Legal Tax minimization for foreigners

[Phulublub]

3 hours ago, Foresttrump said:

 

 

Sorry treetops, I may have confused everyone including myself.  I currently visit Thailand for less than the required 179 days to be a resident for tax purposes, I will be retiring to Thailand in May 2025 full time, so will become a tax resident thereafter.  My concern is not my tax circumstances but the money that I send home to Thailand to my partner, obviously it's not income to her but it is from oversea's and doe's this make it taxable.  Thanks for your interest. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In the same way savings transferred here by us for ourselves may be assessable income by the Thai Regulations, then it may be assessable income for her.  That she is Thai makes no difference and to comply, she should complete a tax return but may not have any tax to pay. 

 

PH

[UKresonant]

19 hours ago, 1FinickyOne said:

I am confused... there is a big difference between money earned [all of mine is taxed but sometimes at different rates as it is a long standing account... and money brought into the country??

 

Which is taxed and how much? 

 

If I have an account that combines all of my earned money, who would know which money has been spent? I have capital gains from stock trading, dividend income, social security income - 

 

ps - my interest earnings on my bank account here is also figured into my USA taxes... 

 

How does this all get sorted out?

Being non-resident, that is part of the preparation for being tax resident in the future.

I will put all the taxed (in UK) at source pensions in one Bank and one account, so only that is the remittance of income source ( only a small pesky promotional interest, cannot be eliminated but can be transferred out, so it is purely pre-taxed UK income)

Hoping that will simplify things and reduce the statement transactions.

Gross Pensions- nett of UK tax- lands in the account that is sent to Thailand, remit to Thailand 100% of each of the selected pension(s) to Thailand,then remitted amount + tax credit = original UK gross income. (but will wait and see if emphasis is just a D.T.A. is in force and that it's been taxed already, or they will go for the bone )

 

Will put all the other income including the not subject to tax, subject to tax but not taxed and interest, else where, providing it remains on the remittance basis, those should not be a feature of anything Thai Side....

[EVENKEEL]

22 hours ago, Ralf001 said:

 

People earning over 10k a month should be lodging a return.

 

Wonder what the repercussion are for not doing so ?

Probably a lifetime of poverty.

[UKresonant]

34 minutes ago, EVENKEEL said:

So, you're saying that the Thai authorities will take the info from millions upon millions of foreign ATM swipes at Thai banks and my name will pop up as someone who hasn't reported the transaction as income. Really?????

That could get really  strange as how would they figure if it was Dad or myself using a card in Thailand.

 

Before the self check-in terminals at DMK, many years ago, when we both went to the desk to fly to CNX, AirAsia staff there were betting thinking they had predicted a duplicate booking

[Ben Zioner]

1 hour ago, EVENKEEL said:

So, you're saying that the Thai authorities will take the info from millions upon millions of foreign ATM swipes at Thai banks and my name will pop up as someone who hasn't reported the transaction as income. Really?????

Yes, this quite easy IT wise, and could be organised in a relatively short timeframe. And at the end of the process your card number might pop up in a list of foreign plastic used year round for an amount too large to be honest. If I was RD I'd take a sample of maybe the 500 worst cases and 500 random selections, get personal details from the issuing  foreign banks, submit these to immigration and call for interview all those on long term visas. "No rocket science" police work.

 

Also if I was weak on computing power I would use data from the ATMs located around well known expat ghettos. Nice way to get sexy early results, which would get the media horny.

 

All in all much simpler than anything advertising agencies do with our data to flog their excrement.

Edited January 16 by Ben Zioner

[Yumthai]

1 hour ago, Ben Zioner said:

Yes, this quite easy IT wise

Politically wise it's not that easy. Which countries dictatorships on Earth enforce ATM checks on their tax residents?

 

1 hour ago, Ben Zioner said:

get personal details from the issuing  foreign banks

I assume foreign banks will not give such information to Thai RD without an international warrant for criminal investigation.

Edited January 16 by Yumthai

[Mike Lister]

3 hours ago, EVENKEEL said:

So, you're saying that the Thai authorities will take the info from millions upon millions of foreign ATM swipes at Thai banks and my name will pop up as someone who hasn't reported the transaction as income. Really?????

 

42 minutes ago, Yumthai said:

Politically wise it's not that easy. Which countries dictatorships on Earth enforce ATM checks on their tax residents?

 

I assume foreign banks will not give such information to Thai RD without an international warrant for criminal investigation.

The discussion on this aspect is not especially helpful at this point since so much remains unknow about how the RD will enact the new tax rules. All that has been said in regard to ATM withdrawals in Thailand using overseas bank cards is that the technology and data trail exists to identify the customer. There is absolutely no suggestion this will be done, nor that it is planned, simple that it is technologically and data wise possible. The legal and logistical hurdles involved are extensive. 

[CapraIbex]

4 hours ago, EVENKEEL said:

So, you're saying that the Thai authorities will take the info from millions upon millions of foreign ATM swipes at Thai banks and my name will pop up as someone who hasn't reported the transaction as income. Really?????

Well, the hurdles involved are not impossible to surmount, IMO.

I don't know the legal aspects but make no mistake - today's computers with sophisticated hardware and programmed software coupled with AI can analyze and spit out programed data in nano seconds. And the cost of such apparatus would be affordable.

Though not related to ATM swipes - to demonstrate the capability of such relative low-cost equipment go to a 23 year old blog https://blog.zorinaq.com/whitepixel-breaks-286-billion-passwordsec/

Putting on my lateral thinking hat - I would bet a dime or two that it is possible analyzing "million upon million" ATM swipes very fast and easily.

[jerrymahoney]

From https://www.mazars.co.th/content/download/1175616/59807824/version//file/Technical-update-November-2023.pdf

 

[gearbox]

7 hours ago, EVENKEEL said:

So, you're saying that the Thai authorities will take the info from millions upon millions of foreign ATM swipes at Thai banks and my name will pop up as someone who hasn't reported the transaction as income. Really?????

Some people have been watching Hollywood trash for too long and also never seen government or banking backend systems. It is not easy and there is difficult legislative framework for it. In many cases the money and effort put in this kind of analysis can't be recovered with the potential revenue of tax collected and fines.

[EVENKEEL]

4 hours ago, CapraIbex said:

Well, the hurdles involved are not impossible to surmount, IMO.

I don't know the legal aspects but make no mistake - today's computers with sophisticated hardware and programmed software coupled with AI can analyze and spit out programed data in nano seconds. And the cost of such apparatus would be affordable.

Though not related to ATM swipes - to demonstrate the capability of such relative low-cost equipment go to a 23 year old blog https://blog.zorinaq.com/whitepixel-breaks-286-billion-passwordsec/

Putting on my lateral thinking hat - I would bet a dime or two that it is possible analyzing "million upon million" ATM swipes very fast and easily.

Well, I guess no more need for paper bank statements required for 12 month extensions because Immigration is so high tech