New Tax law??

[1FinickyOne]

1. What about money that has been earned, banked and taxed a long time ago and then brought here this year?

 

2. What about money earned this year in the stock market in the USA but is not brought here?

 

Thanks

 

 

[topt]

Have you read this -

Because if you had you probably would not need to ask........

Simplistically -

2 - Tax currently only potentially on what is brought here

1 - Anything earned before 1/1/24 counts as savings and not taxable when brought in.

[1FinickyOne]

11 minutes ago, topt said:

Have you read this -

Because if you had you probably would not need to ask........

Simplistically -

2 - Tax currently only potentially on what is brought here

1 - Anything earned before 1/1/24 counts as savings and not taxable when brought in.

So, lets say you currently have a bank account with $1,000,000 and you earn $100,000 this year but it all goes into the same account - - - and you bring $100,000 into Thailand every year...

 

would you not owe taxes for ten years? 

[Mike Lister]

29 minutes ago, 1FinickyOne said:

So, lets say you currently have a bank account with $1,000,000 and you earn $100,000 this year but it all goes into the same account - - - and you bring $100,000 into Thailand every year...

 

would you not owe taxes for ten years? 

Correct.

 

But you need to read the document, fair warning, there will be a quiz later. :))

[KannikaP]

36 minutes ago, 1FinickyOne said:

So, lets say you currently have a bank account with $1,000,000 and you earn $100,000 this year but it all goes into the same account - - - and you bring $100,000 into Thailand every year...

 

would you not owe taxes for ten years? 

Yes,  you would owe taxes each year on what you bring in each year. It's that simple.

[Mike Lister]

1 minute ago, KannikaP said:

Yes,  you would owe taxes each year on what you bring in each year. It's that simple.

Um, not if that 1 mill was earned before 1 January 2024.

[noobexpat]

1 hour ago, KannikaP said:

Yes,  you would owe taxes each year on what you bring in each year. It's that simple.

 

Not quite ...because it has to be assessable income.

 

The example of bank savings interest above is of course assessable income if earned after 1/1/24 , but as mike points out the capital may not be - sale of a house pre 2024, for example.

 

 

[UWEB]

1 hour ago, Mike Lister said:

Um, not if that 1 mill was earned before 1 January 2024.

The only open question is for me what kind of proof the Revenue Department like to see, for now haven't found an information yet. I'm not in rush to find it out but will contact RD in Hua Hin in some weeks to clarify this question for me.

[1FinickyOne]

2 hours ago, KannikaP said:

Yes,  you would owe taxes each year on what you bring in each year. It's that simple.

others are saying that if the money was earned in the past then it would not be taxable when brought in? 

[1FinickyOne]

4 minutes ago, UWEB said:

The only open question is for me what kind of proof the Revenue Department like to see, for now haven't found an information yet. I'm not in rush to find it out but will contact RD in Hua Hin in some weeks to clarify this question for me.

I think i read somewhere that it is honor system??

[Mike Lister]

4 minutes ago, UWEB said:

The only open question is for me what kind of proof the Revenue Department like to see, for now haven't found an information yet. I'm not in rush to find it out but will contact RD in Hua Hin in some weeks to clarify this question for me.

They don't ask for proof when you file your tax return, the same as the tax people in the UK and US don't ask for proof when you file. 

 

You file the return and make the declaration, if they become suspicious or audit you that's when you need the proof. If they should ask for proof, a statement at year will suffice.

[Mike Lister]

4 minutes ago, 1FinickyOne said:

others are saying that if the money was earned in the past then it would not be taxable when brought in? 

Please read this:

 

 

[UWEB]

2 minutes ago, Mike Lister said:

They don't ask for proof when you file your tax return, the same as the tax people in the UK and US don't ask for proof when you file. 

 

You file the return and make the declaration, if they become suspicious or audit you that's when you need the proof. If they should ask for proof, a statement at year will suffice.

I have Statements from the Bank in my Home country, but all is in German. Have a doubt the RD will accept this. Probably it must be official translated to Thai or English and and confirmed by the Embassy? Will find out.

[UKresonant]

3 hours ago, 1FinickyOne said:

1. What about money that has been earned, banked and taxed a long time ago and then brought here this year?

 

2. What about money earned this year in the stock market in the USA but is not brought here?

 

Thanks

 

 

Probably, (depending individual factors)

"1" 

If earned and banked before 1st Jan 2024. No ( best keep in isolated account maybe?)

From 2024 if earned and banked whilst you were Thai Tax resident, yes taxable when remitted to Thailand.

 

"2" No if not transferred to Thailand (but remains taxable at any time it is transferred, if you made the money whilst Thai tax resident Also unrealise gains not taxed).

 

 

 

 

[Mike Lister]

The OP has his answers, this thread is closed, we don't need yet another thread about Thai tax and the new law. Any further questions about taxation and the law change can be asked in the thread linked below: