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

[NoDisplayName]

50 minutes ago, Sheryl said:

Again, as I explained:  if you are from a country with a double Tax Agreement, and if the money you bring in has already been taxed (at the time earned) in your home country or is currently subject to tax there, it cannot be taxed in Thailand.

 

 

How is the victim to 'prove' that a savings account has been taxed?

 

And can we expect that we must pay the tax, and only later will be permitted to submit a complicated application for a refund?

[Hokeus]

If they do redefine the classification on “tax residents” to include foreign retirees residing in Thailand for more than 183 calendar days per year then the tax due on 800K of retirement income would still be fairly minimal.
 

The tax code provides for the first 150K of income to be tax exempt and the rest would be taxable on a sliding scale starting at 5%, then 10%, then 15%, then 20%. And the 20% rate only applies to income above 750K. 

 

In addition, these new guidelines appear to mainly be targeted at residents and non-residents on their assessable income derived from employment or business carried on in Thailand, regardless of whether paid in or outside Thailand.

 

With this new legislation they are seemingly mainly wanting to tax Thai citizens who are conducting some form of e-commerce business from within Thailand, but where the revenue and income they are receiving from the business is paid into an account outside of Thailand. 

[Thaindrew]

7 minutes ago, JackGats said:

LTR ("long-term-resident"). There's an active thread on Aseanow about that visa.

thats based on current tax law and applies to everyone, if the tax law changes its likely to change for everyone

[NorthernRyland]

18 minutes ago, spidermike007 said:

They cannot even enforce tax laws at home. How are they going to attempt to police overseas income? Perhaps they could get the weak, and highly complicit banks to cooperate?

Good point. Let's start a list of "things Thailand can't even enforce at home" and it will include things like going 100k/hour in a school zone while belching out black smoke.

 

If they get involved in collecting taxes on a mass scale their minds will melt.

[mokwit]

Just now, Thaindrew said:

thats based on current tax law and applies to everyone, if the tax law changes its likely to change for everyone

It is exempt due to BOI status so that could remain.

[domdom]

It is written for "TAX RESIDENTS".. As you all know, even if we want, we  (pensioners) cannot get any document from tax department because, they say we are not tax residents...

Have a good day

[david555]

Keeping your official residence in home country ,but living 5months and 29 days in Thailand on ret. ext . as a "Silver SnowBird " would solve this for sure i guess ..

 

If tax treaty exist with home country and Thailand ....

[flexomike]

1 hour ago, lordgrinz said:

I pay US taxes every year, they do not look the other way, ever! So, you'll have to elaborate on your simplistic response.

 

[PingRoundTheWorld]

10 minutes ago, ChasingTheSun said:

Fairly easy to just tax all money coming in from overseas.

Sure- they could tax all bank transfers (though that would be literal suicide for the economy), but then people will just bring in cash. Sure- they can tax currency exchange (yet another financial suicide), but then people will just use credit/debit cards to pay for everything. Sure- they can tax all card trans....no, no they can't. Easily? nah.

[Jelli]

10 minutes ago, damo1967 said:

Brilliantly said!  Old fuddy duddy's LOL!   

Are some of these people (who just absolutely reek of 'success' in their lifetimes) now worrying about the regular 'handouts' from their government because they have not been mature enough to manage their lives financially in the past?  They can't have their cake and eat it to lol.

 

Pensions aren't handouts. Quite the opposite. It's money stolen from you over your lifetime returned to you at 2-3% interest decades later.

 

I think US SS is minimum like 7.5% and the limits are quite high.

[mokwit]

2 minutes ago, Thaindrew said:

thats based on current tax law and applies to everyone, if the tax law changes its likely to change for everyone

It is exempt due to BOI status so that could remain.

[Thaindrew]

1 minute ago, mokwit said:

It is exempt due to BOI status so that could remain.

possible, but I think it would then be held up as discrimination by individuals who have paid for more expensive visas.

[Jelli]

1 minute ago, PingRoundTheWorld said:

they can tax all card trans....no, no they can't. Easily? nah.

Easy.

[ThaiFelix]

2 hours ago, Isaan sailor said:

Thailand to tourists—please come.

Thailand to expats—please leave.

No.  I think its more like:

Farang, we want your money.

We would rather you just sent it but stayed home,

but if you have to come we'll still take it and more.

 

Now the current criminal organisation running my country, the Australian Government, has taken my pension even though I have followed all the rules, such as 35 years minimum service etc because I have stayed too long outside of Australia.  Its because they want me to spend my money in Australia and consume there thus paying gst.  They dont want me to spend MY money in Thailand. 

 

In addition, even though I am an Australian citizen, born and worked all my life in Australia, because I am an expat they have pigeon holed guys like me along with the chinese investors/speculators and charge us a straight up 50% tax on my investment property if I sell.  If that aint enough I now have to pay the Thai govt a percentage as well every time I transfer funds here to live on.  You would think the Thai government would be happy just having those foreign reserves brought into and spent in the country. 

 

Dual taxing, dual pricing, its all legal thuggery!

[John Drake]

59 minutes ago, JayBird said:

Is it possible that those in Thailand elite which is a tourist visa, do not pay taxes.  But those on a retirement or marriage visa will?

 

(For purposes of bringing in money for spending or even to put in the bank for income requirement)?

Actually, I think it is all those people on Thai Elite and who just re-upped before the increase in TE prices who are going to get reamed on taxes. They're the ones bringing in all the income outside taxable monies from abroad. Chinese and Russians about to get a big shakedown, I think.

[Hokeus]

26 minutes ago, ChasingTheSun said:

Overseas debit cards usually charge between 7% to 10% FX fees/commissions  for thai baht transactions.

Almost as bad as any tax Thailand would likely charge for many people.

Checkout Wise. No overseas transaction fees. FX rates are also based on the interbank rate, minus a small fee. 

[Liverpool Lou]

2 hours ago, seajae said:

so does this mean all incoming money transfers from abroad

Did you not read the link that explains to whom the new arrangements apply?

[mokwit]

Just now, Thaindrew said:

thats based on current tax law and applies to everyone, if the tax law changes its likely to change for everyone

It is exempt due to BOI status so that could remain.

[DaRoadrunner]

As if we needed to be reminded of how tenuous our position is here. The Thais can change the rules and do what they like. If they do this the new rules will be typically well thought out in true Thai manner. Total chaos and a lot of departing farang will result, taking our money with us. Does anyone remember the dreaded tax clearance certificate that one had to obtain from the Thai tax dept before immigration would allow us out of the country. Cambodia begins to look more appealing.

[renaissanc]

I wonder what the government will do if the money comes from a bank account in another country, which is in a different name to one's own, i.e. someone else sends you money. Surely, that would not be taxed as "personal income tax". 

[recom273]

I wonder how long it will take to implement?

 

Maybe the same time as the "Big Bike License" that was approved but never implemented, maybe at the same time as the digital wallet.

 

After tax is paid, will we get to enter national parks at regular prices?

[mokwit]

2 minutes ago, DaRoadrunner said:

Does anyone remember the dreaded tax clearance certificate that one had to obtain from the Thai tax dept before immigration would allow us out of the country.

That was really smart, a lot of foreign experts needed for Thailand's development decided they didn't want to work in "that country that won't let you out without a lot of paperwork".

[paddypower]

2 hours ago, lordgrinz said:

In the USA we are tax residents of the USA no matter where we live, thankfully there is a tax treaty between the USA and Thailand.

I've always found it odd that even though you are no longer residing in the US, you are taxed on your world income, based on your citizenship. although of course the upside is you qualify for US social security benefits...

[NoDisplayName]

41 minutes ago, Taboo2 said:

They are learning from the American IRS....which is the world's # 1 crooks and thieves on the planet.  No one can compete with the American IRS...they worship money...it is their God!

They even tax military pay overseas, with the exception of additional combat pay.

[NorthernRyland]

6 minutes ago, Jelli said:

Quite the opposite. It's money stolen from you over your lifetime returned to you at 2-3% interest decades later.

"it's not stolen because you could have chosen to kill yourself so it was really your choice in the end" 

[mokwit]

2 minutes ago, recom273 said:

After tax is paid, will we get to enter national parks at regular prices?

Sure, and you will be allowed to vote as well - no taxation without representation.

[RocketDog]

2 hours ago, ezzra said:

For all we know, that could open the flood gates for other money grabs by the government now...

As well as enslavement of first born male son. Seems pretty likely to me.

????

 

[Thaindrew]

7 minutes ago, Hokeus said:

Checkout Wise. No overseas transaction fees. FX rates are also based on the interbank rate, minus a small fee. 

HSBC have a global debit card that has no transaction or exchange fees and even gives a rebate on spend

[jesimps]

2 hours ago, doctormann said:

I believe that there is also a tax treaty between UK and Thailand.

Being an ex civil servant, my state and civil service pensions are taxed in UK at source. The government grabs it before the residue is paid to me. I assume this would make me exempt here, but who knows. It remains to be seen if I remain here or am forced to return to the dreaded land of my birth.

[Conquerbrqvilok]

Is it like this Thailand thanks us for bringing money and helping their bankrupt economy?? I was on a mission during covid 2019-2021 and opened an account it an IBAN is also a multicurrency account after 6 months I checked my account as I was receiving money from Italy i found they added 22% interest on my principal amount, simply I earned 22% of what o received without doing nothing

This country become disgusting and shameful, they barely think once a year, and once they think they vomit ideas that make you sick