New Tax Rules for Expats in Thailand Spark Concern

[Mike Teavee]

1 hour ago, maake55555 said:

True, my retirement pay is sent to my Thai account, I understand that, but why did they stop ATM use??

Seems to be the US's way of making sure the recipient is still alive & it's not somebody else cashing in on the Social Security

 

 

In the UK they mail out "Life Certificates" every couple of years https://www.gov.uk/state-pension-if-you-retire-abroad/report-a-change-in-your-circumstances as a way of doing the same thing. 

 

 

Edited June 9 by Mike Teavee

[saintdomingo]

On 5/30/2024 at 9:00 AM, bob smith said:

so all money remitted into Thailand pre 2024 is tax free??

 

I liquidated all my assets in December last year.

 

bob.

You are always one step ahead of the game bob, an example to us all.

[sidneybear]

On 5/30/2024 at 4:12 AM, motdaeng said:

the big open question is, will the new tax law be enforced by the tax revenue department?

 

True. In Thailand, it's always about enforcement, rather than the laws themselves. Only time will tell. 

[Humpy]

Have you noticed how many Professional Financial Advisors have suddenly popped up ?!!!

[redwood1]

7 minutes ago, Humpy said:

Have you noticed how many Professional Financial Advisors have suddenly popped up ?!!!

 

Yep for only 99 thousand and 95 baht they will take care of your taxes and pocketbook good, real good....

 

[rocketboy2]

14 minutes ago, Humpy said:

Have you noticed how many Professional Financial Advisors have suddenly popped up ?!!!

 

There are a 1000 waiting in the wings, with there new businesses.

But they still have to finish up there jobs, at Mc Donald's first

 

Edited June 10 by rocketboy2

[Letseng]

On 5/30/2024 at 1:07 AM, WingFat said:

It occurs to me that there are only two countries that tax worldwide income; the USA and Eritrea of east Africa.

 

Americans get a foreign tax credit on their US taxes for taxes paid in a foreign country, so no change for them. I don't know about how it will work out for Eritreans.

 

For the expats that hail from countries that do not tax their citizens if they are out of the country for a specified time (usually it's 180 days or more) in a calendar year, they have been enjoying tax-free living while expatting in the LOS, in many cases, for decades.

 

While I sympathize with those who will find this a challenge to pay Thai taxes, the saying of "there's no free lunch" comes to mind. And the argument that these people contribute to the Thai economy in other ways, well, so does everyone else.

 

Whatever the case, nobody should have to be double-taxed on the same income. I surely hope that if this issue arises, it gets ironed out such there is no double taxation.

Many countries tax world income. All OECD countries do.