Change in the tax law does target expats living in Thailand and extends reporting obligations

[JimTripper]

On 11/12/2023 at 11:50 AM, The Cyclist said:

 

 

Yet on this thread alone we are on page 23 and nearly 700 posts, filled with posters claiming all sorts of nonsense and making plans to flee Thailand.

 

And then head over to the other thread, which is even bigger, and has even more nonsense of what will happen come on 01 Jan 2024.

 

The only fact I can tell you about the 01 Jan 2024 is that I will have a hangover from hell.

live your life as a drunk then and see where it gets you. 🥃

[suzannegoh]

On 11/11/2023 at 11:38 AM, Misty said:

 

Viewers please note:  AMCHAM Thailand has an excellent tax committee.  Years ago this guy gave a couple of presentations for AMCHAM.  Not only is he no longer an AMCHAM member, but he is also not asked to speak there.

Why is he no longed asked to speak there?

[Misty]

On 12/16/2023 at 11:53 AM, suzannegoh said:

Why is he no longed asked to speak there?

 

You'd have to ask AMCHAM Tax Committee

[Shoeless Joe]

Jeez, 25 pages of hot air and speculation when nobody knows what's going to happen. Excellent opportunity for faux accountants and conspiracy theorists to set the hares running.

Joe

[nauseus]

Good. Someone is thinking.

 

For foreigners, any levies on (historically) tax-free transfers of funds  to Thailand from overseas could be significant enough for many of them to decide to relocate, or bring a lot less foreign currency into Thailand, if they can do that. This tax issue seems not final, as yet, but if this interpretation of the law is used then it will very likely cost more to apply than it actually brings in. In that case it's lose-lose.

 

 

[jacko45k]

18 hours ago, Shoeless Joe said:

Jeez, 25 pages of hot air and speculation when nobody knows what's going to happen. Excellent opportunity for faux accountants and conspiracy theorists to set the hares running.

Joe

A tax agent on every corner, to go with the Visa agent, tattoo artist, massage and 7-11. 

[Mike Lister]

5 minutes ago, jacko45k said:

A tax agent on every corner, to go with the Visa agent, tattoo artist, massage and 7-11. 

Tax Agents and coffee shops inside a 7/11 is a natural marriage, "Enjooy a Latte While we File Your Return", afterwards destress with a nice relaxing massage and pick up some shopping. 

[StayinThailand2much]

On 12/24/2023 at 12:33 PM, nauseus said:

This tax issue seems not final, as yet, but if this interpretation of the law is used then it will very likely cost more to apply than it actually brings in. In that case it's lose-lose.

 

Yes, the most troublesome issue is the (intentional?) vagueness, and the possibility that this has not been thought through. It may, or may not cost Thailand way more than it is supposed to bring in.

Edited December 25, 2023 by StayinThailand2much

[BlueScouse]

Surely if you are here on a marriage extension then  you should only declare the 400,000 baht needed for the extension. Same for retirement extension. Just declare the 800,000 baht required.

According  to a post on another thread, a person over 65 is allowed 500,000 baht tax allowances so no tax for marriage extension, and not a lot for a retirement extension.

[Mike Lister]

12 minutes ago, StayinThailand2much said:

 

Yes, the most troublesome issue is the (intentional?) vagueness, and the possibility that this has not been thought through. It may, or may not cost Thailand way more than it is supposed to bring in.

Only if you take the view that foreigners residing in Thailand will owe more combined in tax, than will the Thai nationals at whom this rule change is targeted. I think that is highly improbable since natives Thais affected by this rule are likely to be in the millions whereas the foreigner population is in the low hundreds of thousands.

[Mike Lister]

2 minutes ago, BlueScouse said:

Surely if you are here on a marriage extension then  you should only declare the 400,000 baht needed for the extension. Same for retirement extension. Just declare the 800,000 baht required.

According  to a post on another thread, a person over 65 is allowed 500,000 baht tax allowances so no tax for marriage extension, and not a lot for a retirement extension.

Those things are correct, but, what funds will the person live off throughout the year because they will need to be imported and decalred?