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

[samtam]

21 hours ago, samtam said:

I don't know why, but I misread one of your earlier posts that seemed to suggest that over 65s had a threshold of THB150k PLUS THB190k PLUS THB60k.

This one?:

Just got back, with a Tax ID, same number as on my Pink Card. with assurance that, in my case, transferring 40k per month = 480k per annum, after 190k + 60k + 150k all at 0%, I shall have to pay Bht4000 for the year. There was some mention of 100k being deductible for expenses. As we are not married, I cannot claim 60k for my Mrs, but possibly some for the school fees I pay for my Mrs's son, he will let me know.

Where the money comes from, pension, interest, sister's immoral earnings, is of no matter. It is simply how much is/will be transferred from UK to Thailand in the specific tax year. 

As I am only getting UK State Pension @ £170 per week = £8840 and a small one from Norway, my total UK income is £10400, below the Tax Free Allowance, so no tax due in UK either. I am happy with this.

[retiree]

39 minutes ago, Klonko said:

Thai banks notify Thai RD on accounts ... 

https://www.mazars.co.th/Home/Insights/Doing-Business-in-Thailand/Tax/Deposit-and-Transfer-Transactions-Reporting

On 20 March 2019, the Government published the Act to Amend the Revenue Code (No. 48), 2562 B.E., in the Government Gazette. This Act became effective on 21 March 2019.

Under this Act, the following entities have the duty to report information about a person who made certain types of transactions during the previous year to the Revenue Department by March of the following year:

... 

1. Depositing or accepting transfers of money in all bank accounts 3,000 times or more in the previous year.

2. Depositing or accepting transfers of money in all bank accounts 400 times or more, for a total amount of THB 2 million or more in the previous year.

[TroubleandGrumpy]

18 hours ago, Mike Lister said:

Jesus H....! You've never filed a tax return, never spent time with RD staff yet you've labelled them as worse than the Immi staff....are you even in Thailand?

 

It has always been the case in my experience, and in the experience of everyone else that I have spoken to about it, that RD is the easiest and best government department to work with. They volunteer information and fill out foreigners tax returns free of charge, and you get free coffee, a smile and never a queue! You should try visiting one of their offices, the next time you visit Thailand.

I can only agree with those who have responded with their feelings towards this Expat gone Feral tripe. Sad, confused and hilarious.  Good luck Mike.  Remember me when you are 'bitten' by the Thai bureacracy/laws. 

[TroubleandGrumpy]

18 hours ago, Lorry said:

Well said.

 

I never got coffee!!! Not fair!

Otherwise you are right. 

Immigration, in my experience, is sometimes malicious. 

RD has always been helpful.

 

Thanks mate.

Same here - sometimes they are great - sometimes they are just nasty.

Somehow Mike does not realise that it will be ugly, IF/WHEN when 100,000 retired/married Expats are forced to lodge tax returns, and they are not happy about it, and many let the Thai RD know that, and some even tell them to shove their coffee where the sun does not shine. 

[TroubleandGrumpy]

16 hours ago, tomacht8 said:

Everything is still unclear to me.
I have absolutely no desire to additionally torture myself with any Thai tax authorities.
The annual paperwar with the immigration is already enough for me. Since many years I have been able to transfer a total of 1-3 million Thai Baht to Thailand per year to my Thai bank account without any problems.

 

My money is already fully taxed in my home country from rental income, stock dividends and real estate sales. The money i transfered to Thailand was always used to support my Thai family and extended Thai relatives, some construction projects to give my relatives work, health insurance, car financing, school fees for my Thai nephews, etc.
This will no longer happen in 2024.

 

I will transfer a large sum to my Thailand bank account for the last time in 2023 and then it will be over. Planned investments (buying farmland for my Thai family, building a Thai stock portfolio for my thai children, buying another condominium in Thailand) are also being put on hold completely.

 

It would also annoy me if I had to hire any dubious Thai tax advisors.
The only alternative strategies for me so far are: to be in Thailand for less than 180 days per year, or to go on short trips to the Philippines, Singapore, Hong Kong and use Western Union there to transfer up to 20,000 US dollars per trip, which I can then legally take with me back to Thailand.
 

But one thing that will certainly not happen in my case is, that some Thai politicians will enrich themselves with my money through double taxation.

I and many many others agree with you Tom - it is a totally unacceptable situation that appears to be developing right in front of us, and we do not know when it will become clear what is going to happen.

 

My Thai wife and I lived in Thailand for almost 5 years, then we lived in Australia for 5 years, and now we are back in Thailand. The plan was to live here for 10-15 years, and then (maybe) go back to Australia when very old (in 80s). This was all planned - the wife is Aust Citizen and I was forced to live there to 'qualify' for the Pension (living in Aust being one condition).  Nowhere in all that planning both socially and financially was there any consideration for lodging tax returns and being obliged to pay income taxes in Thailand.  Unlike some of the Exp[ats on here, my Thai Wife is adamant that I/we will not pay income taxes in Thailand, on the money I get as a Pension and from my life savings in Super. 

 

Hopefuly when all the dust/cloud clears that will not be the case, but every 'announcement' since this was first advised by the Thai RD, has not stated that retired/married Expats are not being targetted to pay income taxes in Thailand.

 

We have two 'frontline' options, because only staying 179 days would be too difficult for me/us (we rent). 

First is to move to another country nearby, so we can easily visit for holidays now and then - Malaysia and Philippines look the best options at this time - maybe Indonesia (Bali).  Seconds is to move back to Australia - maybe somewhere up north so it is a much shorter flight to get here and to other destinations we planned to visit in Asia using Thailand as our base (Singapore, Japan, Korea, China, Vietnam, Cambodia, Malaysia, Indonesia - I have no intention of ever returning to India). 

[vukovar77]

22 hours ago, Lorry said:

I don't think any taxman in the world would accept your reasoning. 

"Show me all you've got!"

And then it's THEIR decision what is taxable and what not.

 

22 hours ago, Lorry said:

I don't think any taxman in the world would accept your reasoning. 

"Show me all you've got!"

And then it's THEIR decision what is taxable and what not.

Very true!

[TroubleandGrumpy]

14 hours ago, TravelerEastWest said:

Grumpy is 100% correct. 

In general his above comments are correct and apply to many revenue departments including in America.

To trust Revenue Deparyment officials as being kind and on your side is not the best policy I say this from years of experience working in the tax world in America and many years of filing personal and corporate taxes in Thailand. There is always the exception if for example the local official is your brother-in-law?

Thanks mate.  And you are right - I am the Grumpy one, and the Thai wife is Trouble ????

Like you I have dealt with many Tax Offices, through working with the Australian Tax Office (as an IT Supplier), and I have known many friends and colleagues who worked in the ATO.  For those that do not know, in Australia the Fed Govt is very much like the USA Fed Govt.  In the USA the vast majority are in Washington, and in Australia they are all in Canberra where I lived for 20+ years (for my sins). But unlike in USA, the State Govts in Aust are much much smaller - the Aust Fed Govt is way bigger than in USA or UK or anywhere I am aware of. When I say 'bigger', I mean their authority and control over how all Australians live and work. The Tax Office in Australia is omnipotent and controls all taxation in the country and internationally. 

 

[TroubleandGrumpy]

17 hours ago, jacob29 said:

This is ridiculous, it's looking like the tax will be less than just about every other country in the region that simply applies tax on worldwide income (I think Philippines is the exception). Thailand won't be any worse off than other countries in the region.

Jacob - that is not the issue or concern.   The issue/concern is the potential taxation of pensions and savings being brought into Thailand by Expats, when that money being brought into Thailand is listed as an International Transfer - was it income, was it savings, etetc etc - and how to 'prove' that to the satisfaction of the Thai RD if required.  The complexity and problems are half the issue, and being required to pay income taxes on money that is not income (as such) is the othjer, and the third big problem is having to deal with the Thai RD.

[jerrymahoney]

40 minutes ago, retiree said:

https://www.mazars.co.th/Home/Insights/Doing-Business-in-Thailand/Tax/Deposit-and-Transfer-Transactions-Reporting

Following the above link also led to this:

 

https://www.mazars.co.th/Home/Insights/Doing-Business-in-Thailand/Tax/Thailand-Tax-Foreign-Income-Taxable-from-2024

[TroubleandGrumpy]

16 hours ago, bugger bognor said:

Congratulations as I predicted this would reach 100 pages of guesswork and fear mongering, let me say it one more time 99,9% of all expats will not pay a penny of tax here , the clarification will come last minute Thai style as usual, some of the drivel spouted in here is comical and absurd the law HASTNT changed and a single statement of an official has you <deleted>ting yourselves especially are dopey USA citizens think about what you are saying for god sake, 

And there we have it - totally guaranteed statement of fact from one who knows it all and understands everything about this matter. Thank you so much mate.  Please put 1 Million Baht into an escrow account and send me the details - I will take that out only if the impossible happens and you are wrong. 

 

You know, I can recall a similar situation years ago when Expats were being fined and nailed for the TM30s, when the hotel had not reported them staying. This happened after the Junta decided to crack down on TM30 compliance - no rules were changed - they just enforeced them literally. After a few months the Thai Foreign Journalists Association organised a meeting which was attended by the Head of Immigration in Bangkok 1 Region and his minions.  Their attitude was antagonistic and conforting - they were obviously told to attend. After quite a bit of 'toing and froing' the Head himself answered one question - 'Why must an Expat pay a fine when it is the Hotel that has not lodged the TM30 and he cannot?'  His answer was "That is the Law" and he sat down.  The event was recorded and the blowback in the media, including outside Thailand, was big.  Not long after that they eased up the enforcement of that TM30 Law - which is still there. 

If you dont understand why I said the above - it is about interpretation and enforcement. I do hope you are right - but if you are wrong I will be 1 Million Baht richer - that should pay my taxes for a few years ????

      

[moogradod]

1 hour ago, Klonko said:

AFAIK: Thai banks notify Thai RD on accounts with either ≥ 3000 transactions or ≥ THB 1.8m turnover per year. Assuming these thresholds are not changed and you do not have a Thai tax ID, you will not show on Thai RD radar if you stay below both limits. The yellow house book goes automatically with a Tax ID.

Does your "turnover" include incoming plus outgoing financial transactions ?.And then it depends how far back this will be. Before we moved here we did transfer many millions to Thailand - but all in strict observance with the tax laws at the time - I needed more than 1 year to clarify that. In the last few years I have no more income over 1.8m per calender year but occasionally I transferred money to my wife to one of her more than 15 bank accounts - for example as a gift when she bought a new car - which was over 1.8 m. but this is many years ago, when my account saldo was far more than it is now. We both have only very few transactions, this includes ATM and supporting the family. The biggest joke would be if they would make my poor Thai Farmer family make a tax return because of the support we send them. But I not really think that this would happen - just a play of the mind.

[TroubleandGrumpy]

14 hours ago, stat said:

Thanks for the info on Thailand. Not the case in other countries but maybe Thailand is different. Do they have people who speak English? In Germany sometimes they even refuse to read an english account statement and the english level here is usually pretty high.

Unlike the Thai Immigration Police, the Thai RD staff are not expected to speak English. Certainly you can lodge a tax return in English or Thai, but according to my read of their 'guidelines' they can ask for any English documents to be translated into Thai and certified.  Any subsequent 'appeal' against their decision, must be 100% in Thai - just like when you try to take any matter to a Thai Court. 

[TroubleandGrumpy]

3 hours ago, Negita43 said:

Agree but my strategy is to move a couple of million (baht) here before 2024 that would keep me going for a couple of years while I wait and see/

Ditto. Then most money coming in 2024 will be my Pension to see how it goes. 

[TroubleandGrumpy]

4 hours ago, hondoelsinore said:

Your going to be fine; and even if your not going to be fine, isn’t it better to just exist thinking that you’re going to be fine. And when it’s not fine, then you can just <deleted> handle it. There no sense to ruin right now, right?

I always wear a helmet and shoes and gloves and watch the road ahead closely.

Just me - but I would rather prepare for the fall, than wait until it happens.

[Klonko]

 

 

23 minutes ago, moogradod said:

Does your "turnover" include incoming plus outgoing financial transactions ?.And then it depends how far back this will be. Before we moved here we did transfer many millions to Thailand - but all in strict observance with the tax laws at the time - I needed more than 1 year to clarify that. In the last few years I have no more income over 1.8m per calender year but occasionally I transferred money to my wife to one of her more than 15 bank accounts - for example as a gift when she bought a new car - which was over 1.8 m. but this is many years ago, when my account saldo was far more than it is now. We both have only very few transactions, this includes ATM and supporting the family. The biggest joke would be if they would make my poor Thai Farmer family make a tax return because of the support we send them. But I not really think that this would happen - just a play of the mind.

Cf. following clarifying post:

 

1 hour ago, retiree said:

https://www.mazars.co.th/Home/Insights/Doing-Business-in-Thailand/Tax/Deposit-and-Transfer-Transactions-Reporting

On 20 March 2019, the Government published the Act to Amend the Revenue Code (No. 48), 2562 B.E., in the Government Gazette. This Act became effective on 21 March 2019.

Under this Act, the following entities have the duty to report information about a person who made certain types of transactions during the previous year to the Revenue Department by March of the following year:

... 

1. Depositing or accepting transfers of money in all bank accounts 3,000 times or more in the previous year.

2. Depositing or accepting transfers of money in all bank accounts 400 times or more, for a total amount of THB 2 million or more in the previous y

Flying under the radar with less than THB 2m annual account turnover may remain an appropriate strategy for easy living in Thailand. I expect that workable solutions are also in the interest of Thai RD and doubt they will link IO extensions to tax filing. 

[retiree]

15 minutes ago, Klonko said:

Flying under the radar with less than THB 2m annual account turnover

Guys, these regulations are meant to catch a) money laundering, and b) online businesses that aren't filing VAT (1.8m minimum).   They are not aimed at ordinary, albeit well-paid, taxpayers.

[jerrymahoney]

37 minutes ago, Klonko said:

I expect that workable solutions are also in the interest of Thai RD and doubt they will link IO extensions to tax filing. 

From the Mazars article linked above:

 

According to the Revenue Department, it will seek opinions from the stakeholders affected by the new rule and issue guidelines to provide more clarity. The plan includes an amendment of the personal income tax return form to facilitate the foreign tax credit claim.

 

 

Edited October 14, 2023 by jerrymahoney
no apostrophe in Mazars

[jacob29]

40 minutes ago, TroubleandGrumpy said:

Jacob - that is not the issue or concern.   The issue/concern is the potential taxation of pensions and savings being brought into Thailand by Expats, when that money being brought into Thailand is listed as an International Transfer - was it income, was it savings, etetc etc - and how to 'prove' that to the satisfaction of the Thai RD if required. 

It seems unlikely those remittances would be treated any different from Indonesia, Vietnam etc in terms of DTA. At least they haven't given a reason to suppose the treatment would be any different.

 

They should have provided more clarity to this effect, but it's not so unusual for tax department the world over to be a bit hazy on specifics.

[stat]

4 hours ago, Negita43 said:

Agree but my strategy is to move a couple of million (baht) here before 2024 that would keep me going for a couple of years while I wait and see/

Is there any way to get interest on Baht or USD deposit in TH? (pls no crypto talk) As far as i understand if I invest with a thai broker my cap gains are again taxable in Thailand so not a viable option. Currently you get around 4.6% on USD deposits so you would lose out on this interest while parking money in Thailand. Agreed better then paying 20% taxes but still..

[Mike Lister]

5 minutes ago, stat said:

Is there any way to get interest on Baht or USD deposit in TH? (pls no crypto talk) As far as i understand if I invest with a thai broker my cap gains are again taxable in Thailand so not a viable option. Currently you get around 4.6% on USD deposits so you would lose out on this interest while parking money in Thailand. Agreed better then paying 20% taxes but still..

Capital Gains in Thailand are taxed at Personal Income Tax rates, there are no capital gains taxes per se.

 

Fixed Rate (actually both fixed rate and fixed duration) accounts are offered by all Thai banks in THB but these are relative to the BOT rate which is currently 2.5%. 1, 2, 3 year fixes etc are available with rates around that level. Note: 15% with holding tax is with held from all fixed rate accounts and must be reclaimed from the RD via a tax return at year end....it has been this way for many years.

 

Variable rate savings accounts are also available but again, subject to 15% tax.

 

Foreign Currency accounts are also available in USD but the combination of low interest rates and account charges make these accounts uncompetitive. 

[stat]

1 minute ago, Mike Lister said:

Capital Gains in Thailand are taxed at Personal Income Tax rates, there are no capital gains taxes per se.

 

Fixed Rate (actually both fixed rate and fixed duration) accounts are offered by all Thai banks in THB but these are relative to the BOT rate which is currently 2.5%. 1, 2, 3 year fixes etc are available with rates around that level. Note: 15% with holding tax is with held from all fixed rate accounts and must be reclaimed from the RD via a tax return at year end....it has been this way for many years.

 

Variable rate savings accounts are also available but again, subject to 15% tax.

 

Foreign Currency accounts are also available in USD but the combination of low interest rates and account charges make these accounts uncompetitive. 

I just read that apparently cap gains from trading in Thai stocks on thai stock exchange are tax exempt according to Mazars:

 

https://www.mazars.co.th/Home/Insights/Doing-Business-in-Thailand/Tax/Thailand-Tax-Foreign-Income-Taxable-from-2024

 

can someone confirm this?

[Lorry]

39 minutes ago, stat said:

Is there any way to get interest on Baht or USD deposit in TH? (pls no crypto talk) As far as i understand if I invest with a thai broker my cap gains are again taxable in Thailand so not a viable option. Currently you get around 4.6% on USD deposits so you would lose out on this interest while parking money in Thailand. Agreed better then paying 20% taxes but still..

Mutual funds are tax free (doesn't matter if money market funds or others)

[tomacht8]

2 hours ago, TroubleandGrumpy said:

I and many many others agree with you Tom - it is a totally unacceptable situation that appears to be developing right in front of us, and we do not know when it will become clear what is going to happen.

 

My Thai wife and I lived in Thailand for almost 5 years, then we lived in Australia for 5 years, and now we are back in Thailand. The plan was to live here for 10-15 years, and then (maybe) go back to Australia when very old (in 80s). This was all planned - the wife is Aust Citizen and I was forced to live there to 'qualify' for the Pension (living in Aust being one condition).  Nowhere in all that planning both socially and financially was there any consideration for lodging tax returns and being obliged to pay income taxes in Thailand.  Unlike some of the Exp[ats on here, my Thai Wife is adamant that I/we will not pay income taxes in Thailand, on the money I get as a Pension and from my life savings in Super. 

 

Hopefuly when all the dust/cloud clears that will not be the case, but every 'announcement' since this was first advised by the Thai RD, has not stated that retired/married Expats are not being targetted to pay income taxes in Thailand.

 

We have two 'frontline' options, because only staying 179 days would be too difficult for me/us (we rent). 

First is to move to another country nearby, so we can easily visit for holidays now and then - Malaysia and Philippines look the best options at this time - maybe Indonesia (Bali).  Seconds is to move back to Australia - maybe somewhere up north so it is a much shorter flight to get here and to other destinations we planned to visit in Asia using Thailand as our base (Singapore, Japan, Korea, China, Vietnam, Cambodia, Malaysia, Indonesia - I have no intention of ever returning to India). 

It's like that for many people. A general feeling of uncertainty, which is evident from the sheer volume of posts. It is a fact that the state now wants to extract additional money from foreigners living here. It is currently difficult to estimate to what extent this will affect each individual's wallet. But what is certain is that the whole thing will not be a straight process, but rather, similar to the immigration offices, each regional tax office will make its own rules. You will then have to chase after some papers, you will certainly need a translator and you will have to get certification from your embassy. You will also need a Thai tax advisor for larger amounts. This certainly costs additional money, time and nerves. I also suspect that in the future Immigration will also want to see confirmation from the tax authorities for the annual extension. The nasty thing is, that pensioners, property owners and families who are married to Thais are the ones who are hit here. Many people cannot even quickly change their long-term life plans.

In any case, from 2024 I will try to transfer less money (which has already been completely taxed in my home country) to my Thai bank account. In 2024 I will not make any major investments in Thailand and will first wait and see how the annoying tax issue is handled in practice.

 

[The Cyclist]

I'll just leave this here. The doom-mongers appear to have either missed it, or couldn't understand it.

 

Quote

The program will begin January 1, 2024 and apply only to tax residents in Thailand meaning tourists and short term workers will be exempt. Also exempt will be those who have been taxed in a foreign country that has a standing Double Tax Agreement with Thailand.

Keep up the doom-mongering. How some of you manage to let go of your comfort blanket long enough to type on a keyboard is one of lifes great mysteries.

Edited October 14, 2023 by The Cyclist
Typi

[Mike Lister]

2 minutes ago, tomacht8 said:

It's like that for many people. A general feeling of uncertainty, which is evident from the sheer volume of posts. It is a fact that the state now wants to extract additional money from foreigners living here. It is currently difficult to estimate to what extent this will affect each individual's wallet. But what is certain is that the whole thing will not be a straight process, but rather, similar to the immigration offices, each regional tax office will make its own rules. You will then have to chase after some papers, you will certainly need a translator and you will have to get certification from your embassy. You will also need a Thai tax advisor for larger amounts. This certainly costs additional money, time and nerves. I also suspect that in the future Immigration will also want to see confirmation from the tax authorities for the annual extension. The nasty thing is, that pensioners, property owners and families who are married to Thais are the ones who are hit here. Many people cannot even quickly change their long-term life plans.

In any case, from 2024 I will try to transfer less money (which has already been completely taxed in my home country) to my Thai bank account. In 2024 I will not make any major investments in Thailand and will first wait and see how the annoying tax issue is handled in practice.

 

I don't agree that you have the right slant on what's happening. I do not believe it is that the government wants to extract additional money from foreigners, it's more that the government wants to stop tax evasion by Thai nationals using overseas accounts and that by default, foreigners have to be included in that process. Foreigners are not the target, their residual or collateral damage.

 

I do not believe that the majority of regular retirees will be affected, only those with above average income will. It's also worth pointing out that the effective tax rates in Thailand are substantially below what they are in most Western countries, an income of 70k Baht per month is likely to incur an annual tax of around 10,000 baht, based on the calculations various poster have made and had authenticated by their local RD office.

 

I can't speak to what paperwork may be required, or whether it will need to be translated etc etc, in the event of more complex and higher value transactions. I do know however that Thailand's property sector relies heavily on foreign buyers who are unlikely to be willing to see their purchase price funds taxed or the property sector see a massive downturn in sales. 

 

 

[tomacht8]

43 minutes ago, Mike Lister said:

I don't agree that you have the right slant on what's happening. I do not believe it is that the government wants to extract additional money from foreigners, it's more that the government wants to stop tax evasion by Thai nationals using overseas accounts and that by default, foreigners have to be included in that process. Foreigners are not the target, their residual or collateral damage.

 

I do not believe that the majority of regular retirees will be affected, only those with above average income will. It's also worth pointing out that the effective tax rates in Thailand are substantially below what they are in most Western countries, an income of 70k Baht per month is likely to incur an annual tax of around 10,000 baht, based on the calculations various poster have made and had authenticated by their local RD office.

 

I can't speak to what paperwork may be required, or whether it will need to be translated etc etc, in the event of more complex and higher value transactions. I do know however that Thailand's property sector relies heavily on foreign buyers who are unlikely to be willing to see their purchase price funds taxed or the property sector see a massive downturn in sales. 

 

 

I can only hope that you are right. And I would prefer it if it wasn't you, but the head of the Thai National Tax Authority who explained this. Furthermore, it would be desirable if the tax exemption test procedure for countries with which there is a double taxation agreement were clearly defined. And that in the end, the tax officer Somchai in the local tax office also knows this procedure and implements it without errors and sticky fingers. My auditor in my home country is currently working on my tax return for 2022. I will receive the tax assessment for 2022 at the beginning of 2024. How will this technically synchronized in Thailand? No idea and questions upon questions. But as long as that's not 100% clear to me, I am suspicious due to my experience with tax authorities in general.

Edited October 14, 2023 by tomacht8

[Mike Lister]

2 minutes ago, tomacht8 said:

I can only hope that you are right. And I would prefer it if it wasn't you, but the head of the Thai National Tax Authority who explained this. Furthermore, it would be desirable if the tax exemption test procedure for countries with which there is a double taxation agreement were clearly defined. And that in the end, the tax officer Somchai in the local tax office also knows this procedure and implements it without errors. My auditor in my home country is currently working on my tax return for 2022. I will receive the tax assessment for 2022 at the beginning of 2024. How will this technically synchronized in Thailand? No idea and questions upon questions. But as long as that's not 100% clear to me, I am suspicious due to my experience with tax authorities in general.

I think everyone is jumping the gun on this issue and needs to sit back and wait a little while. It's classic Thai government style to announce the measure before the details have been worked out, before too long they will be and then we;ll know..

[Dogmatix]

5 hours ago, Ricardo said:

Just to point out that one might ask one's everloving-wife, for one example, to pop into the exchange-shop with some Sterling/Dollar-cash, to be exchanged into Baht on your behalf. ????

Losing 3% on buying baht overseas before coming to Thailand to avoid doing the exchange in Thailand and being reported may be worth it, if it means the difference between that and 35% tax.  There are also unlicensed money changers and informal bamboo network arrangements where you transfer foreign currency to someone who needs it offshore and they give you Thai baht at a decent exchange rate because you have cut out the middle man.  The back street money changers may give you fake banknotes but I have done the other type years ago as a favour.  Nowadays it would be safer to keep it in cash rather than deposit to your Thai account.

[The Cyclist]

24 minutes ago, Mike Lister said:

I think everyone is jumping the gun on this issue and needs to sit back and wait a little while.

That comment Sir, whilst bang on the money, will give the doom-mongers heart palpitations.

[redwood1]

9 minutes ago, Mike Lister said:

I think everyone is jumping the gun on this issue and needs to sit back and wait a little while. It's classic Thai government style to announce the measure before the details have been worked out, before too long they will be and then we;ll know..

Alls anyone has to do is read through this 100 page thread to see how vastly complex it would be to tax the income of the many natioalities that live in Thailand....

Different languages, different tax treaties, different income streams, different ways to import money into Thailand....Bla bla bla bla bla

 

Like l have said before they are drowning and they have not even jumped in the water......I just dont see it happening....Retired expats on a pension are a piss poor source for tax money...