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Foreigners and their overseas income: what next?


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Just now, Jonathan Swift said:

Social Security payments from the US are non assessable, according to Thai government rules that I read. I have my  Social Security incone verification letter in case I need it.

You will.

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2 minutes ago, Colabamumbai said:

Be smart wait until immigration tells you what you need if anything. 

My thoughts too, maybe a completed tax return, and receipt every year when renewing the visa.

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20 minutes ago, Card said:

The answer is a clear YES. Any money brought into Thailand from abroad, no matter how it is brought in, is assessable. That doesn't mean it will be taxed but has to be added to the mix and is declarable.

I’m not sure you are correct. Only INCOME brought in is assessable to tax. Possibly capital gains also. I see no mention of assessing capital monies that are brought in to Thailand.

 

there is also the issue of whether the person withdrawing cash from an atm is, in fact, resident in Thailand for tax purposes. No details were provided by the op on that.

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32 minutes ago, Badrabbit said:

I pay tax on my 3 pensions in the UK do I now pay tax here too?

Tax on state pensions transferred to Thailand, and the only income of the foreigner seems to be the area where there's very few / zero answers.

 

It surprises me that none of the new 'gurus' have addressed this specific scenario.

 

But I'm guessing these new 'gurus' can't see any potential fees / commissions etc., for themselves in this scenario (Tax on state pensions transferred to Thailand, and the only income of the foreigner) so seems to be the area where there's very few / zero answers.

 

No fees available for the gurus, so it gets ignored. 

Edited by scorecard
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This is the bit people should be worried about, people seem to think Dual Tax treaties exist so an individual can CHOOSE which rules to follow.

This is not true for example a Belgian ( European country ) citizen can not choose. You have to pay taxes in the country where you have your income

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35 minutes ago, mokwit said:

Common Reporting Standard.

 

The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions 

The usa is not participating in the CRS.

US citizens may not technically be a part of CRS, but because they must report all of their foreign assets to the IRS, they cannot technically avoid it.

However, if there is no exchange of data to thailand under the CRS, then thailand will not know the other income outside. Surely Only the IRS will know.

Edited by jojothai
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2 minutes ago, borderhopper2005 said:

So-called democratically elected (populist) premier.

Turned out to be dumber than previous military dictator.

Always boasting   more than they really can do(mostly for short-lived approval on SNS.

It can get Thai public service into big mess.

Foreign income already taxed in the country of its origin, cannot be taxed(by tax treaty).

Increased application for foreigners' Tax ID number will stress up Thai tax department(undoubtfully). 

Creating so much of the needless new workload for Nothing.

It reminds me of one thing.

During the period of previous (army backed) administration, they  once declared that foreigners must report even their domestic travel in TM30.  

But it was eventually dropped; simply unenforceable.

Passport stamps shows aliens' travel records(to and from Thailand).

But their movement within Thailand cannot be seen.

They noticed they simply have no manpower to implement such a regulation.

 

TM30 is dropped? Good luck getting anything done at immigration if your current address is still 'some hotel in Thailand'. 

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