How much tax will I pay in Thailand from 2024?

[FaltuMora]

I'm a 63-year old US citizen and I earn 180K USD annually, including 1099 MISC, withdrawals from 401K/IRA (Roth withdrawal is not taxed in the US), dividends, capital gains, interests etc. All incomes are from US and I pay US taxes based on my 180K incomes after various applicable personal and business deductions. 

I have decided to live in Thailand most of the year from 2024. I have four mia nois in their 20s in Thailand but they are registered as my US companies independent contractors in the US. Their official job is posting at least ten canned messages per day in social media and unofficial job is to sleep with me at least once a week in their birthday suit for my carnal pleasure. They are paid a fixed salary of 40K Baht/month and a capital one business credit card in their name with a limit of 200 USD. They are directly paid from my US bank to their account in Thailand. Besides that I also bring 2K USD/month for my own expenses to Thailand. I'm bringing only 24K USD per year to Thailand. Rest are not sent to my bank account in Thailand. 

How much tax do I have to pay in taxes Thailand from 2024?

[JAS21]

Is that you GG …..

[KannikaP]

5 minutes ago, JAS21 said:

Is that you GG …..

Could be, it's the same sort of 8ull 5hit GG usually posts.

[bob smith]

This morning I microwaved some kippers and now my house smells of fish..

 

I have opened the windows but still my house smells of fish.

 

I have a feeling it could smell like this for days.

[JAS21]

23 minutes ago, bob smith said:

This morning I microwaved some kippers and now my house smells of fish..

 

I have opened the windows but still my house smells of fish.

 

I have a feeling it could smell like this for days.

We’re those the ones in a tin, or nice freshly smoked ones …I am looking to buy the latter

[andux]

Nice riddle OP, but the only thing that matters is that you remit 24K a year into Thailand.

 

Your mia nois are independent contractors so they have to take care of their own taxes.

 

Your tax on approximately 900K baht would be calculated in progressive brackets; first 150K baht at 0%, next 150k baht at 5%, and so on.

 

Let's break it down for your particular case:

 

0-150K bracket (0% of 150K): 0 baht

150K-300k bracket (5% of 150K): 7,500 baht (you may be eligible for a small allowance of 30K-60K in this bracket, which can result in a reduction on your tax bill of around 2K baht)

300K-500K bracket (10% of 200K): 20,000 baht

500K-750K bracket (15% of 250K): 37,500 baht

750K-1KK bracket (20% of 150K): 30,000 baht

 

Let's add it up (assuming no allowance):

 

7,500 + 20,000 + 37,500 + 30,000 = 95,000 baht, which is approximately 2,500 USD. Not so bad.

 

Now, I think that if you're looking to lower your yearly bills, we should take a closer look at your expenses with those mia nois instead. 40K baht/month for sleeping once a week with each is not the best business deal around. 

 

In other words, you're paying 40,000 baht to each, and you only sleep 4 times a month with each. And I'm not even taking into account the business expenses and overhead of hiring them legally through US companies.

 

But even assuming that your business expenses for each hire are 0, you're still paying 10K baht for every time that you get laid. This is way above current market prices, which fluctuate around the 2K baht mark.

 

With the above being said, if you're serious about lowering mianois-related expenses, contact our advisors, and we'll gladly assist you in selecting a solid roster of beautiful mia nois in their 20s at the best possible market valuations.

[bob smith]

10 minutes ago, JAS21 said:

We’re those the ones in a tin, or nice freshly smoked ones …I am looking to buy the latter

tinned kippers mate..

 

the smell is making my eyes water!

[CartagenaWarlock]

2 hours ago, andux said:

7,500 + 20,000 + 37,500 + 30,000 = 95,000 baht, which is approximately 2,500 USD. Not so bad.

Your 180K USD pre tax income must have at least 20K US income tax obligation after all deductions besides FICA. You can deduct 2500 USD taxes paid in Thailand from your US income tax obligation legally to avoid double taxation. 

 

[andux]

24 minutes ago, CartagenaWarlock said:

Your 180K USD pre tax income must have at least 20K US income tax obligation after all deductions besides FICA. You can deduct 2500 USD taxes paid in Thailand from your US income tax obligation legally to avoid double taxation. 

 

I know this is a troll thread, but yes, you're right, you can then deduct it from your US income tax obligation. The end result is the same though, and one would still pay 2500 USD in taxes to Thailand.

[Srikcir]

Consider the 10-year Long Term Resident visa. Three of four categories are Thai tax exempt, ie., wealthy.

pensioner. Brochure at  https://ltr.boi.go.th

 

[nickmondo]

On 10/8/2023 at 11:16 AM, andux said:

Nice riddle OP, but the only thing that matters is that you remit 24K a year into Thailand.

 

Your mia nois are independent contractors so they have to take care of their own taxes.

 

Your tax on approximately 900K baht would be calculated in progressive brackets; first 150K baht at 0%, next 150k baht at 5%, and so on.

 

Let's break it down for your particular case:

 

0-150K bracket (0% of 150K): 0 baht

150K-300k bracket (5% of 150K): 7,500 baht (you may be eligible for a small allowance of 30K-60K in this bracket, which can result in a reduction on your tax bill of around 2K baht)

300K-500K bracket (10% of 200K): 20,000 baht

500K-750K bracket (15% of 250K): 37,500 baht

750K-1KK bracket (20% of 150K): 30,000 baht

 

Let's add it up (assuming no allowance):

 

7,500 + 20,000 + 37,500 + 30,000 = 95,000 baht, which is approximately 2,500 USD. Not so bad.

 

Now, I think that if you're looking to lower your yearly bills, we should take a closer look at your expenses with those mia nois instead. 40K baht/month for sleeping once a week with each is not the best business deal around. 

 

In other words, you're paying 40,000 baht to each, and you only sleep 4 times a month with each. And I'm not even taking into account the business expenses and overhead of hiring them legally through US companies.

 

But even assuming that your business expenses for each hire are 0, you're still paying 10K baht for every time that you get laid. This is way above current market prices, which fluctuate around the 2K baht mark.

 

With the above being said, if you're serious about lowering mianois-related expenses, contact our advisors, and we'll gladly assist you in selecting a solid roster of beautiful mia nois in their 20s at the best possible market valuations.

or pay nothing..............no decision is made on taxation of farangs yet

[Skeptic7]

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[Presnock]

On 10/8/2023 at 10:32 AM, FaltuMora said:

I'm a 63-year old US citizen and I earn 180K USD annually, including 1099 MISC, withdrawals from 401K/IRA (Roth withdrawal is not taxed in the US), dividends, capital gains, interests etc. All incomes are from US and I pay US taxes based on my 180K incomes after various applicable personal and business deductions. 

I have decided to live in Thailand most of the year from 2024. I have four mia nois in their 20s in Thailand but they are registered as my US companies independent contractors in the US. Their official job is posting at least ten canned messages per day in social media and unofficial job is to sleep with me at least once a week in their birthday suit for my carnal pleasure. They are paid a fixed salary of 40K Baht/month and a capital one business credit card in their name with a limit of 200 USD. They are directly paid from my US bank to their account in Thailand. Besides that I also bring 2K USD/month for my own expenses to Thailand. I'm bringing only 24K USD per year to Thailand. Rest are not sent to my bank account in Thailand. 

How much tax do I have to pay in taxes Thailand from 2024?

Well the US IRS will lower your tax bill dollar for dollar on your unearned monies that are taxed in Thailand plus the US govt gives you a lower tax amount earned if your residence is overseas.  Check with greenbacktaxservices.com  They will provide you with answers free of charge re taxes and ex-pat.

[khunPer]

On 10/8/2023 at 5:32 AM, FaltuMora said:

How much tax do I have to pay in taxes Thailand from 2024?

The bad news is that your mia nois might wish a salary increase, as they will now be taxed on their foreign income...

However, the good news is that you won't be double taxed on the money, you already paid tax from in US...

[digger70]

Dreamer//// Tosser.

[Somjot]

On 10/8/2023 at 10:32 AM, FaltuMora said:

I'm a 63-year old US citizen and I earn 180K USD annually, including 1099 MISC, withdrawals from 401K/IRA (Roth withdrawal is not taxed in the US), dividends, capital gains, interests etc. All incomes are from US and I pay US taxes based on my 180K incomes after various applicable personal and business deductions. 

I have decided to live in Thailand most of the year from 2024. I have four mia nois in their 20s in Thailand but they are registered as my US companies independent contractors in the US. Their official job is posting at least ten canned messages per day in social media and unofficial job is to sleep with me at least once a week in their birthday suit for my carnal pleasure. They are paid a fixed salary of 40K Baht/month and a capital one business credit card in their name with a limit of 200 USD. They are directly paid from my US bank to their account in Thailand. Besides that I also bring 2K USD/month for my own expenses to Thailand. I'm bringing only 24K USD per year to Thailand. Rest are not sent to my bank account in Thailand. 

How much tax do I have to pay in taxes Thailand from 2024?

I have a slightly different approach to your dilemma:

 

If you can prove, that those 24K you bring into the country have been taxed already and as double taxation is still forbidden, you probably will not have to pay any tax for that.

 

But those 4 independent contractors, you are wiring money to every month, might become a major issue:

 

No matter if they can keep that money for those canned messages and the weekly ordeal or if they must return it to you partially, they clearly have taxable income in Thailand.

 

As most foreigners, who have ever started any kind of business with their cute little girlfriend, will confirm, those cuties think gross and net income are the same.

 

And if 4 independent contractors, getting money from the US every month and from the same person, refuse to pay tax, it's only a question of time until the revenue gets suspicious, and you are arrested for money laundering.

 

Even if it is the case, nobody with a clear mind will ever believe that you pay 10.000,- Baht per shag.

 

The only way out is that those independent contractors create expenses by hiring employees.

 

For example, the father, who's brand new motorbike you paid for, could be hired as transportation manager.

 

The mother with the brand-new cell phone could be the head of communications.

 

And the boyfriend, who is shagging her the other six days could be the CESO (Chief employee satisfaction officer).

 

Sure, you will have to pay for their government health insurance, but that is nothing compared to the taxes you have avoided.

 

Besides dad and “brother” will be thankful as I firmly believe, if you ride a bike in Thailand, you will have an accident.

 

The only question is not if; it is when.

 

 

[MickTurator]

You don't have to pay any tax.

 

TT the money to a bank account in Singapore and I will go and get it for you and bring it back to Thailand.

Don't worry about my honesty, I will take one of your mia nois with me to make sure I don't misbehave .

 

Just pay my out of pocket expenses.

[The Theory]

This tax is most probably for those with dual citizenship or US green cards who transfer funds (whole income of the year before year ends) to Thailand every year. They don't file tax in the US since they pay tax in Thailand and never pay tax in Thailand either.   
 

 

Edited October 9, 2023 by The Theory

[nglodnig]

You're 63 and being serviced by four different ladies a week? What's your secret champ?

[nglodnig]

What scheduling software do you use? Google Calendar, Outlook? Or is it just Miss Monday, Wednesday, Friday, Sunday?

[CartagenaWarlock]

On 10/9/2023 at 4:57 AM, Somjot said:

Even if it is the case, nobody with a clear mind will ever believe that you pay 10.000,- Baht per shag.

How do you know he shags only once with a mia noi in one night? My guess will be at least twice and I won't be surprised if at least three or four times. 

Edited October 11, 2023 by CartagenaWarlock

[Somjot]

On 10/11/2023 at 12:55 PM, CartagenaWarlock said:

How do you know he shags only once with a mia noi in one night? My guess will be at least twice and I won't be surprised if at least three or four times. 

True, that is clearly a flaw in my calculations.

 

I projected my own sexual virility on him ... err ... I mean ... err ... a friend`s virility.