simple tax question.... yes or no if that is possible?

[1FinickyOne]

Yes or no - 

 

I am from USA and make money through Treasuries and buying stocks - 

 

I pay taxes in USA of which I have a long verifiable history. 

 

Will I owe additional taxes in Thailand?

 

 

[Jan Dietz]

According to current understanding of tax laws IANAL etc.

 

Yes for anything you transfer into Thailand from 2024/01/01, IF you stay here >= 180 days.

 

[1FinickyOne]

10 minutes ago, Jan Dietz said:

According to current understanding of tax laws IANAL etc.

 

Yes for anything you transfer into Thailand from 2024/01/01, IF you stay here >= 180 days.

 

I thought there is no double taxation?

 

And do you know how much?

 

Thanks. 

[Jan Dietz]

You will need to declare and figure out double taxation laws all by yourself 🙂 Basically nobody knows at this point.

 

Published rules are simple, anything remitted to Thailand after 2024/01/01 is taxed as Personal income tax.

Online calculator:

https://ata-outsourcing.com/calculate-your-personal-income-tax/

[KannikaP]

16 minutes ago, 1FinickyOne said:

I thought there is no double taxation?

 

And do you know how much?

 

Thanks. 

Does that not depend on how much you remit to Thailand?

There is a personal/wife  allowance, than a substantial 0% band, then it goes up in 5%, 10% etc bands. 

Not too difficult to negotiate.

[KhunHeineken]

Can not be a yes or no answer without more information. 

 

For starters, the DTA between the USA and Thailand.  How many days you stay in Thailand in a tax (calendar) year as to your tax residency status in Thailand.  How much money you are remitting.  

[CharlesHolzhauer]

1 hour ago, 1FinickyOne said:

Yes or no - 

 

I am from USA and make money through Treasuries and buying stocks - 

 

I pay taxes in USA of which I have a long verifiable history. 

 

Will I owe additional taxes in Thailand?

 

 

It may be helpful to read the 'Introduction to Personal Income Tax in Thailand' <https://aseannow.com/topic/1324294-introduction-to-personal-income-tax-in-thailand/#comment-18857397> in particular DUAL TAX AGREEMENTS (DTA’s).

[Prubangboy]

Thoughts on my sitch. I remit $60K a year here.

 

It's all dividend income, taxed at 15% in America. Thailand also has a 15% dividend rate. You can pay it as a flat withholding tax here, separate from the progressive income tax.

 

After I pay Thailand their 15% ($9K), that payment can be used as a tax credit applied to my US taxes.

 

This is per a US/Thailand tax treaty agreement (your home country may differ).

 

I give Thailand $9K (15%), and then later I get a $9K rebate on my US taxes.

 

Key point: It's the USA that give you the tax rebate, not anything having to do with Thai tax law. Thailand can tax whatever they like, it's your home country that will offset it, assuming their tax treaty says so.

 

A Thai working in the states is on the opposite end of the same deal: He pays the USA first, and then he gets a rebate from his home country.

 

My total tax increase is zero. Meanwhile, living in paradise, I am dodging state income tax back home.

 

Finicky is asking about capital gains from selling stocks.

 

Both countries  have the same rate of 15% and the same double taxation agreement that allows you to deduct your Thailand payments from your USA tax bill.

 

Interest payments -same deal here: 15%, same USA tax deduction.

 

Problem for Me and for Thailand: Past the rebate threshold, I will now want to remit less money to Thailand. It will just pile up back in the states.

 

There's only so many vacations outside of Thailand where I might spend it. If buy a nice watch or a MacBook, that's now much more likely to happen overseas.

 

 

 

 

Edited May 30 by Prubangboy

[gennady28]

Give this online tax calculator a try: https://ata-outsourcing.com/calculate-your-personal-income-tax/