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

[TroubleandGrumpy]

40 minutes ago, Dogmatix said:

The RD's definition of mutual funds is mutual funds registered in Thailand. Same for everything else that gets tax exemption or low flat rate tax, i.e. dividends, capital gains on stocks, interest, sales of property.  All foreign source income of any type is taxable at up to 35%. That is a fundamental inequity in this reinterpretation which was supposed to introduce fairness.

That is what I figured - and one of the many reasons I am trying to figure this all out and decide what course of action to take.  Still locked into Plan A at the minute = bring in extra this year - bring in minimum in 2024 - see how things pan out in 2025.  Plan B - move to another retiree friendly country nearby (Malaysia and Philippines look good).  Plan C - go back to Australia (much earlier than planned).   

[Lorry]

3 minutes ago, retiree said:

In my opinion, the only circumstance under which he can transfer to his wife without one of them being liable for taxes is if either a) it wasn't assessable income for him, or b) he wasn't a tax resident when his assessable income was remitted to Thailand. 

That's certainly safer. 

Mother in law can only gift 10m.

[stargazer9999]

It is my understanding that the USA has had a double tax treaty with Thailand since 1997.  Does this help USA citizens in any way to avoid this new tax?

 

https://www.hlbthai.com/double-tax-agreement-between-the-united-states-of-america-and-thailand-including-examples/

 

[JimTripper]

A lot of the comments on this thread seem idiotic. The Thai's are not going to interpret things the way people are used to. The thinking is backwards here. The tax code will be interpreted in many different ways depending on who is talking, even if it's written down.

 

The closest example I can think of is going to court and pleading guilty even if you're innocent, like they do here to save the court face or whatever.

Edited October 15, 2023 by JimTripper

[TroubleandGrumpy]

14 minutes ago, redwood1 said:

All very good points......The Srettha road show has been non-stop since he took office.......At this rate he will be running out of new countries to have photo-ops with........lol...........I not quite sure how this smiling lackey got to rich in the first place? 

Family contacts.  From website  firstpost.com

Born into a wealthy family in Bangkok, Srettha Thavisin is related to five other prominent Chinese-Thai business clans. An ally of Thaksin Shinawatra

 

[Misty]

1 hour ago, redwood1 said:

All very good points......The Srettha road show has been non-stop since he took office.......At this rate he will be running out of new countries to have photo-ops with........lol...........I not quite sure how this smiling lackey got to rich in the first place? 

The Srettha road show comes to AMCHAM's AGM meeting on 25 Oct.  I hope there will be plenty of time for member Q&A to include the AMCHAM Tax committee.  Unfortunately I'm travelling and won't be able to go.

 

https://connect.amchamthailand.com/events/details/agm-luncheon-with-honored-guest-h-e-prime-minister-srettha-thavisin-2469?calendarMonth=2023-10-01

[Klonko]

2 hours ago, retiree said:

In my opinion, the only circumstance under which he can transfer to his wife without one of them being liable for taxes is if either a) it wasn't assessable income for him, or b) he wasn't a tax resident when his assessable income was remitted to Thailand. . 

Could you please substantiate this assumption. I agree it will be most probably tax evasion if 100% of joint living expenses are financed by gift or the gifted amount is transferred back to the husband's Thai account. However, supporting the non working wife up to ≈ 50% of joint living expenses and enabling her to finance her share of living expenses from her own account is hardly tax evasion and I have found nothing to the contrary.

[SHA 2 BKK]

1 hour ago, Misty said:

The Srettha road show comes to AMCHAM's AGM meeting on 25 Oct.  I hope there will be plenty of time for member Q&A to include the AMCHAM Tax committee.  Unfortunately I'm travelling and won't be able to go.

 

https://connect.amchamthailand.com/events/details/agm-luncheon-with-honored-guest-h-e-prime-minister-srettha-thavisin-2469?calendarMonth=2023-10-01

I will see if Austcham can get him along (we are right down on the pecking order however).  Follow his visit to our “Yankee” cousins.  

[Dogmatix]

19 hours ago, Klonko said:

While I am flying under the radar as plan A, I have retained a Thai tax lawyer (recommended by my home country tax lawyer) to get professional assessment of my personal situation and have plan B (DTA), C (paying 5% tax) and D (179 days) ready. Flying under the radar is fine as long as I am able to land safely.

How does option C (paying 5% tax) work?

[Klonko]

 

12 minutes ago, Dogmatix said:

How does option C (paying 5% tax) work?

Cf.:

18 hours ago, Klonko said:

Splitting living expenses 50/50% payments to my account and gifts to my wife, gifts for larger purchases in the name of my wife and forgetting DTA (100% offset). Allows for THB 2.44m living expenses.

Calculated on THB 2.44m, tax rate is 2.5% (5% on THB 1.22m taxable income).

[stat]

8 hours ago, Mike Lister said:

I can't comment on this with certainty, poster @stat touts himself as expert in this area, perhaps he can comment?

CRS has resulted in much higher taxes in the TENS of billions been collected around the world. Thai RD will see that you made substantial amount of trading revenue but will have no Idea via CRS what is profit or how much you transfered into Thailand. Nevertheless they could see everything on your thai account by demanding a copy of your bank book. In addition if they see big money in your offshore account they may wonder why you claim to live on 150k thb a year...

Edited October 15, 2023 by stat

[ukrules]

9 hours ago, beammeup said:

Those gifts will need to be remitted. Is it clear that the remittance is tax exempt?

Of course not, they're not stupid. This gift thing is obviously related to money that's already been taxed inside the country.

 

If you send 10 million to your girlfriend she will have to pay tax on it, the same as you would if you send it to your own bank account. Assuming the money is already untaxed elsewhere of course.

[Dogmatix]

4 hours ago, Lorry said:

Even that's not the wording of sec42 (23) and (24) of the RD code.

Re tax on mutual funds. 

 

40(4)(b) says that dividends from mutual funds are taxable.  10% withholding tax is deducted from Thai mutual fund dividends. For foreign mutual funds that withhold tax, a foreign tax credit may apply, but the Thai tax rate will be up to 35%.

 

42(23) says that income from sale of investment units in a mutual fund is tax exempt and you are right that it doesn't specify that the mutual fund should be registered in Thailand. But how do we claim exemption and what documents would be required or would the officer reinterpret the Revenue Code for himself and say that only applies to Thai mutual funds. This is an interesting question for those who own mutual funds in overseas accounts.  The limited range of mirror funds or Foreign Investment Funds (FIFs) managed by Thai asset management companies paying double management fees is a capital gains free option for those with money onshore.

 

42(24) Exempts the income of a mutual fund, i.e. the internal income earned by the mutual fund from capital gains, dividends and interest. 

[stat]

4 hours ago, stargazer9999 said:

It is my understanding that the USA has had a double tax treaty with Thailand since 1997.  Does this help USA citizens in any way to avoid this new tax?

 

https://www.hlbthai.com/double-tax-agreement-between-the-united-states-of-america-and-thailand-including-examples/

 

Yes it should help ,if but that ist a big if, the thai tax department accepts the documentation.

Edited October 15, 2023 by stat

[Dogmatix]

4 hours ago, retiree said:

In my opinion, the first sentence refers to a single taxpayer (but is poorly phrased / translated).  As you read it, It would allow the wife to then make a gift of that money back to her husband without tax consequences for either.  

 

If your interpretation were correct, then we'd expect there to be a "gift deduction" entry on the husband's tax return that would let him exempt this portion of his assessable income (just as there is a "charitable contribution" entry).  There isn't.  

 

In my opinion, the only circumstance under which he can transfer to his wife without one of them being liable for taxes is if either a) it wasn't assessable income for him, or b) he wasn't a tax resident when his assessable income was remitted to Thailand. 

 

Back in the day, when I gave my US accountant a hypothetical, his first question was always Will this pass the sniff test?   We each have our opinions about gifts,  but I'd imagine a Thai accountant would say much the same before agreeing with either of us. 

Good points and this gift tax thing may end up being important to many expats. The wording in the RD's own translation of the Revenue Code, incorporating the 2015 amendment on gift tax, is slightly clearer.  Let's look at Section 42 The assessable income of the following categories shall be exempt for the purpose of income tax calculation:

 

(27) Income derived from maintenance and support or gifts from ascendants, descendants or spouse, but only for the portion not exceeding twenty million Baht throughout the tax year.

 

You raise a good point that it may not be possible to file a joint spousal tax return, if there are gifts between spouses during the tax year, although this is not specified.  And the RD could argue that a gift from offshore to a spouse that is later gifted back to the spouse onshore has been cancelled out, making the original remittance taxable at up to 35%, even though it seems perfectly legal in the Revenue Code. Who, in 2015, would have imagined that spouses might want to this?

 

There are no spaces for gift deduction on tax return forms because gifts under 20 million are "assessable income that are exempt for the purpose of income tax calculation" and therefore don't need to be declared at all.

 

The gift tax amendment was drafted in a very basic way as they just wanted to prevent people from transferring huge estates on their death beds to avoid the new inheritance tax which came in soon afterwards. Previously there was no tax on gifts. I doubt they thought of cases where the donor might be gifting untaxed assessable income from offshore or cases where the donor was not a tax resident or not.  I assume they only envisaged gifts from income that was already taxed in Thailand (or had legally avoided taxation) from tax residents to other tax residents. Otherwise why would someone wealthy enough to gift 20 million from offshore not just wait till the following tax year to remit offshore money and be sure it was tax free, even if over 20 million. The gifting could be done from onshore then.  

 

Since Srettha has ordered the RD to review inheritance and gift, I guess they will spot this potential loophole and plug it or reduce it before we have time to test it.

[Yumthai]

25 minutes ago, ukrules said:

If you send 10 million to your girlfriend she will have to pay tax on it, the same as you would if you send it to your own bank account. Assuming the money is already untaxed elsewhere of course.

What's the point of the gift tax law then? It's nowhere mentioned they will or can potentially audit the gifters. How could they?

 

Do you really think Thais declare and pay tax on gifts received on their bank account from their relatives or sponsors abroad? None declare and pay tax on that money and it's certainly much more important than all foreigners' remittances in Thailand.

 

 

[retiree]

2 minutes ago, Klonko said:

Could you please substantiate this assumption. I agree it will be most probably tax evasion if 100% of joint living expenses are financed by gift or the gifted amount is transferred back to the husband's Thai account. However, supporting the non working wife up to ≈ 50% of joint living expenses and enabling her to finance her share of living expenses from her own account is hardly tax evasion and I have found nothing to the contrary.

As I noted twice, I was giving my opinion, based mainly on the fact that this type of gift can't be deducted from the giver's income.  I might alternatively opine that:

 

1)  when husband sends his wife the gift, the money is his until it is actually in her account.  It might be refused by the Thai bank -- and never leave his US  account -- if:

 

 -- he gave the wrong purpose of payment (PoP) code, or

 -- if they suspected his wife was money laundering, or

 -- if his wife failed her bank's know your customer rules triggered by the large amount (this happened to me once at a US bank I had used for decades), or

 -- if there was simply some inconsistency between the name and account number he  provided for her. 

 

Note that the IRS 709 form verifying the gift is not filed until the next year.  In my opinion, when the money enters Thailand it is still the husbands.  If it is assessable, and if he is resident in that year, then it is taxable to the husband (subject to DTA).  

 

2)  the prosecutor might also present a reductio ad absurdum argument to the judge:  if the gift is legitimate, then the money belongs to the wife.  She can do with it what she will,  including making a gift to her husband.  From the prosecutor's point of view, and in my opinion, from the judge's as well, her gift is no more or less tainted than the husband's. 

 

Perhaps I can make a modest proposal?  If you were to give me a no-show job that paid 20,000,000 baht, and a no-show wife to give it to, I'd be happy to be the test case.    

 

 

[Guavaman]

2 minutes ago, Yumthai said:

What's the point of the gift tax law then? It's nowhere mentioned they will or can potentially audit the gifters. How could they?

 

Do you really think Thais declare and pay tax on gifts received on their bank account from their relatives or sponsors abroad? None declare and pay tax on that money and it's certainly much more important than all foreigners' remittances in Thailand.

 

 

It is clear from the gift tax amendment of 2015 that it is the person who receives money who is liable to pay taxes, only if > 20m annually.

 

Google Translate

Revenue Code Amendment Act (No. 40) B.E. 2015

1. In the case of giving movable property

  (1) Person liable to pay taxes:

(a) a natural person who receives money from support or from a gift from parent, descendant or spouse.

(b) a natural person who receives money from patronage out of duty of morality; or from giving by affection during ceremonies or on occasions of customs and traditions from another person who is not parent, descendant, or spouse.

(2) Property subject to tax:

  All types of movable property that can be calculated in terms of money

  (3) Income that is exempt:

·         Income received from support or from gifts from parent, descendant, or spouse, only income that does not exceed 20 million baht throughout that tax year.

·         Income received from patronage as a duty of moral conduct or from gifts given in ceremonies, or according to customary occasions, from persons who are not parent, descendant, or spouse, only money received in an amount not exceeding 10 million baht throughout that tax year.

·         Income received which the giver expresses or is seen to intend to use for the benefit of the business, religion, educational affairs, or public interest affairs According to the criteria and conditions specified in the ministerial regulations.

  (4) Tax rate:

  The rate is 5 percent of the value of the property received in excess of 20 million baht or 10 million baht.

  (5) Filing of tax returns:

 Taxpayer has a duty to file a personal income tax return (P.N.D. 90) within deadline for filing personal income tax returns which can choose to pay tax at the rate 5 percent of the value of assets in excess of 20 million baht or 10 million baht or will be included in the calculation with other income.

  (6) Withholding tax: none

[Dogmatix]

39 minutes ago, ukrules said:

Of course not, they're not stupid. This gift thing is obviously related to money that's already been taxed inside the country.

 

If you send 10 million to your girlfriend she will have to pay tax on it, the same as you would if you send it to your own bank account. Assuming the money is already untaxed elsewhere of course.

This is not clear from the Revenue Code because the gift tax amendment was drafted before RD order P 161/2566.  However, at that point they would or should have been thinking of remittances of money in the year they were earned in the form of gifts of support to spouses from Thai overseas workers which appear tax exempt whether they were taxed overseas or not.  Some Thai workers are in countries that don't have income tax.

Edited October 15, 2023 by Dogmatix

[Felt 35]

This below is translated (hmm.. think I seen similar earlier????) from Q & A on Rd`s website. It does not cover all situations but roughly its a indication of what's coming.

 

Revenue Department Order No. P.161/2023 regarding personal income tax payment according to Section 41, paragraph two of the Revenue Code
Dated 15 September 2023

 

Question: Revenue Department Order No. P. 161/2023 dated September 15, 2023. What are the principles?
Answer: Revenue Department Order No. P. 161/2023 explains the legal principles according to Section 41, paragraph two, a person will have a duty to pay personal income tax from foreign sources of income when entering the following elements
A person has assessable income from foreign sources in the tax year of being in Thailand for 180 days or more, and
 that person brought such assessable income into Thailand in that tax year or in subsequent tax years.
If both elements above are complete, that person has a duty to include that assessable income in calculating personal income tax in the tax year in which the assessable income was brought into Thailand.
Example: In 2023, Mr. A was in Thailand for a total of 200 days. Mr. A had assessable income from renting property located abroad by receiving the rental money into a bank account located abroad. Later in the year 2027 Mr. A transferred the said money into a bank account in Thailand. Mr. A must use the said assessable income brought in Thailand to calculate personal income tax for the tax year 2027.

Question: When does the Revenue Department Order No. P.161/2023 dated September 15, 2023 come into effect?
Answer: It applies to assessable income no matter what year it occurred that bring money into Thailand from 1 January 2024 onwards

Question: People who live in Thailand means what?
Answer: Any person who is present in Thailand for a total of 180 days or more within a tax year. Whether staying in Thailand for a single consecutive period or staying in Thailand for several periods combined, regardless of the nationality or ethnicity of that person.
Example: 
**Mr. A. is in Thailand every day from January to December 2024, a total of 366 days. Mr. A. is a resident of Thailand in tax year 2024.
**Ms. B. is in Thailand only on odd months in 2024, for a total of 184 days. Ms. B. is a resident of Thailand in tax year 2024.
**Mr. C. was in Thailand from January to December 2024, a total of 179 days. Mr. C. is not a resident of Thailand in tax year 2024.
**Mrs. D. has been in Thailand continuously for a total of 250 days, with the first 100 days being in 2024 and the last 150 days being in 2025. As such, Mrs. D. is not a resident of Thailand in both tax years 2024 and Tax year 2025 because Mrs. D was in Thailand for less than 180 days in that tax year.

Question: What types of assessable income are subject to income tax according to Section 41, paragraph two, of the Revenue Code?
Answer: Assessable income from foreign sources that is subject to income tax including assessable income according to Section 40 (1) to (8) of the Revenue Code.
However, if it is assessable income that is exempt from tax according to the taxpayer law. There is no need to bring that assessable income to pay taxes in Thailand. Such as receiving an inheritance or income received from the support of parents. Descendants or spouse. Only income that does not exceed twenty million baht throughout the tax year, etc.

Question: If you use the money to buy bonds overseas and earn interest on holding those bonds. Later, the principal and interest were brought back to Thailand. Do I have to add principal and interest to calculate personal income tax?
Answer: No. Income tax will be paid only on interest that is assessable income under Section 40 (4) (a) of the Revenue Code that is brought back into Thailand. If in the tax year such interest is received and that person staying in Thailand for more than 180 days

Question: If it is assessable income received before 2024 but the money is brought into Thailand in 2024, will it have to be taxed?
Answer: Tax must be paid if it is income that occurs in the tax year in which the income earner resident in Thailand from 180 days or more in that tax year and bring in that assessable income from 1 January 2024 onwards. Those with income must bring such assessable income must be included in the calculation for personal income tax in tax year 2024 by March 2025.

Question: If it is assessable income received in 2023 and brought back into Thailand in 2023, will it have to be taxed?
Answer: Tax is payable if it is income that occurs in the tax year in which the income earner is in Thailand 180 days or more in that tax year and bring that assessable income into the year 2023. The income earner must include the said assessable income in calculating personal income tax in the tax year 2023 and submit the form within March 2024.

Question: If you are not in Thailand for 180 days or more in the tax year but have assessable income from foreign sources in that tax year, you must pay income tax when brings assessable income back into Thailand or not?
Answer: No personal income tax is required. Even if the assessable income is brought back into Thailand.
Example: In 2028, Mr. A is in Thailand for a total of 65 days. Mr. A has assessable income from renting property located abroad by receiving the rental money into a bank account located abroad and in the same year, Mr. A. transferred the said income to a bank account in Thailand, Mr. A. did not have to pay personal income tax on the said rental money because you were not a resident of Thailand when the money was generated.

Question: If a person lives and works or operates the business in a foreign country for a long time. Later, wanted to return to live in Thailand. Therefore, he brought back money accumulated from working or operating a business abroad. Will this person have to pay taxes on bringing the savings into Thailand?
Answer: No tax is required in the case of bringing savings from working or operating a business abroad into Thailand because savings are derived from assessable income that occurred in the tax year in which the person was not in Thailand over 180 days
Example: Mrs. D. is of Thai nationality and has been living in China since 2007 But in 2024, Mrs. D. wants to return to live in Thailand permanently. Therefore, all accumulated funds from operations in China were brought back into Thailand. As such, Mrs. D. is not obliged to pay personal income tax on money brought into Thailand in 2024 Because the said accumulated money comes from assessable income arising in the tax year in which Mrs. D. is not a resident of Thailand.

Question: If assessable income is brought in Thailand, It is income that has already been taxed abroad, do I have to pay taxes again? Is it double taxation? 
Answer: There is no double taxation. In the case of being a tax resident of Thailand (staying in Thailand for more than 180 days), the tax paid abroad can be credited against the tax paid in Thailand in the tax year that brings assessable income into Thailand according to the provisions of the double tax treaty that Thailand is a contracting party with that country.

Question: Revenue Department Order No. P.161/2023 is not a law. Must taxpayers comply with the Revenue Department's orders?
Answer: It is not a law, but it is an explanation of law section 41. paragraph two of the Revenue Code Taxpayers still has a duty to comply with the law when paying taxes. The Revenue Department order, type P., is an order given by the Director-General. as commander Instruct revenue officials to consider this as a practice guideline. to provide advice to taxpayers to be able to comply with the law correctly.

Edited October 15, 2023 by Felt 35

[Guavaman]

According to Section 1471 of Thailand’s Civil and Commercial Code, which governs matters related to family, personal property is defined as follows:

1. Property that is owned by either spouse prior to their marriage.

2. Personal effects, clothing, or ornament appropriate for the status of either spouse or tools necessary for their professions

3. Property acquired by either spouse during marriage through inheritance or gift.

If a spouse acquires any assets or property during marriage through inheritance, whether as a statutory heir or a beneficiary named in a will, such assets are considered personal property of the acquiring spouse. 

The same applies to gifts received by either spouse, which are specifically intended for them and without any consideration. Such gifts are the sole property of the receiving spouse. This principle also applies when a spouse gives a gift to the other spouse, which will be deemed the separate property of the recipient, even during the marriage.

[retiree]

3 minutes ago, Dogmatix said:

I would advise consulting a tax accountant or lawyer before actually testing it,

What?  I was very much looking forward to the no-show job and no-show wife that Klonko might provide me to test his contention.   Let's not be hasty here.

[Dogmatix]

5 hours ago, redwood1 said:

All very good points......The Srettha road show has been non-stop since he took office.......At this rate he will be running out of new countries to have photo-ops with........lol...........I am not quite sure how this smiling lackey got to rich in the first place? 

Went Yingluck ran of countries to visit, Thaksin packed her off on official visits to the Vatican City which one of her entourage described as San Marino in a speech, and Montenegro (to pick up her passport and she was glad she did).  I would like see Srettha in a photo op with the pope and telling the Thai journos that the Vatican was going to invest heavily in a whole bunch of new cathedrals and churches in Thailand.

[Guavaman]

19 minutes ago, Dogmatix said:

This is not clear from the Revenue Code because the gift tax amendment was drafted before RD order P 161/2566.  However, at that point they would or should have been thinking of remittances of money in the year they were earned in the form of gifts of support to spouses from Thai overseas workers which appear tax exempt whether they were taxed overseas or not.  Some Thai workers are in countries that don't have income tax.

If the Thai wife has a Wise account or any bank account offshore, and the gift funds are transferred to that account, then she receives the gift offshore. When she transfers those funds to her account in Thailand, she is transferring gift funds that are exempt from tax calculation. 

 

Section 42 The assessable income of the following categories shall be exempt for the purpose of income tax calculation:

(27) Income derived from maintenance and support or gifts from ascendants, descendants or spouse, but only for the portion not exceeding twenty million Baht throughout the tax year.

[Dogmatix]

An interesting comment on foreign tax credits from Lorenz and Partners' website  https://www.lorenz-partners.com/taxation-on-foreign-dividend-under-thai-law/ .  Not exactly sure what they are referring to but they seem to believe that RD is systematically wrong in allowing individuals to claim foreign tax credits but does anyway. 

 

What is somewhat worrying though is that this shows that the RD has already made rulings on foreign tax credits for individuals as far back as 2004, even though there was little need for anyone to want to claim them under the previous interpretation of section 41.  So those who are waiting for reams of guidance notes from the RD on the application of DTAs for individuals might be disappointed, if the RD feels its already  clarified all that in 2004 and 2009 - job done.

 

[Ben Zioner]

3 hours ago, Klonko said:

Could you please substantiate this assumption. I agree it will be most probably tax evasion if 100% of joint living expenses are financed by gift or the gifted amount is transferred back to the husband's Thai account. However, supporting the non working wife up to ≈ 50% of joint living expenses and enabling her to finance her share of living expenses from her own account is hardly tax evasion and I have found nothing to the contrary.

This is all  so complicated.

 

But could someone give me a simple answer? If I transfer 1 Million Baht a year from home to my wife's FCD, will this transfer by assessed a  her income or as mine. 

 

I  worry I'll get "it depends" answers...

[Guavaman]

7 minutes ago, Ben Zioner said:

This is all  so complicated.

 

But could someone give me a simple answer? If I transfer 1 Million Baht a year from home to my wife's FCD, will this transfer by assessed a  her income or as mine. 

 

I  worry I'll get "it depends" answers...

Transferring 1m Baht into a foreign currency account owned by a Thai already raises a red flag in the banking system. If you transfer in as Baht using Wise, it shows up in your wife's Thai Baht account as a local transfer from Kasikorn Bank -- no red flags.

[Ben Zioner]

2 minutes ago, Guavaman said:

Transferring 1m Baht into a foreign currency account owned by a Thai already raises a red flag in the banking system. If you transfer in as Baht using Wise, it shows up in your wife's Thai Baht account as a local transfer from Kasikorn Bank -- no red flags.

This doesn't answer my question: will it be assessed as her income (ok for me), or as mine (not ok, 20% more)?

[The Cyclist]

35 minutes ago, Dogmatix said:

What is somewhat worrying though is that this shows that the RD has already made rulings on foreign tax credits for individuals as far back as 2004,

What is worrying about it ?

 

That newsletter refers specifically to " Taxation on Foreign Dividends "

 

Tax paid in another Country will be offset against any tax liability in Thailand.

 

Part 3, sub section B.
 

That newsletter really only affects people who might be transferring Dividends into Thailand and not paying the appropriate taxes where they should be paying them.

 

If you are paying the appropriate taxes the "Meh"

 

 

 

[atpeace]

What is blatantly obvious is that we are as clueless as page "one" of this thread. My recommendation would be to switch to 800k in bank vs, income if that is an option so you aren't required to transfer 65k.  Then wait and see what happens.  It might amount to nothing or possibly a real headache but trying to interpret a tax reg that hasn't been gone into effect and that is vague is only going to create anxiety.