Thailand to tax residents’ foreign income irrespective of remittance

[redwood1]

18 minutes ago, chiang mai said:

I've only scanned the video you provided because it's very similar to many others that I have seen. This one tries to tell us that all the proposed tax changes are only assumed to be happening but in fact are only proposals. That is true in respect of two of the items, including negative income tax and also the tax on worldwide income, those two things are only proposals at this stage. 

 

But the important change that took place last year is the reinterpretation of the overseas remittance rules, that is not a proposal, that is a done deal and has been in effect since 1 January this year. It is that rule change that will force many foreigners in Thailand who are tax residents, and who remit income above a certain level to Thailand each year, to potentially file a tax return.

 

As far as your tax position is concerned:

 

It looks as though all your pension income is potentially assessable to Thai tax and that none of it is exempt by treaty (DTA). If indeed that is the case, the scenario I described earlier is what your liability to tax appears to be, unless you are able to invoke the DTA and use UK tax to offset Thai tax. I'm also assuming that no changes are announced between now and tax filing time next year, that could potentially alter your Thai tax liability.

 

 

 

Tax liability.....Bla bla....Nothing is set in stone with this whole tax train wreck...And every last person or at least 99.9% will be scheming to pay....Zero.....Thats....  0.0

[chiang mai]

2 minutes ago, redwood1 said:

Tax liability.....Bla bla....Nothing is set in stone with this whole tax train wreck...And every last person or at least 99.9% will be scheming to pay....Zero.....Thats....  0.0

Por 161 and 162, are both set in stone.

[TorquayFan]

Thanks very much Chiang Mai.

 

I'm wondering when "tax filing time" next year is ? My inclination is not to rush into tax registration whilst all this is settling down.

 

As these measures progress, I wonder if there will be any recognition that monthly pension payments, particularly private pension payments, do not represent earnings of the previous year as such i.e. they are repayments to me of earnings I made many years previously, in this case, from 1985 to 2008.

 

My 'Retirement Visa' comes up for renewal on 31st January 2025 - I wonder if I will have to be in compliance with a Tax registration, by that stage ?

 

Thanks for your help. It's important because balanced comment on the topic, is hard to find. Hopefully others will have found your answers helpful too. ATB

[chiang mai]

13 minutes ago, TorquayFan said:

Thanks very much Chiang Mai.

 

I'm wondering when "tax filing time" next year is ? My inclination is not to rush into tax registration whilst all this is settling down.

 

As these measures progress, I wonder if there will be any recognition that monthly pension payments, particularly private pension payments, do not represent earnings of the previous year as such i.e. they are repayments to me of earnings I made many years previously, in this case, from 1985 to 2008.

 

My 'Retirement Visa' comes up for renewal on 31st January 2025 - I wonder if I will have to be in compliance with a Tax registration, by that stage ?

 

Thanks for your help. It's important because balanced comment on the topic, is hard to find. Hopefully others will have found your answers helpful too. ATB

Tax filing time is 1 Jan thru 31 mar.

[TorquayFan]

Re. my last - It's a shame you jokers who chuckle and confuse don't try a little harder to contribute constructively e.g what are you confused about ?

[TorquayFan]

Thanks Chiang Mai - so I wonder if I'll get my Visa renewal without Tax Reg, due Jan 31st ? MMMmmmm

[redwood1]

12 minutes ago, chiang mai said:

Tax filing time is 1 Jan thru 31 mar.

 

I would give these dates a maybe in 2026 or 2027 or 2028  with how  messed up it all is...

Edited 1 minute ago by redwood1