Has anyone here transferred money into Thailand since January 1st? Are taxes really being charged?

Yes. No

1 minute ago, Startmeup said:

Yes. No

Thanks

1/ Yes. 
2/ No, of course not! (Can’t believe so many people thought they would)

 

 

I transferred some money in on 1st and 3rd January, from the UK, using Wise and was not charged any new fees.

5 minutes ago, Nemises said:

1/ Yes. 
2/ No, of course not! (Can’t believe so many people thought they would)

 

 

Actually I never thought tax will be charged, but as I haven't seen any threads about it since the beginning of the year I thought I'll check what happened with it

As of yet, nobody really knows. I suggest people forget about it for the time being and wait and see if they are contacted by an official source. And definitely avoid all the inevitable scams that will spring up online and attempt to sell unnecessary taxation services to the uninitiated and gullible expats out there.  

35 minutes ago, Nemises said:

1/ Yes. 
2/ No, of course not! (Can’t believe so many people thought they would)

 

A little too early to spike it in the end zone.  I'm going to wait until tax residents have to file a tax return (or don't have to...)  It'll be months before we really know.

 

Edit:  Though, had the answer to the OP been "Yes", that would remove some suspense.

 

18 minutes ago, LukKrueng said:

Actually I never thought tax will be charged, but as I haven't seen any threads about it since the beginning of the year I thought I'll check what happened with it

It's not up to the banks to charge income Taxes anyway that's the tax office/governments job.

The only taxes I know of that banks charge is withholding taxes for non residents who have interest bearing accounts.
 

I was taxed 100%

 

 

 

By my wife

1 hour ago, LukKrueng said:

Actually I never thought tax will be charged, but as I haven't seen any threads about it since the beginning of the year I thought I'll check what happened with it

You haven't been following this mega thread which is still going..........sensible if not 

Link is to current last page 

https://aseannow.com/topic/1306896-thai-government-to-tax-all-income-from-abroad-for-tax-residents-starting-2024/page/202/#comment-18599689

 

Also please note it is not a new tax........they have said they will remove the loophole about money remitted the following year after being earnt not being taxed. 

As someone else mentions you may not see anything on this for a while as theoretically any changes for 2024 don't really affect anybody until they file a tax return from January 1 2025 - so should be nothing to do with the banks.

 

Until there is some clarity from the Thai RD everyone is just guessing.........

 

 

Oh look,  one more  Tax thread popped up. 

 

 

5 minutes ago, quake said:

Oh look,  one more  Tax thread popped up. 

 

 

It's easier to post a new question of your own and have everyone tell you the answer than it is to read the existing discussion. I blame parenting, the school system and Trump..

The way I see this going is via immigration......they will institute a check that you have filed a tax return, knowing you have to bring in funds for your extension of stay.

 

Outside that everyone needs to find a cheap way of drawing money from their own country/non-Thai bank via ATMs.

 

Just made that up.....haven't really got a clue on this matter.

1 hour ago, Will B Good said:

The way I see this going is via immigration......they will institute a check that you have filed a tax return, knowing you have to bring in funds for your extension of stay.

 

Outside that everyone needs to find a cheap way of drawing money from their own country/non-Thai bank via ATMs.

 

Just made that up.....haven't really got a clue on this matter.

I don't need to bring in any money, my wife pays for everything. 

1 hour ago, Celsius said:

I was taxed 100%

By my wife

I gift it to the wife, to avoid any tax 

Transferred USD 100,000, 100,000 got credited on the 4th.

 

Read they'll apply the 35% withholding tax only from February 1, onwards. They expect what's being transferred now to be mostly 2023 earnings.

Transferred $2000 yesterday afternoon.

Wife spent it this morning.

 

No taxes.

Yet.

 

Nobody knows how the rules will be implemented.

 

Although I'm not that worried, I bought some extra money in before Jan 1st.

 

As a precautionary measure I won't bring in any more for the next 6 months until the dust settles and the situation is clearer. During that time I will use my 400,000 extension lump as the need arises. I can top it up later or just stop doing extensions and revert to visa runs. Basically, kick the can down the road for as long as possible.

22 minutes ago, Denim said:

Although I'm not that worried, I bought some extra money in before Jan 1st.

You may have to prove that that money wasn't earned in 2023. While you could have transferred, as I did everything you've earned last year after January 1, as per PAW 162/2566.

I got a retirement visa about ten years ago.

I have never put in a tax return in Thailand.

I have not put in a tax return In Australia for the last 3 years either.

Who is going to ask me to start doing one?

4 hours ago, LukKrueng said:

Has anyone here transferred money into Thailand since January 1st? Are taxes really being charged?

I haven't transferred any funds as yet, but given that we are only at the start of the financial year and no real decisions have been released on how it will impact us (if at all) I wouldn't expect anything different to normal.

The assessment of income for 2024 tax will not take place until 2025, therefore it would IMHO be impractical for any deductions to be made prior. For example one of my Thai accounts pays interest monthly and tax wasn't deducted until December.

1 hour ago, Denim said:

Although I'm not that worried, I bought some extra money in before Jan 1st.

 

As a precautionary measure I won't bring in any more for the next 6 months until the dust settles and the situation is clearer. During that time I will use my 400,000 extension lump as the need arises. I can top it up later or just stop doing extensions and revert to visa runs. Basically, kick the can down the road for as long as possible.

 

Can bring in up to $20k dollars in cash I believe, they can't tax that

40 minutes ago, Lacessit said:

I got a retirement visa about ten years ago.

I have never put in a tax return in Thailand.

I have not put in a tax return In Australia for the last 3 years either.

Who is going to ask me to start doing one?

Potentially, downstream, the Immi Dept, the next time you go to extend your visa or exit the country, they may ask you for a tax clearance certificate, as they don in several countries, including the US.

4 minutes ago, proton said:

 

Can bring in up to $20k dollars in cash I believe, they can't tax that

After you bring it in, what are you going to do, put it under your mattress? 

1 hour ago, Denim said:

During that time I will use my 400,000 extension lump as the need arises. I can top it up later or just stop doing extensions and revert to visa runs. Basically, kick the can down the road for as long as possible.

It was my understanding that they no longer allowed the amount to dip below the 400K (or 800) during the year.  But that was reading in several years ago... 

 

Any idea what the rule is about tapping your 400K in between extensions?

 

If living here 180 days or longer during the year and generating untaxed income from abroad then taxes will be owed. No taxes will be owed on pensions, ssi or money that has already been taxed from abroad

6 minutes ago, novacova said:

If living here 180 days or longer during the year and generating untaxed income from abroad then taxes will be owed. No taxes will be owed on pensions, ssi or money that has already been taxed from abroad

Nonsense, completely incorrect! Go read the main thread and stop spreading rubbish!

23 minutes ago, Mike Lister said:

After you bring it in, what are you going to do, put it under your mattress? 

 

Change it to THB and spend it, just a wild guess

1 minute ago, sungod said:

 

Change it to THB and spend it, just a wild guess

What, take it down to the money changer in small amounts from time to time or put it in the bank perhaps? Because whatever you do with it, the banks will record it as a foreign currency transaction and your passport will be required for that so everyone will know, who did what and when.