Popular Post stat Posted December 31, 2023 Popular Post Share Posted December 31, 2023 So this is the end of the year and no substantial clarification from RD as most of us suspected. Happy new year to all of you! 3 1 Link to comment Share on other sites More sharing options...
Ralf001 Posted December 31, 2023 Share Posted December 31, 2023 3 hours ago, stat said: So this is the end of the year and no substantial clarification from RD as most of us suspected. Happy new year to all of you! 2024 tax returns do not have to be submitted until March 2025. RD still has some time up it's sleeve to work out the details. 2 Link to comment Share on other sites More sharing options...
Popular Post jerrymahoney Posted December 31, 2023 Popular Post Share Posted December 31, 2023 (edited) 7 hours ago, Mike Teavee said: Love this post... Thank you for reminding us that "This is Thailand" & so everything we think we know, we don't. Or as the late former Defense Secretary Donald Rumsfeld put it in a Press conference 12 FEB 2002: Reports that say that something hasn't happened are always interesting to me, because as we know, there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns—the ones we don't know we don't know. And if one looks throughout the history of our country and other free countries, it is the latter category that tends to be the difficult ones. https://en.wikipedia.org/wiki/There_are_unknown_unknowns Edited December 31, 2023 by jerrymahoney 2 1 2 Link to comment Share on other sites More sharing options...
Popular Post DonniePeverley Posted December 31, 2023 Popular Post Share Posted December 31, 2023 So it's 2024 and we've got no clarification. Welcome to Thailand. 3 1 1 Link to comment Share on other sites More sharing options...
lexxy Posted December 31, 2023 Share Posted December 31, 2023 This thread didnt even hit 200 pages. Link to comment Share on other sites More sharing options...
jerrymahoney Posted December 31, 2023 Share Posted December 31, 2023 15 minutes ago, lexxy said: This thread didnt even hit 200 pages. So it's Taxes 191 pages God * 605 pages God wins. * Do you believe in God and why 2 Link to comment Share on other sites More sharing options...
Popular Post Karma80 Posted January 1 Popular Post Share Posted January 1 5 hours ago, Ralf001 said: 2024 tax returns do not have to be submitted until March 2025. RD still has some time up it's sleeve to work out the details. Then, spring the "details" on taxpayers retrospectively. Amazing Thailand. 1 2 1 Link to comment Share on other sites More sharing options...
The Cyclist Posted January 1 Share Posted January 1 6 hours ago, lexxy said: This thread didnt even hit 200 pages. Plenty of time yet before the RD extract their finger and make another announcement. When that eventually happens there might be a massive surge, to leap ahead of 6 hours ago, jerrymahoney said: So it's Taxes 191 pages God * 605 pages God wins. * Do you believe in God and why Calm down to a panic, this thread has a long way to go yet 1 Link to comment Share on other sites More sharing options...
Popular Post Jingthing Posted January 1 Popular Post Share Posted January 1 3 hours ago, Karma80 said: Then, spring the "details" on taxpayers retrospectively. Amazing Thailand. Yeah I think it's unethical to not specify details before the effective date. It makes tax planning impossible. All we can do is guess. 1 4 Link to comment Share on other sites More sharing options...
The Cyclist Posted January 1 Share Posted January 1 11 minutes ago, Jingthing said: Yeah I think it's unethical Ethics and Politicos are 2 words that do not deserve to be on the same page, let alone the same sentence. In any Country. 1 Link to comment Share on other sites More sharing options...
Jingthing Posted January 1 Share Posted January 1 5 minutes ago, The Cyclist said: Ethics and Politicos are 2 words that do not deserve to be on the same page, let alone the same sentence. In any Country. Yeah well sure but doesn't make it right. Link to comment Share on other sites More sharing options...
Ralf001 Posted January 1 Share Posted January 1 26 minutes ago, Jingthing said: Yeah I think it's unethical to not specify details before the effective date. It makes tax planning impossible. All we can do is guess. IN the eyes of the RD the effective date will be 31/12/24, the end of the financial year for individual taxpayers. Link to comment Share on other sites More sharing options...
Popular Post Jingthing Posted January 1 Popular Post Share Posted January 1 8 minutes ago, Ralf001 said: IN the eyes of the RD the effective date will be 31/12/24, the end of the financial year for individual taxpayers. Yes but that applies to financial stuff this year which means it's totally black box for expats. 3 1 Link to comment Share on other sites More sharing options...
Ralf001 Posted January 1 Share Posted January 1 2 minutes ago, Jingthing said: Yes but that applies to financial stuff this year which means it's totally black box for expats. Yeah I hear ya. The details for my 2025 tax return are already calculated based on pure salary... thats how my monthly with holding tax is calculated. Link to comment Share on other sites More sharing options...
Popular Post StayinThailand2much Posted January 1 Popular Post Share Posted January 1 (edited) 2024 already; waiting for reports of members who had transfers to Thailand this year... Edited January 1 by StayinThailand2much 1 1 1 1 Link to comment Share on other sites More sharing options...
Popular Post StayinThailand2much Posted January 1 Popular Post Share Posted January 1 (edited) 16 hours ago, Mike Teavee said: Love this post... Thank you for reminding us that "This is Thailand" & so everything we think we know, we don't. Yes, any other country they would have clarified 'when', 'how', and 'who'. But this being Thailand, only an informal press release that 'all foreign income will be taxed'... Just like a restaurant advertising: "Come visit us! We have food." Edited January 1 by StayinThailand2much 2 1 2 Link to comment Share on other sites More sharing options...
Ralf001 Posted January 1 Share Posted January 1 1 minute ago, StayinThailand2much said: Yes, any other country they would have clarified 'when', 'how', and 'who'. But this being Thailand, only an informal press release that 'all foreign income will be taxed'... Just like a restaurant advertising: "Come visit us! We have food." The when has been known for many many years if anyone bothers to look up financial year Thailand for individual taxpayers.... its always been Jan 1 to Dec 31. The who will be (I assume) enforcement of tax laws also been in place for many years, this announcement is merely closing the loop holes used to avoid them. The how will be same as any other country.... lodge a tax return by the due date, in this instance it will be 31/03/25. Or something like that anyways ! Link to comment Share on other sites More sharing options...
Popular Post StayinThailand2much Posted January 1 Popular Post Share Posted January 1 (edited) 9 minutes ago, Ralf001 said: The when has been known for many many years if anyone bothers to look up financial year Thailand for individual taxpayers.... its always been Jan 1 to Dec 31. The who will be (I assume) enforcement of tax laws also been in place for many years, this announcement is merely closing the loop holes used to avoid them. The how will be same as any other country.... lodge a tax return by the due date, in this instance it will be 31/03/25. Or something like that anyways ! So, according to this, who has no income in Thailand doesn't need to lodge a tax return. Who receives transfers or cash from abroad, and has been staying for 180+ days in Thailand, should lodge a return if they think there might be tax liability in Thailand. And the RD will wait for any tax returns in the mail. Sounds good to me. Edited January 1 by StayinThailand2much 1 3 Link to comment Share on other sites More sharing options...
Ralf001 Posted January 1 Share Posted January 1 1 minute ago, StayinThailand2much said: So, according to this, who has no income in Thailand doesn't need to file a tax return. Who receives transfers or cash from abroad should file a return if they think there might be tax liability in Thailand. And the RD will wait for any tax returns in the mail. Sounds good to me. Always been one has to pay tax on income brought into the country. Old law was tax is due id brought into Thailand in the same year earn't... thats one of the loopholes I reckon is being closed. Link to comment Share on other sites More sharing options...
Jingthing Posted January 1 Share Posted January 1 2 hours ago, Ralf001 said: Always been one has to pay tax on income brought into the country. Old law was tax is due id brought into Thailand in the same year earn't... thats one of the loopholes I reckon is being closed. So you're the one! Link to comment Share on other sites More sharing options...
Popular Post Jingthing Posted January 1 Popular Post Share Posted January 1 2 hours ago, StayinThailand2much said: 2024 already; waiting for reports of members who had transfers to Thailand this year... If you're suggesting that the banks might be withholding a portion for tax, no need to wait. They will not. Next ... 3 1 Link to comment Share on other sites More sharing options...
Popular Post mfd101 Posted January 1 Popular Post Share Posted January 1 I have a cunning plan: I'm going to keep hiding under the bed until 1 Jan 2026. By then we should have a fair idea how things are panning out. 2 4 Link to comment Share on other sites More sharing options...
Ralf001 Posted January 1 Share Posted January 1 13 minutes ago, Jingthing said: So you're the one! the one, what ? 1 Link to comment Share on other sites More sharing options...
CartagenaWarlock Posted January 1 Share Posted January 1 (edited) On 12/21/2023 at 6:14 PM, Danderman123 said: IIRC, foreign nationals with capital gains in the US are subject to a substantial withhold upon a sale. https://www.investopedia.com/ask/answers/06/nonusresidenttax.asp Dividends are taxed at 30%. Capital gains are not. Let's assume a Thai person buys a home in the USA and then sells it at a profit after a few years. It is called capital gains. Edited January 1 by CartagenaWarlock 1 Link to comment Share on other sites More sharing options...
Popular Post Jingthing Posted January 1 Popular Post Share Posted January 1 (edited) Another reason that it totally sucks that we don't have the details yet (and have no idea when we will know) is that this is hurtful to the Thai economy itself. The ye olde shooting themselves in the foot syndrome. To wit -- People being scared off and not coming in the first place (people starting new households spend a lot) Most dramatically -- BUYING CONDOS! (Or other optional large purchses that you need to import money for.) Also optional medical procedures. I think you have to be beyond concerns about money or crazy to buy a condo in Thailand now. Of course this hurts foreigners hoping to sell condos to foreigners now as well. The supply of very wealthy, clueless, or insane foreigners is presumably limited. Edited January 1 by Jingthing 3 1 Link to comment Share on other sites More sharing options...
Mike Lister Posted January 1 Share Posted January 1 6 hours ago, StayinThailand2much said: 2024 already; waiting for reports of members who had transfers to Thailand this year... US Social Security overseas is paid primarily on 3rd each month, not long to wait. 1 Link to comment Share on other sites More sharing options...
Trippy Posted January 1 Share Posted January 1 11 minutes ago, Jingthing said: Another reason that it totally sucks that we don't have the details yet (and have no idea when we will know) is that this is hurtful to the Thai economy itself. The ye olde shooting themselves in the foot syndrome. To wit -- People being scared off and not coming in the first place (people starting new households spend a lot) Most dramatically -- BUYING CONDOS! (Or other optional large purchses that you need to import money for.) I think you have to be beyond concerns about money or crazy to buy a condo in Thailand now. Of course this hurts foreigners hoping to sell condos to foreigners now as well. The supply of very wealthy, clueless, or insane foreigners is presumably limited. Good news for the poor renters. 1 Link to comment Share on other sites More sharing options...
stat Posted January 1 Share Posted January 1 17 hours ago, Ralf001 said: 2024 tax returns do not have to be submitted until March 2025. RD still has some time up it's sleeve to work out the details. The directive is already "active". Usually law or directives are defined and explained before coming into effect. I also suspect thai RD may just look at your lifestyle and demand proof of how those monies came to Thailand to pay for your rental condo etc... Link to comment Share on other sites More sharing options...
stat Posted January 1 Share Posted January 1 7 hours ago, Ralf001 said: IN the eyes of the RD the effective date will be 31/12/24, the end of the financial year for individual taxpayers. Nonsense, sorry mate. That is just the deadline for the tax calendar year. Starting 1 Jan 2024 you are liable to pay tax on your remittance without any substantial guidance on how profit of this remitance will be calculated (Lifo or Fifo for example etc). I know TiT but this time there are 6-7 digit USD taxes on the horizon for some people. Link to comment Share on other sites More sharing options...
stat Posted January 1 Share Posted January 1 2 hours ago, CartagenaWarlock said: https://www.investopedia.com/ask/answers/06/nonusresidenttax.asp Dividends are taxed at 30%. Capital gains are not. Let's assume a Thai person buys a home in the USA and then sells it at a profit after a few years. It is called capital gains. 30% tax on dividends is the normal rate yes, but most countries have a DTA with the US (Germany, Thailand etc... ) and so the tax rate ist 15% on dividends and no tax on cap gains. Link to comment Share on other sites More sharing options...
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