Bye bye Thailand, thanks for nothing!

[ujayujay]

Why are pensioners with low pensions in particular penalized by the new tax system for foreigners!? Does the Thai government actually believe that this will result in more tax revenue at the end of the day? There will be an exodus of expats with the result that in certain places the property market will collapse and the purchasing power of those remaining will be reduced by the amount of tax they pay! This, in turn, affects small businesses that have been hit by the poor economy, which can then pay less taxes or have to go out of business! The fact that this whole story is being treated by the government like a secret mission (little information until Zero in the media) suggests that those responsible are not convinced of their case! In any case, I say no to the state raid on my pension and say byebye Thailand!

What is your opinion?

[Celsius]

Hahaha.... this table must be a joke, right?

 

I mean, just look at it..... Thailand pretending to be a high income developed country that it isn't.

 

Thank god that after filing a tax return,  you mugs will have access to permanent residency and free healthcare!

 

And you don't have to worry about 90 day reports too!

 

WHAT A RELIEF!

[beautifulthailand99]

Thailand has always screwed the poor that's why it's so cheap to live here relatively. As a quid pro quo though they should probably have just one price at the parks and attractions. After Covid virtually every counrty is in big trouble, half the councils in Britain are going bust as well as most of the public servies in one way or another so it's not surprising that every goverment is looking to shakdeown all the money that they can.

[worgeordie]

Your jumping the gun , wait till something happens ,they say they are going to do a lot of

things (the Government) they do u-turns when they realize it's a stupid idea , happens a lot.

if it does ,but doubt they are going to tax your pension ,they would know what would happen 

if they did that.......

 

 

regards Worgeordie

 

[Prubangboy]

Tax treaty general concepts:

 

1) Funds have to be remitted to Thailand to be taxable. If I make money back home and keep it back home, no Thai tax on it. You are not being taxed on all world-wide income, only what's transferred. No diff from England.

 

2) You get a credit for your Thai taxes owed equal to the amount of tax you paid on that income back home.

 

Almost always, the tax amount you pay back home will amount to a credit greater than any tax you might owe in Thailand (means: you owe zero). For instance, pensions in the UK are already taxed as income. 

 

3) It's progressive. Stupid Stickman said that 35% was the flat rate. You have to use up a lot of lower tax rate bands before you hit 35%. No one reading this will.  

 

Here's a list of the countries that have double taxation treaties with Thailand:

 

 

https://www.imidaily.com/program-updates/thailands-tax-tightening-on-foreign-income-raises-questions-about-implementation/

Edited December 8, 2023 by Prubangboy

[steve187]

op you will be missed, but please stay in touch with more wisdom,

[connda]

28 minutes ago, Celsius said:

Thank god that after filing a tax return,  you mugs will have access to permanent residency and free healthcare!

Not sure where you are getting your information, but I've worked here, paid taxes, and trust me - I have no access to permanent residency and healthcare. 

[chickenslegs]

2 minutes ago, connda said:

Not sure where you are getting your information, but I've worked here, paid taxes, and trust me - I have no access to permanent residency and healthcare. 

Sarcasm, surely.

[topt]

2 minutes ago, connda said:

Not sure where you are getting your information, but I've worked here, paid taxes, and trust me - I have no access to permanent residency and healthcare. 

I think you will find that he was taking the proverbial (piss)

 

[noobexpat]

32 minutes ago, Celsius said:

Hahaha.... this table must be a joke, right?

 

I mean, just look at it..... Thailand pretending to be a high income developed country that it isn't.

 

Thank god that after filing a tax return,  you mugs will have access to permanent residency and free healthcare!

 

And you don't have to worry about 90 day reports too!

 

WHAT A RELIEF!

 

You made no money here, so toddle off back to the west and try again.

[topt]

45 minutes ago, ujayujay said:

What is your opinion?

Do we really need another thread on this.....

There are already several - this one is up to 156 pages......

 

[Prubangboy]

I'll bet that remittances to buy condo's, start business's, medical expenses will be exempt, since that would def. be self-sabotaging. 

[Celsius]

4 minutes ago, noobexpat said:

 

You made no money here, so toddle off back to the west and try again.

 

What idiot makes money in Thailand?

 

LOL

[Morch]

3 minutes ago, Celsius said:

 

What idiot makes money in Thailand?

 

LOL

 

Yeah...what a loser, eh?

 

William Heinecke

https://en.wikipedia.org/wiki/William_Heinecke

[Ben Zioner]

54 minutes ago, ujayujay said:

Why are pensioners with low pensions in particular penalized by the new tax system for foreigners!?

Can you explain this? You do realise that your attachment says exactly the contrary. 

 

But had you said that Tax income tax is an incentive to stay single and childless, I would have agreed. Quite  strange in a country with a rapidly dropping natality rate.

[TorquayFan]

Apparently our 'Pensions' will be 'assessable' to Thai tax under this change from 1.1.2024.

As it stands we will be required to file a Return, but the good news is that if we have paid Income Tax in say the UK, that will be deductible from the Thai liability, if any arises. But it'll mean loads of extra paperwork no doubt with recalcitrant Thai tax Folks . . .

Reassuringly this Lawyer says the changes are targeting high earners and those Thais holding money overseas, nevertheless, us humble types are at the moment, it seems, likely to be dragged in.

The Lawyer cautions wait and see how this unfolds, 19 minutes in . . .

 

 

As a strategy - I'll be keeping my head down !

Edited December 8, 2023 by TorquayFan

[Celsius]

2 minutes ago, Morch said:

 

Yeah...what a loser, eh?

 

William Heinecke

https://en.wikipedia.org/wiki/William_Heinecke

 

99% of losers that work here are sex tourists. 

 

Most open a bar.

 

The few ones that work for international companies are miserabled and the highlight of their career is buying a mid tier MG on a bank loan

 

Great link BTW.... here is another 

 

https://en.wikipedia.org/wiki/Warren_Buffett

[JimTripper]

Here's to hoping you have somewhere better to go!

[Ben Zioner]

24 minutes ago, Prubangboy said:

3) It's progressive. Stupid Stickman said that 35% was the flat rate. You have to use up a lot of lower tax rate bands before you hit 35%. No one reading this will.  

Stickman didn't say so, it was one of his readers.

[bob smith]

We rich folk have this great little thing called OPTIONS.

 

I can pretty much live wherever I want and not worry about how much it costs.

 

In the end if they do decide to enact such a ridiculous policy then it will be Thailands loss, not mine.

Edited December 8, 2023 by bob smith

[Fr87]

10 minutes ago, Prubangboy said:

I'll bet that remittances to buy condo's, start business's, medical expenses will be exempt, since that would def. be self-sabotaging. 

I'd often thought how absolutely wrong headed this thing is, but they won't give an inch guaranteed.

 

Condos

Medical

Family donations

Automobiles

Luxury, electronic goods

 

They were already questionable purchases due to poor value. What if some lazy bureaucrat simply decides your income regardless of tax treaty is not exempt.

 

5M condo... Ouch!

 

2M auto...

 

Medical procedures in best clinics and hospitals are already as expensive as US sans insurance and ability to sue for gross negligence, malpractice

 

I will spend down my cash here hoping this will blow over. Figure out next move.

 

[Fr87]

2 minutes ago, bob smith said:

We rich folk have a great little thing called OPTIONS.

 

I can pretty much live wherever I want and not worry about how much it costs.

 

In the end if they do decide to enact such a ridiculous policy then it will be Thailands loss, not mine.

 

If you'd have to pay tax on what you bring in - would you (will you) stay? All the sudden the Thai financial edge entirely vanishes.

 

The real galling thing is that foreigners receive absolutely nothing in return. Nothing.

[keith101]

If the age pension for some stupid reason is also a part of this new tax i will be leaving LOS

[Morch]

16 minutes ago, Celsius said:

 

99% of losers that work here are sex tourists. 

 

Most open a bar.

 

The few ones that work for international companies are miserabled and the highlight of their career is buying a mid tier MG on a bank loan

 

Great link BTW.... here is another 

 

https://en.wikipedia.org/wiki/Warren_Buffett

 

If you say so.....not like you're going to try and make your point by providing anything that actually supports it.

[Jingthing]

29 minutes ago, Prubangboy said:

I'll bet that remittances to buy condo's, start business's, medical expenses will be exempt, since that would def. be self-sabotaging. 

Condos maybe.

Medical expenses no way except for insurance. 

[FritsSikkink]

34 minutes ago, Celsius said:

 

What idiot makes money in Thailand?

 

LOL

I make loads.

[Jingthing]

My level considering most of my income.is US social security which is treated advantageously has no US tax so double tax credits do  nothing for me in Thailand. 

I really think they should exclude expat pensions as many countries do. Of course they can do what they want but taxing expat pensions definitely degrades Thailand's desirability as an expat retirement destination. 

Will I leave because of it?

No.

Already too heavily invested in staying.

[Walker88]

15 minutes ago, Celsius said:

 

99% of losers that work here are sex tourists. 

 

Most open a bar.

 

The few ones that work for international companies are miserabled and the highlight of their career is buying a mid tier MG on a bank loan

 

Great link BTW.... here is another 

 

https://en.wikipedia.org/wiki/Warren_Buffett

You seem as bitter as Neem Oil and as knowledgeable as a US Republican House member.

 

In one post you said nobody here is in a 35% tax bracket. Wrong. I'm in the highest US tax bracket just through TBill interest alone, never mind dividends and capital gains, and I suspect there are some other members here (maybe Mr Rolex himself) so burdened by good fortune and dumb luck.

 

I bought a Thai business during Covid, I make a nice profit, and I'm not miserable. My business pays Thai taxes, both VAT and income. I'd gladly be a sex tourist, but I have a lovely Thai girlfriend and am content with her alone.

 

Membership here varies considerably. Don't make assumptions or spout inaccurate generalizations.

 

Unless I'm mistaken, the only thing this new program will do to me is require many more forms and document submissions, as I already pay more than the Thai top income bracket, and the US has a tax treaty with Thailand. I bring no outside funds into Thailand either.

 

I do have sympathy to European pensioners, as it may cost them.

[bob smith]

22 minutes ago, Fr87 said:

 

If you'd have to pay tax on what you bring in - would you (will you) stay? All the sudden the Thai financial edge entirely vanishes.

 

The real galling thing is that foreigners receive absolutely nothing in return. Nothing.

I've already made plans mate.

[RayWright]

As @TorquayFan lawyer says, "Wait and see".

Take a read of Barry's article in today's Pattaya Mail.

https://www.pattayamail.com/latestnews/news/myths-about-thai-expats-and-those-income-tax-changes-starting-very-soon-447262