Bank transfer after 1st Jan or now?

[kwak250]

I was planning on transferring around £100k early next year for a planned house build but would it be better to do this before 1st Jan to avoid any of the taxes that are planned.

 

The money has been sat in a UK bank for years but has money constantly being deposited and withdrawn so not sure how it could Be proven either way where it came from or when it was actually obtained as the account can have anywhere from 75k to over 150k 

 

Just feel that I should transfer now rather than give a chunk to the tax man after 1st Jan .

[UWEB]

I would do it before end of the year.

[kwak250]

5 minutes ago, UWEB said:

I would do it before end of the year.

Thanks yes think I better get it sorted out thanks.

[kwak250]

I was hoping it will not go ahead but also seen on another thread it could be 10%.

Might start doing a few 10k transfers starting very soon.

Don't fancy paying £10k tea money.

[CharlieKo]

59 minutes ago, kwak250 said:

Might start doing a few 10k transfers starting very soon

If I were you I would do it in 20K GBP lots. As long as you do it this year there will be no problems with Taxes. The new taxes start from 1st of January. So anything transferred before that date will not get caught up in the new rules. Besides which, I doubt it will be a problem even after Jan 1st. Thai Revenue department aren't set up for dealing with the issues that arise from the new rules when dealing with expats and double taxation etc, etc.  

[UWEB]

56 minutes ago, CharlieKo said:

If I were you I would do it in 20K GBP lots. As long as you do it this year there will be no problems with Taxes. The new taxes start from 1st of January. So anything transferred before that date will not get caught up in the new rules. Besides which, I doubt it will be a problem even after Jan 1st. Thai Revenue department aren't set up for dealing with the issues that arise from the new rules when dealing with expats and double taxation etc, etc.  

They have one year time to make the set up, Tax Declarations to be done in January 2025 earliest.

[Everyman]

2 hours ago, UWEB said:

They have one year time to make the set up, Tax Declarations to be done in January 2025 earliest.

 

but enforcement of the new rules will be basically impossible without mandatory withholding of a percent of each transfer into the kingdom. they would have to start that next month otherwise trying to get at all the money they are supposedly owed will be impractical. 

 

mind you, i do think that will be what happens (effectively nothing) 

[UWEB]

9 hours ago, Everyman said:

 

but enforcement of the new rules will be basically impossible without mandatory withholding of a percent of each transfer into the kingdom. they would have to start that next month otherwise trying to get at all the money they are supposedly owed will be impractical. 

 

mind you, i do think that will be what happens (effectively nothing) 

So you think they will keep money from every Transfer into Thailand, even if somebody is not Tax Resident? Sorry,B...S..

[Everyman]

19 minutes ago, UWEB said:

So you think they will keep money from every Transfer into Thailand, even if somebody is not Tax Resident? Sorry,B...S..

 

I must have written unclearly.

 

I think they WON’T do that, but it would be the only way they could enforce the new rule. 

[Ralf001]

14 hours ago, kwak250 said:

I was hoping it will not go ahead but also seen on another thread it could be 10%.

Might start doing a few 10k transfers starting very soon.

Don't fancy paying £10k tea money.

4.4million baht.. you gunna be paying more than 10%... if in fact it is taxed.

[Moonlover]

15 hours ago, kwak250 said:

I was planning on transferring around £100k early next year for a planned house build but would it be better to do this before 1st Jan to avoid any of the taxes that are planned.

 

The money has been sat in a UK bank for years but has money constantly being deposited and withdrawn so not sure how it could Be proven either way where it came from or when it was actually obtained as the account can have anywhere from 75k to over 150k 

 

Just feel that I should transfer now rather than give a chunk to the tax man after 1st Jan .

The (not so) new tax that's being talked about is 'income tax'. You're talking about moving capital. You don't pay 'income tax' on capital. You're doing what many other folks are doing right now. Worrying too much.

[Robin]

So much speculation about this new tax, but who really knows what it will be??

Last week, I trnsferred US$ 50K from my Singapore account to my kasikorn account in Thailand, 'just in case'  I would rather have the money in Thaialnd that stuck overseas by some new law tht might or might not taxx transfers.

Money now safely in kasikorn, but the transfer was delayed (by Kasikorn) as it exceded their limit on funds transfer.  Singapore bank gave me a BKK phone number ( kasikirn?) to call about the trnsfer.

LOts of questions; mainly irrelevant, (did I want to be paid in Baht or $ did I accept the exchange rte that Kasikorn were using...)  I gave reason fro transfer as "livin expenses and medical expenses" )

Interesting to note that neither may bank in Singapore, no rkasikorn appeared to know of any plan to tax incoming money transfeers

Whatever happens on 1/1/2024 now I have enought money in Thaialnd to surive, so will wait to see what, if any thign, actually happens.

To me the whol eidea is  stupid, as it will kill Thaialnd as a retirement destination, and Thailnd as a source of cheap labout overseas.

I seem to remember that when I tarted livign in Thaialnd I read that Farangs did not have to pay tax on income earned outside Thailand, whihc is one reason why I picked LOS.

As for DTA, how do Ipove haatany oney I bring to Thaialnd has been taxed?  Moneyin Singapore bank has not beentaxed, and what about money from UK that is tax exempt?

 

No point in speculaing and worrying, let's wait ans see what happens.

 

[ChaiyaTH]

I can't believe this entire taxing plan is even still a real thing, because we are now just weeks away and there is still not one clear outline of definitive consequences for foreigners. Not to mention this could then be the last nail in the coffin for foreigners spending here, I wonder what the property market will look like by Q4 next year.

Edited December 13, 2023 by ChaiyaTH

[kwak250]

Well i have been transferring money each day as its much easier to do it now rather than it get taxed and have the hassle of trying to prove where it came from which would not be so easy without as the account has been very active with various investments

Much easier to get it done now as it was planned in a few months anyway 

With the gbp almost 45 thats a bonus as it was 41 earlier in the year when i was going to transfer

[Yellowtail]

You must all be right-wingers if you're trying to avoid paying taxes.

[BenStark]

21 minutes ago, Yellowtail said:

You must all be right-wingers if you're trying to avoid paying taxes.

 

Said our resident right winger

[Yellowtail]

1 minute ago, BenStark said:

 

Said our resident right winger

Says one of the thousands of leftists here. 

 

I'm a classical liberal, not a right-winger. 

 

 

 

[topt]

1 hour ago, Yellowtail said:

You must all be right-wingers if you're trying to avoid paying taxes.

Avoidance is legal as opposed to evasion.

 

One could argue that trying to change Thai tax regulations by changing a directive that has been in place for over 30 years and not changing the actual law is a little underhand...........is that right or a left wing thing..........

[treetops]

On 12/13/2023 at 4:52 AM, Robin said:

Interesting to note that neither may bank in Singapore, no rkasikorn appeared to know of any plan to tax incoming money transfeers

 

That's because there is no plan to do so.  Just wild speculation that some have fallen for.

[Seeall]

On 12/12/2023 at 6:36 AM, UWEB said:

So you think they will keep money from every Transfer into Thailand, even if somebody is not Tax Resident? Sorry,B...S..

sun zu art of war : put yourself in the mind of your e****y , think.. how would you do it?  I agree, easy way would be to tax all incomming of course...... what's fair?  What's black and white?  what rules?  who cares?  the result of of grabbing cash is achieved...

[Scouse123]

I think it's all huff, puff and sound bytes by the Thai government as well as being incredibly ill thought out.

 

It's December 14th already and not a word.

 

I have no intention of paying tax on money I have already paid tax on in the UK.

[sammieuk1]

Simple do it when the £ is at peak currently 44.5 plus transfer to Wise and change at the best rate you can send large amounts from a Thai baht account to a thai bank within Wise  🤔

[BoganInParasite]

Did my last transfer for a while this month. Next will be in 2025 when I intend to split my time between Thailand and another country, with the days in Thailand well below the tax residency level.

[SiSePuede419]

4 hours ago, Yellowtail said:

You must all be right-wingers if you're trying to avoid paying taxes.

What right-wingers are even MORE scared of is their mistress NOT getting a 'bortion. 😂

[Clarkey611]

Just moved some on Tuesday for next year!

[crazykopite]

I would do it before the 1st  January best way to open a Wise account best rates around and not expensive to do some Thai banks only allow a certain amount to be transferred over to them I’m with Kasikorn at the moment they have no limit the rates fluctuate several times a day yesterday I got 44,500.000 for a £1,000 today it’s 44.117.00 for a 1000 by the way the U.K. has a tax agreement with Thailand so if your on pension like me you should not be taxed I pay U.K. tax at source the only risk you have is that the way Thailand is at the moment next year you could get a much better rate to the £ but that’s a gamble you take . I have brought in enough money to live on for 4 months by then this tax farce should be sorted out it’s not us there after it’s the mega rich Thais who have used the loophole for years 

[Presnock]

3 hours ago, topt said:

Avoidance is legal as opposed to evasion.

 

One could argue that trying to change Thai tax regulations by changing a directive that has been in place for over 30 years and not changing the actual law is a little underhand...........is that right or a left wing thing..........

Actually even with a DTA, countries including the US indicate that the residence country can charge tax on earned income and most of those countries also reimburse their citizen for the same amount charged by the residence country on money already taxed by the citizen's country.  Usually, pensions are not included in the earned income...though I have read that some pensions do fall under the"earned" income bracket.  BUT, we still do not know the exact thing that the Thai government is going to do.  Tomorrow the Thai American Chamber of Commerce will be at the US Embassy and via ZOOM will respond to questions and give what they know to date about the roll out of this tax.  I will listen in, and afterwards will send a note telling what was said about this tax and how it might affect ex-pats.

 

[crazykopite]

On 12/13/2023 at 12:15 PM, ChaiyaTH said:

I can't believe this entire taxing plan is even still a real thing, because we are now just weeks away and there is still not one clear outline of definitive consequences for foreigners. Not to mention this could then be the last nail in the coffin for foreigners spending here, I wonder what the property market will look like by Q4 next year.

The property market on the islands is booming as are the rental properties thanks to the influx of people who have moved over to avoid conscription in several countries that have current conflicts .the rental market where I live has almost doubled in the last six months 

[topt]

9 minutes ago, Presnock said:

Actually even with a DTA, countries including the US indicate that the residence country can charge tax on earned income and most of those countries also reimburse their citizen for the same amount charged by the residence country on money already taxed by the citizen's country.  Usually, pensions are not included in the earned income...though I have read that some pensions do fall under the"earned" income bracket.  BUT, we still do not know the exact thing that the Thai government is going to do.  Tomorrow the Thai American Chamber of Commerce will be at the US Embassy and via ZOOM will respond to questions and give what they know to date about the roll out of this tax.  I will listen in, and afterwards will send a note telling what was said about this tax and how it might affect ex-pats.

 

I have no idea why you replied to my post with the above......

You hedging your bets here or what.....

11 minutes ago, Presnock said:

Usually, pensions are not included in the earned income...though I have read that some pensions do fall under the"earned" income bracket. 

[CMBob]

On 12/12/2023 at 7:10 AM, Moonlover said:

The (not so) new tax that's being talked about is 'income tax'. You're talking about moving capital. You don't pay 'income tax' on capital. You're doing what many other folks are doing right now. Worrying too much.

Unfortunately, presuming the new tax law takes effect with all its glory (not), I just watched a video of a tax lawyer in BKK who said it will be up to the person to prove the money transferred wasn't from earnings or is exempt under an existing tax treaty.  I know the OP said it was "savings" but the tax lawyer argued that it would be treated as earnings (as that's likely where originally it came from) unless you can prove an exemption.  So best advice is for OP to transfer before the end of this month and avoid any possible issue.

One issue that bothers me is that certain things (for examples only, inherited money or US social security earnings) are exempt from taxation here in Thailand; however, when transferring funds from a common account (where you keep all kinds of things - interest, dividends, prior earnings, etc., etc. - how does one satisfactorily prove you only transferred inherited funds, social security funds, etc.?