'Myths' about tax changes for incoming money to Thailand : Tim Newton Today - Dec 8

[webfact]

 

Thailand News - Bloggers beware! A Chinese Tik Tokker will be 'interrogated' over a video she posted painting Nana Plaza in a negative light. A woman drove her Toyota into the Gulf of Thailand at Bang Saray, the latest on the tax changes that will affect money coming into Thailand - an article in Pattaya Mail.

 

Thai Airways sides with Boeing for the purchase of new wide body jets. EVs are popular orders at the 2023 Motor Expo in Bangkok. And HM the King and Queen of Thailand went sailing at Kata in Phuket for the annual Kings Cup regatta.

 

Tim Newton Today is a daily take on Thai and regional news and issues of interest to expats and foreign tourists.

 

 

[John Drake]

The "Big Fish" the article says Thai IRS is after would probably be people on Thai Elite and the Long Term Visa?

[TheAppletons]

10 minutes ago, John Drake said:

The "Big Fish" the article says Thai IRS is after would probably be people on Thai Elite and the Long Term Visa?

 

  Hardly.  More like rich Thais who shelter money in off-shore accounts to try to avoid taxation.  

[Guderian]

4 hours ago, TheAppletons said:

 

  Hardly.  More like rich Thais who shelter money in off-shore accounts to try to avoid taxation.  

 

Exactly, people with names like Shinawatra, for example. A quick check with the Swiss banks for accounts in the name of one P. Chan Ocha should yield a few billion, too, lol.

[SAFETY FIRST]

5 hours ago, webfact said:

Myths' about tax changes for incoming money to Thailand 

Payment fee for Working girls...... 

 

TAX DEDUCTIBLE. 😎

Edited December 8, 2023 by SAFETY FIRST

[Presnock]

6 hours ago, webfact said:

 

Thailand News - Bloggers beware! A Chinese Tik Tokker will be 'interrogated' over a video she posted painting Nana Plaza in a negative light. A woman drove her Toyota into the Gulf of Thailand at Bang Saray, the latest on the tax changes that will affect money coming into Thailand - an article in Pattaya Mail.

 

Thai Airways sides with Boeing for the purchase of new wide body jets. EVs are popular orders at the 2023 Motor Expo in Bangkok. And HM the King and Queen of Thailand went sailing at Kata in Phuket for the annual Kings Cup regatta.

 

Tim Newton Today is a daily take on Thai and regional news and issues of interest to expats and foreign tourists.

 

 

Thai CHAAM will provide a broadcast from the US Embassy with tax "experts" to talk about the new tax on monies coming into Thailand by those staying

more than 180 days a year..   link is free to anyone.  15 Dec.  I will listen and provide anything of interest passed.

[Dogmatix]

I don't think it is correct to say you have to wait till a government department or Immigration (what has Immigration got to do with tax returns?) tells you to apply for a tax ID number. The Revenue Code requires anyone with assessable income over the minimum taxable amount after basic deductions to file a tax return.  The minimal taxable income after deductions is, I believe 310,000 baht a year. Unless you are in employment, no one is going to tell you to apply for a tax ID number when your assessable income has surpassed this amount. How would they know anyway?  It is up to you but, if you are audited by the Revenue Department, you are liable to interest and penalties in addition to any unpaid tax. 

 

The catch 22 for those receiving income from abroad that has already been taxed is that no one has any idea how tax treaties will be implemented.  That means that it is impossible for many to know whether they have assessable income requiring a tax return and tax ID number or not.  

[Danderman123]

Since I live in Thailand, I have many questions about how this will be implemented.

 

I have zero income within Thailand, so I am not sure why I need a Thai tax ID.

 

When I renew my retirement visa next year, will Immigration ask me income information from the USA? For what year?

[TheAppletons]

48 minutes ago, Danderman123 said:

Since I live in Thailand, I have many questions about how this will be implemented.

 

I have zero income within Thailand, so I am not sure why I need a Thai tax ID.

 

When I renew my retirement visa next year, will Immigration ask me income information from the USA? For what year?

 

a.  Don't we all.

 

b.  Unless someone asks you to obtain one, don't.

 

c.  Doubtful, since 1 Jan 2025 would be the first Thai tax date/year you may potentially have to file, which is not yet determined.

 

(Caveat:  I am not a Thai tax expert nor am I a tax attorney.  The post above should not be interpreted as professional "tax advice.")

[StayinThailand2much]

6 hours ago, Guderian said:

 

Exactly, people with names like Shinawatra, for example. A quick check with the Swiss banks for accounts in the name of one P. Chan Ocha should yield a few billion, too, lol.

 

Yeah, right! The government's puppet master introducing such taxes for himself and his family...

[StayinThailand2much]

5 hours ago, Presnock said:

Thai CHAAM will provide a broadcast from the US Embassy with tax "experts" to talk about the new tax on monies coming into Thailand by those staying

more than 180 days a year..   link is free to anyone.  15 Dec.  I will listen and provide anything of interest passed.

 

Do those experts know how and when any taxation will be implemented? Personally, I am sitting on the fence, waiting for reports in 2024 about possible taxation of transfers, or implications for visa applications...

[Guderian]

12 hours ago, StayinThailand2much said:

 

Yeah, right! The government's puppet master introducing such taxes for himself and his family...

 

The subtle point I was making is that with targets like these, the TRD has zero chance of squeezing any money out of them, which is maybe why they're likely to focus instead on the expat community which won't yield as much but won't come with the same potential heath risks for the tax inspectors as trying to milk the Thai Pu Yai's.

[RubbaJohnny]

2 hours ago, Guderian said:

 

The subtle point I was making is that with targets like these, the TRD has zero chance of squeezing any money out of them, which is maybe why they're likely to focus instead on the expat community which won't yield as much but won't come with the same potential heath risks for the tax inspectors as trying to milk the Thai Pu Yai's.

Excellent point.

In addition to passport stamps (of course some people have more than one from different nations like Ireland AND Australia or UK and Ireland, NZ and UK among people I know) I expect Tax Office will only accept passport info from immigration with stamp js, chops, dated same day if they wish to be awkward, .It all makes work for them and us potentially.

In most tax dealings the onus may be on the foreigner, they "Think of a number"

1 Prove worldwide income , have it all documented, time expense

2 The various currencies , policies, bonds, trust , rental income will prove complex requiring accountants esp if from various places like home rental EU, Pensions from Ireland and NZ all in different currencies.

3 Prove date of importation, bank letters ATM receipts?

4 Once you are located they may just assess and we will have the issues of recovery from "home " state if DT treaty

5 All such matters may deter new arrivals but retirees with homes gardens wives kids grandkids pets will be loathe to relocate unless on very high income.

6 I am not over worried will just wait and see however having not just a number but confirmation of income and all tax paid would be a very easy regulation for revenue to require of immigration and a very boring expensive one for us to document.

7 The only ones to benefit will be accountants lawyers, gold ,crypto dealer and copy shops as pensioners who remit entre income will have less disposable income to spend in the local economy .If Instead of 72k pcm the taxman takes a slice that's just less to spend.

Those with more than their monthly needs are likely to invest or spend offshore.

8 An example  I usually spend around 180k per year on air tickets from Thai International using a local bank card. If I know that money remitted here will be taxed I will use a card from home country, many similar examples

9 ATM machines

They could try and add tax on foreign cards in addition to the 150-200 baht bank fee. Easy the Tax Office gets revenue from the banks. this in addition to bank transfers

However this will be a tax on all tourists, visitors, business people and wont deal with the big fish, yet I think this method may appeal to them start low say  a negligible amount like 0.5% then creep

 

Best Wishes for the Holidays everyone and don't fret it may never happen, but failing to prepare is preparing to fail