Thailand to tax residents’ foreign income irrespective of remittance

[Neeranam]

1 hour ago, beammeup said:

Yeah a bunch of Russians with ski masks ready to cut your fingers off.

Hardly, the one i know is a beautiful Thai/Norwegian 

[jvs]

32 minutes ago, Mugi said:

So when you transfer money from abroad to buy a Condo you have a 35% tax problem?😉

Or when you are buying a new car?

I would like to know that also,that would be the end of foreigners coming to retire here.

[kingstonkid]

18 hours ago, yang123 said:

Double Taxation Agreements to be nixed?

Hey if the Thai government wants to tax me great I can then tell Rev Can to leave me alone.

[Captor]

16 hours ago, AreYouGerman said:

But in all fairness, isn't it fair that you give Thailand a fair share of you money for allowing you stay in their country? You should actually ask to have this applied retroactively!

What will we get back? Same as Thais? For example free/cheap healthcare?

[CharlesHolzhauer]

6 minutes ago, lordgrinz said:

How exactly?

What is the CRS?

"In a nutshell, the CRS is a global financial reporting system where countries share financial data about each other’s residents.

It is an information standard that facilitates the automatic exchange of financial account information between tax authorities globally and it was developed by the Organisation for Economic Co-operation and Development (OECD) to assist countries to combat tax evasion."

[Wanderer555]

16 hours ago, AreYouGerman said:

But in all fairness, isn't it fair that you give Thailand a fair share of you money for allowing you stay in their country? You should actually ask to have this applied retroactively!

In all fairness, as Thai tax residents are required to pay tax at a rate equal to Thai citizens, should we not also be eligible for the same benefits as a Thai citizen, or should we remain 2nd class residents with no added value for paying all taxes as required by the Thai RD?

[Presnock]

15 minutes ago, Ben Zioner said:

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. 

Time to  complain to your govt representatives then if they are the one's responsible for your problems now.  Too many diplomats could care less I guess for their expats in foreign countries.

[daveAustin]

Thailand to tax residents’ foreign income irrespective of remittance
 

Well that’s a fine advertisement for attracting retirees as they’ve been trying to do. What a bunch of donkeys. Get this bogus government out!

[lordgrinz]

6 minutes ago, CharlesHolzhauer said:

What is the CRS?

"In a nutshell, the CRS is a global financial reporting system where countries share financial data about each other’s residents.

It is an information standard that facilitates the automatic exchange of financial account information between tax authorities globally and it was developed by the Organisation for Economic Co-operation and Development (OECD) to assist countries to combat tax evasion."

 

But how do they match it up to any particular individual? Like I said, without a US social security number they would be hard-pressed to match me to anything.

Edited June 6 by lordgrinz

[cardinalblue]

Thai gov is so incompetent…because they can’t figure out how to get the economy rolling, they pick low hanging fruit like retired expats who are bringing in money to spend repeat spend not to horde…

 

Why in the hell do you want to tax a group who in turn is putting the money into the economy? 
 

ir makes zero sense…it’s like the bar scene when having low volume of customers raise drink prices rather than offer discounts to attract more customers 

 

Mind boggling….

 

 

 

 

Edited June 6 by cardinalblue

[Presnock]

49 minutes ago, bronzedude said:

Imagine the paperwork mountain.

Imagine anyone in the local TRD offices trying to interpret all the different language queries other than English/Thai

[CharlesHolzhauer]

1 minute ago, daveAustin said:

Thailand to tax residents’ foreign income irrespective of remittance
 

Well that’s a fine advertisement for attracting retirees as they’ve been trying to do. What a bunch of donkeys. Get this bogus government out!

With the absence of a retirement visa, maybe Thailand is not a retirement destination per se.

[CharlesHolzhauer]

1 minute ago, lordgrinz said:

 

But how do they match it up to any particular individual? Like I said, without a social US security number they would be hard-pressed to match me to anything.

Don't underestimate the power of computers aided by AI etc.

[Shocked farang]

2 hours ago, J Branche said:

Guess it is time to pool money for lawyers and lobbyists.  Zero chance this will happen without Catastrophic consequences.  Everyone is Everyone and High Net Worth Individuals, Companies and other will fight hard to make sure this does Not happen.  

 

I'm sure next week it will be a big misunderstanding.

Sure that high networth individuals are the main target of this new "idea", my shot is that most, if not all, will decide to leave the land of smiles... 

[brianthainess]

47 minutes ago, Darksidedude said:

i have been told same thing happening over there and many other countries so no where to run

Are you trying to tell us you earn in excess of 1 billion baht a year, pull the other one 'dude'. 

[Captor]

15 hours ago, BigBruv said:

 

Instead ask yourself - what benefits do the TH government get from you being here?

 

Likely... NOTHING!   🙂

 

 

A whole lot of money. Which they will loose now that expats move to Phillipines, Vietnam, home etc.

[CharlesHolzhauer]

2 minutes ago, Presnock said:

Imagine anyone in the local TRD offices trying to interpret all the different language queries other than English/Thai

Q.: How does the RD in your home country handle the language problem?

A.: They don't as the language of your home country takes priority.

Why should Thailand accommodate all the languages on earth...

[lordgrinz]

4 minutes ago, CharlesHolzhauer said:

Don't underestimate the power of computers aided by AI etc.

 

John Smith .....for example, what? Maybe half a million of them in the US, good luck.

[Presnock]

3 minutes ago, lordgrinz said:

 

But how do they match it up to any particular individual? Like I said, without a US social security number they would be hard-pressed to match me to anything.

well I don't know about anyone else, but when BOA decided that I couldn't bank with them as I had no US address about 5 years ago and also, immigration required me to have a self-only accountr, at BB, in getting the new account I had to provide my US social security number but fortunately, I have a US govt pension only and under the DTA Thailand cannot tax that.  I guess though, I will have to provide some documentation supporting this to the RD...we'll see maybe when they get around to letting us know all the details of the final decisions on this program.

[Shocked farang]

2 hours ago, Neeranam said:

Nothing to do with foreigners, they care after rich Thais. 

They can't touch my foreign income if I don't bring it into Thailand. 

That's were you go wrong, their idea is through information sharing, get their hands on your foreign income, even if it doesn't get to Thailand. Whether they will be able to enforce it, that's a different story. 

[CharlesHolzhauer]

1 minute ago, lordgrinz said:

 

John Smith .....for example, what? Maybe half a million of them in the US, good luck.

birthday, race etc.?

[John Drake]

4 hours ago, NemoH said:

Thaksin is all about greed n more money n more tax whether personal or tourist tax🤣🤣.  Pita is all about building a new world order🤣🤣🤣. Prayuth was all about remaining status quo 🤣🤣. So which of the devil do u like best ??  

 

For immigration, the status quo was just fine. So was the tax situation. Everybody else can now enjoy their worldwide income tax.

[lordgrinz]

Just now, CharlesHolzhauer said:

birthday, race etc.?

 

So, its a guessing game?

[Presnock]

Just now, CharlesHolzhauer said:

Q.: How does the RD in your home country handle the language problem?

A.: They don't as the language of your home country takes priority.

Why should Thailand accommodate all the languages on earth...

Their official international language is English and Thai of course their nationa language and expats will probably have to either talk with the RD folks to complain at first or with tax agents about their own taxes...as usual much will be missed in translation someplace anyway.  Glad I am out of it.  Good luck to all

[CharlesHolzhauer]

11 minutes ago, cardinalblue said:

Thai gov is so incompetent

I wouldn't bet on it!

[ElwoodP]

Link to German download removed.

[Neeranam]

14 minutes ago, Captor said:

What will we get back? Same as Thais? For example free/cheap healthcare?

 Thais who pay tax don't get free healthcare because of this. 

[NanLaew]

The Director-General of the Revenue Department, Kulaya Tantitemit is currently a Director at The Siam Commercial Bank Public Co. Ltd., a Director at Bank of Thailand, a Director at Student Loan Fund, a Director at Deposit Protection Agency, a Director at Khonburi Sugar Power Plant Infrastructure Fund, and a Non-Executive Director at SCB X Public Co. Ltd.

 

Is that alright?

[lordgrinz]

1 minute ago, NanLaew said:

The Director-General of the Revenue Department, Kulaya Tantitemit is currently a Director at The Siam Commercial Bank Public Co. Ltd., a Director at Bank of Thailand, a Director at Student Loan Fund, a Director at Deposit Protection Agency, a Director at Khonburi Sugar Power Plant Infrastructure Fund, and a Non-Executive Director at SCB X Public Co. Ltd.

 

Is that alright?

 

It means when she is threatening somebody about taxing them, they should take serious notice.

[brianthainess]

2 hours ago, bob smith said:

I tend to agree with your sentiment, but could you just elaborate a touch on why you think so?

 

I want to see if your views on this matter align with my own.

 

thanks!

bob.

Well bobby boy we know you are a very rich man, but 1 billion a year ? or around $30 million a year? who in their right mind would chose Thailand to live full time. 

Edited June 6 by brianthainess