Introduction to Personal Income Tax in Thailand

[chiang mai]

26 minutes ago, MrMuddle said:

Can anyone recommend a decent tax accountant in Phetchabun? UK citizen, living in Thailand since 2009,  I'm completely lost as to what to do with this new tax situation. Thanks

Perhaps if you were to outline your situation here, others will comment and give you an idea?

[MrMuddle]

20 minutes ago, chiang mai said:

Perhaps if you were to outline your situation here, others will comment and give you an idea?

I'm 70 years old, and married to a Thai woman for 25 years. She has not worked in Thailand since we married. I have never worked in Thailand. I've lived in Thailand since 2009.
I get two pensions, in the UK one the normal UK state pension, & the other private from a company I worked for.  I have not brought any money into Thailand since December 2023.  We have substantial savings in the UK, which I would like to bring to Thailand, over the next few years.  These savings have been in the UK Bank, since before the start of 2024, but I would prefer not to pay tax on it, when I do bring it over.
What can I bring over without paying tax?
How much tax would I pay if I decided to have both pensions paid directly to a Thai bank, instead of going into UK Banks?
Can I gift money to my wife, via Bank transfers from the UK, without paying tax?
 

[chiang mai]

Just now, MrMuddle said:

I'm 70 years old, and married to a Thai woman for 25 years. She has not worked in Thailand since we married. I have never worked in Thailand.
I get two pensions, in the UK one the normal UK state pension, & the other private from a company I worked for.  I have not brought any money into Thailand since December 2023.  We have substantial savings in the UK, which I would like to bring to Thailand, over the next few years.  These savings have been in the UK Bank, since before the start of 2024, but I would prefer not to pay tax on it, when I do bring it over.
What can I bring over without paying tax?
How much tax would I pay if I decided to have both pensions paid directly to a Thai bank, instead of going into UK Banks?
Can I gift money to my wife, via Bank transfers from the UK, without paying tax?
 

The money that you have banked in the UK is subject to Por 162 and is NOT tax assessable in Thailand, you can remit it to Thailand whenever your want, free of Thai tax.

 

Your two UK pensions are tax assessable here but you are also entitled to quite large tax deductions and allowances in Thailand. In your situation, from what you have said I would imagine you are liable to about 500k Baht in exemptions and allowances in Thailand before you have to start paying tax at 5%. If you give us some approximate numbers I can be more specific.

 

 

[oldcpu]

39 minutes ago, MrMuddle said:

I get two pensions, in the UK one the normal UK state pension, & the other private from a company I worked for.  I have not brought any money into Thailand since December 2023.  We have substantial savings in the UK, which I would like to bring to Thailand, over the next few years.  These savings have been in the UK Bank, since before the start of 2024, but I would prefer not to pay tax on it, when I do bring it over.

 

I agree with what Chiang Mai typed.

 

Maybe as a minimum, keep official permanent bank/trading account records of the precise state of your savings as of end-of-business 31-Dec-2023.  That 'might' come in useful in the future, to prove money you bring in to Thailand now, was savings from before 1-Jan-2024, and not part of your monthly pension income from after 31-Dec-2023.

 

You may wish to keep a small spreadsheet accounting for any remitted money after 31-Dec-2023, so to prove you were able to use savings from before 1-Jan-2024 and that you were not dipping into post 31-Dec-2023 pension income.

 

This is my speculation as to how to track this.  I have read of others setting up separate bank accounts to make this even more clear - where my hope is that opening a new account won't be necessary if one keeps excellent records.  In truth thou - I don't know precisely the requirement here. Frankly, I do not believe anyone knows just yet.

.

[MrMuddle]

1 hour ago, oldcpu said:

 

I agree with what Chiang Mai typed.

 

Maybe as a minimum, keep official permanent bank/trading account records of the precise state of your savings as of end-of-business 31-Dec-2023.  That 'might' come in useful in the future, to prove money you bring in to Thailand now, was savings from before 1-Jan-2024, and not part of your monthly pension income from after 31-Dec-2023.

 

You may wish to keep a small spreadsheet accounting for any remitted money after 31-Dec-2023, so to prove you were able to use savings from before 1-Jan-2024 and that you were not dipping into post 31-Dec-2023 pension income.

 

This is my speculation as to how to track this.  I have read of others setting up separate bank accounts to make this even more clear - where my hope is that opening a new account won't be necessary if one keeps excellent records.  In truth thou - I don't know precisely the requirement here. Frankly, I do not believe anyone knows just yet.

.

Thanks for the reply. When I bring money over I usually transfer it from my UK  savings account to my UK current account, then send it here by SWIFT transfer, leaving the current account balance the same as it was, before I moved the savings into it. I assume that will be OK for the Thai Tax people. I'd already planned to download a 12 month statement from my UK Bank accounts on 31 December, good advice though,
and thanks again for the reply.

'

[The Cyclist]

13 minutes ago, MrMuddle said:

Thanks for the reply. When I bring money over I usually transfer it from my UK  savings account to my UK current account, then send it here by SWIFT transfer, leaving the current account balance the same as it was, before I moved the savings into it. I assume that will be OK for the Thai Tax people. I'd already planned to download a 12 month statement from my UK Bank accounts on 31 December, good advice though,
and thanks again for the reply.

'

 

You need to get a bank statement as of 31 December 2023.

 

Whatever that figure is on the 31 December 2023 (  for example £25,000 ) you can bring in that £25,000 anytime free of tax.

 

No need to declare it, but keep good records, and attach remittances to the bank statement.

 

Once that 25,000 has been brought into Thailand, any subsequent money brought into Thailand will be subject to assessment and possible tax, depending  on your specific circumstances and how much you remit

[Liquorice]

8 hours ago, The Cyclist said:

Once that 25,000 has been brought into Thailand, any subsequent money brought into Thailand will be subject to assessment and possible tax, depending  on your specific circumstances and how much you remit

Not if it's still from Savings prior to 31st Dec 2023.

[Liquorice]

13 hours ago, MrMuddle said:

I have not brought any money into Thailand since December 2023. 

I would transfer £10,000 before the end of 2024 in that case.
You won't be eligible for any tax from the situation you described.

 

I'm currently calculating the maximum I can transfer to Thailand without being liable for any Thai tax, even though I don't need it now, I may in previous years.
It pays to get ahead of the game.

[The Cyclist]

6 hours ago, Liquorice said:

Not if it's still from Savings prior to 31st Dec 2023.

 

The balance on the bank statement dated 31 December 2023 will determine the amount of savings.

 

Once that balance has been remitted to Thailand ( savings used up ) any further money remitted to Thailand  are no longer savings, and you are remtting income, of some description.

[Liquorice]

10 minutes ago, The Cyclist said:

 

The balance on the bank statement dated 31 December 2023 will determine the amount of savings.

 

Once that balance has been remitted to Thailand ( savings used up ) any further money remitted to Thailand  are no longer savings, and you are remtting income, of some description.

Correct.

You're allowed to transfer the full amount of those Savings at any time in future years as a 'tax credit'.

[JimGant]

1 hour ago, The Cyclist said:

and you are remtting income, of some description.

Not necessarily. My bank account, in 2024, received a gift from my folks; an inheritance from granddad; and a loan from my bank. All these monies were remitted to Thailand for my new house. None are income, for either US or Thai taxation purposes.

[The Cyclist]

52 minutes ago, JimGant said:

Not necessarily. My bank account, in 2024, received a gift from my folks; an inheritance from granddad; and a loan from my bank. All these monies were remitted to Thailand for my new house. None are income, for either US or Thai taxation purposes.

 

Something specific to you does not apply to the poster with 2 x UK Pensions, who wanted  to know about remitting money that was in his UK bank on 31 December 2023.

 

So what you do with your bank loan and inheretence from your grandad, is entirely up to you.

[JimGant]

3 minutes ago, The Cyclist said:

Something specific to you does not apply to the poster with 2 x UK Pensions, who wanted  to know about remitting money that was in his UK bank on 31 December 2023.

I was replying to your statement:

Quote

Once that balance has been remitted to Thailand ( savings used up ) any further money remitted to Thailand  are no longer savings, and you are remtting income, of some description.

.....pointing out that you are NOT -- in all circumstances -- remitting income of some description.

[The Cyclist]

2 minutes ago, JimGant said:

.....pointing out that you are NOT -- in all circumstances -- remitting income of some description

 

Were you born that way, or was it just something you worked hard at all your life ?
 

I was referring  to a poster with a UK bank account and 2 x UK pensions going into that bank accout.

 

What would happen when he had reduced the Balance as of the 31 Dec 2023 to zero, and how his 2 x pensions would be classed when he subsequently remitted them to Thailand, which would be income of some description.

 

I wasn't referring to bank loans, Inheritance, lottery winnings or robbing banks, only the posters 2 x UK pensions.

[Liquorice]

15 minutes ago, The Cyclist said:

I wasn't referring to bank loans, Inheritance, lottery winnings or robbing banks, only the posters 2 x UK pensions.

No, but @JimGant made an additional valuable point that not all income transferred to Thailand is assessable for Thai tax, such as overseas Inheritances, which some readers may find informative.

[The Cyclist]

1 minute ago, Liquorice said:

No, but @JimGant made an additional valuable point that not all income transferred to Thailand is assessable for Thai tax, such as overseas Inheritances, which some readers may find informative.

 

I never said or suggested otherwise. I was referring to a posters 2 x UK Pensions

 

There is a long list of incomes that are not assessable for tax, or liable for tax, in Thailand.  I didn't mention any of those to the poster either, he was asking about his 2 x UK pensions, which will be classed as income, assessable for tax, and depending on the posters individual circumstances, may or may not, require the poster to pay some Income tax in Thailand.

[marino28]

On 12/2/2024 at 5:59 PM, anrcaccount said:

 

I did. He is not correct. Much of what he is promoting regarding CRS is simply false. 

 

 

As I said, FATCA is mainly about in your case, Thailand reporting back to the US. FATCA has been in place for a decade so nothing new for you, this year. 

 

FATCA , like CRS, does not report on individual transactions, has a 50K US minimum threshold and this applies to credit cards, so only if you somehow overpaid your credit card and it was more than 50k, in credit,  would it be reported!

 

Even in that case, only a single aggregate balance and no detail of the transactions. 

 

 

 

 

It looks like you know what you’re talking about, so I’d like to clarify something.

 

Are credit cards reported if they have a credit line exceeding $50K?

 

For example:

If you have a standard credit card with a low credit limit, it’s not reported.

If you have a special credit card with a credit line over $50K, it gets reported.

 

 

Or is it based on the actual balance?
For instance, if you overpay your credit card and end up with a real balance (not the credit line, but the actual balance) of more than $50K, does that trigger reporting?

Thank you!

[anrcaccount]

1 hour ago, marino28 said:

 

 

It looks like you know what you’re talking about, so I’d like to clarify something.

 

Are credit cards reported if they have a credit line exceeding $50K?

 

For example:

If you have a standard credit card with a low credit limit, it’s not reported.

If you have a special credit card with a credit line over $50K, it gets reported.

 

 

Or is it based on the actual balance?
For instance, if you overpay your credit card and end up with a real balance (not the credit line, but the actual balance) of more than $50K, does that trigger reporting?

Thank you!

 

My view based on the reading of the regulations is:

 

Some credit card issuers are considered non-reportable financial institutions altogether. Others, do not need to be reportable if they have policies of not accepting overpayment of more than US50k, or have policies to return any overpayment in excess of US50k, within 60 days.

 

Those that are reportable, are reportable on a depository basis- that is only if a credit balance is held (overpayment), in excess of the reportable thresholds. So, the credit limit isn't the relevant piece. 

 

Based on this, it's logical to infer that very few credit card accounts would ever be reportable. 

 

Remember, only once a year this information is exchanged, and only on aggregate balances (with some exclusions). 

[RocketDog]

On 12/2/2024 at 4:13 PM, oldcpu said:

 

 So what do you suggest? One tell the RD official their view does NOT reflect the official position of the RD branch and cause them to lose face?  Tell them they are wrong for refusing to provide a Thai TIN ?

 

or instead simply acknowledge politely what one was told , and continue to monitor the situation over the coming months, and assess when and where one should (possibly) again knock on the door of the Thai RD about getting a TIN?

 

I know my view here.   For certain I don't know your view.  I do get the sense after being firmly told by a Thai RD official that they will not give a new TIN, nor activate (for online submission) one's Pink-ID as the TIN, ... that you may think one should go over the RD officials head ?  , that you may think one should keep insisting to the Thai RD official that they provide the TIN ?

 

As noted, that's not my view - at least not until things become more clear and the dates for tax submissions come MUCH closer. One needs to look at one's specific circumstances.

 

My view?

 

I believe because:

(1) I am NOT bringing money into Thailand in the 2024 taxation year - hence for 2024 tax year have inadequate Thai assessable income, and

(2) I am on an LTR visa (where my foreign income is not taxable even if I brought it in (which I have not), and

(3) I have a pink-ID and hence with the pink-ID I think I could always at the very last day when tax returns are due - show up at the local RD with a filled in paper printed Thai tax form with my pink-ID # in the TIN field, and see what they say then.  

 

For certain I will NOT push a local Thai RD official NOW causing them to lose face.  Going back now to them would do exactly that - and I think such is a VERY bad idea.

 

Again - I don't understand your view.

I agree with your perspective but don't know for certain that you are correct on all counts though.

What I am sure of though is that I also filee FBAR (FATCA) every year with my US taxes and all they want is your final balance of the Thai bank accounts at the end of each tax year. I give them no other information.

 

Personally I also find it hard to believe that the Thai government has access to credit/debit card transactions (not ATM) in Thailand which leads me to believe that if one uses debit cards like the Wise card for purchases here in Thailand there will be no record of it. So if one were to purchase a large amount of precious metals let's say with a debit card then I doubt there would be a record of it but that would be the equivalent of bringing money into the country. I also presume that if the quantity spent at a gold shop was large enough and the vendor wasn't paying any credit card charges on top of it then I suspect they would be amenable to the situation.

 

Does anybody have a perspective on that situation?

[oldcpu]

6 minutes ago, RocketDog said:

I agree with your perspective but don't know for certain that you are correct on all counts though.

 

I don't know if i am fully correct either.  I simply try my best.

 

I did decide for the next few Thai taxation years NOT to bring money into Thailand.  I have the luxury of already having savings brought into Thailand such that I can do that.

 

My intent is to wait and see what transpires in the next few years - and hopefully it will be VERY obvious then as to what absolutely without question, without debate , must be done.

 

Then again  - This is Thailand ... so perhaps one never knows.

 

6 minutes ago, RocketDog said:

What I am sure of though is that I also filee FBAR (FATCA) every year with my US taxes and all they want is your final balance of the Thai bank accounts at the end of each tax year. I give them no other information.

 

Personally I also find it hard to believe that the Thai government has access to credit/debit card transactions (not ATM) in Thailand which leads me to believe that if one uses debit cards like the Wise card for purchases here in Thailand there will be no record of it.

....

Does anybody have a perspective on that situation?

 

No.

 

Such transactions are NOT something I delve into.

 

When I travel outside of Thailand in different foreign countries, I use my Wise debit card (where I fund that card from money saved in Canada and/or saved in Germany).  When in Thailand I use a Thai credit card ( and I obtain points plus other perks from that Thai credit card).

 

I suspect my situation is very different from yours.

[RocketDog]

26 minutes ago, oldcpu said:

 

I don't know if i am fully correct either.  I simply try my best.

 

I did decide for the next few Thai taxation years to bring no money into Thailand.  I have the luxury of already having savings brought into Thailand such that I can do that.

 

My intent is to wait and see what transpires in the next few years - and hopefully it will be VERY obvious then as to what absolutely without question, without debate , must be done.

 

Then again  - This is Thailand ... so perhaps one never knows.

 

 

No.

 

Such transactions are NOT something I delve into.

 

When I travel outside of Thailand in different foreign countries, I use my Wise debit card (where I fund that card from money saved in Canada and/or saved in Germany).  When in Thailand I use a Thai credit card ( and I obtain points plus other perks from that Thai credit card).

 

I suspect my situation is very different from yours.

I like your reasoning and humility about your knowledge on this subject. I feel the same.

 

I, like you, have an account here built over the years. However, since I am almost positive that my social security payment is fully exempt, I transfer 1 million thb from my Wise 'baht jar' to my Thai account each year. I don't need any more than that to live comfortably here since I own my house outright.

Over each year I put money into the baht jar when the exchange rate is good. I NEVER use a foreign credit card here, only an ATM card from BBL. So my question was mostly about whether a Wise debit card transactions has visibility to TRD.

I have chosen to play defense on the Thai tax situation. That is I retrieved and documented my usa bank balance over the last five years as proof that I had substantial usa funds well before 2024. I also keep records all FTT (foreign telegraphic transfers) into Thailand every year. I even went to my local BBL  branch and had them provide records ,in great detail, of all my incoming transfers for the last five years. This included precise dates/ times and even the exchange rate of the transfer. I needed this early this year when immigration claimed I had to prove that my required 800k bank balance for conversion of my OA visa to O visa was from foreign sources even though it has been in a single timed account at BBL fir over 5 years set up specifically for that immigration requirement. It was lunacy for them to challenge its validity.  BBL staff was happy to accommodate and immigration accepted their records.

 

So I will not seek a TIN until forced to. At that point I will have documentation of years past to prove I owed no taxes here and thus cannot potentially penalized for not filing earlier.

Other posters are correct: keeping detailed records is the best policy.

 

As you say, I will watch the situation unfold but won't panic at all.

====/=========/======

BTW, my CPU is pretty old too. I got my first one in 1976, a KIM 1. It was a single PC board the size of an A4 sheet. But it had a real engine under that deceptively simple hood!

 

1Mhz 8 bit MOS TECHNOLOGY processor, 4k of UV Rom, and a full 1kx8 bytes of static ram as well as a 6 digit 7-segment hexadecimal display AND a 16 key keyboard. I did all the programming on machine language. Programs were stored on a cassette tape player.

Who could ask for more?

https://en.m.wikipedia.org/wiki/File:MOS_KIM-1_IMG_4211_cropped_scale.jpg

 

PS: I sold it on ebay this year for $1,900!

[oldcpu]

1 minute ago, RocketDog said:

I like your reasoning and humility about your knowledge on this subject. I feel the same.

I, like you, have an account here built over the years. However, since I am almost positive that my social security payment is fully exempt, I transfer 1 million thb from my Wise 'baht jar' to my Thai account each year.

 

If the money you transfer from outside of Thailand can be credibly shown to have been in place before 1-Jan-2024, then I believe per Thai Revenue Department documents PAW.161 and 162, the (in effect) savings you bring into Thailand is not only not taxable in Thailand , but I believe it is not treated as assessable income.  i.e. no Thai tax return needed.  No Thai tax ID needed.  There are also DTA (Double Tax Agreements) between Thailand and the source country of you income which may mean no assessable income (and it may not - the DTA needs to be examined).

 

1 minute ago, RocketDog said:

 

So my question was mostly about whether a Wise debit card transactions has visibility to TRD.

 

As noted , if your money you bring in is from before 1-Jan-2024, then there likely is not need to even think about visibility of such transactions - as I suspect it would be irrelevant.

 

BUT - I am far ... very very far ... from being an expert on this

 

1 minute ago, RocketDog said:

So I will not seek a TIN until forced to. At that point I will have documentation of years past to prove I owed no taxes here and thus cannot potentially penalized for not filing earlier.

Other posters are correct: keeping detailed records is the best policy.

 

As you say, I will watch the situation unfold but won't panic at all.

 

Probably a good approach.  

 

Maybe (??) in the next 6 months this should become very clear.  I believe many expats  are still waiting for the year-2024 Thai tax return forms to show up, so we can see if any important to changes to note, in comparison to the 2023 tax return forms , ... which may provide the clarity we seek (to satisfy ourselves) on this situation.

 

https://www.rd.go.th/english/65308.html

 

I keep checking but I have yet to see an English language 2024 Thai tax form.

 

 

1 minute ago, RocketDog said:

====/=========/======

BTW, my CPU is pretty old too. I got my first one in 1976, a KIM 1. It was a single PC board the size of an A4 sheet. But it had a real engine under that deceptively simple hood!

 

 

That is a good 5 years before me.

 

I purchased a USED (not new - USED) Apple-II+ (6502 cpu) back in March-1981.  64 kb RAM and 2 floppy drives (128 kb each). I paid $2,500 CDN$ for it.   Even thou used, it felt like a power house at the time.

 

[In Full Agreement]

I haven't applied for a TIN but a form I found  shows I have a  Thai tax ID based on interest  received on  bank accounts.     I always felt the amount of the interest was low enough  so as to not be worth the trouble of claiming it.

 

I'm still unclear a about my needing to pay income tax in Thailand or not.

[JohnnyBD]

1 hour ago, RocketDog said:

What I am sure of though is that I also filee FBAR (FATCA) every year with my US taxes and all they want is your final balance of the Thai bank accounts at the end of each tax year. I give them no other information.

When I do my FBAR reporting, I report the highest balance in each account during the year. I use the US Treasury exchange rates which are published in January to convert to USD. When I report my Thai bank interest on my tax return, I use the spot exchange rates on the day the interest posts.

 

Report of Foreign Bank and Financial Accounts (FBAR) | Internal Revenue Service

For each account you must report on an FBAR, you must keep records with this information: 

• Name on the account, 
• Account number,
• Name and address of the foreign bank, 
• Type of account, and 
• Maximum value during the year. 

[Presnock]

36 minutes ago, oldcpu said:

 

If the money you transfer from outside of Thailand can be credibly shown to have been in place before 1-Jan-2024, then I believe per Thai Revenue Department documents PAW.161 and 162, the (in effect) savings you bring into Thailand is not only not taxable in Thailand , but I believe it is not treated as assessable income.  i.e. no Thai tax return needed.  No Thai tax ID needed.  There are also DTA (Double Tax Agreements) between Thailand and the source country of you income which may mean no assessable income (and it may not - the DTA needs to be examined).

 

 

As noted , if your money you bring in is from before 1-Jan-2024, then there likely is not need to even think about visibility of such transactions - as I suspect it would be irrelevant.

 

BUT - I am far ... very very far ... from being an expert on this

 

 

Probably a good approach.  

 

Maybe (??) in the next 6 months this should become very clear.  I believe many expats  are still waiting for the year-2024 Thai tax return forms to show up, so we can see if any important to changes to note, in comparison to the 2023 tax return forms , ... which may provide the clarity we seek (to satisfy ourselves) on this situation.

 

https://www.rd.go.th/english/65308.html

 

I keep checking but I have yet to see an English language 2024 Thai tax form.

 

 

 

That is a good 5 years before me.

 

I purchased a USED (not new - USED) Apple-II+ (6502 cpu) back in March-1981.  64 kb RAM and 2 floppy drives (128 kb each). I paid $2,500 CDN$ for it.   Even thou used, it felt like a power house at the time.

 

Nothing about the tax situation after several govt officials suggested tha pichai bring people up to date on that earlier after their debate on the VAT situation.  He put out a lengthy interview but only concentrated on the VAT and never nailed down anything at all, just a lot of hot wind do I wonder if anything new will be forthcoming prior to sometime next year.  If nothing else changes then I could care less as I have no assessable income due to LTR and DTA but TIT...Have a Merry Xmas to tall

[In Full Agreement]

3 hours ago, JohnnyBD said:

When I do my FBAR reporting, I report the highest balance in each account during the year. I use the US Treasury exchange rates which are published in January to convert to USD. When I report my Thai bank interest on my tax return, I use the spot exchange rates on the day the interest posts.

 

 

The Federal Government posts on its site what exchange rate you're supposed to use for the entire year.

 

 

[mudcat]

6 hours ago, RocketDog said:

I agree with your perspective but don't know for certain that you are correct on all counts though.

What I am sure of though is that I also filee FBAR (FATCA) every year with my US taxes and all they want is your final balance of the Thai bank accounts at the end of each tax year. I give them no other information.

When I do my FBAR reporting, I report the highest balance in each account during the year. I use the US Treasury exchange rates which are published in January to convert to USD. When I report my Thai bank interest on my tax return, I use the spot exchange rates on the day the interest posts.

 

Report of Foreign Bank and Financial Accounts (FBAR) | Internal Revenue Service

For each account you must report on an FBAR, you must keep records with this information: 

• Name on the account, 
• Account number,
• Name and address of the foreign bank, 
• Type of account, and 
• Maximum value during the year. 

It is easy to get crossways with the different U.S. government reporting of foreign assets.

 

FATCA dates back to 2014 - FBAR is reported on FinCEN 114 which is filed with the Treasury and not with your taxes (blank atta.  As JohnnyBD posted, the threshold is pretty low  aggregate balance >$10,000 at any point during the year, so many if not most of us will need to file at some point during our stay here.  I have filled out templates for my wife and myself that we complete and file at the same time as we file our taxes.  

 

There is a program to 'get right with the IRS' called streamlined filing which requires filing back FinCEN 114 forms and amended f1040s.  I went through that process and it was not fun, but doable on your own if you have good records.

 

The other requirement is to disclose on overseas assets anywhere on f8938 which is filed along with your taxes.  The thresholds are complicated but most of us will not be required to file. 

https://www.irs.gov/businesses/corporations/do-i-need-to-file-form-8938-statement-of-specified-foreign-financial-assets

If your overseas financial assets are getting up into the 100s of thousand USD I suggest that you also take a look at the instructions https://www.irs.gov/pub/irs-pdf/i8938.pdf.  

 

NOTE "If you do not have to file an income tax return for the tax year, you do not need to file Form 8938, even if the value of your specified foreign assets is more than the appropriate reporting threshold." 

We will not need to file a f8938 as most of our assets remain in the U.S., and my U.S. citizen wife will not need to file after I die when she is living on SSA survivor benefits and Thai bank account interest, but the transition year after she inherits will included in the final tax return.

[Liquorice]

7 hours ago, In Full Agreement said:

I'm still unclear a about my needing to pay income tax in Thailand or not.

That greatly depends on the DTA with Thailand from where your finances are based.

It may help if you state from which Country your finances are remitted from.

[Ricohoc]

Still way too much not specifically addressed in this effort to tax foreigners on funds brought into Thailand. There isn't even any kingdom-wide information on whether or not everyone needs a TIN and must file whether they think they owe taxes or not.

 

- I have millions of baht on hand offsite in a vault.

- I have millions of baht in US banks overseas prior to 2024.

- I don't even deposit any funds in my 2 Thai bank accounts that exist only for visa renewal.

- Funds brought into Thailand come through an ATM and remain in cash.

 

Whether they tax us or not, I'm not anticipating having to pay any tax for a long, long time.

[RocketDog]

On 12/10/2024 at 11:27 AM, oldcpu said:

 

If the money you transfer from outside of Thailand can be credibly shown to have been in place before 1-Jan-2024, then I believe per Thai Revenue Department documents PAW.161 and 162, the (in effect) savings you bring into Thailand is not only not taxable in Thailand , but I believe it is not treated as assessable income.  i.e. no Thai tax return needed.  No Thai tax ID needed.  There are also DTA (Double Tax Agreements) between Thailand and the source country of you income which may mean no assessable income (and it may not - the DTA needs to be examined).

 

 

As noted , if your money you bring in is from before 1-Jan-2024, then there likely is not need to even think about visibility of such transactions - as I suspect it would be irrelevant.

 

BUT - I am far ... very very far ... from being an expert on this

 

 

Probably a good approach.  

 

Maybe (??) in the next 6 months this should become very clear.  I believe many expats  are still waiting for the year-2024 Thai tax return forms to show up, so we can see if any important to changes to note, in comparison to the 2023 tax return forms , ... which may provide the clarity we seek (to satisfy ourselves) on this situation.

 

https://www.rd.go.th/english/65308.html

 

I keep checking but I have yet to see an English language 2024 Thai tax form.

 

 

 

That is a good 5 years before me.

 

I purchased a USED (not new - USED) Apple-II+ (6502 cpu) back in March-1981.  64 kb RAM and 2 floppy drives (128 kb each). I paid $2,500 CDN$ for it.   Even thou used, it felt like a power house at the time.

 

All good thoughts. Thanks.

My 1 MHz organic processor is all I need at this point in my life!