27 minutes ago, Mike Lister said:

Can you explain what you mean when you say this tax scheme, exactly what do you think will not be implemented?

 

Interesting trivia....the Thai corporate tax system ranks as 49 out of 64 on the list of most complex tax systems whereas the UK ranks number 39.

 

https://www.taxcomplexity.org/

2 minutes ago, Danderman123 said:

 

I don't think that's particularly meaningful or useful to be honest, it's just a bunch of every day people passing off the cuff comments. I thought you'd come across something that was more substantial.

26 minutes ago, Mike Lister said:

I don't think that's particularly meaningful or useful to be honest, it's just a bunch of every day people passing off the cuff comments. I thought you'd come across something that was more substantial.

I am posting the typical thinking of ex-pats who even know about this new tax scheme.

 

They put it in the same bucket as the digital wallet or closing the cannabis shops, ie pipedreams.

 

Outside of the small numberbof expats who have "official" income in Thailand (ie they are involved with the tax system already), there is no recognition that this scheme will be implemented.

 

I have left Thailand for 6 months, as a precaution, but I suspect not many others are preparing for this.

Just now, Danderman123 said:

This is a very widely held opinion.

 

Outside of this forum, I haven't seen many people who believe that this tax scheme will be implemented.

The tax scheme is already in place, but now income from previous year(s) must now be considered as income rather than savings, from 1st Jan 2024 going forward.

It has been mentioned that they are perhaps to issue a new tax filing form, for the small minority  that remit pre-taxed  overseas income, to allow listing of their taxes paid overseas, as a credit against the Thai Tax computation (where relevant).

Perhaps some administrative procedures need to be amended and implemented but nothing much.

I suppose there could be a legal challenge perhaps, that may form an opinion. 

16 minutes ago, UKresonant said:

The tax scheme is already in place, but now income from previous year(s) must now be considered as income rather than savings, from 1st Jan 2024 going forward.

It has been mentioned that they are perhaps to issue a new tax filing form, for the small minority  that remit pre-taxed  overseas income, to allow listing of their taxes paid overseas, as a credit against the Thai Tax computation (where relevant).

Perhaps some administrative procedures need to be amended and implemented but nothing much.

I suppose there could be a legal challenge perhaps, that may form an opinion. 

if there is still no enforcement planned, then expats will continue to ignore it.

Just now, Danderman123 said:

 

Minimum wages are revised in Thailand with effect from 01 January 2024. The minimum wage in Bangkok has increased from THB353. 00 THB363. 00 per day

6days x 363 x 52weeks = 113256THB  (not them)

 

The medium fish probably  using online or bank trading platforms, for traceable overseas  transactions, (part of the focus of the change), low hanging fruit. (easy)

 

Perhaps knowing that Expats are more likely to complain they shall provide an expedited service, for such.

 

 

Just now, Danderman123 said:

if there is still no enforcement planned, then expats will continue to ignore it.

Probably, but that is on their own responsibility and liability.  (maybe another article for the news section later)

 

I hope that the ones that would not be inclined to ignore it, but at least prepare for it, will become generally aware of the possibilities. Especially potential new arrivals planning

 

Such as avoiding being in Thailand for more than a cumulative 179 days (for any second) in the year they are doing large remittances, perhaps. (leap year, have to be out an extra day this year). Not a new precaution to do so...

Lol goodluck taxing me.. 😂

6 hours ago, UKresonant said:

The tax scheme is already in place, but now income from previous year(s) must now be considered as income rather than savings, from 1st Jan 2024 going forward.

It has been mentioned that they are perhaps to issue a new tax filing form, for the small minority  that remit pre-taxed  overseas income, to allow listing of their taxes paid overseas, as a credit against the Thai Tax computation (where relevant).

Perhaps some administrative procedures need to be amended and implemented but nothing much.

I suppose there could be a legal challenge perhaps, that may form an opinion. 

Exactly, the tax system already exists, it's in service and is used by millions. The one simple rule change is the only thing that new yet many posters look at it as if an entire new expat tax system is being rolled out but will be stopped in its tracks before D-Day.......it isn't those things at all.

6 hours ago, Danderman123 said:

I am posting the typical thinking of ex-pats who even know about this new tax scheme.

 

They put it in the same bucket as the digital wallet or closing the cannabis shops, ie pipedreams.

 

Outside of the small numberbof expats who have "official" income in Thailand (ie they are involved with the tax system already), there is no recognition that this scheme will be implemented.

 

I have left Thailand for 6 months, as a precaution, but I suspect not many others are preparing for this.

It sounds as though you've taken extreme measures for somebody who doesn't believe the new system will be implemented or enforced, you've already left as a precaution and it's not due for another year! You say one thing but you do another!

53 minutes ago, Mike Lister said:

It sounds as though you've taken extreme measures for somebody who doesn't believe the new system will be implemented or enforced, you've already left as a precaution and it's not due for another year! You say one thing but you do another!

I hope the new scheme won't be enforced, but I'm not taking any chances.

Just now, Mike Lister said:

Exactly, the tax system already exists, it's in service and is used by millions. The one simple rule change is the only thing that new yet many posters look at it as if an entire new expat tax system is being rolled out but will be stopped in its tracks before D-Day.......it isn't those things at all.

I quite like this short mention on youtube of the Tax change "Tax Increases You Will NOT Like in 2024" No2 on his sequence..

 

https://youtube.com/clip/UgkxFbvSFYfMPxlsFHlEldEudYJaCJR0eqej?si=LB7TLNTBdZti1GKb

 

 

 

I am completely in the dark about this new Tax on ex-pats, no idea if it will be scrapped or not, my 3 pensions add up to 900,000bht per year, with all the discounts I would get(I'm 67)  I think it would go down to about 400,000bt taxable income per year (I'm probably wrong) but if I'm right that would be 33000 x 12 =400,000, which would be 2,750bht per month, I know its probably tottaly wrong, I'm just trying to convince myself I have nothing to worry about money wise, I would have no problem paying 2,750 per month tax If I have to.

Is this tottaly wrong, I am a person that wants to do the right thing, peace of mind is everything to me.

59 minutes ago, Badrabbit said:

I am completely in the dark about this new Tax on ex-pats, no idea if it will be scrapped or not, my 3 pensions add up to 900,000bht per year, with all the discounts I would get(I'm 67)  I think it would go down to about 400,000bt taxable income per year (I'm probably wrong) but if I'm right that would be 33000 x 12 =400,000, which would be 2,750bht per month, I know its probably tottaly wrong, I'm just trying to convince myself I have nothing to worry about money wise, I would have no problem paying 2,750 per month tax If I have to.

Is this tottaly wrong, I am a person that wants to do the right thing, peace of mind is everything to me.

 

Similar here, but that 900,000 is taxed already in your home country before you get it? My biggest problem with this is it is NOT income, as a salary, but pensions we PAID FOR all our lives. I am thinking of opening a bank account in the Philippines and using an ATM card here if it comes to it.

5 minutes ago, BobBKK said:

 

Similar here, but that 900,000 is taxed already in your home country before you get it? My biggest problem with this is it is NOT income, as a salary, but pensions we PAID FOR all our lives. I am thinking of opening a bank account in the Philippines and using an ATM card here if it comes to it.

Yes you are correct about working all our lives to get a pension, yes we pay tax in our home country, all I want is peace of mind if that should cost me approx 2700bht per month I would gladly pay it.

 

11 hours ago, Danderman123 said:

I have left Thailand for 6 months, as a precaution, but I suspect not many others are preparing for this.

 

Seriously? You left Thailand for 6 months before you even knew if it would be implemented, and how?

 

Seems like a massive over-reaction given the tendency of the government to make stupid announcements that they cannot implement and then flip flop or simply pretend they never said it. 

I am tempted by the 35.85 USD/BHT right now, but I am holding off any transfers until 2025, must have patience.....must have willpower!

As usual with the Thais, this has not been thought out too well! If they tax all incoming remittances, who is going to bring money into Thailand to start a business or invest in anything here?

 

As for taxing pensions from other countries, that we worked all out lives for, and which have already been taxed at source..... goodbye Thailand.

1 minute ago, DaRoadrunner said:

As usual with the Thais, this has not been thought out too well! If they tax all incoming remittances, who is going to bring money into Thailand to start a business or invest in anything here?

 

As for taxing pensions from other countries, that we worked all out lives for, and which have already been taxed at source..... goodbye Thailand.

Some of us me in particular have no where else to go, I'm unable to relocate this is where I live.

15 minutes ago, Badrabbit said:

Some of us me in particular have no where else to go, I'm unable to relocate this is where I live.

 

Some of us have always looked at this as a temporary place to stay, even though I have been here going on 8 years now, there is no way I will cutoff all connection to my home country, especially knowing that Thailand looks at us as nothing more than ATM's.

3 minutes ago, lordgrinz said:

 

Some of us have always looked at this as a temporary place to stay, even though I have been here going on 8 years now, there is no way I will cutoff all connection to my home country, especially knowing that Thailand looks at us as nothing more than ATM's.

There may well come a point where you do that so never say never. I never imagined I would cut all ties with the UK but I no longer have any reason to visit. I still own property there which I will never occupy  again, I'm certain of that and which will be sold at the first opportunity. Times change, people change, circumstances change.

2 minutes ago, Mike Lister said:

There may well come a point where you do that so never say never. I never imagined I would cut all ties with the UK but I no longer have any reason to visit. I still own property there which I will never occupy  again, I'm certain of that and which will be sold at the first opportunity. Times change, people change, circumstances change.

 

Nope, I will always have an out, not taking any chances on Thailand, I've learned my lesson here, never trust this place or anyone in it.

well Im sorted ,, I have closed 2 of my 3 Thai bank accounts ,, sold one of my 2 homes here and repatriated the money to my EU bank , I already only plan to stay in Thailand max 150 days during winter months  so not resident and can easy get Non O multi entry visa  for that purpose in EU without keeping large sums ties up in Thai Bank  so only need funds for  stay but still have all the benefits , also only spending  150 days in UK the rest in EU on and EU passport , with most of my saving and investments in a low tax  EU  country with no inheritance tax  and my house in UK  is below IHT threshold for my kids ,  so managing to minimise exposure legally to very little tax anywhere , while still able to enjoy motorcycling in LOS  and Europe UK in Summer  . At least until I get to old for long range travel  and health issues , then it will be EU all the way until I pop my clogs.

14 hours ago, Danderman123 said:

 

Like these people have any credibility.

16 minutes ago, liddelljohn said:

well Im sorted ,, I have closed 2 of my 3 Thai bank accounts ,, sold one of my 2 homes here and repatriated the money to my EU bank , I already only plan to stay in Thailand max 150 days during winter months  so not resident and can easy get Non O multi entry visa  for that purpose in EU without keeping large sums ties up in Thai Bank  so only need funds for  stay but still have all the benefits , also only spending  150 days in UK the rest in EU on and EU passport , with most of my saving and investments in a low tax  EU  country with no inheritance tax  and my house in UK  is below IHT threshold for my kids ,  so managing to minimise exposure legally to very little tax anywhere , while still able to enjoy motorcycling in LOS  and Europe UK in Summer  . At least until I get to old for long range travel  and health issues , then it will be EU all the way until I pop my clogs.

 

Thinking of giving up the big bike this year at 55, I don't bounce so well anymore, and the idiot drivers here are getting more dangerous by the day. Too many close calls with motorcycles and cars passing, not caring that you are travelling in the opposing lane. That and I don't like having motorcycles/cars passing me in the same lane either, I want the whole lane for any emergency maneuvers needed, especially when I am leaned over in a corner.

16 hours ago, Danderman123 said:

Outside of this forum, I haven't seen many people who believe that this tax scheme will be implemented.

Actually, IT IS.

50 minutes ago, FritsSikkink said:

Like these people have any credibility.

What wrong with the statement regarding the LTR visa? Has RD. 743 been repealed? 

8 minutes ago, Ben Zioner said:

What wrong with the statement regarding the LTR visa? Has RD. 743 been repealed? 

No

1 hour ago, liddelljohn said:

also only spending  150 days in UK

 

So, if that's going to be an annual feature, you intend becoming UK resident for tax purposes? You're allowed an average of 91 days a year in the UK over a four-year period, and no more than 183 days in any single tax year.