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

[stat]

7 hours ago, freeworld said:

In this day and age it should be quite easily provable. Online records and bank statements, salary slips, tax submissions etc... are available everywhere or should be obtainable.

easy sure, you mean like proving that you have 800K Baht in the bank where the bank book has to be from the same day and from a thai bank ???? ... Not to mention that they the receipts you mentioned are in a different language then English in most cases.

[DavisH]

1 hour ago, Hummin said:

But what would the tax be on 780,000 Baht, not small for sure !

30-40K baht or thereabouts. 

[stat]

2 hours ago, Hummin said:

Well, since I'm stil working in Norway, pay tax to Norway, nothing will be changed for me even I stay 8 months as planned. 

Every interest, capital gains on stock, cryptp you earned in the 8 month you stayed in TH could be taxed...

[DavisH]

1 hour ago, Jenkins9039 said:

They will be flush with cash, our cash!!!

 

How about taxing the Thais, just 3% pay taxes, and every farang road is full of wags that do side hustles and don't pay tax, <deleted> me, 90% of the Thai's i meet scream poverty whilst earning 20,000+ in the grey economy and not declaring or paying.

Unless the Thai is a governmnt worker, and they pay tax on evey baht earned. My wife wife is paying tax on her civil servant pension. Fortunately she can still work full time and that does not affect the pension (unlike in Australia). 

[stat]

7 hours ago, Thaindrew said:

the big issue is whether if you are here for more than 180 days will they force you to do a tax return, I'd say its likely now, if you declare no funds bought to Thailand they are likely to ask questions about how you can live. If they tie in immigration and you have a "married" or "retirement" visas they are also likely to check that the funds you declare on a tax return match what you have to declare for those visas. You could though bring in with cash, atm / credit card etc funds over and above what you have to declare for your visa and that would probably go unnoticed.

My current plan is I get donnations from relatives that send me money to Thailand in the form that I have their credit cards. However the law could be read in its worst form that all cap gains, interest, dividends  are taxable even without them being brought into Thailand.

Edited September 19, 2023 by stat

[Hummin]

1 minute ago, stat said:

Every interest, capital gains on stock, cryptp you earned in the 8 month you stayed in TH could be taxed...

First we will see how this will work out in practice. A good option is to continue stay at least 180 days in Norway.

 

 

[Thaindrew]

10 minutes ago, DavisH said:

30-40K baht or thereabouts. 

71000 baht actually 

 

[kwilco]

2 hours ago, Thaindrew said:

based on bringing in 780,000 a year, which is what a person on a retirement visa has to bring in officially, so reasonable that RD set that as a minimum, then tax is 71,000 a year, less than 10% but its still a nice chunk of money.

 

Everybody contributes to Thailand - why should you pay less?

[Jenkins9039]

1 hour ago, Thaindrew said:

Thai Baht is also dropping ...

No <deleted>, demand for it will crash with this news.

[gamb00ler]

5 hours ago, jaideedave said:

A quick look at your suggestion yielded this: Schwab currently cannot open accounts for residents of your country/region. Please check back with us in the future. 

I think they do accept Thai residents, although I did not verify by applying for an account.  I use a US address to continue the account I opened with them 36 years ago.

[kwilco]

2 hours ago, Thaindrew said:

based on bringing in 780,000 a year, which is what a person on a retirement visa has to bring in officially, so reasonable that RD set that as a minimum, then tax is 71,000 a year, less than 10% but its still a nice chunk of money.

 

You realise how littl that is compared to UK or USA?

 

Have you never paid taxes in this country?

THere are loads of deductions and loop holes etcetc - I suggest you  get an accountant and sort it out.

Type of Allowance	Amount
Deductible expenses for income	50% of income (capped at 100,000 baht)
Personal allowance	60,000 baht
Spouses (with no income)	60,000 baht
Child (with income not exceeding 30,000 baht) (Under 20 years of age, regardless of whether he is studying; or under 25 years of age, but he must be studying at a university, either in Thailand or abroad. There is no limit on the number of natural children that can be claimed, but there is a limit of three when claiming adopted children.)	30,000 baht per child
Second child born from 2018 onwards (Same criteria as for “Child Allowance” above)	60,000 baht per child
Health insurance premiums paid by the taxpayer*	Amount actually paid, but not exceeding 25,000 baht
Life insurance premiums paid by the taxpayer*	Amount actually paid, but not exceeding 100,000 baht
Provident Fund contributions (PVF) **	Up to a maximum of 500,000 baht, but not exceeding 15% of income
Retirement mutual fund (RMF) **	Up to a maximum of 500,000 baht, but not exceeding 30% of income
Super Saving Fund (SSF) **	Up to a maximum of 200,000 baht, but not exceeding 30% of income
Home mortgage interest	Amount actually paid, but not exceeding 100,000 baht
Charitable contributions	Amount actually donated, but not exceeding 10% of income after standard deductions and allowances. There is a double deduction allowed for donations to educational organizations, but not exceeding 10% of income.

 

Edited September 19, 2023 by kwilco

[metisdead]

A post contravening our Community Standards has been reported and been removed.  

[SuperSaiyan]

1 hour ago, stat said:

You forgot that Germany has the top spot regarding tax rates, with the US and others being a distant competitor. For example if you trade options and future your tax rate can easily go over 100% in Germany, no joke! Top income tax starts at around 65000 USD and is 45%.

 

Stocks, Options, etc. are taxed 25% in Germany.

[statman78]

On 9/18/2023 at 12:21 PM, Cadan said:

Simple solution - fly back home and bring allowed cash I believe 20,000$ per trip - banks will make less transfer fees - another way is the cash transfer or ATM 

The limit is $10,000 per person or couple traveling together for undeclared cash.  If you fill out the correct form the amount is almost unlimited.

 

I’ve done this several times and carried well in excess of $10,000 USD from the US to Thailand 

Edited September 19, 2023 by statman78

[Lorry]

11 minutes ago, statman78 said:

The limit is $10,000 per person or couple traveling together for undeclared cash.  If you fill out the correct form the amount is almost unlimited.

 

I’ve done this several times and carried well in excess of $10,000 USD from the US to Thailand 

The standard way around this as practiced by many governments is too ask incoming travelers how much cash they carry. If the answer is not truthful, all the cash is forfeited.

[Puccini]

18 hours ago, K2938 said:

https://en.wikipedia.org/wiki/Common_Reporting_Standard

Thank you.

[NanLaew]

1 hour ago, Hummin said:

First we will see how this will work out in practice. A good option is to continue stay at least 180 days in Norway.

 

 

One can always make it more than a 2-country option. Plenty to see and do in a third country and eliminate falling foul of any 180-day rules anywhere.

[NanLaew]

1 hour ago, Thaindrew said:

1 hour ago, DavisH said:

30-40K baht or thereabouts. 

71000 baht actually 

Then there are deductions for being above a certain age, being married, children at home, caring for oldies, etc..

 

Play your cards right and the RD will owe you money!

[stat]

2 hours ago, Hummin said:

First we will see how this will work out in practice. A good option is to continue stay at least 180 days in Norway.

 

 

Thats why I wrote could (happen) and you stated all no problem ignoring all the (possible) red flags . BTW the moment you will learn how this law will be handled is in 2025 and then you could be in deep deep <deleted>... That is what I pointed out no more no less

[stat]

1 hour ago, SuperSaiyan said:

 

Stocks, Options, etc. are taxed 25% in Germany.

Sorry you are mistaken. Tax is 26,375% and in case of trading futures,options etc there is a max loss of 20K accepted by the governement So if you make a 200K Loss and a 200K Profit you earned 0 but you have to pay 180K*0,26375= 47475€ in tax . I case you want to learn more and speak German (only over 1000 page). Some people will have to file for bankruptcy due to this law.

https://www.wallstreet-online.de/diskussion/1317120-1-10/tradings-steuerregel

Edited September 19, 2023 by stat

[Lorry]

22 minutes ago, stat said:

accepted by the governement

You should write "accepted by the law"

[rabas]

8 hours ago, jaideedave said:

A quick look at your suggestion yielded this: Schwab currently cannot open accounts for residents of your country/region. Please check back with us in the future. 

Your look was too quick.  That page comes from a google link with no input data.

 

Go here  https://international.schwab.com/open-account-intro

Click the [open account] button in the upper right.

Go down to [Select country/region] and choose Thailand. Enjoy.

 

I have a joint account as an American with a Thai address and my Thai wife.

[SuperSaiyan]

13 hours ago, stat said:

Sorry you are mistaken. Tax is 26,375% and in case of trading futures,options etc there is a max loss of 20K accepted by the governement So if you make a 200K Loss and a 200K Profit you earned 0 but you have to pay 180K*0,26375= 47475€ in tax . I case you want to learn more and speak German (only over 1000 page). Some people will have to file for bankruptcy due to this law.

https://www.wallstreet-online.de/diskussion/1317120-1-10/tradings-steuerregel

 

It's actually 25% + 5,5% Solidarity surcharge tax.

 

With the other stuff you are basically right,

Edited September 20, 2023 by Rimmer

[LikeItHot]

It says it would apply to tax residents which most of you are not.  If you are not working and earning and filing tax returns here this does not apply to you.  

[LikeItHot]

On 9/18/2023 at 11:09 AM, NoDisplayName said:

This is not just earned income or capital gains.  It seems to mean any funds that "in come" to Thailand will be considered income and taxed, including from personal savings.

 

And this would confirm it.  Wise transfers from a personal savings accounts outside Thailand would then be considered taxable income.

 

We'll see, but I suspect requiring expats to file Thai tax refund forms every year to maybe get back some of the 15% on their savings they brought in over the year may result in a good number moving elsewhere.

 

Expats living on their savings and interest, not earning enough to pay tax in their home countries, may not find the relevant tax treaties to be relevant.

 

 

They can't force people to transfer money in like 65000 a month and then say ok now that's taxable income.  If that precedent is set they could just say ok now you must transfer in 100000 and the raise it every year to generate more taxes. 

[pp00]

On 9/18/2023 at 4:57 AM, connda said:

Eventually someone is going to write, "Does that mean farang's pension income too."

Short answer would probably be "No," at least for those countries with bilateral tax agreements with Thailand.  If you're paying income tax in your home countries, then Thailand has no claim to tax the income twice.

Do not hope for that. Thailand never cared for such details and never cared about thing beyond their borders. Good bye Thailand

[NoDisplayName]

17 minutes ago, LikeItHot said:

They can't force people to transfer money in like 65000 a month and then say ok now that's taxable income.  If that precedent is set they could just say ok now you must transfer in 100000 and the raise it every year to generate more taxes. 

Shhhhh...........don't give them ideas!

[pp00]

On 9/18/2023 at 5:21 AM, lordgrinz said:

It will be interesting to see how this plays out, I guess I could just stop sending anything over here, which is fine with me.

Not sure you undestand the problem. You need to deposit 800000 baht for your 1 year visa. They will tax that. So after a few months that money is gone. Then you need to pay in again. And it gets taxes again...

[Antti]

I bet the guys running the Elite Visa scheme are not thrilled about this. They just jacked up the prices of the Elite visas considerably and now this. They must be swarmed with emails and phone calls regarding this.

[hondoelsinore]

5 hours ago, stat said:

Every interest, capital gains on stock, cryptp you earned in the 8 month you stayed in TH could be taxed...

Huge chasm between could be and would be.....