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

[hotandsticky]

3 minutes ago, BE88 said:

Thank you for the information about this experience that many of us here believe will come.

 

 

Many of us believe that it will not come.

 

I will certainly not give the matter a moment of my time until/unless it is formally announced by legislation.

[transam]

1 minute ago, hotandsticky said:

 

Many of us believe that it will not come.

 

I will certainly not give the matter a moment of my time until/unless it is formally announced by legislation.

Yep...................????

[JimTripper]

1 hour ago, redwood1 said:

Cambodia blows big time....I like Laos  much better....

Is it legal to have a Lao woman stay overnight in Laos with a foreigner, or is that only for hotels?

Edited September 26, 2023 by JimTripper

[jonny on the spot]

5 minutes ago, JimTripper said:

Is it legal to have a Lao woman stay overnight in Laos with a foreigner, or is that only for hotels?

You worrying about hookers brother? Stop worrying ????

[BE88]

13 minutes ago, hotandsticky said:

 

Many of us believe that it will not come.

 

I will certainly not give the matter a moment of my time until/unless it is formally announced by legislation.

 I wish you good luck

[jonny on the spot]

1 minute ago, BE88 said:

 I wish you good luck

Me too

[hotandsticky]

10 minutes ago, BE88 said:

 I wish you good luck

I won't need luck.

[JackGats]

21 hours ago, stat said:

... That is what I am saying along with EVERY tax advisor. The situation is unclear. Let's hope you are in the right and LTR visa holders are exempt.

Let's not forget tax advisors have recently been creeping out of the woodwork eager to cash in on this scare. LTR holders will make juicy customers if they can be scared enough to seek counselling at this premature juncture.

[jonny on the spot]

2 minutes ago, JackGats said:

Let's not forget tax advisors have recently been creeping out of the woodwork eager to cash in on this scare. LTR holders will make juicy customers if they can be scared enough to seek counselling at this premature juncture.

I have zero faith in LTR or elite, and i dont think anything is premature because these people really are stupid enough to do anything.

[Puccini]

On 9/25/2023 at 1:20 PM, stat said:

Thanks a lot of the link. Capital income falls under which chapter in the Thai law? I do not know It is mentioned previous tax year only. In addition as is mentioned in the new law all other laws are null and void if I remember correctly; IMHO this could imply that also a potential tax exemption in the LTR is void. However I hope you are in the right on this subject, but just can't read it out of the laws.

The Revenue Department Order 161/2566 is not a new law.

 

The Revenue Department Order 161/2566 does not declare any other law null and void.

 

The Revenue Department Order 161/2566 is a guideline for officials of the Revenue Department to apply and implement Section 40 of the revenue Code correctly.

 

Edited September 26, 2023 by Puccini
added bold highlight for emphasis

[jonny on the spot]

1 minute ago, Puccini said:

The Revenue Department Order 161/2566 is not a new law.

 

The Revenue Department Order 161/2566 doe not declare any other law null and void.

 

The Revenue Department Order 161/2566 is a guideline for officials of the Revenue Department to apply and implement Section 40 of the revenue Code correctly.

They never did a correct thing in their life, every office different outlook , how can we get some more tea money

 

[jonny on the spot]

John walker get me tonight, i apologise , i have no education but i have money, i just want a easy life.

I have spoken to a expert a man i actually trust and this <deleted> is going to happen .Good luck everyone.

[Yumthai]

6 hours ago, stat said:

Interesting post! Can you elaborate pls on the 2 Million threshold, thanks!

According to Sherrings:

 

Reportable customer information is information about customers who have:

 

1. 3,000 or more deposit or inwards transfer transactions in a year (with no specified&nbsp;total baht amount for the year); or

2. 400 or more deposit or inwards transfer transactions that total 2 million baht or more in a year.

 

So, there will be no reporting if someone has less than 400 deposits/inward transfers in a year regardless of the annual total amount.

 

[vukovar77]

3 hours ago, JimTripper said:

Can you give detail and exact location of the robbery? Was it a mugging?

Home stay near banks Mekong river (downtown) Phnom Phen.It was mugging.

[aldriglikvid]

https://www.bangkokpost.com/business/general/2652846/amendment-to-see-overseas-income-taxed

Nothing really new in the article. But, the more communication I read it seems to be targeted mostly to Thais and not explicitly a farang hit-job. 

I transfer approx. $40-50k of taxed capital gains & dividends to a Thai account every year, from a country with DTA with Thailand. If things were to get really sour, which I don't believe it will, I could cut those transfers in half and using CC's and the likes for my spending here. As of now, not overly concerned but following from the sidelines with interest. 

[JimTripper]

1 hour ago, vukovar77 said:

Home stay near banks Mekong river (downtown) Phnom Phen.It was mugging.

Did they have a weapon or just grab you? What kind of weapon? 

[Misty]

7 hours ago, K2938 said:

Thank you for posting this very useful email from the BOI.  May I ask if you received this email before or after the announcement of the new taxation of foreign remittances from Jan 1, 2024 onwards?  If it was after, then it seems rather weird that the BOI continues to claim that "normally, your overseas income will be subject to Thai personal income tax only when you... have brought such overseas income into Thailand in the same tax year that you... have received such overseas income" which obviously will not be the case any longer from Jan 1, 2024 onwards.

Hi K2938 I emailed and received that response yesterday, 26 Sep. Cheers.

[kkjjhhss]

On 9/22/2023 at 2:36 PM, Yumthai said:

Can you recommend where (country/bank) and how to open a personal offshore bank account?

 

As you may know opening such account as a non resident (since you are Thai resident) is not an easy task.

 

Let's say you manage to open the offshore account as a Thai resident.

It's a non resident account (but maybe you can explain how to open a personal resident bank account offshore?).

CRS information will be reported each year to the bank account registered country address (Thailand, home country, ...).

 

If you wanna treat a crypt, Samoa islands is the best, I am a software engineer so I manage a Marshall islands Offshore Company.

Corporate Bank : ACLEDA Bank is the Best, which is the #1 Cambodia Bank.

Super Very Easy task for opening a bank account.

I tell everyone the corporate bank opening manual by twitter (X).

But I write it all in Japanese language, so you must convert Japanese language to English.

 

 

 

 

[ukrules]

4 hours ago, aldriglikvid said:

I transfer approx. $40-50k of taxed capital gains & dividends to a Thai account every year, from a country with DTA with Thailand. If things were to get really sour, which I don't believe it will, I could cut those transfers in half and using CC's and the likes for my spending here. As of now, not overly concerned but following from the sidelines with interest. 

 

I'm in a similar scenario, I almost never use the foreign cards for anything at the moment - I just wire money every month

 

Then I realised that I live with a woman (we're not married) who uses none of her tax allowance and I don't really need to send all the money to myself, also I probably always send more money than I really need - better safe than sorry I guess.

 

So I could half the transfer amount to my own account and save quite a chunk of change between the two of us if we spread the incoming payments out between our accounts.

 

I don't like the idea of paying any tax but I worked it out using the UOB tax calculator which is here ( https://www.uobam.co.th/en/tax-calculation ) that we would need to pay the following amounts of tax each year depending on how much is sent to each account :

 

30k a month / 360k a year = 2.5k tax a year

40k a month / 480k a year = 9.5k tax

50k a month / 600k a year = 21.5k tax

60k a month / 720k a year = 36.5k tax

120k a month / 1440k a year = 185k tax

 

This is definitely 'avoidance' and I can incorporate and send from a foreign company instead of a personal offshore account if needed.

 

Of course if I decide to buy a 10 million Baht house I would need to look at other options like non taxable loans as there's no way I'm ever going to pay the top rate of tax on that - this is the economy killer aspect of the new rule and I wouldn't fancy moving out of the country for 6.5 months in a year but I guess that would be possible.

 

[ukrules]

1 hour ago, kkjjhhss said:

If you wanna treat a crypt, Samoa islands is the best, I am a software engineer so I manage a Marshall islands Offshore Company.

Corporate Bank : ACLEDA Bank is the Best, which is the #1 Cambodia Bank.

Super Very Easy task for opening a bank account.

I tell everyone the corporate bank opening manual by twitter (X).

But I write it all in Japanese language, so you must convert Japanese language to English.

That's interesting, is there any service you would recommend for opening / managing the corporate registration of a Marshall Islands company - I would like to look into this as an option for the future.

[Yumthai]

7 hours ago, kkjjhhss said:

If you wanna treat a crypt, Samoa islands is the best, I am a software engineer so I manage a Marshall islands Offshore Company.

Corporate Bank : ACLEDA Bank is the Best, which is the #1 Cambodia Bank.

Super Very Easy task for opening a bank account.

I tell everyone the corporate bank opening manual by twitter (X).

But I write it all in Japanese language, so you must convert Japanese language to English.

 

 

 

 

OK for corporate, what about personal bank account?

 

[hwas]

received this from BOI today:
 

Greetings from the LTR Visa Unit.

 

We want to clarify that the tax exemption for overseas income will commence from the month you receive the LTR Visa onward, which typically falls within the next tax year. 

 

Any income earned in the period prior to holding the LTR Visa will not be considered for tax exemption.

 

 

[RupertIII]

Can anyone confirm that the 190k tax exemption for those aged 65+ is in addition to the 60k personal allowance or is it instead of? Thanks.

[K2938]

1 hour ago, hwas said:

We want to clarify that the tax exemption for overseas income will commence from the month you receive the LTR Visa onward, which typically falls within the next tax year. 

 

Any income earned in the period prior to holding the LTR Visa will not be considered for tax exemption.

Thank you for posting this.  So if I read this correctly, this would unfortunately mean that the tax exemption under the LTR visa - if even this is maintained - is really of the minimal possible amount as it ONLY covers income earned while holding the LTR visa.  So if you now get a LTR visa and then transfer let's say 250k USD from your foreign savings to Thailand to buy some real estate or fund your general living expenses, then this will NOT be exempted as these 250k USD are NOT income only received AFTER holding a LTR visa.

[RafPinto]

5 minutes ago, K2938 said:

Thank you for posting this.  So if I read this correctly, this would unfortunately mean that the tax exemption under the LTR visa - if even this is maintained - is really of the minimal possible amount as it ONLY covers income earned while holding the LTR visa.  So if you now get a LTR visa and then transfer let's say 250k USD from your foreign savings to Thailand to buy some real estate or fund your general living expenses, then this will NOT be exempted as these 250k USD are NOT income only received AFTER holding a LTR visa.

You are probably quoting the following:

 

LTR for wealthy pensioners. Income of $40,000 and owning a property of at least $250,000.

 

You could send the money over and buy your property before applying for this LTR.

If you hold a property worth at least $250k and can demonstrate that you earn at least $40k passive income/no salary, this should qualify you. 

This is my understanding.

[fondue zoo]

23 hours ago, redwood1 said:

Exactly....My impression is he is just a empty shell that smiles and waves and does what he is told...

 

Like Woody from Toy Story.

 

[TroubleandGrumpy]

18 hours ago, jonny on the spot said:

Me too

Me three.

 

[TroubleandGrumpy]

18 hours ago, hotandsticky said:

I won't need luck.

Then dont play golf mate.

[hotandsticky]

28 minutes ago, TroubleandGrumpy said:

Then dont play golf mate.

Ha Ha......I certainly did in the 25 years that I played golf????

[John Drake]

16 hours ago, Yumthai said:

According to Sherrings:

 

Reportable customer information is information about customers who have:

 

1. 3,000 or more deposit or inwards transfer transactions in a year (with no specified&nbsp;total baht amount for the year); or

2. 400 or more deposit or inwards transfer transactions that total 2 million baht or more in a year.

 

So, there will be no reporting if someone has less than 400 deposits/inward transfers in a year regardless of the annual total amount.

 

If Sherrings wants to drum up customers on AN, they should take out an advertisement.