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Posted

"However, this rule will be revised again, effective from 2024..."

 

It seems very unlikely they can change the tax laws for the current year, half way through the current year.

 

Surely its a typo and means 2025?

  • Like 2
Posted
On 6/5/2024 at 7:39 PM, freeworld said:

Countdown to 180 days and then being considered tax resident arrives about 29th June 2024.

 

Haha yea

How can they change it for current year halfway through the year? 

  • Like 1
Posted
53 minutes ago, CrossBones said:

This article says effective 2025

https://www.thaiexaminer.com/thai-news-foreigners/2024/06/05/thai-taxman-now-plans-to-tax-foreigners-on-all-income-whether-it-is-remitted-to-the-kingdom-or-not/

 

The Thaiger article says 2024.

 

It cant be 2024. They cant change fro a territorial based tax system to a worldwide taxation half-way through the year it makes no sense at all.

 

Just the Thaiger spreading fear and clickbait articles as usual!

 

This is Thailand. It will amaze you.

  • Haha 1
Posted
21 hours ago, bg53 said:

 

DTAs do not work this way. Both Contracting States (at residence/domicile and at source) will have a right to tax (save for exemptions, limitations, non-discrimination or other clauses). The resident has no right to select which country he pays tax to. At best he can claim tax credit under the particular DTA to prevent Double Taxation by both Contracting States.

Where a person is a tax resident of two States, they can select which country to apply taxation to their income earned. 

  • Haha 1
Posted
21 hours ago, TheAppletons said:

 Let's keep the story time rolling.....

  And when they can't pay all of these hypothetical back taxes, interest, fines, and penalties (what, pray tell, is the difference between a fine and a penalty?), they "probably" will go to Thai prison.

  While in hypothetical Thai prison, they will "probably" be forced to have unprotected sex with other men.

  So they'll "probably" catch HIV and then "probably" develop AIDS.

  Go sign up for a Thai TIN immediately or you'll "probably" die of AIDS.

  (Wow!  Thanks for the heads up.  Probably.)

OK I got what you are doing. 

Why is it that people who stick their heads in the sand, always demand others do the same by use of ridicule and abuse.

Read my post - I never said it was 'compulsory' to do what I said - I said it was unwise to make a decision without knowing the downsides.

Think of it this way - you know the downsides of not wearing a helmet - and you can make that decision - up to you - all good - IDGAF.

You read the post and now know the downsides of the taxation issue, which by the way has generated by a extremely large number, the biggest amount of feedback and comment and criticism on social media that has ever happened to Expats in Thailand.

Dont wear a helmet - up to you - but there is no need to ridicule those wearing one. 

Posted
43 minutes ago, bg53 said:

 

Where did you get this concept? Residence falls on one side or another, and DTAs have clauses to decide residence. 

 

You can easily be tax resident of more than one country.  Many UK expats are still UK tax residents because it is much harder to get out of the UK tax net than the Thai one and conversely much easier to get dragged back into the UK net, eg visit the UK for more than 90 days in a tax year.  US expats are all US tax residents in addition to maybe being a tax resident of other countries.

  • Thanks 1
Posted
1 hour ago, Dogmatix said:

You can easily be tax resident of more than one country. 

 

It is possible. However most people would want to get out of tax residency. To intentionally get into double or multiple tax residency status to choose which country to pay tax to is a very novel idea. Perhaps it exists in a handful of combinations.

  • Confused 1
Posted
13 hours ago, TroubleandGrumpy said:

Where a person is a tax resident of two States, they can select which country to apply taxation to their income earned. 

 

Right .....   Good luck to your tax planning.

  • Confused 1
Posted
Just now, AreYouGerman said:

 

Name 3 without Google.

Malaysia, Philippines and as of now Cambodia

  • Confused 1
Posted
4 minutes ago, bg53 said:

Malaysia, Philippines and as of now Cambodia

 

Where does Cambodia come from? I mean, it seems they just tax salaries, nothing else. 😂

  • Confused 2
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  • Agree 1
Posted

Removed some unnecessary bickering. I remind you all that the report button is for reporting serious issues, not for registering disagreement with someone. Multiple misuse of reports can trigger account action. 

Posted

Last year foreigners bought 14 449 condos in Thailand, at the average price of 5 million thb and to the total sum of 73 billion baht. 

As the current rules stand, you need to make an international transfer to THB and show that receipt of currency conversion - to be able to finalize your purchase. 

First quarter of this year this massive transaction volume, by foreigners, is up +5.2% YoY; approx. 75-80 billion thb to be transferred into this country this year alone. 


With this in mind, will the RD chase European €900 euro pensioners? Or even degenerates as myself? 

I still believe, perhaps naively so, that this will be a honor system where actual follow up and scrutiny beyond what you self report, will be very little. 

 

I'm still in the camp that the arbitrary tax on gross remittances will be very, very difficult. In what country is it actually enforced? Are there any examples? 
 

  • Agree 1
Posted
On 6/6/2024 at 5:30 AM, John Drake said:

How is the Thai government going to get information from my US bank or the IRS? They don't have my social security number and my bank and the IRS don't have my passport number. And all my banking, tax returns, and 401K and other retirement are tied to my social security number. Is social security even allowed to give out my number to a foreign government?

 

Questions about your presumed financial anonymity should be referred to the OECD.

Posted
12 hours ago, aldriglikvid said:

Last year foreigners bought 14 449 condos in Thailand, at the average price of 5 million thb and to the total sum of 73 billion baht. 

As the current rules stand, you need to make an international transfer to THB and show that receipt of currency conversion - to be able to finalize your purchase. 

First quarter of this year this massive transaction volume, by foreigners, is up +5.2% YoY; approx. 75-80 billion thb to be transferred into this country this year alone. 

 

I know this was not the main point of your comment, but the first quarter of 2024 was, in a way, the "last chance" to buy with pre-2024 funds after the enacted tax change.

 

Singapore successfully killed the real estate market for foreign buyers in 2023 with an additional stamp duty. A total of one (1) foreigner purchased luxury homes in Singapore during Q1 2024.

 

The difference is that Singapore wants to intentionally cool down the overheated property market, whereas whatever happens in Thailand now might not be as carefully planned.

  • Thanks 1
Posted
46 minutes ago, Eudaimonia said:

 

I know this was not the main point of your comment, but the first quarter of 2024 was, in a way, the "last chance" to buy with pre-2024 funds after the enacted tax change.

 

Singapore successfully killed the real estate market for foreign buyers in 2023 with an additional stamp duty. A total of one (1) foreigner purchased luxury homes in Singapore during Q1 2024.

 

The difference is that Singapore wants to intentionally cool down the overheated property market, whereas whatever happens in Thailand now might not be as carefully planned.


I appreciate that anecdote, but perhaps the essence of my comment was lost in translation. 

If you're considered a tax resident all remittance into Thailand is to be declared and, absent of a DTA and supporting documents, taxed as income. I continue to argue that taxing remittance will be very difficult, and was using condo purchases as a single example. The 20 000 000 000 THB that foreigners bought condos for in Q1 2024, and the 60 000 000 000 THB that will be bought for in Q2-Q4, might very well be earned pre 2024 and thus not assessable. Nonetheless, 80 000 000 000 of international transfers, from condo purchases alone, will hit Thailand this year and it illustrates how big the space of international transfers really is. 

Whereas a SGP stamp-duty is crystal clear in its presentation and implementation I would argue that very few of the aforementioned buyers of Thai condos are unaware of the current change in Thai tax, and how it will affect them. Not even local RDs can answer if a international transfer in the amount of 5 million should be declared or not taxed. Thailand really needs to clear up things in regards to remittance, as I believe it will hurt the  economy from here and onwards. Just to give you a example: I was about to transfer 1.5m thb to buy a car - but I've now put it on hold. A good friend of mine had decided to buy the condo he was renting, and had received a price that he accepted - but now backed out of it because he's unclear if the remittance will hurt him further on. I/We can't be alone in this. 

 

Anyways, end of rant. I hope Thailand increase the transparency and motives of their actions later this year. 

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Posted
On 6/12/2024 at 12:33 PM, TroubleandGrumpy said:

Think of it this way - you know the downsides of not wearing a helmet - and you can make that decision - up to you - all good - IDGAF.

You read the post and now know the downsides of the taxation issue, which by the way has generated by a extremely large number, the biggest amount of feedback and comment and criticism on social media that has ever happened to Expats in Thailand.

Dont wear a helmet - up to you - but there is no need to ridicule those wearing one. 

 

  False equivalence.  

 

  If one wants to use a "wearing a helmet" analogy, the appropriate analogy is "will the Thai authorities enforce the fact that one is not wearing a helmet."  Similarly, if one does not apply for a TIN, will the Thai authorities. enforce any hypothetical penalties for not applying for a TIN.

 

  Always surprises me that when people post foolish statements on public forums they think they shouldn't be treated as a fool.  

 

 

 

 

Posted
On 6/12/2024 at 5:23 PM, Dogmatix said:

 

You can easily be tax resident of more than one country.  Many UK expats are still UK tax residents because it is much harder to get out of the UK tax net than the Thai one and conversely much easier to get dragged back into the UK net, eg visit the UK for more than 90 days in a tax year.  US expats are all US tax residents in addition to maybe being a tax resident of other countries.

Er....I am non-resident in the UK for taxes but I still pay UK tax on any income that arises there, rental income and pensions primarily. That doesn't however make me UK tax resident.

  • Like 1
Posted
17 hours ago, AreYouGerman said:

 

Where does Cambodia come from? I mean, it seems they just tax salaries, nothing else. 😂

Cambodia does tax worldwide income though?

Posted

Theoretical here.

 

My wife and I live in the UK and have a house here and a condo in Jomtien. The plan is after I die she's sells up and goes to live in Thailand a fairly rich woman in the bosom of her family. Would the strategy for when that happens , sell up in UK transfer the money to Thailnd - live less than 180 days in that tax year and when the money was seasoned, move over permanenly. Currently that would be around 25 million baht.

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