Money from abroad

[NE1]

Not being disrespectful to the Thais , but past experiences with data collection , be it Immigration or the Banking system hasn't gone well.

[Freddy42OZ]

1 hour ago, CANSIAM said:

Rest easy, they will not be able to handle the workload.........

 

You don't think the Thai government haven't or won't be buying the technology required to upgrade their tax system?

[KannikaP]

2 hours ago, Mike Lister said:

 

You are both correct and both broadly saying the same things! 

 

(except the threshold is 120k, not 150k)

The first 150k,after allowances and deductions is at 0% according to my tax inspector

[Surasak]

One simple question. Is my whole income in the UK to be assessed for Thai tax, or only the amount I remit to my Thai bank?

 

[Mike Lister]

1 minute ago, KannikaP said:

The first 150k,after allowances and deductions is at 0% according to my tax inspector

Yes. The threshold that determines whether you need to file a return or not is 120k but the point in the tax tables where you begin to pay tax is 150,001

[Mike Lister]

1 minute ago, Surasak said:

One simple question. Is my whole income in the UK to be assessed for Thai tax, or only the amount I remit to my Thai bank?

 

Only the amount you remit to Thailand.

[Mike Lister]

3 hours ago, Surasak said:

One simple question. Is my whole income in the UK to be assessed for Thai tax, or only the amount I remit to my Thai bank?

 

There is a simple explanation of the personal income tax system here, in a thread in the finance section, it's pinned and called a simple guide to personal tax for foreigners, linked below.

 

 

[NoshowJones]

18 hours ago, NE1 said:

 It would be easier to have the money put into a home land account and then use an ATM when ever you need cash ?

and pay over 200Baht for each transaction which the greedy banks will charge you. Though if you were drawing say 50,000Baht it may be different, I don't really know as I have never used a Thai ATM with my UK bank card for years since they started charging that ridiculous fee.

[NE1]

5 minutes ago, NoshowJones said:

and pay over 200Baht for each transaction which the greedy banks will charge you. Though if you were drawing say 50,000Baht it may be different, I don't really know as I have never used a Thai ATM with my UK bank card for years since they started charging that ridiculous fee.

but 200 baht a month would be cheaper than the thousands you would pay in Tax , if doing it that way was feasible.

[NoshowJones]

3 hours ago, CANSIAM said:

Rest easy, they will not be able to handle the workload.........

True, that's why so many Thai's prefer paperwork to using a computer.

[NoshowJones]

1 minute ago, NE1 said:

but 200 baht a month would be cheaper than the thousands you would pay in Tax , if doing it that way was feasible.

 Yes maybe, but how much  would the banks charge from an ATM if you drew 50,000Bt with a foreign bank card? I bet it won't be 200bt. But I suppose it would still be cheaper than what you would pay in tax.

[couchpotato]

13 minutes ago, NoshowJones said:

 Yes maybe, but how much  would the banks charge from an ATM if you drew 50,000Bt with a foreign bank card? I bet it won't be 200bt. But I suppose it would still be cheaper than what you would pay in tax.

Fee this end is usually 220 baht, but your own bank (the card you are using) can charge up to 2% at that end.

[Scouse123]

4 hours ago, Mike Lister said:

 

You are both correct and both broadly saying the same things! 

 

(except the threshold is 120k, not 150k)

 

 

Yes,

 

But not all this is confirmed yet at all and the Thai government has not come out and stated clearly what their intentions are regarding pensions, dual tax treaties etc, unless I missed something.

 

There was one person on here giving' their take' on how it would pan out, and how they were reading it. They also added that was their view, and we must wait and see what the government has to say, which so far has been zilch.

 

None of which were set in tablets of stone.

[Scouse123]

4 hours ago, Freddy42OZ said:

 

You don't think the Thai government haven't or won't be buying the technology required to upgrade their tax system?

 

 

How many times has Thailand implemented policies or stated what they were going to do only to change and do a U turn.

[foreverlomsak]

20 hours ago, NE1 said:

 It would be easier to have the money put into a home land account and then use an ATM when ever you need cash ?

Maybe easier, but the fees my bank charge for cash withdrawals is astronomical and their exchange rate is pitiful.  Don't suggest getting a Wise card as I am in Thailand and Wise will not deliver here.

[Mike Lister]

50 minutes ago, Scouse123 said:

 

 

Yes,

 

But not all this is confirmed yet at all and the Thai government has not come out and stated clearly what their intentions are regarding pensions, dual tax treaties etc, unless I missed something.

 

There was one person on here giving' their take' on how it would pan out, and how they were reading it. They also added that was their view, and we must wait and see what the government has to say, which so far has been zilch.

 

None of which were set in tablets of stone.

That is 100% correct, we do not yet understand what all the taxation rules will be for filing during first quarter NEXT year. The possible outcomes range from there being no change at all, to, a large number of people having to pay tax.

 

But we do understand what the taxation rules are for filing tax returns during first quarter THIS year. What this whole issue has highlighted is that many foreigners did not understand that they have an obligation to file a tax return every year.

 

My strongest recommendation is that every person read the document in the link below.

 

 

 

 

 

[treetops]

7 hours ago, Scouse123 said:

Don't believe that for one minute.

 

You are guessing methinks!

 

I'm going with what I read online which I agree is not infallible, but anyway, as posted above the Thai bank owning the ATM also knows and may report it using some other instrument.

 

 

7 hours ago, Scouse123 said:

All this would overwhelm the primitive Thai tax authorities and bog them down forever.

 

Agreed, the amount of data to trawl through would be incredible which is why I'm not worrying overly about this recent development.  My rough calculations show I'm still paying far more in tax in the UK than I would here and one would be credited against the other AIUI so no net effect on me if so.

[KannikaP]

1 hour ago, foreverlomsak said:

Maybe easier, but the fees my bank charge for cash withdrawals is astronomical and their exchange rate is pitiful.  Don't suggest getting a Wise card as I am in Thailand and Wise will not deliver here.

So apply and get a Wise card via a friend or relative's address posted out to you. Then change it online

[CANSIAM]

6 hours ago, Freddy42OZ said:

 

You don't think the Thai government haven't or won't be buying the technology required to upgrade their tax system?

It's quite probable if thats the plan it should be as smooth and consistent as the 90 day online reporting.........

[KannikaP]

6 hours ago, Surasak said:

One simple question. Is my whole income in the UK to be assessed for Thai tax, or only the amount I remit to my Thai bank?

 

A simple question  from a simple person. What do you think?

[sirineou]

On 1/12/2024 at 10:56 AM, Mika78 said:

Maybe it's a stupid question, but how the bank now how long I leave in Thailand?

First of all we are all also trying to figure this thing out. 

Please someone correct me id I got something wrong. 

But you don't pay the tax at the bank. The way I understand it 2023 income is not taxable under this new tax regulation, so Januar yto March  2025  you will have to file a tax return in Thailand for the 2024 year. That is if you stay in Thailand more than 6 months.

Do you stay in Thailand more Is that 6 months? and is this the only funds you transfer to Thailand? also do you pay tax on it in France?

If 30k bht per month are the only funds you transfer to Thailand X 12 months you will have 360,000 reportable income. and it would be what you will report in your tax return. 

Not sure what deductions you have , so suntract that and you are left with your tax liability.

  Now France has a tax treaty with Thailand. I dont know what that is but I can take an educated guess from other EU countries I have experience with.  I am willing to bet that whatever tax you pay on those funds in France, is deducted from your tax liability in Thailand. If for instance your tax bracket in Thailand is 20% and you paid 19% tax in France then you are only liable for 1% ot after your deductions perhaps you don't owe anything. 

That is my understanding, but like everyone else I am also trying to get a handle on this and I could be wrong on my assumptions,. But as I said, in reference to this new tax law,  you don't have to declare that foreign income until Jan -March 2025 and by then I am sure we would know more about this,.

[Surasak]

31 minutes ago, KannikaP said:

A simple question  from a simple person. What do you think?

Whoever you are, trying to bate me is a complete waste of your time.

I asked the question so as to get an answer, which I got, no thanks to you.

It may surprise you, but education is built on asking questions, so I have to assume you were 'educated in Thailand', where questions are frowned upon. 

[KannikaP]

29 minutes ago, Surasak said:

Whoever you are, trying to bate me is a complete waste of your time.

I asked the question so as to get an answer, which I got, no thanks to you.

It may surprise you, but education is built on asking questions, so I have to assume you were 'educated in Thailand', where questions are frowned upon. 

Have you not read the many many posts about this taxation situation, of which no-one yet really knows how it will be implemented. But to ask if all your income, be it UK, USA or Guatemala will be taxed in Thailand seems, to me, to be rather silly. The answer is NO.

Your assumption about my education is incorrect. English Grammar School. I was taught to read as much about a subject as possible, and then to make my own mind up. Cheers.

[Mike Lister]

It's an emotive subject, more so for some than for others. If anyone is unable to find answers to their questions or I don't see it's been asked, please feel free to message me and we'll try to find an answer.

[khunPer]

On 1/12/2024 at 3:45 AM, Mike Lister said:

The money will not be taxed by the bank when it is received. If anything, that money should be reported on a Thai tax return as income but that will depend on whether you are Thai tax resident in the year it is received and whether your total income exceeds the threshold for filing a return.  There is a separate thread on this subject and a document at the start of it that you may wish to read:

 

 

 

It might change this year with the new tax-rule for foreign transfers from 1st January 2024; however, we are still missing details about how it will work.

[Mike Lister]

1 minute ago, khunPer said:

It might change this year with the new tax-rule for foreign transfers from 1st January 2024; however, we are still missing details about how it will work.

I agree things may change but I don't believe there is even the smallest chance that the banks will deduct tax from transfers, at source, that's almost impossible to do because the banks don't know who is tax resident and who is not, nor what funds are assessable or not.

[xtrnuno41]

Ive red the guideline, but puzzles me a lot.

Stated: YOU should think for tax revenue, if you have to declare money for tax.

And then you even have to go to them to get an TIN. Which ive red could be a joke, they dont give.

SO now they MUST? 

YOU have to provide all the prove and then they tax you. Money before 2024 not to be taxed.

So I have a house and sell, I bring money to bank and later as parts of money to Thailand, the house is technically savings before 2024.

So I dont need to pay tax on that money. But every year, I must prove it is money from house (savings before 2024) to have it not taxed.

Also other savings I have in bank, I have to prove over and over again. I must spend days to get all all right.

Of course they would only accept official pieces and documentation about (?) and it must come, every year, from banks outside Thailand?!

They go and check in foreign countries? They get info from homeland? So homeland is violating privacy rights? Or do they adjust rules?

Meaning no privacy at all anymore. 

If you dont file a tax form, what then? As money is all before 2024, I dont have to file a tax form.

So like I see it they leave it up to you and whatever you put on tax paper. If you live on the selling of your house (saving before 2024) and your savings bank account (money before 2024), you dont have to pay tax in Thailand.

Only on money "earned" pension, after all saved money before 2024 is gone, then I must pay tax as then it is earned after 2024?!

 

Now I still have to wait on what Thailand and my country agree, as it was like Thailand wanted to have my country do all taxes for my countries people in Thailand. So probably Thailand will get some, but all done by my country with its rules. It was/is in progress, but still nothing to be heard of. It is still quite and a secret how. Meaning nothing to do with any Thai tax setting, like deductions.

How come, I hate governments? 

    

 

 

[Mike Lister]

6 minutes ago, xtrnuno41 said:

Ive red the guideline, but puzzles me a lot.

Stated: YOU should think for tax revenue, if you have to declare money for tax.

And then you even have to go to them to get an TIN. Which ive red could be a joke, they dont give.

SO now they MUST? 

YOU have to provide all the prove and then they tax you. Money before 2024 not to be taxed.

So I have a house and sell, I bring money to bank and later as parts of money to Thailand, the house is technically savings before 2024.

So I dont need to pay tax on that money. But every year, I must prove it is money from house (savings before 2024) to have it not taxed.

Also other savings I have in bank, I have to prove over and over again. I must spend days to get all all right.

Of course they would only accept official pieces and documentation about (?) and it must come, every year, from banks outside Thailand?!

They go and check in foreign countries? They get info from homeland? So homeland is violating privacy rights? Or do they adjust rules?

Meaning no privacy at all anymore. 

If you dont file a tax form, what then? As money is all before 2024, I dont have to file a tax form.

So like I see it they leave it up to you and whatever you put on tax paper. If you live on the selling of your house (saving before 2024) and your savings bank account (money before 2024), you dont have to pay tax in Thailand.

Only on money "earned" pension, after all saved money before 2024 is gone, then I must pay tax as then it is earned after 2024?!

 

Now I still have to wait on what Thailand and my country agree, as it was like Thailand wanted to have my country do all taxes for my countries people in Thailand. So probably Thailand will get some, but all done by my country with its rules. It was/is in progress, but still nothing to be heard of. It is still quite and a secret how. Meaning nothing to do with any Thai tax setting, like deductions.

How come, I hate governments? 

    

 

 

May I respectfully suggest that you read the document linked below again because it appears you haven't read it all or perhaps not understood parts of it? You have raised a lot of questions, the majority of which of which are answered in the document!

 

The RD has not always been willing to issue TIN's in the past, there have been reports where some people have been refused. As far as I can tell, the reason for that was because the person didn't have a visa that allowed them to stay long enough to become tax resident. I strongly suspect that in going forward, the RD will be more willing to issue TIN's.

 

The other point I will make is that you don't have to prove anything, what you have to do is to file a tax return that is truthful and be able to prove it is so, if asked, which is not a standard part of the tax filing process.

 

[foreverlomsak]

On 1/13/2024 at 2:14 PM, KannikaP said:

So apply and get a Wise card via a friend or relative's address posted out to you. Then change it online

Registered address with Wise is Thailand, to change to a UK address needs proof of residence. Which is why I cannot take up the Interest Option for deposits into Wise either.

[khunPer]

On 1/13/2024 at 12:51 PM, Mike Lister said:

I agree things may change but I don't believe there is even the smallest chance that the banks will deduct tax from transfers, at source, that's almost impossible to do because the banks don't know who is tax resident and who is not, nor what funds are assessable or not.

The bank will most likely not withhold any tax, but they might report foreign transfers, which is easily possible with datasystems. In my Scandinavian home country the taxman has for years known all about the people's financial transactions; we don't even need to make a tax return, everything is already known and will be taxed...