Foreigners and their overseas income: what next?

[topt]

2 hours ago, 1sickpuppy said:

Why is it 30% when Thais only pay 7% and most dont TIT

Care to reference where the 7% comes from?

Also the tax rates are progressive so you don't pay a flat rate depending on amount.

So on @KhunLA 's 6m after allowances etc his average tax rate may have only been say 22% 

[couchpotato]

1 hour ago, topt said:

Care to reference where the 7% comes from?

Also the tax rates are progressive so you don't pay a flat rate depending on amount.

So on @KhunLA 's 6m after allowances etc his average tax rate may have only been say 22% 

Yes (as above) I pay about 850,000 baht a year tax on my 12 mths Thai baht salary. Even though progressive most of it is at the top rates, but because of big deductions for age, RMF funds, Family, insurance and misc, it works about 20+% overall, which I feel is fair.

Edited April 7 by couchpotato

[Jimbo 12345]

If I have to pay tax on my pension every month ,which  I send from the UK every month,  its Cambodia for me,  plain and simple,  Thailand is getting absolutely diabolical to live in these days,  tax here,  tax there,  visa here,  visa there,  and you watch how many followers they will be. 

[George FmplesdaCosteedback]

On 4/4/2024 at 11:58 AM, Jonathan Swift said:

According to what I’ve read thus far, no. But you may have to file a rax return here. But what if you don’t? How would they find out and track you down? That’s what I wonder. Are they motivated to become the FBI/IRS of Thailand? Do they have the resources to wage tax war against non complying low income expats? Or will it be a matter of so long as you don’t attract attention you stay under the radar?

It is too easy to find out who is likely to be included by asking for the information from the Immigration Dept. What they might find more difficult is checking how much you have transferred and when. The Thai authorities are notorious for not thinking things through before introducing a new policy so I would bet they are still busy trying to write the form. Of course, they will delay any announcement until 180+ days are up so the net is cast before we can find a way round it. From what I have seen so far what you will have to pay will depend on the allowances you are entitled to.

 

[Somrak]

If more stupid aliens start to send TM 30 even when the did Not move, we have to Stop this stupid AL. 

[sidneybear]

On 4/7/2024 at 7:34 PM, 1sickpuppy said:

Why is it 30% when Thais only pay 7% and most dont TIT

Nonsense. Personal Income Tax applies to Thais and foreigners in equal measure. 

[bugger bognor]

Yet another thread with pointless fear mongering and guesswork don't be surprised if there's no new information or clarification whatsoever from any official source!  I know people will say you should be planning ahead incase you may have to do this and that but the reality is nothing has changed my advice is to plan on tax avoidance like all buissines and the rich do here untill it becomes clear which could be a very long wait! on legal Tax avoidance are you aware that you can legally carry 450000 Thai bath undeclared into Thailand from any bordering country in cash! ALso if you fly home you can legally carry 20000 USD or the equivalent in any currency into Thailand believe me it's relatively simple to get an account in one particular adjoining country who will happily give you Thai baht in large quantities I'm not saying or suggesting you should do this but it's a start to protect yourself from possible but unlikely implementation I believe like many it won't amount to people's worst fears but if you are pooping yourself get thinking of avoidance and not compliance SHEEPLE

[Mike Lister]

14 minutes ago, bugger bognor said:

Yet another thread with pointless fear mongering and guesswork don't be surprised if there's no new information or clarification whatsoever from any official source!  I know people will say you should be planning ahead incase you may have to do this and that but the reality is nothing has changed my advice is to plan on tax avoidance like all buissines and the rich do here untill it becomes clear which could be a very long wait! on legal Tax avoidance are you aware that you can legally carry 450000 Thai bath undeclared into Thailand from any bordering country in cash! ALso if you fly home you can legally carry 20000 USD or the equivalent in any currency into Thailand believe me it's relatively simple to get an account in one particular adjoining country who will happily give you Thai baht in large quantities I'm not saying or suggesting you should do this but it's a start to protect yourself from possible but unlikely implementation I believe like many it won't amount to people's worst fears but if you are pooping yourself get thinking of avoidance and not compliance SHEEPLE

 

Agreed on highlights above.

[jvs]

The house next door to us is for sale and we are interested to buy it but if i have to pay around 30%

tax on ten million baht to buy a house that means the house just got very expensive.

No deal!

IMO this tax law will kill the house and condo market for foreigners.

I am just waiting how all of this will turn out and i have not burned my bridges and there is always

a few other countries not too far away.

Some people have called me ignorant for taking a wait and see approach but this country has done some flip flops before on other major issues.

When a lot of expats leave here because of this then some one will wake up.

If i have to pay some tax on my income i can live with that but paying again on my savings?

Not fair i say!

 

[Mike Lister]

32 minutes ago, jvs said:

The house next door to us is for sale and we are interested to buy it but if i have to pay around 30%

tax on ten million baht to buy a house that means the house just got very expensive.

No deal!

IMO this tax law will kill the house and condo market for foreigners.

I am just waiting how all of this will turn out and i have not burned my bridges and there is always

a few other countries not too far away.

Some people have called me ignorant for taking a wait and see approach but this country has done some flip flops before on other major issues.

When a lot of expats leave here because of this then some one will wake up.

If i have to pay some tax on my income i can live with that but paying again on my savings?

Not fair i say!

 

Anything earned before 1 January 2024 is free of Thai tax.

[jvs]

1 hour ago, Mike Lister said:

Anything earned before 1 January 2024 is free of Thai tax.

Ok,if that is true then that is great,thanks.

There is so much info and i found this on You tube maybe better to stop reading too much.

How to prove it comes from previous savings?

[Mike Lister]

4 minutes ago, jvs said:

Ok,if that is true then that is great,thanks.

There is so much info and i found this on You tube maybe better to stop reading too much.

How to prove it comes from previous savings?

Your proof is here, see number 3 part way down page:

 

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

 

A statement dated at the end of last year will suffice.

 

And you may find the following helpful:

 

 

Edited April 13 by Mike Lister

[KannikaP]

On 4/4/2024 at 11:37 AM, mokwit said:

The danger is when it becomes fully automated. Right now the RD is not set up to deal with foreigners and are reluctant to do so.

My Taxman welcomed me with excellent English, looked at the return he did for me last year, Bht 40,000 per month, and said 'No change then no tax due' Thank you.

[KannikaP]

12 hours ago, Somrak said:

If more stupid aliens start to send TM 30 even when the did Not move, we have to Stop this stupid AL. 

What's TM30 got to do with Income Tax please?

[Mike Lister]

15 minutes ago, jvs said:

Ok,if that is true then that is great,thanks.

There is so much info and i found this on You tube maybe better to stop reading too much.

How to prove it comes from previous savings?

Much of this entire subject is about education and removing the fear that people associate with the word tax, once people jump that barrier, the world seems a much better place.

[quake]

1 hour ago, jvs said:

When a lot of expats leave here because of this then some one will wake up.

 

They don't want us here anymore.

We mean nothing to them.

[KannikaP]

1 hour ago, quake said:

 

They don't want us here anymore.

We mean nothing to them.

Tell that to my Mrs, daughter & Grandson. And dog!

It's people with silly photos they do not want. Be yourself and you'll be OK.

Edited April 13 by KannikaP

[quake]

11 minutes ago, KannikaP said:

Tell that to my Mrs, daughter & Grandson. And dog!

 

The authorities of Thailand do not want you here.

sure your family and anyone else who runs a business does.

hope that helps your misunderstanding. 

 

[Mike Lister]

Just now, quake said:

 

The authorities of Thailand do not want you here.

sure your family and anyone else who runs a business does.

hope that helps your misunderstanding. 

 

Nonsense! If the government didn't want us here, they wouldn't issue long term visa's.

[KannikaP]

Just now, quake said:

 

The authorities of Thailand do not want you here.

sure your family and anyone else who runs a business does.

hope that helps your misunderstanding. 

 

I think it is you who has the misunderstanding Nigel, 

[quake]

Just now, KannikaP said:

I think it is you who has the misunderstanding Nigel, 

 

Yes sure.

[quake]

2 minutes ago, Mike Lister said:

Nonsense! If the government didn't want us here, they wouldn't issue long term visa's.

 

Your tolerated. not the same as wanted.

[Mike Lister]

1 minute ago, quake said:

 

Your tolerated. not the same as wanted.

Oh I see, you want to be allowed to be here and to be loved as well! 

 

I don't think it's governments role to love you, have you talked to your mum or your wife!

[topt]

Just now, quake said:

 

Your tolerated. not the same as wanted.

Have you seen the news item opinion about the Russians on Phuket? 

How does extending their 30 day to 90 visa exempt fit in with your statement........

 

https://aseannow.com/topic/1324856-phuket’s-‘russian-invasion’-–-they’re-here-to-stay/

 

[quake]

3 minutes ago, topt said:

Have you seen the news item opinion about the Russians on Phuket? 

How does extending their 30 day to 90 visa exempt fit in with your statement........

 

https://aseannow.com/topic/1324856-phuket’s-‘russian-invasion’-–-they’re-here-to-stay/

 

 

Well done.

Mixing a tourist up with an expat.

Sterling effort.  

 

 

[topt]

Just now, quake said:

 

Well done.

Mixing a tourist up with an expat.

Sterling effort.  

 

 

I suggest you read the article.........

[quake]

6 minutes ago, Mike Lister said:

Oh I see, you want to be allowed to be here and to be loved as well! 

 

I don't think it's governments role to love you, have you talked to your mum or your wife!

 

Don't be silly now mike.

you have done very good things of the tax threads.

don't spoil it now. 

 

[Mike Lister]

8 minutes ago, quake said:

 

Don't be silly now mike.

you have done very good things of the tax threads.

don't spoil it now. 

 

At it's best it's humour, at its worst it highlights the futility of what you're asking for!

[QuantumQuandry]

Just now, Mike Lister said:

At it's best it's humour, at its worst it highlights the futility of what you're asking for!

 

I certainly don't ask for love.  But something slightly above "barely tolerated as long as you give us enough money" would be an improvement.

[quake]

4 minutes ago, Mike Lister said:

At it's best it's humour, at its worst it highlights the futility of what you're asking for!

 

Let it go.