Remit vs. Credit card payment (under new tax rules)

[Mike Lister]

5 minutes ago, ukrules said:

 

It's closer to 0% on computer parts.

I understood the tax on electronics to be very high, if that's not the case regarding computer parts, great for you.

[Mike Lister]

1 minute ago, Celsius said:

 

I strongly think you are 100% wrong on this one.

 

Credit Cards are governed by different rules. Otherwise over $30,000 in credit card points I accumulated during my lifetime would be taxable income.

 

What else would you suggest? Is someone books Hilton using honor points would be a taxable income in Thailand?

We've had the hypothetical/what if debate on this several times and it has never concluded, in the case of Thailand. BUT, it has concluded in the case of the UK where foreign credit card usage by non-doms is regarded as taxable imported income and the HMRC ruling on this was posted. It's important to separate the theory on this from what is likely to happen. Theoretically and technically, yes, those mileage points probably could be viewed as income. In practise they never will.

[Danderman123]

12 hours ago, ukrules said:

 

Best to do 1 year without residence I think and liquidate and remit enough assets during this non resident year to last the following 5 to 10 years.

 

I'm going to check this with an acountant prior to leaving for 6.5 months next year.

I am not that comfortable stashing that much cash in a Thai bank.

 

Having said that, I did load up my bank account with cash before December 31, but I am very tight with taking any money out, so far maybe 10,000 baht this year.

[KhunHeineken]

On 4/3/2024 at 1:46 AM, Danderman123 said:

I am not that comfortable stashing that much cash in a Thai bank.

Very wise, and I agree. 

 

There may be more at play here that will unfold as time passes. 

[richielg]

All of the info I see for the equivalent situation in the U.K. says that it’s classed as remittance just as a point of interest. So that is enjoying goods or services in the U.K. paid for with credit and pay the debt with world wide income. That makes me pretty uncomfortable with this supposed magic bullet.