Foreigners and their overseas income: what next?

[pentagara]

39 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 to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.

 

https://www.google.com/search?client=firefox-b-d&q=Common+Reporting+standard

The US doesn't participate in CRS, they have enforced FATCA reporting globally instead.

[borderhopper2005]

12 minutes ago, gravity101 said:

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

Did you read the text carefully enough?

I simply quoted some fact in the past.

TM 30 report is needed when you came back to Thailand from abroad.

Also for  when non-Thais change their Usual Place of Residence.  

But for a short while during the previous regime, Ex-General premier tried to check out foreigners' short term domestic trip in TM30.

For a short while, he said temporary trip within the kingdom also must be reported(when aliens  come back to their Recorded Address.

But that demand (re: short term in-Thailand trips)was later dropped. As they noticed it was unpractical.

That's what I meant in my posting.

All clear now?

I never said TM 30 was abolished though.

 

[Jumbo1968]

No point withdrawing from an atm from a foreign account you get charged 220 baht per withdrawal.

[borderhopper2005]

17 minutes ago, gravity101 said:

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

Do you have any reading problems of English sentences?

I never said TM30 itself  was dropped.

Read carefully enough. And post your comment after that.

[mokwit]

1 minute ago, borderhopper2005 said:

But for a short while during the previous regime, Ex-General premier tried to check out foreigners' domestic travel movement in TM30.

It was more that that was a stipulation of the law as written (brought in by an earlier set of generals) along with TM28 but they dropped it as unworkable. It is amazing how they can override the law if they want to.

[mokwit]

12 minutes ago, gravity101 said:

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

OK looks like I am wrong, and maybe US broker requires TIN because I am non US client

[xeniv23]

48 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 have much enjoyed my stay here in Thailand for the last 3.5 years.  I cannot say that I have enjoyed Thai Immigration.  Seeing as how things with officialdom here, in my experience, can get very arbitrary and capricious I am choosing to not give them a potential crack at my pension(s).  There is just way too much variation between the people sitting across the desk from you.  I'll come back to visit friends as a tourist and enjoy my time but I won't live here again.  

[Muhendis]

51 minutes ago, 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?

 

3 hours ago, webfact said:

If you try to cheat, the newish Common Reporting System – an automatic and international exchange of the financial information of individuals to combat tax evasion and ensure compliance – will expose your dealings.

 

Banks will be obliged to pass on information to the revenue department relating to monies received from offshore.

The revenue department is thus expecting information to come to them rather than they go looking for it.

[Old Croc]

Just another article stating what we already know from the many previous threads on the subject.

I look forward to one that supplies answers to the questions being asked not just repeating the same known facts. 

[Asquith Production]

53 minutes ago, 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?

Maybe Thai banks will have to notify the tax office of incoming money from abroad. Who knows

[gravity101]

13 minutes ago, borderhopper2005 said:

Did you read the text carefully enough?

I simply quoted some fact in the past.

TM 30 report is needed when you came back to Thailand from abroad.

Also for  when non-Thais change their Usual Place of Residence.  

But for a short while during the previous regime, Ex-General premier tried to check out foreigners' short term domestic trip in TM30.

For a short while, he said temporary trip within the kingdom also must be reported(when aliens  come back to their Recorded Address.

But that demand (re: short term in-Thailand trips)was later dropped. As they noticed it was unpractical.

That's what I meant in my posting.

All clear now?

I never said TM 30 was abolished though.

 

Yes I read correctly. Did you read mine correctly? Tm30 is needed for domestic address change also.

[gravity101]

3 minutes ago, Yogiran said:

Yes, it's traceable.

How?

[cardinalblue]

In the US, you don’t pay taxes on your social security income until the following year so you would have to show your taxes paid for the previous year…some pay a lot and others no taxes based on one’s total taxable income…it can be a cat and mouse game 

[freeworld]

3 hours ago, webfact said:

However, other specialists argue that the Revenue needs not to clarify anything. After all, formal tax law did not change on January 1 2024. There was simply the closing of a tax loophole which had enabled Thais or foreigners to delay transferring income here until a subsequent year.

This is what I've assumed. RD are not going to write new detailed laws for foreigners foreign income streams and tax affairs from abroad. If someone has a complicated or specific tax issue, they can use a tax accountant or see RD.

[borderhopper2005]

Revised posting.

 

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 his short-lived approval rate on SNS).

It can get Thai public services into big mess.

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

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 military regime, they  once declared that foreigners also must report even their short term domestic travel(temporary trip other than the Change of Usual Place of Residence) in their TM30 things.

But it was eventually dropped; simply unenforceable.

After that, we only need to make a TM30 report when we:

 

1-Return to Thailand from abroad.

 

2-Change our usual place of address.

 

Just like prescribed by laws  in the first place.

[Cabradelmar]

What next... More people evading taxes 😂 just like 80% of Thais. Al least until TRD and immigration link your visa extension and renewals to tax filings, and then everyone stops sending money and/or stops long staying in THA. 

[NorthernRyland]

There's no purposes in speculating about this until they introduce a procedure for us to follow. Thailand doesn't operate like Western governments where the onus is on you, or else. They're already radically overstepping any boundaries they've had before so they need to be delicate. The whole thing could fizzle out even.

[Basso53]

My Thai wife will be compulsorily retired without pension from her long time job at a International school this year. I bring in 65000 pm for O extension; hopefully I can then claim her as a dependant?🙏😁🤔

[xylophone]

20 minutes ago, xeniv23 said:

I have much enjoyed my stay here in Thailand for the last 3.5 years.  I cannot say that I have enjoyed Thai Immigration.  Seeing as how things with officialdom here, in my experience, can get very arbitrary and capricious I am choosing to not give them a potential crack at my pension(s).  There is just way too much variation between the people sitting across the desk from you.  I'll come back to visit friends as a tourist and enjoy my time but I won't live here again.  

I have thought the same since this tax uncertainty started and am wondering where I would go if the tax burden became too much. So may I ask where you would go?? Answer by PM if you wish. Thank you.

[mrmicbkktxl]

 

[borderhopper2005]

32 minutes ago, Jumbo1968 said:

No point withdrawing from an atm from a foreign account you get charged 220 baht per withdrawal.

It is the rip off that started in 2008. 

[JBChiangRai]

As I see it there are currently 2 choices...

 

a) you pop along to your local tax office and get a TIN (Tax Id No), or

b) you wait until it's clarified or for as long as you can

 

If a you do a) then you are sending a message to the Tax people that you want to pay Tax. 

If a lot of you do a) then the Tax people will think "Great, foreigners are like sheep and want to be taxed, let's tax them!"

[NorthernRyland]

Just now, JBChiangRai said:

a) you pop along to your local tax office and get a TIN (Tax Id No), or

b) you wait until it's clarified or for as long as you can

 

If a you do a) then you are sending a message to the Tax people that you want to pay Tax. 

If a lot of you do a) then the Tax people will think "Great, foreigners are like sheep and want to be taxed, let's tax them!"

Some people are giddy to be pay taxes to governments. All excited and making little videos explaining what to do. Sheep in man's closing.

[JBChiangRai]

3 minutes ago, JBChiangRai said:

As I see it there are currently 2 choices...

 

a) you pop along to your local tax office and get a TIN (Tax Id No), or

b) you wait until it's clarified or for as long as you can

 

If a you do a) then you are sending a message to the Tax people that you want to pay Tax. 

If a lot of you do a) then the Tax people will think "Great, foreigners are like sheep and want to be taxed, let's tax them!"

 

1 minute ago, NorthernRyland said:

Some people are giddy to be pay taxes to governments. All excited and making little videos explaining what to do. Sheep in man's closing.

 

The Tax people are probably waiting to see what we all do before deciding whether to tax our overseas income.

 

If you go and register for a Tax ID then it will become a self-fulfilling prophecy.  

[gravity101]

4 minutes ago, JBChiangRai said:

As I see it there are currently 2 choices...

 

a) you pop along to your local tax office and get a TIN (Tax Id No), or

b) you wait until it's clarified or for as long as you can

 

If a you do a) then you are sending a message to the Tax people that you want to pay Tax. 

If a lot of you do a) then the Tax people will think "Great, foreigners are like sheep and want to be taxed, let's tax them!"

Correct. My accountant said absolutely do nothing and never voluntarily submit a tax form especially if you never have. Worst case scenario is pleading ignorance and at worst is back payment. Accountants words.

[garygooner]

8 minutes ago, JBChiangRai said:

As I see it there are currently 2 choices...

 

a) you pop along to your local tax office and get a TIN (Tax Id No), or

Some posters have claimed to try that already on other threads, but have been told, "there's no need to file!"  

[NorthernRyland]

1 minute ago, garygooner said:

Some posters have claimed to try that already on other threads, but have been told, "there's no need to file!"  

 

"Some posters"

 

[mokwit]

The problems may come from another direction. Right now my US broker allows me to tick a box that says Thailand issues TIN's but I am not legally required to have one, which was true, but no longer is if the letter of the law is followed. So it could be if Thai tax resident but no TIN no keeping account. Probably many more examples like this.

[roo860]

14 minutes ago, NorthernRyland said:

Some people are giddy to be pay taxes to governments. All excited and making little videos explaining what to do. Sheep in man's closing.

Absolutely, I'll be doing f all!

[gravity101]

37 minutes ago, borderhopper2005 said:

Revised posting.

 

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 his short-lived approval rate on SNS).

It can get Thai public services into big mess.

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

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 military regime, they  once declared that foreigners also must report even their short term domestic travel(temporary trip other than the Change of Usual Place of Residence) in their TM30 things.

But it was eventually dropped; simply unenforceable.

After that, we only need to make a TM30 report when we:

 

1-Return to Thailand from abroad.

 

2-Change our usual place of address.

 

Just like prescribed by laws  in the first place.

I don't know what io office you use. But here in Phuket if I try and do anything at immigration after staying in a hotel I get blasted and told to submit a tm30 first to bring my address back to Phuket. Happened multiple times.