Free event aims to shed light on the new tax rules for foreign income brought into Thailand

[webfact]

 

Following the recent changes in Thai tax regulations requiring tax residents to pay personal income tax on income brought into Thailand from overseas, the BCCT Pre-Connecting Western Seaboard (Hua Hin) Tax Briefing event aims to shed more light on the situation.

 

The event is free to attend and should not be missed by anyone who is potentially affected by the issue. The event takes place before the BCCT networking at Holiday Inn Vana Nava Hua Hin.

 

Scheduled for Friday, 2nd February 2024, from 5 to 6 pm at the Holiday Inn Vana Nava Hua Hin, this briefing will delve into the latest positions of the Thai Revenue Department, spotlighting potential technical issues.

 

Esteemed speakers Melea Cruz and Steve Wilson, with their extensive international tax experience, will provide invaluable insights into navigating these new guidelines, particularly the ‘remittance rule’ affecting foreign source income. This event, organized by BCCT’s Legal & Tax Working Group, is free of charge but requires advance booking due to limited seating.

 

By Online Reporter 

 

Full story: HUA HIN TODAY 2024-01-30

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

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[Will B Good]

'Free'.....mmmm!

 

You'll get nailed for something......still going though.

[smedly]

how can they shed light on something the revenue department haven't explained 

[edwinchester]

13 minutes ago, smedly said:

how can they shed light on something the revenue department haven't explained 

I read recently, sorry can't find the link, that Thai Revenue have briefed several big law firms and accountants as well as representatives of big business. Rest assured the little guy will be last to find out the details of implementation.

[Thailand]

You can bet an awful lot of money is not being sent to Thailand right now as the uncertainty about tax liabilities will be unlikely to be resolved anytime soon despite "free" seminars.

[bugger bognor]

Here we go just like YouTubers clickbait spewing the same information which is minimal all the legal firms now scaremongering with the same level of information to get customers sounds cynical but 100% true, all touting for buissines I hope someone attends this so called seminar be interesting to see if there going to spew crap to get people to sign up for there services! 

[BenStark]

Below is what my Embassy sent me today.

 

If you live in Thailand for more than 180 days a year, you will be considered a Thai tax resident. In that case you must indicate all foreign income that you bring in to Thailand. If the taxes that have already been paid in Belgium are not sufficient according to Thai tax legislation, you may have to pay an extra tax in Thailand.

[Watchit]

1 hour ago, smedly said:

how can they shed light on something the revenue department haven't explained 

Because initially it was not aimed at the average Joe foreigner. It was meant for rich Thais bringing in income from abroad.

 

If we all do/did nothing then that would be it and far too complicated for the Thais to do anything about it.

 

[BenStark]

12 minutes ago, Watchit said:

Because initially it was not aimed at the average Joe foreigner. It was meant for rich Thais bringing in income from abroad.

 

If we all do/did nothing then that would be it and far too complicated for the Thais to do anything about it.

 

 

Or maybe it was from the start aimed at Joe foreigner, as we all know how the real rich Thais got so rich, and will continue to do so

[BritScot]

33 minutes ago, BenStark said:

Below is what my Embassy sent me today.

 

If you live in Thailand for more than 180 days a year, you will be considered a Thai tax resident. In that case you must indicate all foreign income that you bring in to Thailand. If the taxes that have already been paid in Belgium are not sufficient according to Thai tax legislation, you may have to pay an extra tax in Thailand.

If your embassy is correct then every expat is going to get a massive tax bill and its very simple because minimum 400,000baht ~ 800,000baht has to be brought in to Thailand for a retierment visa every year. The Thai government is not your friend. They want every satang they can squeeze out of you. Only when thousands of expats leave will it become another misunderstanding. 

[BenStark]

3 minutes ago, BritScot said:

If your embassy is correct then every expat is going to get a massive tax bill and its very simple because minimum 400,000baht ~ 800,000baht has to be brought in to Thailand for a retierment visa every year. The Thai government is not your friend. They want every satang they can squeeze out of you. Only when thousands of expats leave will it become another misunderstanding. 

 

What it means is that if the tax scale on the amount is lower in your country than the one in Thailand, you will have to pay the difference.

 

And I still wonder how you gonna prove that you paid any tax.

 

Me for example haven't filed a tax return in my home country for the past 14 years, because I'm registered here, and had no official income in my country

Edited January 30 by BenStark

[ukrules]

48 minutes ago, BenStark said:

 

And I still wonder how you gonna prove that you paid any tax.

 

Normally they issue some kind of receipt / statement but I would imagine every country will do it  differently.

 

In the UK it's called a P60.

[ukrules]

1 hour ago, BenStark said:

Below is what my Embassy sent me today.

 

If you live in Thailand for more than 180 days a year, you will be considered a Thai tax resident. In that case you must indicate all foreign income that you bring in to Thailand. If the taxes that have already been paid in Belgium are not sufficient according to Thai tax legislation, you may have to pay an extra tax in Thailand.

 

Interesting.

 

The new 'memo' became effective on Jan 1.

 

Is everyone expected to go out and get tax id numbers before March which is the end of the tax year here?

 

[BenStark]

1 minute ago, ukrules said:

 

Normally they issue some kind of receipt / statement but I would imagine every country will do it  differently.

 

In the UK it's called a P60.

 

But as I said, I have no history of filing tax returns for the past 14 years, but the money is in accounts, and has moved from one account to another in those years.

 

So if I transfer money who's gonna provide me with such a document? I feel this whole thing may turn in to a can full of worms

 

[BenStark]

2 minutes ago, ukrules said:

 

Interesting.

 

The new 'memo' became effective on Jan 1.

 

Is everyone expected to go out and get tax id numbers before March which is the end of the tax year here?

 

 

Taxes will be paid next year March

[ukrules]

1 minute ago, BenStark said:

 

Taxes will be paid next year March

 

So there was no mention of filing a tax return this March?

 

I mean, if you go an get a tax number - they are going to expect you to use it aren't they?

 

And they are definitely used every March.....

Edited January 30 by ukrules

[BenStark]

2 minutes ago, ukrules said:

 

So there was no mention of filing a tax return this March?

 

I mean, if you go an get a tax number - they are going to expect you to use it aren't they?

 

And they are definitely used every March.....

 

 

Where in the world do you pay tax on your income in the year you earn it?

 

Tax returns for 2024 are everywhere filed in 2025

 

By March 2024 you can't even be in the country this year for 180 days yet

Edited January 30 by BenStark

[edwinchester]

1 hour ago, BritScot said:

If your embassy is correct then every expat is going to get a massive tax bill and its very simple because minimum 400,000baht ~ 800,000baht has to be brought in to Thailand for a retierment visa every year. The Thai government is not your friend. They want every satang they can squeeze out of you. Only when thousands of expats leave will it become another misunderstanding. 

The tax payable on 400k bht per year for an expat is hardly massive, about 1700 bht per month. Even less if they are officially retired, over 65 I believe, when the allowance before being taxed goes up substantially.

[Phulublub]

2 hours ago, BritScot said:

If your embassy is correct then every expat is going to get a massive tax bill and its very simple because minimum 400,000baht ~ 800,000baht has to be brought in to Thailand for a retierment visa every year. The Thai government is not your friend. They want every satang they can squeeze out of you. Only when thousands of expats leave will it become another misunderstanding. 

Wrong. 

 

You only need to bring in 800000 ONCE.  If already done, then all you ned is annual living expenses, and many will have exempt pensions, already be paying tax in income in home country and will thus be liable for little or no Thai additioanl taxes.

 

PH

[Phulublub]

1 hour ago, ukrules said:

 

Interesting.

 

The new 'memo' became effective on Jan 1.

 

Is everyone expected to go out and get tax id numbers before March which is the end of the tax year here?

 

More incorrect information.  The Thai tax year is aligned with the calandar year.  If you have to file a tax return, it has to be done by 31 March.  Those caught up in the new regualtuons will need to file a tax return by 31 mar 25 for the tax year 1 Jan to 31 Dec 24

 

PH

Edited January 30 by Phulublub

[Phulublub]

1 hour ago, BenStark said:

 

But as I said, I have no history of filing tax returns for the past 14 years, but the money is in accounts, and has moved from one account to another in those years.

 

So if I transfer money who's gonna provide me with such a document? I feel this whole thing may turn in to a can full of worms

 

Thus the advce from some to make sure you have evidence of existing funds.  There was a recent clarification that all assets held at 31 Dec 23 will not be subject to any Income Tax if transferred here.  Only monies earned sicne the start of this year fall under the new regualtions.

 

PH

Edited January 30 by Phulublub

[impulse]

4 hours ago, smedly said:

how can they shed light on something the revenue department haven't explained 

 

I think a lot of guys are going to find out they've been violating tax laws for many years, and they just didn't get caught.

 

And a lot of guys already know they've been breaking the tax laws for many years...  They'll be finding out if they can still keep doing it without getting caught.  (I worked with a bunch of them)

 

I'd take the drive from BKK to HH if I was in country that day...  Though I'm sure some BKK tax lawyers will do similar evenings.

 

[steve187]

1 hour ago, BenStark said:

 

But as I said, I have no history of filing tax returns for the past 14 years, but the money is in accounts, and has moved from one account to another in those years.

 

So if I transfer money who's gonna provide me with such a document? I feel this whole thing may turn in to a can full of worms

 

if you do not pay tax or have any UK income, what do you want to show, that you paid no tax and have no income?

 

1 hour ago, BenStark said:

 

 

Where in the world do you pay tax on your income in the year you earn it?

 

Tax returns for 2024 are everywhere filed in 2025

 

By March 2024 you can't even be in the country this year for 180 days yet

in the UK, its called PAYE if you only have pension income, that how you pay ( through a tax coding) any income tax due

Edited January 30 by steve187

[ikke1959]

3 hours ago, BenStark said:

Below is what my Embassy sent me today.

 

If you live in Thailand for more than 180 days a year, you will be considered a Thai tax resident. In that case you must indicate all foreign income that you bring in to Thailand. If the taxes that have already been paid in Belgium are not sufficient according to Thai tax legislation, you may have to pay an extra tax in Thailand.

If that is true, the tax department will refund the paid tax in Belgium if it is more than you had to pay in Thailand?? As double taxes in tyhe whole world are not done.

[ukrules]

35 minutes ago, Phulublub said:

More incorrect information.  The Thai tax year is aligned with the calandar year.  If you have to file a tax return, it has to be done by 31 March.  Those caught up in the new regualtuons will need to file a tax return by 31 mar 25 for the tax year 1 Jan to 31 Dec 24

 

PH

 

Oh yeah, I forgot about that.

 

[ukrules]

27 minutes ago, impulse said:

I think a lot of guys are going to find out they've been violating tax laws for many years, and they just didn't get caught.

 

Yes, no doubt.

 

The question is what happens next if people who weren't previously registered go along and get a tax id and they see you've been living here for the last 10 years with no TIN, maybe bought a house or apartment, etc ?

 

Maybe you sold your main house in the UK which would of course be taxed at a zero rate and then wired a load of the money into Thailand 5 years ago and bought a 10 to 15 million Baht apartment in a year when you were tax resident but didn't have an id.

 

Will they go looking? Because if they do I suspect they're going to find a lot.

 

[impulse]

5 minutes ago, ukrules said:

Will they go looking? Because if they do I suspect they're going to find a lot.

 

I'm no longer a tax resident and just keep a token amount in my Thai bank account to keep it open, so I don't (yet) have a dog in the fight.   And I'm not associated at all with any Thai tax attorneys.

 

If I were one of those guys, I'd definitely get the advice of a tax expert before I started filing any documents with the Revenue Department.  I'd hope that they start on Jan 1 with a clean slate, but I'd sure hate to guess wrong.

 

[jayboy]

47 minutes ago, impulse said:

I'd take the drive from BKK to HH if I was in country that day...  Though I'm sure some BKK tax lawyers will do similar evenings.

 

Would you? I looked at the respective  corporatewebsites of the speakers at this event - deeply unimpressive and , though I could be wrong, likely to be the usual bottom feeders on bewildered foreigners.

 

I would suggest rely on the tried and tested Bangkok firms - Mazars, Price Waterhouse etc

[impulse]

2 minutes ago, jayboy said:

 

Would you? I looked at the respective  corporatewebsites of the speakers at this event - deeply unimpressive and , though I could be wrong, likely to be the usual bottom feeders on bewildered foreigners.

 

I would suggest rely on the tried and tested Bangkok firms - Mazars, Price Waterhouse etc

 

One of my favorite clichés here is "Lack of curiosity isn't a virtue".   Hard to tell what caliber they'll be without speaking to them...   

 

If Mazars or PW were to sponsor a competing event in BKK, sure I'd choose BKK.  But I'm not sure either of them would be keen for my piddly business.

 

Hua Hin is almost in range just for a good meal.  Add a few hours at the beach, and it would be a nice getaway.  With a bonus of maybe learning something.

 

[jayboy]

16 minutes ago, impulse said:

Hard to tell what caliber they'll be without speaking to them... 

 

From their <deleted>ty corporate websites, one can hazard a guess