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


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Posted
11 hours ago, thaibreaker said:

A better link for you here. Updated, and it shows 0 percent taxes up to 250.000 NOK pension, for 2023.

65.000 baht a month should equal around 235.000 NOK a year.

 

That's my reality, as well as others with similar income, for me by choice (from 62 years old). 

Thailand can't compete with that. 

 

https://www.smartepenger.no/skatt/1905-skatteprosent-pa-pensjonsinntekt

Yes, as long as you are not voluntary member of Folketrygden. If you live in Thailand you are imposed to report your address to Folkeregisteret. As not living in Norway you are no longer part of Folketrygden unless you have asked for voluntary membership. If you are, then you must pay 7,4% of your pension regardless of the size of your pension. So for you to get 0 tax from Norway you must:
1. Not be a voluntary member of Folketrygden
or
2. Not reported that you live in Thailand, which you are imposed to do.
I hope for you that 1 is the correct answer.

Posted
8 hours ago, thaibreaker said:

Lol. It's you who don't know about taxes for lower income in Norway. Get down from your high horse, and read up. Start with the link above. It's never too late to learn something.

I must repeat you: Lol!
Ask anybody who might know me. Say my name and ask if I have any insight about tax, wether norwegian or thai. You might be surprised ????

Posted
1 minute ago, jonny on the spot said:

Thanks for the 2 answers, good man.

With my situation, i only care about the money i have here now, the money i have sent here over the last 10 years (in case they start some back dating ideas) and the money i need to bring here in the future. Which is all savings/property sales in London and Spain nothing i have earned here.

But my biggest fear is the inevitable <deleted> up they will make of this, the thousands of interpritations in each office or civil service employee i speak to. What constitutes proof of tax paid, this translation is signed in the wrong colour pen yada yada yada.

Its great in Thailand until i need to interact with any government agency.

I wouldn't worry just yet, it is an idea, but when they start working on how to implement the idea, I reckon there will be a lot of head scratching....????

 

Just imagine the blokes that don't live here, but have a retirement visa for LOS in their passport, now if I were one of those, I probably would worry....????

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Posted
5 minutes ago, transam said:

I wouldn't worry just yet, it is an idea, but when they start working on how to implement the idea, I reckon there will be a lot of head scratching....????

 

Just imagine the blokes that don't live here, but have a retirement visa for LOS in their passport, now if I were one of those, I probably would worry....????

True that. However wait and see as a plan has never worked out too well for me in Thailand.

But i suppose we will wait and see ????

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Posted (edited)
1 hour ago, Geir Rasch said:

I must repeat you: Lol!
Ask anybody who might know me. Say my name and ask if I have any insight about tax, wether norwegian or thai. You might be surprised ????

The percent you pay as a member of Folketrygden, called trygdeavgift, is not 7.4 percent for pensions. It is 5.1 percent.

This is not included in the zero tax graphics in the link. The tax is zero percent up to 250.000. The trygdeavgift of 5,1 percent is considered more as a membership of all the goods Norway offer.

 

????That membership, I will personally do everything to keep that. It's voluntary if you live in Thailand, correct. It secures free health care and a lot more benefits.

 

Btw, I am sure you know a lot about taxes. I have never said different. But I found your first two post very condescending, and also not entirely correct in my case (with low income). There are more people who knows a thing or two.

Just saying.

Edited by thaibreaker
Posted (edited)
17 hours ago, clearance said:

So, for example, if I'm a foreigner who lives in Thailand on an Elite visa. In 2024 I'm planning to buy a house or apartment there. I will transfer money from my savings abroad. And they will tax me for 35%?

 

No, they will not tax you 35%  Banks are not the income tax dept. The bank may report the transfer to the treasury/amlo and Thai tax people (CRS) who will share the financial info with your home country tax office.

Edited by freeworld
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Posted
3 minutes ago, Dogmatix said:

I think anything you remit to TH before 1 Jan 2024 is home and clear but after that maybe not. 

 

What happens is that fill in your PNG 90 tax return which hopefully will be revised adding spaces to deduct DTA tax credits on overseas income by Jan-Mar 2025 which will be the first time you have to report this stuff (i.e. for the l2024 tax year) and you will pay tax based on that calculation, if any is owing.  Then they will send you a letter with a list of supporting documents you have to submit to the RD which will for sure include evidence of the sale of property or whatever generated the income and evidence of tax credits, if you are claiming any, all probably with certified and notarised Thai translations.  They will attempt to match the tax credits with the income to be sure there is a match which may only be the case, if you remit the exact amount you paid tax on.  They will have many reasons to reject your tax credits to be sure.

Bleak aint it

Posted (edited)
2 hours ago, Geir Rasch said:

Yes, as long as you are not voluntary member of Folketrygden. If you live in Thailand you are imposed to report your address to Folkeregisteret. As not living in Norway you are no longer part of Folketrygden unless you have asked for voluntary membership. If you are, then you must pay 7,4% of your pension regardless of the size of your pension. So for you to get 0 tax from Norway you must:
1. Not be a voluntary member of Folketrygden
or
2. Not reported that you live in Thailand, which you are imposed to do.
I hope for you that 1 is the correct answer.

It's 5.1 percent of pensions, not 7.4.

 

I never said I was living in Thailand. I wrote I was living in Norway. For me it's not a problem to balance the days between Thailand and Norway, so I won't miss out on the membership of Folketrygden, free health care and such. It's too valuable to miss out on.

 

My original post was aimed at the Brit who got a pension from Norway. I got the answer I was looking for, so I'm all good.

Move on.

Edited by thaibreaker
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Posted
26 minutes ago, Middle Aged Grouch said:

The farangs who have not declared in their home country the purchase for their house in Thailand should start to worry and quickly sell.

I don't think that owning a house is reported. It will be reported when there is buying or selling of the house and any financial transaction in and out of a bank account or if one has to report in their home country any immovable assets held outside their home countries. This is dystopian levels of govt control.

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Posted
19 hours ago, mokwit said:

No i don't remember them backing down on TM30, neither do the IO's enforcing it at extension time.

Years ago they started a 'campaign' and people who had spent one day in a hotel were being fined when the Hotel did not submit the TM30, and again when they did not do the TM28 or TM30 when they got back home.

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Posted
53 minutes ago, Middle Aged Grouch said:

Very true.

 

As mentioned before, many house owners from Europe, the UK, the US who have not declared their real estate in Thailand are going to be in some serious hot soup......mainly in France and the USA amongst others,  that have merciless and ruthless tax laws for their commoners....

Sorry to be stupid, do you mean i should declare my houses in Thailand to the Thais, or the UK?

Posted
1 hour ago, Middle Aged Grouch said:

The farangs who have not declared in their home country the purchase for their house in Thailand should start to worry and quickly sell.

Good point - anyone on a Government Pension/Payment and that has a bank account or property in Thailand should make sure this is known to the relevant authority in their home country. 

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Posted
On 9/21/2023 at 10:20 AM, JimTripper said:

A lease on record for a certificate of residence? That has the rent in it right there. Did you pay tax on it?

did the landlord pat tax or VAT on it .... the implications are never ending

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