Dogmatix Posted Wednesday at 10:08 AM Share Posted Wednesday at 10:08 AM 5 hours ago, Celsius said: I don't understand. She claims 60% expenses while true cost is 25%? Is that not tax fraud? Also she obviously doesn't make 1 million, that is her gross income. For self employed people the RD offers two options. Either you accept a standard deduction for expenses, depending on the type of business, e.g. driving a taxi depending on its age might be 70% or you do submit audited accounts and use your actual costs. This is practical for most who wouldn't be able to cope with getting audited accounts done. Some business, like renting out property might not do well with a standard deduction as it doesn't allow you to deduct periodic, large maintenance or renovation costs which can be amortized, if audited accounts are submitted. When businesses get over a certain size, the tax bill can be reduced by incorporating as tax rates are lower for companies. Link to comment Share on other sites More sharing options...
topt Posted Wednesday at 10:09 AM Share Posted Wednesday at 10:09 AM 29 minutes ago, Yellowtail said: What countries mandate the tax year not be the calendar year? The UK for 1 Link to comment Share on other sites More sharing options...
Yellowtail Posted Wednesday at 10:18 AM Share Posted Wednesday at 10:18 AM 9 minutes ago, topt said: The UK for 1 Not the US Link to comment Share on other sites More sharing options...
Mike Lister Posted Wednesday at 10:24 AM Share Posted Wednesday at 10:24 AM 5 minutes ago, Yellowtail said: Not the US https://taxninja.in/blog/different-countries-different-financial-years Link to comment Share on other sites More sharing options...
Yellowtail Posted Wednesday at 10:26 AM Share Posted Wednesday at 10:26 AM 1 minute ago, Mike Lister said: https://taxninja.in/blog/different-countries-different-financial-years Wow! It's optional in the US. Link to comment Share on other sites More sharing options...
Mike Lister Posted Wednesday at 10:33 AM Share Posted Wednesday at 10:33 AM 6 minutes ago, Yellowtail said: Wow! It's optional in the US. Who's your daddy now! 🙂 1 1 Link to comment Share on other sites More sharing options...
Yellowtail Posted Wednesday at 10:36 AM Share Posted Wednesday at 10:36 AM 2 minutes ago, Mike Lister said: Who's your daddy now! 🙂 Thank you, sir may I have another! 1 Link to comment Share on other sites More sharing options...
Metapod Posted Wednesday at 10:43 AM Share Posted Wednesday at 10:43 AM 4 hours ago, hrrecruiter said: I'm in an almost identical situation. - Elite Visa 20y - Property in TH - Aiming at Bali (much easier VISAS than TH, multiple entries) I went to Bali to do some recce and it should work fine actually, planning on maintaining 2 houses (BKK & CANGGU) Just waiting until the RD pull the trigger and reinforce the global taxes, I may pay the 1st year with fines and I will put the plan to work. The extra costs of housing + flights, gets offset by the taxes, and you dont need to deal with the accounting & filling guess hangout together over there, similar plans lol Link to comment Share on other sites More sharing options...
Metapod Posted Wednesday at 10:44 AM Share Posted Wednesday at 10:44 AM 6 hours ago, Celsius said: It isn't https://www.nationthailand.com/thailand/tourism/40034197 1 1 Link to comment Share on other sites More sharing options...
Thaindrew Posted Wednesday at 10:46 AM Share Posted Wednesday at 10:46 AM 1 hour ago, Yellowtail said: What countries mandate the tax year not be the calendar year? UK for one .... 1 Link to comment Share on other sites More sharing options...
RupertIII Posted Wednesday at 11:07 AM Share Posted Wednesday at 11:07 AM 2 hours ago, jaideedave said: "the government hospital charging 250,000 for the last 24 hours before you died' I'm trying to avoid that happening.I gave my Dr the signed DNR forms to place in my file. I'm a 73 yo C survivor with a 14 yo quad bypass. I'd just hate to see my wife's inheritance stolen by some greedy hospital and my last day/s. Never heard of this, could somebody please explain, thanks. 1 Link to comment Share on other sites More sharing options...
Popular Post Mike Lister Posted Wednesday at 11:10 AM Popular Post Share Posted Wednesday at 11:10 AM 1 minute ago, RupertIII said: Never heard of this, could somebody please explain, thanks. It's off topic but refers to hospitals wanting to extend life and charging accordingly. 1 1 2 Link to comment Share on other sites More sharing options...
Eudaimonia Posted Wednesday at 12:37 PM Share Posted Wednesday at 12:37 PM 18 hours ago, JackGats said: The 80k USD are foreign yearly passive income, declared or not. The Thais are not interested in if and where your foreign yearly passive income has been taxed. They only want some official proof your have been earning that money. It just happens that most of the time (though not always) the proof consists in a tax return. That is very good to know, thanks. The official LTR website only mentions filed tax returns as accepted proof. I always tend to take everything too literally. 12 hours ago, Presnock said: For the LTR only 40K is needed and if one has no investments but has bought a condo, that can be used as the investment needed with the 40K. Just saying, For people over 50, that is indeed so. For "Global Citizens," apparently not... 1 Link to comment Share on other sites More sharing options...
jas007 Posted Wednesday at 12:49 PM Share Posted Wednesday at 12:49 PM 3 hours ago, Yellowtail said: I think I am just going to start using a US credit card for most everything I can. If I do that, I can go years without having to bring any money into Thailand. I used to do this when I was working in Thailand and getting paid into my US account. That’s easy to do, so long as you have active US credit cards, an active U.S. bank, and can use the credit cards in Thailand. Maybe paying rent would be a challenge, but you could probably find a way to pay for just about everything else with a credit card, especially if you mostly get your food from a grocery store that accepts credit cards. 1 1 Link to comment Share on other sites More sharing options...
Karma80 Posted Wednesday at 01:04 PM Share Posted Wednesday at 01:04 PM 3 hours ago, Yellowtail said: What countries mandate the tax year not be the calendar year? Australia, UK, India, Malaysia, NZ, South Africa, USA, to name a few. Link to comment Share on other sites More sharing options...
Yellowtail Posted Wednesday at 01:06 PM Share Posted Wednesday at 01:06 PM 1 minute ago, Karma80 said: Australia, UK, India, Malaysia, NZ, South Africa, USA, to name a few. Not the USA Link to comment Share on other sites More sharing options...
Yellowtail Posted Wednesday at 01:29 PM Share Posted Wednesday at 01:29 PM 34 minutes ago, jas007 said: That’s easy to do, so long as you have active US credit cards, an active U.S. bank, and can use the credit cards in Thailand. Maybe paying rent would be a challenge, but you could probably find a way to pay for just about everything else with a credit card, especially if you mostly get your food from a grocery store that accepts credit cards. Most everyplace that takes cards takes US cards. I think even most of the stored value apps like Lazada and whatnot. The only rent I am paying is for my kid's university apartment, and that should be done in a year or so. I used to use the US cards almost exclusively before I retired without difficulty. You have to make sure you have a "no fees for foreign transactions" card, and you have to make sure the vendor charges you in baht. 1 1 Link to comment Share on other sites More sharing options...
Popular Post poobear Posted Wednesday at 01:41 PM Popular Post Share Posted Wednesday at 01:41 PM 22 hours ago, lordgrinz said: Like you, I don't understand the attraction here, if not for my wife and daughter, I would be out of here forever. This is the biggest cesspool I have ever seen, I mean there are some horrible places (inner cities) in the USA too, but I lived in a rural town in the NE where comfortable/safe living is the norm. Now throw these Thai tax changes in the list of annoyances of living here? This place then becomes what I can only describe as Hell on Earth to someone like me, I hate it here with a passion! I couldn't agree with you more. I am here with my wife and son and honestly consider my time here and absolute waste. Paying some taxes here is one thing, but I don't even enjoy being here for free. 1 1 1 2 1 Link to comment Share on other sites More sharing options...
Popular Post redwood1 Posted Wednesday at 02:15 PM Popular Post Share Posted Wednesday at 02:15 PM 10 minutes ago, poobear said: I couldn't agree with you more. I am here with my wife and son and honestly consider my time here and absolute waste. Paying some taxes here is one thing, but I don't even enjoy being here for free. Come on man Thailand has many nice things about it.. The Bad... Treating expats like children regarding visas can almost be ignored... And giving expats zilch but not asking for taxes was pretty fair in my book... But to even suggest non working retired expats pay any taxes for nothing, is obscene ....Even docile expats have their limits for being drawn into this absolutely corrupt rubbish tax.. 1 1 4 Link to comment Share on other sites More sharing options...
Presnock Posted Wednesday at 10:17 PM Share Posted Wednesday at 10:17 PM 11 hours ago, Yellowtail said: Not the US Well that is incorrect - my taxes for my US Pension based on the 1099R I get that is used for the 1040 goes from 1 Jan to 31 Dec each year. As for tax resident that might be different as Thailand is any 180 days in country. Thel US, I am a citizen so I am always a tax resident for the US. The DTA is a treaty and can just be dropped immediately as countries are required to provide 6 months I believe notice that they will cancel the treaty - or maybe re-write it and also, the other taxation program from everything we hear has just begun the talking stage so those even talking about it might not be in the next government here that could change anytime. Good luck though on tax situation. Link to comment Share on other sites More sharing options...
mtraveler Posted Wednesday at 10:21 PM Share Posted Wednesday at 10:21 PM 21 hours ago, Mike Lister said: The current law doesn't say that! The current tax law requires the taxpayer to assess their income to determine what is tax assessable income and what is not. Merely remitting funds to Thailand is not the sole basis for taxation, the remittance must comprise assessible income. The current law also does not say that tax paid can be deducted against income due. The tax law states that some funds are assessible and some are exempt, the law also says that dual tax agreements (DTA's) will specific which country has the primary taxation rights to certain types of income and is a secondary taxation right exists. I suggest you read the following and come back to us with questions: Thank you so much, and thank you for the amount of work you've put into making this document. Wow, I was really misinformed. Just to make sure I understand this: Any money that is brought into Thailand during 2024 that was earned before January 1, 2024, will be "managed by the previous interpretation of the rules", which means that it will not be taxed, since it was earned in a different year. Only income earned beginning January 1, 2024, can possibly be considered assessable income for money brought into Thailand from January 1 forward. So, if I bring money into Thailand in 2024, I must determine whether any part of it is assessable income or not. In the case of money that is part principal and part gains or interest, only the portion of the money that is INCOME (either capital gains or interest) would be assessable, not the principal. And so, in net effect, any money that I had on January 1, 2024, if brought it into Thailand, would not be assessable income. Of course, if I earned any interest or capital gains on that money during 2024, and it was part of the money brought in, that portion of the money brought in would be assessable. Did I get that correct? 1 Link to comment Share on other sites More sharing options...
Popular Post Mike Lister Posted Thursday at 12:02 AM Popular Post Share Posted Thursday at 12:02 AM 1 hour ago, mtraveler said: Thank you so much, and thank you for the amount of work you've put into making this document. Wow, I was really misinformed. Just to make sure I understand this: Any money that is brought into Thailand during 2024 that was earned before January 1, 2024, will be "managed by the previous interpretation of the rules", which means that it will not be taxed, since it was earned in a different year. Only income earned beginning January 1, 2024, can possibly be considered assessable income for money brought into Thailand from January 1 forward. So, if I bring money into Thailand in 2024, I must determine whether any part of it is assessable income or not. In the case of money that is part principal and part gains or interest, only the portion of the money that is INCOME (either capital gains or interest) would be assessable, not the principal. And so, in net effect, any money that I had on January 1, 2024, if brought it into Thailand, would not be assessable income. Of course, if I earned any interest or capital gains on that money during 2024, and it was part of the money brought in, that portion of the money brought in would be assessable. Did I get that correct? That's broadly our understanding at present, although we cannot be certain how the TRD may interpret these things and operationalise them practically speaking. It looks increasingly likely that all of this will be a "suck it and see" type operation (that's of Hershey's origin rather than anything vulgar)where many of us sit back and watch to see what happens as returns are filed and the results reported on the forum and elsewhere. 1 2 Link to comment Share on other sites More sharing options...
Presnock Posted Thursday at 12:29 AM Share Posted Thursday at 12:29 AM 24 minutes ago, Mike Lister said: That's broadly our understanding at present, although we cannot be certain how the TRD may interpret these things and operationalise them practically speaking. It looks increasingly likely that all of this will be a "suck it and see" type operation (that's of Hershey's origin rather than anything vulgar)where many of us sit back and watch to see what happens as returns are filed and the results reported on the forum and elsewhere. Mike and Co. there is an interesting article in todays local newspaper concerning possible future tax program plus some comments to that also in google along with the article stressing basically what the expats have been saying about this possible ur probable future tax program on expats 2 Link to comment Share on other sites More sharing options...
Lorry Posted Thursday at 02:26 AM Share Posted Thursday at 02:26 AM 1 hour ago, Presnock said: Mike and Co. there is an interesting article in todays local newspaper concerning possible future tax program plus some comments to that also in google along with the article stressing basically what the expats have been saying about this possible ur probable future tax program on expats Are you talking about the article in the Bangkok Post, dated June 24? Link to comment Share on other sites More sharing options...
Mike Lister Posted Thursday at 02:29 AM Share Posted Thursday at 02:29 AM 2 minutes ago, Lorry said: Are you talking about the article in the Bangkok Post, dated June 24? There's an opinion piece this morning which is very similar 1 1 Link to comment Share on other sites More sharing options...
Popular Post RSD1 Posted Thursday at 02:32 AM Popular Post Share Posted Thursday at 02:32 AM If they start taxing Foreign residents on their worldwide income it will be a deal breaker for the foreigners living in Thailand who have the most money. They will all leave faster than you can say "Toxic Tony". Thailand wants to increase the number of wealthy expats living in Thailand, while getting rid of the marginal ones, but this new potential legislation will have the absolute opposite effect. In most countries where people live and get taxed on their worldwide income they get social welfare benefits like healthcare and other things for their tax money. But Thailand gives nothing. No healthcare, no easy residency visas, no ability to buy and own land and houses, and the list goes on of the things foreigners aren't entitled to. This would be a deal breaker for most wealthy foreigners who have made Thailand their home. They should be careful what they wish for. 8 Link to comment Share on other sites More sharing options...
Lorry Posted Thursday at 02:46 AM Share Posted Thursday at 02:46 AM 12 minutes ago, RSD1 said: In most countries where people live and get taxed on their worldwide income they get social welfare benefits like healthcare Not in any country I know of 3 1 Link to comment Share on other sites More sharing options...
lordgrinz Posted Thursday at 02:47 AM Share Posted Thursday at 02:47 AM 18 minutes ago, Lorry said: Are you talking about the article in the Bangkok Post, dated June 24? Yeah, I saw that too, it reaffirms the OP here and what the RD is up to, not good. 2 Link to comment Share on other sites More sharing options...
Popular Post lordgrinz Posted Thursday at 02:48 AM Popular Post Share Posted Thursday at 02:48 AM 1 minute ago, Lorry said: Not in any country I know of You don't have to pay any taxes and you can get free everything is the USA, just walk over the border and demand your entitlements. 5 Link to comment Share on other sites More sharing options...
Lorry Posted Thursday at 02:48 AM Share Posted Thursday at 02:48 AM 16 minutes ago, Mike Lister said: There's an opinion piece this morning which is very similar I found a piece in the business section, which is rather descrptive, about how taxation used to work before 2024, how now, and how would worldwide taxation work. It's from today. That's the one? Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now