ukrules Posted October 10, 2023 Share Posted October 10, 2023 19 minutes ago, KannikaP said: Well you show me your calculations please. I just entered a monthly amount into the UOB calculator which is available here UOB tax calculator : https://www.uobam.co.th/en/tax-calculation Maybe there's some allowances I missed but we're like 45/50 years old so I doubt there's much. Link to comment Share on other sites More sharing options...
Popular Post KannikaP Posted October 10, 2023 Popular Post Share Posted October 10, 2023 On 10/9/2023 at 6:12 PM, Mike Lister said: I do not suggest that CRS and international taxation standards are connected, they are two different things. Wish I knew what CRS was............Canadian/ Cambodian/ Chinese/ Croatian Revenue Service? 3 Link to comment Share on other sites More sharing options...
MJCM Posted October 10, 2023 Share Posted October 10, 2023 57 minutes ago, ukrules said: 17k a year on 65k Baht a month? Nah more like 71k (Figures just basic thus no deductions etc etc) Link to comment Share on other sites More sharing options...
MJCM Posted October 10, 2023 Share Posted October 10, 2023 3 minutes ago, KannikaP said: Wish I knew what CRS was............Canadian/ Cambodian/ Chinese/ Croatian Revenue Service? Common Reporting Standard https://en.wikipedia.org/wiki/Common_Reporting_Standard Link to comment Share on other sites More sharing options...
ukrules Posted October 10, 2023 Share Posted October 10, 2023 1 minute ago, MJCM said: Nah more like 71k (Figures just basic thus no deductions etc etc) Age related allowances might come into play here which is why I questioned it. The older you are, the less you pay, apparently. 1 Link to comment Share on other sites More sharing options...
MJCM Posted October 10, 2023 Share Posted October 10, 2023 (edited) 2 minutes ago, ukrules said: Age related allowances might come into play here which is why I questioned it. The older you are, the less you pay, apparently. That is why I said 4 minutes ago, MJCM said: (Figures just basic thus no deductions etc etc) Edited October 10, 2023 by MJCM Link to comment Share on other sites More sharing options...
Dogmatix Posted October 10, 2023 Share Posted October 10, 2023 (edited) One issue I am looking is assessable income on sale of UK property. If I sell, UK CGT will be 28%. Presumably the RD is going to want to tax the principle since I was already a Thai tax resident when I purchased it and I have no way of showing it was purchased from taxed income. So, if I remit to Thailand only the profit on which UK CGT has been paid and not the principle, would the RD accept a tax credit for the 28% CGT and just charge me the difference between the top rate of Thai tax of 35% and 28%? Or would they even accept that the principle is not assessable? I don't suppose they have bothered to think about this sort of issue or will just charge 35% on principle that was already overseas and profit with hopefully a tax credit for the CGT. At any rate it is iniquitous and unfair to charge 35% tax on remittance of property proceeds when Thai property is taxed at a flat rate that hardly ever gets over 5% of the appraisal value and that is not even added to your annual income. So you can sell hundreds of millions worth of Thai property and not even be at the top 35% tax rate that kicks in over 5 million. You would think they would want to encourage rich Thais who buy property for their kids studying in London to sell up and remit the profits back to Thailand when they don't need the property any more with reasonable tax rates but they are just applying a sourced earth policy like the communists have taken over or something. I suppose the Thai investors can just remit the principle back and leave the profits overseas but that is not beneficial for the Thai economy. Edited October 10, 2023 by Dogmatix 1 Link to comment Share on other sites More sharing options...
KannikaP Posted October 10, 2023 Share Posted October 10, 2023 8 minutes ago, ukrules said: I just entered a monthly amount into the UOB calculator which is available here UOB tax calculator : https://www.uobam.co.th/en/tax-calculation Maybe there's some allowances I missed but we're like 45/50 years old so I doubt there's much. Very useful site. Makes it all so simple, and not too expensive. Link to comment Share on other sites More sharing options...
Popular Post Mike Lister Posted October 10, 2023 Popular Post Share Posted October 10, 2023 9 minutes ago, KannikaP said: Wish I knew what CRS was............Canadian/ Cambodian/ Chinese/ Croatian Revenue Service? Take your pick: https://www.acronymfinder.com/CRS.html I rather like, Cosmic Ray Subsystem 3 Link to comment Share on other sites More sharing options...
Mike Lister Posted October 10, 2023 Share Posted October 10, 2023 Just now, Dogmatix said: One issue I am looking is assessable income on sale of UK property. If I sell, UK CGT will be 28%. Presumably the RD is going to want to tax the principle since I was already a Thai tax resident when I purchased it and I have no way of showing it was purchased from taxed income. So, if I remit to Thailand only the profit on which UK CGT has been paid and not the principle, would the RD accept a tax credit for the 28% CGT and just charge me the difference between the top rate of Thai tax of 35% and 28%? Or would they even accept that the principle is not assessable? I don't suppose they have bothered to think about this sort of issue or will just charge 35% on principle that was already overseas and profit with hopefully a tax credit for the CGT. At any rate it is iniquitous and unfair to charge 35% tax on remittance of property proceeds when Thai property is taxed at a flat rate that hardly ever gets over 5% of the appraisal value and that is not even added to your annual income. So you can sell hundreds of millions worth of Thai property and not even be at the top 35% tax rate that kicks in over 5 million. Why tax the principle, it came from savings surely, mine did. Link to comment Share on other sites More sharing options...
Lorry Posted October 10, 2023 Share Posted October 10, 2023 2 minutes ago, Dogmatix said: when Thai property is taxed at a flat rate Where does it say foreign property should be taxed differently? 1 Link to comment Share on other sites More sharing options...
KannikaP Posted October 10, 2023 Share Posted October 10, 2023 10 minutes ago, MJCM said: Nah more like 71k (Figures just basic thus no deductions etc etc) OK, that's on 'loads a money' Please read my post which calculated it for 65k per month, 780k per year. Link to comment Share on other sites More sharing options...
KannikaP Posted October 10, 2023 Share Posted October 10, 2023 4 minutes ago, Mike Lister said: Take your pick: https://www.acronymfinder.com/CRS.html I rather like, Cosmic Ray Subsystem I just hate TLAs 1 Link to comment Share on other sites More sharing options...
TroubleandGrumpy Posted October 10, 2023 Share Posted October 10, 2023 1 hour ago, Mike Lister said: Which is done online and is easy enough to do. The country will probably get to that point one day, or close to, I think. Please tell me Mike - where do you claim DTA exemptions via this 'easy enough to do' online tax return? 080966PIT94.pdf (rd.go.th) Maybe there is another online tax return system - please advise where that is - I could not find it. Link to comment Share on other sites More sharing options...
KannikaP Posted October 10, 2023 Share Posted October 10, 2023 11 minutes ago, MJCM said: Common Reporting Standard https://en.wikipedia.org/wiki/Common_Reporting_Standard TLAs are so stupid. When a newsreader mentions one, they usually tell you what it means. Same as in newspaper articles. WTF is it all about? Link to comment Share on other sites More sharing options...
K2938 Posted October 10, 2023 Share Posted October 10, 2023 8 hours ago, atpeace said: Thanks and I was wondering about this and enjoyed your easy to understand explanation. In either case it wouldn't be assessable unless you kept all your receipts and volunteered the information. As far as I know, there is no means for the Thailand to track the transaction. Merchants get a name, last 4 digits on card and really nothing they can do with that information. Am I wrong? There was a recent seminar at AMCHAM in Bangkok where it was stated that Thailand does plan to track credit/debit card use. Posted somewhere higher up in the maybe ten last pages of this thread 1 Link to comment Share on other sites More sharing options...
MJCM Posted October 10, 2023 Share Posted October 10, 2023 2 minutes ago, KannikaP said: OK, that's on 'loads a money' Please read my post which calculated it for 65k per month, 780k per year. Read the Excel sheet again please Tax is calculated per year and the Sheet calculates 65.000 THB per month over a year period. (and thus accumulates 780.000 THB) which the Sheet calculates tax over as Tax is calculated per YEAR and not per month Link to comment Share on other sites More sharing options...
KannikaP Posted October 10, 2023 Share Posted October 10, 2023 Just now, MJCM said: Read the Excel sheet again please Tax is calculated per year and the Sheet calculates 65.000 THB per month over a year period. (and thus accumulates 780.000 THB) which the Sheet calculates tax over as Tax is calculated per YEAR and not per month OK, up to you 2 Link to comment Share on other sites More sharing options...
KannikaP Posted October 10, 2023 Share Posted October 10, 2023 3 minutes ago, MJCM said: Read the Excel sheet again please Tax is calculated per year and the Sheet calculates 65.000 THB per month over a year period. (and thus accumulates 780.000 THB) which the Sheet calculates tax over as Tax is calculated per YEAR and not per month Confused, please explain. What Excel sheet? Link to comment Share on other sites More sharing options...
Mike Lister Posted October 10, 2023 Share Posted October 10, 2023 9 minutes ago, TroubleandGrumpy said: Please tell me Mike - where do you claim DTA exemptions via this 'easy enough to do' online tax return? 080966PIT94.pdf (rd.go.th) Maybe there is another online tax return system - please advise where that is - I could not find it. I've never had to hence I don't know, sorry. But I do recall seeing that money reclaimed under a DTA with Thailand is in the form of a credit rather than a repayment. Link to comment Share on other sites More sharing options...
MJCM Posted October 10, 2023 Share Posted October 10, 2023 (edited) 25 minutes ago, KannikaP said: OK, up to you Maybe this makes it clearer for you Attachment Removed Edited October 10, 2023 by MJCM 1 1 Link to comment Share on other sites More sharing options...
KannikaP Posted October 10, 2023 Share Posted October 10, 2023 On 10/10/2023 at 6:55 PM, MJCM said: Maybe this makes it clearer for you Edit: This doesn't take INTO account any deductions (old ages, married etc etc etc etc) just a basic calculation this is <deleted> (TLA) I, and others said this ages ago. Link to comment Share on other sites More sharing options...
MJCM Posted October 10, 2023 Share Posted October 10, 2023 On 10/10/2023 at 7:02 PM, KannikaP said: <deleted> (TLA) I, and others said this ages ago. Thx. I did not read all pages. But oke. Will remove it! <deleted> (trying to help and you get <deleted>) Link to comment Share on other sites More sharing options...
KannikaP Posted October 10, 2023 Share Posted October 10, 2023 1 minute ago, MJCM said: - post withdrawn Cheers. I hope it works out well for ALL of us expats and resident workers. Link to comment Share on other sites More sharing options...
beammeup Posted October 10, 2023 Share Posted October 10, 2023 (edited) So if my wife and I were to live on 500k next year, I deposited 200K before Jan 1 2024, then I deposited 149000 into my Thai account, and my wife deposited 149000 into the wifes account., Neither of us would be required to submit a tax return? Edited October 10, 2023 by beammeup spelling 1 Link to comment Share on other sites More sharing options...
Mike Lister Posted October 10, 2023 Share Posted October 10, 2023 12 minutes ago, beammeup said: So if my wife and I were to live on 500k next year, I deposited 200K before Jan 1 2024, then I deposited 149000 into my Thai account, and my wife deposited 149000 into the wifes account., Neither of us would be required to submit a tax return? Technically speaking, anyone who has assessible income of over 60,000 baht in a tax year, is required to file a tax return. https://taxsummaries.pwc.com/thailand/individual/tax-administration#:~:text=Individuals engaged in most forms,their spouse%2C whichever they prefer. 2 Link to comment Share on other sites More sharing options...
beammeup Posted October 10, 2023 Share Posted October 10, 2023 10 minutes ago, Mike Lister said: Technically speaking, anyone who has assessible income of over 60,000 baht in a tax year, is required to file a tax return. https://taxsummaries.pwc.com/thailand/individual/tax-administration#:~:text=Individuals engaged in most forms,their spouse%2C whichever they prefer. It will be remittance from savings. Is that considered assessable income? Link to comment Share on other sites More sharing options...
Mike Lister Posted October 10, 2023 Share Posted October 10, 2023 Just now, beammeup said: It will be remittance from savings. Is that considered assessable income? Ummmm, I don't think so but I can't be 100% certain of the details of the new rules because they remain unclear. As long as the savings weren't earned in the year they are remitted, you should be OK. So if you remit in 2023, make sure they were earned in a prior year. 1 Link to comment Share on other sites More sharing options...
Yumthai Posted October 10, 2023 Share Posted October 10, 2023 3 hours ago, Mike Lister said: The 190k is an over 65 year olds deduction that is separate and different from the first 150k of the tax tables which is zero rated for tax, for everyone. A 65+ year old person would be allowed a 60k personal care allowance, plus a 190k over 65 years old deduction, plus any other deductions for which they are eligible, eg health insurance premiums. The net of those things would then give a total which is then put to the tax tables, the first 150k is zero rated, the next 150k is taxed at 5%, and so on. The 190K are not a deduction, it's an exemption. People of 65 yo or older are entitled to an income exemption up to 190K instead of 150K Baht. 1 1 Link to comment Share on other sites More sharing options...
Lorry Posted October 10, 2023 Share Posted October 10, 2023 (edited) 15 minutes ago, Yumthai said: The 190K are not a deduction, it's an exemption. People of 65 yo or older are entitled to an income exemption up to 190K instead of 150K Baht. I think you are right, but: Where do you get the word "instead" from? I have read both versions, "instead of 150000" and "in addition to 150000", both in reliable sources. I have no idea which one is true. Edited October 10, 2023 by Lorry 1 Link to comment Share on other sites More sharing options...
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