Neeranam Posted June 6 Share Posted June 6 1 minute ago, kevin612 said: I have no income, the law does not apply to me Wisest words on this thread. Too many foreigners worrying over nothing. 1 Link to comment Share on other sites More sharing options...
fondue zoo Posted June 6 Share Posted June 6 So, how did all those million+ turnover platforms react to their demands I wonder. Or do they already report in other countries and Siam is late to the party? Link to comment Share on other sites More sharing options...
Popular Post beammeup Posted June 6 Popular Post Share Posted June 6 The whole Thai tax system will need to be reworked. Will have to be debated and voted on by all the Thai government law makers. This could take years. If ever. 1 2 Link to comment Share on other sites More sharing options...
Grumpy one Posted June 6 Share Posted June 6 17 hours ago, johng said: That seems totally unworkable crazy and unjust ! The new submarine has to be paid for one way or another 1 1 Link to comment Share on other sites More sharing options...
Presnock Posted June 6 Share Posted June 6 1 hour ago, hitext said: Most countries tax your worldwide income. What makes the US different is that citizens have to pay taxes to Uncle Sam, regardless of where they live (I can't comment on Eritrea). But don't forget, while the US may tax one on foreign-earned income, the US govt also gives an foreign earned exclusion of up to $I23,000 US if you qualify. 1 Link to comment Share on other sites More sharing options...
Popular Post Sheryl Posted June 6 Popular Post Share Posted June 6 17 hours ago, johng said: That seems totally unworkable crazy and unjust ! Actually the US does same thing. Just or not, it is possible/workable. If this change is enacted, and if it is applicable to non-Thai citizens (2 IFs) it will have considerable impact on expats and certainly complucate their lives. Those who have been paying no tax in their home countries may, depending on invome level, start having to pay something to Thailand. Those who pay tax in their home country may start having to file fairly complicated returns in Thailand claiming tax credits under terms of relevant DTA. As this change requires amendment to tax law it is not going to happen overnight so no need for immediate action. But it would behoove everyone to get and read the DTA between their country of citizenship and Thailand. And anyone with significant income abroad who has not been paying tax anywhere based on being non tax redident in their home country might want to calculate potential tax bill and consider if they may want a Plan B. 1 2 3 Link to comment Share on other sites More sharing options...
hotchilli Posted June 6 Share Posted June 6 1 hour ago, freeworld said: Thai rules, one could apply for citizenship. More strings attached than a spiders web. 1 Link to comment Share on other sites More sharing options...
Popular Post john donson Posted June 6 Popular Post Share Posted June 6 what about THAI people starting to pay their due, but they cannot be scared or need an extension of their stay every year, as we are only tourists here, all of us, but now being taxed and getting ZERO in return, unless the privilege of spending all your money here no taxation without representation... final nail in the coffin ? they can't stop shooting themselves in the foot, over and over wonder how smart the top is here (sarcastic) maybe germany should start to tax a certain dude for all his incomes worldwide... 1 2 Link to comment Share on other sites More sharing options...
Popular Post Sheryl Posted June 6 Popular Post Share Posted June 6 16 minutes ago, kevin612 said: I have no income, the law does not apply to me Note that pensions and inerest are considered income. 1 1 1 Link to comment Share on other sites More sharing options...
Presnock Posted June 6 Share Posted June 6 Just now, Sheryl said: Note that pensions and inerest are considered income. as previously mentioned many times on this forum - read the DTA between your country and Thailand ... also, maybe kevin612 has no income. 1 Link to comment Share on other sites More sharing options...
Popular Post CygnusX1 Posted June 6 Popular Post Share Posted June 6 1 hour ago, wensiensheng said: If this were to come to pass, spending less than 183 days here is what I will do. Be careful, it’s 180 days, not 183. And safer to plan 175 days, to allow for unforeseen circumstances such as cancelled flights. Have already set up a spreadsheet to carefully count my days. 2 2 Link to comment Share on other sites More sharing options...
bronzedude Posted June 6 Share Posted June 6 Imagine the paperwork mountain. 1 Link to comment Share on other sites More sharing options...
Darksidedude Posted June 6 Share Posted June 6 complete and utter fools tax on income outside of Thailand they on drugs or something Link to comment Share on other sites More sharing options...
Popular Post ChaiyaTH Posted June 6 Popular Post Share Posted June 6 (edited) This is the end of living in thailand fulltime, if it becomes true. This is the biggest potential scare news in like a decade plus. Edited June 6 by ChaiyaTH 2 8 Link to comment Share on other sites More sharing options...
Darksidedude Posted June 6 Share Posted June 6 16 hours ago, AreYouGerman said: Hahahahaha. The Phillippines look better every day. And the best part is, even if you are covered by a Double Taxation Agreement (meaning you got fleeced already in your passport country or wherever your money is taxed already) you have to file for taxes every year which will cost 10,000 - 20,000 THB done by an accountant. i have been told same thing happening over there and many other countries so no where to run 1 Link to comment Share on other sites More sharing options...
Mugi Posted June 6 Share Posted June 6 So when you transfer money from abroad to buy a Condo you have a 35% tax problem?😉 1 Link to comment Share on other sites More sharing options...
Popular Post ChaiyaTH Posted June 6 Popular Post Share Posted June 6 (edited) 7 minutes ago, Darksidedude said: i have been told same thing happening over there and many other countries so no where to run Plenty of better options, that is the point. The issue is not even to pay some tax, but the fact you also get nothing in return + it is similar as western percentages, where you do get many things in return for it. I'd rather pay 10% profit taxes in Bulgaria and be done. If this becomes real, I'd have to pay Thailand like 30K a month in taxes, to get absolute nothing in return and then still have to pay 20-25K for my son's school on top + my own insurance + my own visa + an accountant. And I won't see a 50K a month pension for it too, which i do get if paying 30 years back home. And then they say they want to attract more young skilled people, LOL! Edited June 6 by ChaiyaTH 7 Link to comment Share on other sites More sharing options...
Popular Post lordgrinz Posted June 6 Popular Post Share Posted June 6 2 minutes ago, ChaiyaTH said: Plenty of better options, that is the point. The issue is not even to pay some tax, but the fact you also get nothing in return + it is similar as western percentages, where you do get many things in return for it. I'd rather pay 10% profit taxes in Bulgaria and be done. If this becomes real, I'd have to pay Thailand like 30K a month in taxes, to get absolute nothing in return and then still have to pay 20-25K for my son's school on top + my own insurance + my own visa + an accountant. Exactly, offer us no TM30's, no TM6's, no 90 days, no yearly extensions, no reentry permits, and give us permanent residency after 3 years of taxes.....then maybe we can accept taxes. 1 1 5 Link to comment Share on other sites More sharing options...
Popular Post ChaiyaTH Posted June 6 Popular Post Share Posted June 6 Just now, lordgrinz said: Exactly, offer us no TM30's, no TM6's, no 90 days, no yearly extensions, no reentry permits, and give us permanent residency after 3 years of taxes.....then maybe we can accept taxes. Yes, if it came with quite a bit of benefits, to become a second class but permanent residence at least, being able to get mortgages and loans too, own land or a house, get private schools at lower rates as the country should now make enough tax to subsidize that too etc etc. Then we can start talking, i'd be happy to pay. 1 2 Link to comment Share on other sites More sharing options...
Presnock Posted June 6 Share Posted June 6 1 hour ago, Thingamabob said: Thank you. IMHO far too much noise on this subject, and way too many questions being asked. Just asking for trouble. same noise as on the tax interpretation from last year that we STILL have not seen the final govt interpretation...is this maybe a way to continue stalling on that one? Link to comment Share on other sites More sharing options...
CharlesHolzhauer Posted June 6 Share Posted June 6 6 minutes ago, lordgrinz said: Exactly, offer us no TM30's, no TM6's, no 90 days, no yearly extensions, no reentry permits, and give us permanent residency after 3 years of taxes.....then maybe we can accept taxes. All this is currently under review. There will be a 'September Surprise - one way or another. Link to comment Share on other sites More sharing options...
Ben Zioner Posted June 6 Share Posted June 6 41 minutes ago, TheAppletons said: I was going to say "corporate tax" but the corporate tax rate in Thailand is 20%. So perhaps that poster is referring to the capital gains tax, which is 15%. Or council taxes known as "rates" in some parts. Which would raise another interesting point as my wife pays a ridiculous yearly amount like 25 Baht tax and 500 for garbage collection. Used to pay 4000 Euros a year in my previous life. Link to comment Share on other sites More sharing options...
Popular Post mran66 Posted June 6 Popular Post Share Posted June 6 Misleading click bait headline. This will require law change via parliamentary process, not a revenue dept decision, as current law clearly stipulates only income brought in is taxable. Change for this year was different as it did not require law change 3 Link to comment Share on other sites More sharing options...
ChaiyaTH Posted June 6 Share Posted June 6 (edited) 3 minutes ago, CharlesHolzhauer said: All this is currently under review. There will be a 'September Surprise - one way or another. Yeah sure, the visa is clearly going to be a non-issue very soon. This is the best news we have gotten in a decade plus. However, I already saw this catch coming with the first new tax law they started for income into Thailand, and now it reveals itself. And in that case, what needs to be paid, does not compensate the easy visa part. Great to be here hassle free for 180 days a year, but that would be about it. I'd rather have the visa difficulties and no taxes. Basically comes down to having to leave Thailand for another country, and then if desired visit it for max 180 days a year as holidays or a second home. Edited June 6 by ChaiyaTH 2 Link to comment Share on other sites More sharing options...
Popular Post CygnusX1 Posted June 6 Popular Post Share Posted June 6 11 minutes ago, Mugi said: So when you transfer money from abroad to buy a Condo you have a 35% tax problem? Presumably, even if you were normally in Thailand the whole year, if you made sure to be there less than 180 days in the particular year in which you purchased the condo, you’d pay no tax? Anyway, in the light of the tax changes, it would be a very bad idea to buy a condo, I’d certainly not have purchased mine in the current environment of uncertainty. 3 Link to comment Share on other sites More sharing options...
ChaiyaTH Posted June 6 Share Posted June 6 1 minute ago, CygnusX1 said: Presumably, even if you were normally in Thailand the whole year, if you made sure to be there less than 180 days in the particular year in which you purchased the condo, you’d pay no tax? Anyway, in the light of the tax changes, it would be a very bad idea to buy a condo, I’d certainly not have purchased mine in the current environment of uncertainty. You can be pretty sure that some new laws for that follow after this one, if being approved too. To basically tax you on rental earnings or business earnings regardless of being a individual tax resident. The sky is the limit. Link to comment Share on other sites More sharing options...
Ben Zioner Posted June 6 Share Posted June 6 32 minutes ago, Presnock said: as previously mentioned many times on this forum - read the DTA between your country and Thailand ... also, maybe kevin612 has no income. That's what all French expats did, just to find out that the Thai version and an unofficial English translation differe from the French version on some key points. 1 Link to comment Share on other sites More sharing options...
James105 Posted June 6 Share Posted June 6 2 minutes ago, CygnusX1 said: Anyway, in the light of the tax changes, it would be a very bad idea to buy a condo I reached that conclusion quite early on in my stay here. It's a bit too politically volatile and full of uncertainty as a foreigner here to properly commit to Thailand so I often feel I have one foot in and one foot on the way out despite living here for 4 years now. 1 1 Link to comment Share on other sites More sharing options...
lordgrinz Posted June 6 Share Posted June 6 2 hours ago, kuzmabruk said: The information you will give will be to the Thai tax department. Not your bank. you will submit a tax return with your signature at the bottom. If you lie you will have committed perjury. If they audit you. Good luck. Perjury is punishable by prison time. My wife does the taxes, and includes me on hers, I have never signed anything. So no perjury, at least not on my behalf. With her income at about B1.5 million, anything from my side (worldwide income) would put us in a bad place. Not rich by any means, but for those of us in the B1-5 million range, things look ugly. 2 Link to comment Share on other sites More sharing options...
lordgrinz Posted June 6 Share Posted June 6 3 minutes ago, CharlesHolzhauer said: The TRD have the means to find out the status of your financial affairs via the Common Reporting Standard (CRS). "Under the CSR, if you’ve got a bank account or investments back in your home country, your bank and financial institutions share with the Thai Revenue Department, all details about your bank accounts and other accounts including all of your account details (name, address, account numbers etc), all balances, details of all income deposited including, salaries/wages, pensions, interest, dividends, and proceeds from the sale of assets, categorized and classified in to different categories of income that your bank recognizes. All of this will be handed to the Thai Revenue Department on a silver-platter!" Great, isn't it. How exactly? Without a USA social security number how would they know anything? My accounts are listed to my home address in the USA, not to Thailand. 1 Link to comment Share on other sites More sharing options...
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