Proof of last years income

[aldriglikvid]

 

 

 

 

I'm able to meet these requirements i.e. I had a different set of income streams in 2023 which I want to transfer somewhere mid 2025 i.e. following year (or years) post earning. However, all these income streams gets pooled into my account back home. If Thai RD want's me to proof that what was sent, I earned years prior - do we know in what type of form and structure they want to see it? For example, if I'm here (Thailand) and they would require stamped bank docs (or similar) - it would be difficult for me to produce on the spot. 

 

Thanks 

 

 

[FritsSikkink]

40 minutes ago, aldriglikvid said:

 

 

 

 

I'm able to meet these requirements i.e. I had a different set of income streams in 2023 which I want to transfer somewhere mid 2025 i.e. following year (or years) post earning. However, all these income streams gets pooled into my account back home. If Thai RD want's me to proof that what was sent, I earned years prior - do we know in what type of form and structure they want to see it? For example, if I'm here (Thailand) and they would require stamped bank docs (or similar) - it would be difficult for me to produce on the spot. 

 

Thanks 

 

 

Mid 2025, the rules as described in the picture are no longer valid.

[Digitalbanana]

54 minutes ago, aldriglikvid said:

If Thai RD want's me to proof that what was sent, I earned years prior - do we know in what type of form and structure they want to see it?

You are asking what proof format is needed for something 'if' the Thai RD asks for?

[QuantumQuandry]

59 minutes ago, aldriglikvid said:

do we know in what type of form and structure they want to see it?

 

I don't think we know anything at all yet.  Lots of speculation but I haven't seen any iota of real evidence of anything resembling anything remotely concrete yet.

[aldriglikvid]

48 minutes ago, FritsSikkink said:

Mid 2025, the rules as described in the picture are no longer valid.

I know, but according to the official statements the "new law" effective date is January 2024 i.e. all income earned prior that, but transfered in 2025/2026/2027 etc, is exempt from tax. I had substantial income in 2023 that I plan transfer in pockets the coming years. 

[topt]

1 hour ago, aldriglikvid said:

I know, but according to the official statements the "new law" effective date is January 2024 i.e. all income earned prior that, but transfered in 2025/2026/2027 etc, is exempt from tax. I had substantial income in 2023 that I plan transfer in pockets the coming years. 

You need to find a way of recording that fact from account statements dated prior to 1/01/24. Could be just screen shots or similar I guess. Unfortunately no-one knows and RD have not issued any guidance on what they may specifically want to see. It is all conjecture at this point.

 

However if you believe it is non-assessable and you have no other tax to pay then you could consider not completing a tax return but be prepared to show your "proof" if ever asked. Your issue may then only be if you comingled that account with income subsequently.

[FritsSikkink]

16 hours ago, aldriglikvid said:

 i.e. all income earned prior that, but transfered in 2025/2026/2027 etc, is exempt from tax. I had substantial income in 2023 that I plan transfer in pockets the coming years. 

No, the reason the law is amended is that the income earned in previous years ISN'T exempt from tax anymore.

They wanted to close that loophole.

Edited April 10 by FritsSikkink

[Everyman]

The Thai revenue department isn’t coming after you. You can check your closet and look under your bed before you sleep at night and I assure you they won’t be there.

Edited April 10 by Everyman

[aldriglikvid]

8 hours ago, FritsSikkink said:

No, the reason the law is amended is that the income earned in previous years ISN'T exempt from tax anymore.

They wanted to close that loophole.

That's very clear - going forward. But, are you saying that they have authority to tax everything earned earlier than 2023? Income earned 2019? That's not my interpretation at all.  My understand it relates to income earned 2024 and onwards (offshore or onshore). 

I'm attaching another EY slide below on the subject. 

 

[topt]

3 hours ago, aldriglikvid said:

That's very clear - going forward. But, are you saying that they have authority to tax everything earned earlier than 2023? Income earned 2019? That's not my interpretation at all.  My understand it relates to income earned 2024 and onwards (offshore or onshore). 

I'm attaching another EY slide below on the subject. 

 

No he wasn't saying. How many different ways do you want it parsed......

Your interpretation is correct although, as already stated, you may have to prove it is savings/income from pre 1/01/24

[aldriglikvid]

2 hours ago, topt said:

No he wasn't saying. How many different ways do you want it parsed......

Your interpretation is correct although, as already stated, you may have to prove it is savings/income from pre 1/01/24

 

I'd suggest you take a second read: he was indeed saying that my original proposition was wrong.
1) What I said

 

On 4/9/2024 at 6:14 PM, aldriglikvid said:

The "new law" effective date is January 2024 i.e. all income earned prior that, but transferred in 2025/2026/2027 etc, is exempt from tax. I had substantial income in 2023 that I plan transfer in pockets the coming years. 

 

2) What he said 

 

14 hours ago, FritsSikkink said:

No, the reason the law is amended is that the income earned in previous years ISN'T exempt from tax anymore.

They wanted to close that loophole.

 

 

I do however salute you for confirming I was right 😉

 

Thread closed, thanks for all the replies. 
 

 

[federicoP]

On 4/9/2024 at 4:41 PM, aldriglikvid said:

If Thai RD want's me to proof that what was sent, I earned years prior - do we know in what type of form and structure they want to see it?

 

I suppose it could help to keep your previous earning in a separate frozen account or deposit (possibly frozen from the 31/12/2023) and use this account only for sending money to thailand in the next years.

Absolutely no new income should enter in this account.