Popular Post ujayujay Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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? 2 16 3 1 7 7 Link to comment Share on other sites More sharing options...
Popular Post Celsius Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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! 18 2 10 1 Link to comment Share on other sites More sharing options...
Popular Post beautifulthailand99 Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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. 3 1 Link to comment Share on other sites More sharing options...
Popular Post worgeordie Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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 11 7 3 24 Link to comment Share on other sites More sharing options...
Popular Post Prubangboy Posted December 8, 2023 Popular Post Share Posted December 8, 2023 (edited) 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 9 2 2 2 3 Link to comment Share on other sites More sharing options...
Popular Post steve187 Posted December 8, 2023 Popular Post Share Posted December 8, 2023 op you will be missed, but please stay in touch with more wisdom, 2 1 19 1 Link to comment Share on other sites More sharing options...
Popular Post connda Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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. 4 2 1 4 1 7 4 Link to comment Share on other sites More sharing options...
Popular Post chickenslegs Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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. 8 3 3 Link to comment Share on other sites More sharing options...
Popular Post topt Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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) 5 3 5 Link to comment Share on other sites More sharing options...
noobexpat Posted December 8, 2023 Share Posted December 8, 2023 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. 1 6 7 Link to comment Share on other sites More sharing options...
Popular Post topt Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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...... 1 1 2 2 Link to comment Share on other sites More sharing options...
Prubangboy Posted December 8, 2023 Share Posted December 8, 2023 I'll bet that remittances to buy condo's, start business's, medical expenses will be exempt, since that would def. be self-sabotaging. Link to comment Share on other sites More sharing options...
Popular Post Celsius Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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 6 1 3 2 Link to comment Share on other sites More sharing options...
Popular Post Morch Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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 2 2 1 1 5 1 Link to comment Share on other sites More sharing options...
Ben Zioner Posted December 8, 2023 Share Posted December 8, 2023 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. Link to comment Share on other sites More sharing options...
Popular Post TorquayFan Posted December 8, 2023 Popular Post Share Posted December 8, 2023 (edited) 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 2 2 2 Link to comment Share on other sites More sharing options...
Popular Post Celsius Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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 5 1 3 Link to comment Share on other sites More sharing options...
JimTripper Posted December 8, 2023 Share Posted December 8, 2023 Here's to hoping you have somewhere better to go! Link to comment Share on other sites More sharing options...
Ben Zioner Posted December 8, 2023 Share Posted December 8, 2023 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. Link to comment Share on other sites More sharing options...
Popular Post bob smith Posted December 8, 2023 Popular Post Share Posted December 8, 2023 (edited) 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 1 2 1 5 3 Link to comment Share on other sites More sharing options...
Popular Post Fr87 Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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. 1 3 2 2 Link to comment Share on other sites More sharing options...
Popular Post Fr87 Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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. 1 1 2 1 3 Link to comment Share on other sites More sharing options...
Popular Post keith101 Posted December 8, 2023 Popular Post Share Posted December 8, 2023 If the age pension for some stupid reason is also a part of this new tax i will be leaving LOS 1 4 2 Link to comment Share on other sites More sharing options...
Morch Posted December 8, 2023 Share Posted December 8, 2023 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. 1 Link to comment Share on other sites More sharing options...
Jingthing Posted December 8, 2023 Share Posted December 8, 2023 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. 1 Link to comment Share on other sites More sharing options...
FritsSikkink Posted December 8, 2023 Share Posted December 8, 2023 34 minutes ago, Celsius said: What idiot makes money in Thailand? LOL I make loads. 2 Link to comment Share on other sites More sharing options...
Popular Post Jingthing Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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. 3 1 Link to comment Share on other sites More sharing options...
Popular Post Walker88 Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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. 2 1 1 Link to comment Share on other sites More sharing options...
bob smith Posted December 8, 2023 Share Posted December 8, 2023 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. 2 Link to comment Share on other sites More sharing options...
Popular Post RayWright Posted December 8, 2023 Popular Post Share Posted December 8, 2023 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 1 5 Link to comment Share on other sites More sharing options...
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