Worried about the proposed taxation of foreign income (UK)?

[banglay]

Hi Here is the   UK/THAILAND DOUBLE TAXATION CONVENTION SIGNED 18 FEBRUARY 1981

check out the pdf if you are worried 

 

uk-thailand-dtc180281_-_in_force.pdf

[Pattaya57]

Good thing they have a finance sub-forum flooded with these Thai tax threads 😆 

 

https://aseannow.com/forum/13-jobs-economy-banking-business-investments/

 

Edited May 19 by Pattaya57

[banglay]

1 minute ago, Pattaya57 said:

Good thing they have a finance sub-forum flooded with these same tax threads 😆 

https://aseannow.com/forum/13-jobs-economy-banking-business-investments/

Sorry for trying to help local expats in this area  who might  not have the time to check out ALL of the forums on here 🙂🙏

[1FinickyOne]

2 minutes ago, banglay said:

Sorry for trying to help local expats in this area  who might  not have the time to check out ALL of the forums on here 🙂🙏

And as many, are confused by what they read... 

[freeworld]

Was not long ago one hardly heard anything about tax and people just went on with their lives. Nowadays with the internet, it seems to infest every discussion daily.

[0ffshore360]

3 minutes ago, freeworld said:

Was not long ago one hardly heard anything about tax and people just went on with their lives. Nowadays with the internet, it seems to infest every discussion daily.

I would like to understand how or why regular infusions of  foreign currency  by expats on long term visas of any kind other than work visas should be considered more taxable than an affluent  tourist  who extends visa status for months and who potentially  spends more per day  but less  by duration of stay? Every form of foreign  currency that  enters Thai is a 100% gain and yet  becomes a target for  taxable consideration.

Encourage  "digital nomad" commerce  then strip the suckers  too !

The backlash may be  costly !

 

[Mike Teavee]

11 minutes ago, 0ffshore360 said:

I would like to understand how or why regular infusions of  foreign currency  by expats on long term visas of any kind other than work visas should be considered more taxable than an affluent  tourist  who extends visa status for months and who potentially  spends more per day  but less  by duration of stay? Every form of foreign  currency that  enters Thai is a 100% gain and yet  becomes a target for  taxable consideration.

Encourage  "digital nomad" commerce  then strip the suckers  too !

The backlash may be  costly !

 

Anybody who spends > 179 days in a calendar/tax year in Thailand is Tax Resident & potentially liable for Tax on money they've remitted so a Wealthy Tourist spending 6 months would be liable for Tax & a Non-IMM O Holder only spending 5 months would not, the Visa you have doesn't matter except for an exemption for some LTR Visa holders. 

 

 

I believe the change was aimed more at Thais using the "1 year rule" to make money overseas & bring it back tax free & us Expats have been caught up in it, but the net result for Thailand is going to be negative in my case as:-

1. I'll only be remitting approx. 25% of what I normally remit (to stay under the amount where I would have to pay tax) & spending down savings I already have here.
2. I'll be taking more holidays outside of Thailand reducing the amount of money I spend in-country so Thai hotels, bars, restaurants, tour companies etc... will lose custom.

Edited May 19 by Mike Teavee

[0ffshore360]

7 minutes ago, Mike Teavee said:

Anybody who spends > 179 days in a calendar/tax year in Thailand is Tax Resident & potentially liable for Tax on money they've remitted so a Wealthy Tourist spending 6 months would be liable for Tax & a Non-IMM O Holder only spending 5 months would not, the Visa you have doesn't matter except for an exemption for some LTR Visa holders. 

 

 

I believe the change was aimed more at Thais using the "1 year rule" to make money overseas & bring it back tax free & us Expats have been caught up in it, but the net result for Thailand is going to be negative in my case as:-

1. I'll only be remitting approx. 25% of what I normally remit (to stay under the amount where I would have to pay tax) & spending down savings I already have here.
2. I'll be taking more holidays outside of Thailand reducing the amount of money I spend in-country so Thai hotels, bars, restaurants, tour companies etc... will lose custom.

That confirms  my understanding  of the  overall situation.

I can envisage and predict avoidance schemes will proliferate via some quickly apparent venues that will be legal at face  value.

[Mike Lister]

I am certain that the op is trying to be helpful by creating this thread but the reality is we have more tax threads than we need at the stage so some rationalisation is inevitable. The main tax thread is linked below, this thread will be closed.