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Foreigners and their overseas income: what next?


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40 minutes ago, lordgrinz said:

 

Unless you missed it, Thai authorities are cracking down on at least one type of person "farangs", and being that they have a lot more money than a typical farmer.....you can expect them to be very vigilant going after it. Even in my simple tax situation of sending say B1 Million here, then adding that to mine and my wife's tax return would mean paying B245,000 in extra tax. I am sure the RD is drooling over how much more they can strip from taxpayers, especially "farangs".

Not clear from your post but are you adding that million bht to other income because the tax on a million is about 115k bht, less if you're retired.

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Just now, edwinchester said:

Not clear from your post but are you adding that million bht to other income because the tax on a million is about 115k bht, less if you're retired.

 

I said in my situation, which when added (B1 Million) to my wife's salary, based on last years taxes, would mean an extra B245,000. She paid only B86,000 last year in taxes for comparison.

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6 minutes ago, TroubleandGrumpy said:

But they might investigate any Expat whose bank accounts show a large amount of money being deposited/transferred  - and a large amount here would probably be over 500K Baht in any year.

Since I do the 65+K baht per month retirement extension regime, I should be easy to find.

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I moved at least 6 million baht to Thailand this year but because of Por No. 162 I will pay no taxes. If you have savings, make sure you download and save your year end statements ending Dec 31, 2023 for when the Revenue Department comes for you just in case.

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3 minutes ago, NJHOUSE said:

I moved at least 6 million baht to Thailand this year but because of Por No. 162 I will pay no taxes. If you have savings, make sure you download and save your year end statements ending Dec 31, 2023 for when the Revenue Department comes for you just in case.

 

You're definitely one of my favorite guinea pigs now, keep us up to date on how your taxes go next year.

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14 minutes ago, NJHOUSE said:

I moved at least 6 million baht to Thailand this year but because of Por No. 162 I will pay no taxes. If you have savings, make sure you download and save your year end statements ending Dec 31, 2023 for when the Revenue Department comes for you just in case.

 

Why would you move 6m baht into Thailand?? That's like a century of living expenses.

Edited by andux
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10 minutes ago, lordgrinz said:

 

You're definitely one of my favorite guinea pigs now, keep us up to date on how your taxes go next year.

 

  He won't need to file taxes.  His savings from prior to 1 Jan 2024 are not assessable income.  If one has no assessable income, one does not need to file a tax form.  What's he going to do, file a tax form with a zero in every column?

 

  

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Just now, TheAppletons said:

 

  He won't need to file taxes.  His savings from prior to 1 Jan 2024 are not assessable income.  If one has no assessable income, one does not need to file a tax form.  What's he going to do, file a tax form with a zero in every column?  

 

Yes, because B6 million will go unnoticed by RD? I'm waiting to see how people fair when they try that theory.

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4 minutes ago, lordgrinz said:

 

Yes, because B6 million will go unnoticed by RD? I'm waiting to see how people fair when they try that theory.

 

  Again, it's not assessable income.  RD's rules, not mine.  I'm sure he'll fare quite well.

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Just now, TheAppletons said:

 

  Again, it's not assessable income.  RD's rules, not mine.  I'm sure he'll fare quite well.

 

Do you actually believe that people will send in millions and millions of baht in remittance and nobody will question it?

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1 hour ago, lordgrinz said:

 

Unless you missed it, Thai authorities are cracking down on at least one type of person "farangs", and being that they have a lot more money than a typical farmer.....you can expect them to be very vigilant going after it. Even in my simple tax situation of sending say B1 Million here, then adding that to mine and my wife's tax return would mean paying B245,000 in extra tax. I am sure the RD is drooling over how much more they can strip from taxpayers, especially "farangs".

Do what you want. Thais systems are not integrated like we have back home. You don’t get an old fine at the dept of motor vehicles just to renew your license here. 

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Just now, Robert Paulson said:

Do what you want. Thais systems are not integrated like we have back home. You don’t get an old fine at the dept of motor vehicles just to renew your license here. 

 

I'm guessing anything sent into a bank account will not go unnoticed, jury is out on debit/credit cards though, that I would agree might be much harder for them to chase down, especially since not all countries are part of CRS reporting. We'll see soon enough.

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1 hour ago, redwood1 said:

 

Your Correct..

 

The patient...(The Thai economy) Is already showing signs of sickness because farang investments are drying up in Thailand because of all this tax madness....And as time goes by The patient...(The Thai economy) should get sicker and sicker until the patient (The Thai economy) ends up in the ER....

 

2 things can happen here

 

The Thais continue to double and triple down on all this tax madness until the bloody end and pay a horrible economic price..

 

OR

 

They Give everyone the largest ( It was all a big misunderstanding) they have ever given.....And get Thailand back on a good economic track...

Do Thai expats in your country have to pay tax on foreign income? 

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9 minutes ago, lordgrinz said:

 

I'm guessing anything sent into a bank account will not go unnoticed, jury is out on debit/credit cards though, that I would agree might be much harder for them to chase down, especially since not all countries are part of CRS reporting. We'll see soon enough.

Does WISE deliver ATM cards to Thailand?

 

Yesterday I bought an Ingot of gold with a foreign credit(crypto card that changes my BTC into local currency). I had to pay 3% commission but get 3% cashback on my card.  I did have to show my ID card. I don't know if I have to declare this to the tax man, anyone?

Edited by Neeranam
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7 minutes ago, lordgrinz said:

 

I'm guessing anything sent into a bank account will not go unnoticed, jury is out on debit/credit cards though, that I would agree might be much harder for them to chase down, especially since not all countries are part of CRS reporting. We'll see soon enough.

My theory is, and I realize everyone is diff no problemo, wait until you get a bill from Thailand… which will likely never happen mind you. And then proceed from there. 
 

again just my view not advice 

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3 minutes ago, Neeranam said:

Does WISE deliver ATM cards to Thailand?

 

No, they sent the debit card to my house in the USA, and I had a family member send it to me here in Thailand.

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5 minutes ago, Robert Paulson said:

My theory is, and I realize everyone is diff no problemo, wait until you get a bill from Thailand… which will likely never happen mind you. And then proceed from there. 
 

again just my view not advice 

 

I'm waiting on the guinea pigs first.

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1 minute ago, lordgrinz said:

 

No, they sent the debit card to my house in the USA, and I had a family member send it to me here in Thailand.

I'll have to look into that, can maybe do the same with my mum in the UK, unless they think I don't live there.

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4 minutes ago, Neeranam said:

I'll have to look into that, can maybe do the same with my mum in the UK, unless they think I don't live there.

 

I keep my mailing address in the USA, so that's helped. The last mail I had sent here was the most dangerous one yet, had two ATM cards in it, two checks from escrow/insurance refunds on sale of my house, and my new US drivers license. Glad those documents all made it here.....LOL

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