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Expat Tax Twists in Thailand: Navigating the New Landscape in 2024


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Posted
4 minutes ago, trevoromgh said:

Can someone advise me if these new tax rules apply if you live in Thailand for less than 6 months of the year please?

 

Absolutely not. If you are not a tax resident (having lived here less than 6 months in any calendar year) Thailand personal income tax laws don't apply to you for those years. 

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Posted

Sorry if I am not smart enough to fully understand...

 

Reading one of the articles posted just now- Is it saying that any gift under B20 mil can easily be gotten without the need to pay tax.

Or.....???

 

 

Posted
Just now, Cabradelmar said:

 

Yep. Child and spouse. Just as I said. 

"For a gift received by a person who is NOT an ascendant, decedent or spouse, tax is payable on the amount of the gift, in excess of THB 10 mill."

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Posted
3 minutes ago, charliebadenhop said:

Sorry if I am not smart enough to fully understand...

 

Reading one of the articles posted just now- Is it saying that any gift under B20 mil can easily be gotten without the need to pay tax.

Or.....???

 

 

It depends on the amount of the gift and the relationship between the gifter and the receiver, there is a table in the sherrings link posted earlier..

Posted
2 minutes ago, Mike Lister said:

"For a gift received by a person who is NOT an ascendant, decedent or spouse, tax is payable on the amount of the gift, in excess of THB 10 mill."

But what does the "on occasions of tradition or custom" exactly mean? 

Posted (edited)

Where can  the “rules” be found?

I have a not too bad income from the U.S. from SS and investments, but the way it is configured I do not meet the threshold to have to pay taxes there. Only about 1/3  would be taxable if I did exceed that limit, but I don’t.

How to determine if I should be taxed in Thailand?

Might consider locating to somewhere else for six plus months, CostsRica e.g., if the numbers don’t work.

Edited by Kwaibill
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Posted
1 minute ago, LikeItHot said:

For retirement extensions if they want to tax transfers that's fine but to have a mandatory monthly transfer and then taxing it is a scam.  It's a matter of minutes before they realize that raising this minimum will increase their revenue.  Get your exit plan sorted.  It would be the same as your home country telling you you will be taxed a certain percent your income and you must make the level of income they decide for you.  It's basically government extortion. And furthermore if a Thai doesn't pay maybe they will get a fine but we all know what happens if a foreigner doesn't pay. They will attach it to your immigration status so the stakes are higher.  Tax Thais earning abroad, tax foreigners earning in Thailand and if you must, slap a 100000 baht fee on non-o extensions do it but let's stop the lie that says this law was designed to catch rich Thais earning abroad and call it what it is. A new way to dig into rich white pockets.  Everyone knows rich Thais don't have to follow laws.  

Nobody has ever said that your monthly transfer is going to be taxed at source, whether or not it is taxed when a tax return is filed, will  vary from person to person, the source of the funds, their DTA etc etc.

Posted
Just now, CygnusX1 said:

I believe less than 180 days - vital to be accurate here! I now have a spreadsheet for days in Thailand, had intended to spend around 7 months here in 2024, now planning no more than 177 days (a delayed or cancelled flight could put me over 180 days if I don’t allow a safety margin). I think if I’m in Thailand at midnight that counts as being here for the next day?

No, it's the date that is stamped in your passport that is used here for tax residency purposes.

Posted
2 minutes ago, Kwaibill said:

Where can  the “rules” be found?

I have a not too bad income from the U.S. from SS and investments, but the way it is configured I do not meet the threshold to have to pay taxes there. Only about 1/3  would be taxable if I did exceed that limit, but I don’t.

How to determine if I should be taxed in Thailand?

 

Posted
Just now, Mike Lister said:

No, it's the date that is stamped in your passport that is used here for tax residency purposes.

OK, so if my flight out of Thailand is at 2am and I’m through Immigration before midnight, then I’m not in Thailand on the new day.

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Posted
Just now, matta01 said:

For stay is already 1.900 baht/year

You pay for a visa in almost every country, 1,900 is the price you pay here, that's for the visa, not for staying here.

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Posted

True or false? Anyone living here earning a median American income will be taxed at the maximum rate (35%) and apply to all imported money. Depending on how the dual tax treaty works out you're probably paying around 30% tax on your income (state + federal) and so they will use the difference of the two rates to calculate your liability, around 5%.

Posted
2 minutes ago, LikeItHot said:

I never said it would be taxed at "source".  The transfers will be taxed here.  The transfers are mandatory.  Therefore the tax is mandatory and at a level set by them not your actual monthly needs. Obviously that's a baseline for those on retirement extensions.  OBVIO

As said several times, whether or not that 65k is taxed varies from person to person, based on a number of variables.

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Posted
1 minute ago, NorthernRyland said:

True or false? Anyone living here earning a median American income will be taxed at the maximum rate (35%) and apply to all imported money. Depending on how the dual tax treaty works out you're probably paying around 30% tax on your income (state + federal) and so they will use the difference of the two rates to calculate your liability, around 5%.

Dunno and can't be bothered to do the search and the math. But the tax tables are in the tax guide that has been linked several times, have at it.

Posted
36 minutes ago, creative1000 said:

Is moving money (earned 10 years ago) from a usa bank account to Thailand bank now taxable this year? I’ve heard so many answers

https://www.rd.go.th/21.html scroll down to 21 November 2023 Questions-Answers about paying personal income tax according to Section 41 Paragraph 2 of the Revenue Code.

 

You can use Google Translate.

 

This is from the Thai Revenue Department.  Additionally the US Thai Tax Treaty will assist with understanding potential tax implications.  

 

If you are classified as a Tax Resident according to the Thai Revenue department staying in Thailand for 180 days or more in a calendar year or by Article 4 Residence of the US Thai Tax Treaty found on the US IRS website.

 

Please get your information from reliable credible sources so you may understand your potential tax consequences.

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Posted (edited)
14 minutes ago, Mike Lister said:

Dunno and can't be bothered to do the search and the math. But the tax tables are in the tax guide that has been linked several times, have at it.

 

for reference here are the current US federal income brackets. State income tax varies from 0 to 13%. A median US family earns 75,000/year and individual 30,000. The individual is earning 1 million THB per year. Not sure which rate they would pay in Thailand. My wife earns ~50k THB/month and pays 14% she says.

 

image.png.c80ebf8974f36abdce0a90a3b8c8577c.png

EDIT: there is also a standard deduction which is first applied to the total earnings.

 

image.png.be326a5d8c7d604d7cbfcdc3f420fdb0.png

 

 

 

Edited by NorthernRyland
Posted

You do not pay for the visa, you pay for the extension. (there is a little difference)

In almost all of the postings you read here, it states that Thailand asks for tax on your income but that is not the case. It is that they ask for tax on the money you bring into Thailand. The procedure therefore is for the moment unknown. What we do know is that there is a difference between a pensioner who has his monthly pension in a Thai bank account and a pensioner who brings money periodically into Thailand. Everything else is speculation for the moment.

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Posted
5 minutes ago, J Branche said:

https://www.rd.go.th/21.html scroll down to 21 November 2023 Questions-Answers about paying personal income tax according to Section 41 Paragraph 2 of the Revenue Code.

 

You can use Google Translate.

 

This is from the Thai Revenue Department.  Additionally the US Thai Tax Treaty will assist with understanding potential tax implications.  

 

If you are classified as a Tax Resident according to the Thai Revenue department staying in Thailand for 180 days or more in a calendar year or by Article 4 Residence of the US Thai Tax Treaty found on the US IRS website.

 

Please get your information from reliable credible sources so you may understand your potential tax consequences.

Agreed.

 

An English language version of that ruling may better help some.

 

https://sherrings.com/foreign-source-income-personal-tax-thailand.html

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Posted
4 minutes ago, ChaiyaTH said:

Wonder how they even are thinking to go check on us foreigners, knowing it is not only bank information domestically but als abroad (fail already, at best they get what is reported or known by the tax authorities of the other country, banks not give anything for sure to them). To then also keep track of our visa movements etc. 

They're probably going to have to get immigration involved but if they can't achieve that then they'll have to keep track of foreigners and audit them. I assume they'll at least make us file an affidavit at immigration stating we paid taxes. 

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