New Thai Tax On Remittances??

[Mike Lister]

1 minute ago, Will B Good said:

How can the Thai government insist you transfer money for an extension and then jump on it as income and tax it?

 

Seems a tad unfair?

You only think it's unfair because you don't understand.

[Will B Good]

3 minutes ago, Chivas said:

 

Suspect you wont be the only one !  Declare it outbound to Border Force though otherwise a tug on final gate by a money dog may be painful lol

Seems you can take an unlimited amount....so the bottle neck must be what the Thais let you bring in.

[Will B Good]

Just now, Will B Good said:

Seems you can take an unlimited amount....so the bottle neck must be what the Thais let you bring in.

$20,000 apparently...so if the wife travels with me!!!!

[Will B Good]

So problem sorted two trips a year with SWMBO we can bring in $80,000.....laughing.....seems too easy????

[Mike Lister]

Just now, Will B Good said:

$20,000 apparently...so if the wife travels with me!!!!

Anything over $15k needs a customs declaration

[giogio]

6 minutes ago, Will B Good said:

If I transfer my 400,000 each year for my extension and then just use a credit card for any further expenditure does that avoid tax? Is it legal? Or will the costs associated with transferring money like this be greater than the tax?

 

I travel once or twice a year to the UK.....can I just bring in a suitcase full of cash each time?

 

Or should I just read the tax laws...555

I am grateful to everybody (particularly mikelister) to help me clarifying (it does not mean wishful thinking that i only appreciate what i like to hear)

 

having said that, one more year than i wave goodbye to thailand.

as always heard by whoever was here before me a decade ago, rent rent rent. Never invest here, not even for visa.

[Will B Good]

3 minutes ago, Mike Lister said:

You only think it's unfair because you don't understand.

Story of my life

 

[Will B Good]

1 minute ago, Mike Lister said:

Anything over $15k needs a customs declaration

So $60,000 a year tax free?

[Mike Lister]

1 minute ago, Will B Good said:

So $60,000 a year tax free?

Nope, read the document!!! Cash is still a remittance which is still taxable, there is no tax free. 

[Will B Good]

10 minutes ago, Mike Lister said:

Read the simple guide and please don't post about tax avoidance and, if you don't understand something, please ask a question rather than posting confused emojis. Thanks

I thought tax avoidance was perfectly legal........speaking as someone who sadly doesn't understand these things.

[Chivas]

9 minutes ago, Will B Good said:

Seems you can take an unlimited amount....so the bottle neck must be what the Thais let you bring in.

 

Yes cross border limits ended must be 35 or 40 years ago but once you go over 10.000 Euros its declaration time (not Sterling it was supposed to change post Brexit but still hasnt) so yes limitations are at the Thai end but the chances of being stopped as you come out of arrivals by Customs is remote

 

Just once in 170 arrivals have I been randomly stopped

[Mike Lister]

Just now, Will B Good said:

I thought tax avoidance was perfectly legal........speaking as someone who sadly doesn't understand these things.

Yes, I misread that, sorry. But to be clear, your carry cash on plane is evasion, plain and simple.

[Will B Good]

1 minute ago, Mike Lister said:

Nope, read the document!!! Cash is still a remittance which is still taxable, there is no tax free. 

....and yet you don't need to tell a soul you've brought the cash into Thailand unless it's over $15,000.......so you are saying you have to be honest!!!!!

[Mike Lister]

I'm saying there can be no discussions that promote or discuss tax evasion so you post will be removed.

 

[MJCM]

13 minutes ago, Will B Good said:

Seems you can take an unlimited amount....so the bottle neck must be what the Thais let you bring in.

 

Re: EURO Countries, everything over 10.000 EURO must be declared when leaving via a special form.

 

https://europa.eu/youreurope/citizens/travel/carry/carrying-cash/index_en.htm

[Chivas]

1 minute ago, MJCM said:

 

Re: EURO Countries, everything over 10.000 EURO must be declared when leaving via a special form.

 

https://europa.eu/youreurope/citizens/travel/carry/carrying-cash/index_en.htm

 

indeed...

[KannikaP]

1 hour ago, Mike Lister said:

This is not correct if the transfers are made from savings earned before 1 Jan 2024.

Confusing. Quote from Simple Tax Doc.

 If we take the simplest type of income and say that you transfer personal savings from overseas to Thailand and those savings  were earned before 1 January 2024, those funds are not taxable

[bkk6060]

13 minutes ago, Will B Good said:

....and yet you don't need to tell a soul you've brought the cash into Thailand unless it's over $15,000.......so you are saying you have to be honest!!!!!

So, when you go to Super Rich to exchange the cash you have to provide a copy of your passport, phone, etc.   If they collect all this information, I assume there is a way for the government to get access. 

[Will B Good]

2 minutes ago, bkk6060 said:

So, when you go to Super Rich to exchange the cash you have to provide a copy of your passport, phone, etc.   If they collect all this information, I assume there is a way for the government to get access. 

Bring Thai baht?

[Will B Good]

2 minutes ago, Will B Good said:

Bring Thai baht?

Whoops...sorry shouldn't have said that

[giogio]

11 minutes ago, KannikaP said:

Confusing. Quote from Simple Tax Doc.

 If we take the simplest type of income and say that you transfer personal savings from overseas to Thailand and those savings  were earned before 1 January 2024, those funds are not taxable

Every year (in my europe bank of course) a treasury bond matures, so i receive the bond plus interest. In the same account. Then periodically i transfer here.

 

how can i possibly know which is what?

I can say i transfer some of the capital, and keep the interest in europe

[giogio]

6 minutes ago, bkk6060 said:

So, when you go to Super Rich to exchange the cash you have to provide a copy of your passport, phone, etc.   If they collect all this information, I assume there is a way for the government to get access. 

The law is about remittances from abroad

 

the cash bill wood is talking about, could have already been in thailand

[Negita43]

1 hour ago, KannikaP said:

65k x 12 = 780k. There is a 190k allowance, plus 60k = 250k. Then the first 150k is at 0% tax, and then 150 - 300k at 5%. So you are liable for 5% on 300k plus 10% on 80k. Total tax = 15k + 8k = 23k for the year.

Yes but doesn't that depend on whether the remittance comes from income that year or assets accumulated before that year?

[KannikaP]

2 minutes ago, Negita43 said:

Yes but doesn't that depend on whether the remittance comes from income that year or assets accumulated before that year?

How would Somchai Taxman know, or be able to find out without legal permission. 

Just tell them it was from 2002.

[Mike Lister]

9 minutes ago, KannikaP said:

How would Somchai Taxman know, or be able to find out without legal permission. 

Just tell them it was from 2002.

You talk as though you've.never filed a tax return. You have to declare what those funds are, you can say what you want. But if they don't believe you or decide to do a routine audit, you have to be able to prove what you said is true.

[Negita43]

18 minutes ago, KannikaP said:

How would Somchai Taxman know, or be able to find out without legal permission. 

Just tell them it was from 2002.

He doesn't have to know - you have to prove

[KannikaP]

4 minutes ago, Mike Lister said:

You talk as though you've.never filed a tax return. You have to declare what those funds are, you can say what you want. But if they don't believe you or decide to do a routine audit, you have to be able to prove what you said is true.

Only filed last October 2023 with help from local Taxman. Told him exactly the truth, only my UK State Pension was being transferred (they accept the Combo Method at my IO).

The details I posted earlier are exactly what he told and wrote down for me. I am happy with that.

My pension goes into my Wise GBP account, and is transferred in THB on 1st of each month.

[KannikaP]

16 hours ago, Mike Lister said:

This is not correct if the transfers are made from savings earned before 1 Jan 2024.

So what please is the situation if the transfers ARE made from savings earned before 1 Jan 2024?

The Simple Tax Guide was not so simple, for me anyway. 

The figures I quoted earlier were those given to me by my local Tax Inspector.

[KannikaP]

15 hours ago, Will B Good said:

How can the Thai government insist you transfer money for an extension and then jump on it as income and tax it?

 

Seems a tad unfair?

Yes it certainly is unfair.

 

65k x 12 = 780k. There is a Old Person's 190k allowance, plus 60k = 250k.

Then the first 150k is at 0% tax, and then 150 - 300k at 5%.

So you are liable for 5% on 300k plus 10% on 80k. Total tax = 15k + 8k = 23k for the year.

 

Figures given to me by my local Tax Inspector. Got it in writing.

[Mike Lister]

7 minutes ago, KannikaP said:

So what please is the situation if the transfers ARE made from savings earned before 1 Jan 2024?

The Simple Tax Guide was not so simple, for me anyway. 

The figures I quoted earlier were those given to me by my local Tax Inspector.

I'm travelling currently, supposedly on a recuperative holiday and am I un able give one on one advice at present, despite spendings hours on related discussions last night. To date, almost everyone has been able to use the guide to figure out their own situation. If after reading it again, post your specific question and I'll try to answer later in the day, if nobody else has been able to which o think is highly improbable.