Thailand to tax residents’ foreign income irrespective of remittance

[JimGant]

9 minutes ago, Danderman123 said:

Unless you have many millions in a Thai bank, your savings account interest is only going to be a few baht.

And if you're a Yank, not having a Thai TIN means you can make a one line tax credit entry on your US tax return -- to get back the Thai tax withheld.

[Danderman123]

26 minutes ago, JimGant said:

That some/many of us find fault with your analyses -- and report accordingly -- is not a "personal attack" upon you. That, in the absence of hard facts from the TRD, makes a back-and-forth discussion valuable, even when we can't come to a conclusive end. However, for someone to point out that you might be "wrong" seems to trigger a prickly response. Not helpful for meaningful discourse. Chill out.

The lack of hard facts as late as November makes it less plausible that anything will happen in 2025.

 

In the Real World, wealthy Thais need to plan tax strategies well in advance, and 2024 is just about gone with no chance to plan anything.

 

My opinion is best case, the RD issues actual tax preparation information in 2025. Or maybe never.

[chiang mai]

34 minutes ago, Danderman123 said:

And that is my rationale for not wanting to file a Thai tax return - once you file, then any Somchai in the RD can effectively empty your bank account.

 

Nothing you can do about it.

Paranoia personified 

[NoDisplayName]

29 minutes ago, Danderman123 said:

Unless you have many millions in a Thai bank, your savings account interest is only going to be a few baht.

 

If you have your 800K parked in a fixed account, currently at Bangkok Bank earning 1.6% interest, then you will have 12,800 baht annual interest with 1,920 baht tax withheld.

 

But what's your point?  You're earning interest, tax is being withheld from your account.  You want it back.  The comments regarding this are for those who have been denied a TIN because their local TRD staffer says they don't need one.

 

Even if it's only a hundred baht, it's a valid reason to file a return, thus a valid reason to demand a TIN.

[Danderman123]

3 minutes ago, chiang mai said:

Paranoia personified 

It's called "risk management".

[BritManToo]

44 minutes ago, Danderman123 said:

It doesn't matter if the tax stuff is only a paragraph, the "required to file a tax return" is new news.

It's actually just another rumour, there is no requirement for foreign retirees to file Thai tax returns.

[NoDisplayName]

30 minutes ago, JimGant said:

And if you're a Yank, not having a Thai TIN means you can make a one line tax credit entry on your US tax return -- to get back the Thai tax withheld.

 

No thanks.  You have to pay tax to get that credit refunded.  I'll keep my $60,000 tax-free US income instead.

[Danderman123]

1 minute ago, BritManToo said:

It's actually just another rumour, there is no requirement for foreign retirees to file Thai tax returns.

Great. We can just delete this topic.

[BritManToo]

5 minutes ago, Danderman123 said:

Great. We can just delete this topic.

I would if I could!

[EVENKEEL]

16 hours ago, NoDisplayName said:

 

If you have your 800K parked in a fixed account, currently at Bangkok Bank earning 1.6% interest, then you will have 12,800 baht annual interest with 1,920 baht tax withheld.

 

But what's your point?  You're earning interest, tax is being withheld from your account.  You want it back.  The comments regarding this are for those who have been denied a TIN because their local TRD staffer says they don't need one.

 

Even if it's only a hundred baht, it's a valid reason to file a return, thus a valid reason to demand a TIN.

So, in your world you would voluntarily enter the taxation system in Thailand to retrieve portion of 1920 baht????? You must be having a laff.  

[Talon]

11 minutes ago, EVENKEEL said:

So, in your world you would voluntarily enter the taxation system in Thailand to retrieve portion of 1920 baht????? You must be having a laff.  

 

Agree. I've never been concerned about it either.

[StayinThailand2much]

On 6/5/2024 at 3:17 PM, Djinn91 said:

Laughable and will only affect those companies with 1 billion baht in foreign income. (good luck enforcing it anyways)

 

Not sure why all the Farang get scared. they're not coming for you 200-800K baht...

 

Then again, all that mentioning of 'individuals'... Or, perhaps they're only targeting billionaires... 😆