

We gather the relevant tax mechanisms that the Thai tax authorities use to access your information so that you can be prepared to comply smoothly with those regulations and requirements."

So, they have the power of entry into your premises to seize and summons. 

And whatever the Officer decides is yuour 'tax bill' must be paiud within 7 days with an option to extend another 7 days, and then and only then can you appeals - in Thai only.  

[Mike Lister]

This thread, the Tax thread Part I,  has been running for 8 months, contains nearly 9k posts and has been viewed over 450k times. The thread is too unwieldy for members to usefully navigate hence for that reason is now closed. The discussions on Thai Tax will continue in Part II and this is linked here.

 

Several other related tax threads exist and these are listed and linked below, this list will be updated as soon as new related threads are started.

 

The Introduction to Personal Income Tax in Thailand, initially referred to as the Simple Tax Guide, is  here.

 

Links to Thai Tax Consultancies  is here. 

 

Legal Strategies to Reduce Thai Tax is here.

 

Feedback from Revenue Contacts is here. 

 

A discussion on Gift Tax is here (to be created)