13 hours ago, timendres said:

An article on Bangkok Post clearly shows that they are discussing taxing worldwide income.

Currently, only two countries on the planet do this. The USA and Eritrea.

This is a desperate act by the Thai government, and demonstrates that things are not good.

It's not the same as the USA. The USA taxes income wherever their citizens live. Thailand is only taxing you if you are tax resident in Thailand. The UK taxes your worldwide income if you are tax resident in the UK unless you pay for non dom status. If countries didn't do that everyone would park their savings offshore.

What exchange rates will they use? The whole thing is ludicrous.

14 hours ago, johng said:

That seems totally unworkable  crazy and unjust !

I can see a lot of people upping sticks soon.

13 hours ago, Liverpool Lou said:

The Bangkok Post reported that also.

TRD are just warming you to the idea.

10 minutes ago, hotchilli said:

I can see a lot of people upping sticks soon.

But then they won't have anything to come on here and whine about. A lot of them seem to live for that.

1 hour ago, Kerryd said:

READ the WHOLE thing.
TOO many people got to "requiring platforms with an income of 1 billion baht" and decided that didn't apply to them so they STOPPED reading.
LOOK at the last 2 paragraphs:

So what they are saying is they are planning on taxing YOU on ANY income you have made ANYWHERE in the world - even if you DON'T send ANY of it to Thailand.

So YOU are going to be treated just like any other Thai citizen - except you can't buy land, vote, get a passport (ect ect). 

Essentially "taxation without representation" which I suspect is not a consideration in Thai law.

Though I wonder how they will verify that you have made any money anywhere in the world if you don't tell them about it ? I seriously doubt too many gov'ts in the world are going to divulge that information about their own citizens.

The US and most other countries in the world already share this information under automatic information sharing agreements. 
 

One of the reasons you are asked which countries you are a citizen of and a tax resident of when you open bank accounts is to make that automatic sharing easier. 
 

 

19 minutes ago, buriram39 said:

What exchange rates will they use? The whole thing is ludicrous.

Given this is fairly common practice for individuals in most countries and for businesses across borders daily there are rules around the conversion rates. Typically you can use actual rates if you’ve got details of every transaction by date OR an average rate monthly/annually. 
 

The whole thing simply aligns Thai tax more closely with the tax regimes of the countries most of us come from 🙂 

13 hours ago, AreYouGerman said:

13 hours ago, medina21 said:

This article sows more confusion. Are we now going to be taxed on overseas income, irrespective of whether that income is remitted to Thailand?

 

If you didn't pay tax anywhere for it - yes.

 

And what about if you are not eligible to pay tax in your home country due to a low income level? The UK keeps raising the minimum level required before you need to pay tax, for example.

 

I for one will no longer transfer any money into Thailand and pay most of my bills with a foreign credit card, as I do if I book a hotel or flight.

7 minutes ago, shdmn said:

But then they won't have anything to come on here and whine about. A lot of them seem to live for that.

If they're in a better place you're correct.

I've been here 16 years and have seen Thailand gradually sliding backwards, life was better when I first came here than now, and I'm not whining, just stating the truth.

So if you’re an Expat living in Thailand, you don’t have to worry about this tax stuff too much. Just a question a little confused TIT.

Time and time again greed from ALL government leaders.  They will shoot themselves everytime.

This type of statement sounds like something US Treasury Secretary Janet Yellen would say. 

27 minutes ago, shdmn said:

With a reciprocal tax treaty this would be a nothingburger for expats if it ever happened, which is far from certain.

Reading comments of a lot of Aussie expats on government pensions the issue is they accidentally or deliberately currently fall through the cracks. 
 

They don’t change tax resident status in Oz and so the entire age pension is basically tax free (assuming little to no other income there) and they don’t declare it in Thailand. Win win 🙂 

 

If they are actually Thai tax resident and have ceased to be Australian tax resident they should be taxed in Oz on their pension as non residents and get a tax credit under the DTA here in Thailand. Either way they pay tax on it. Currently they don’t and aren’t bothered by Thai or Aussie tax authorities. 
 

So here we are 🙂 
 

 

Eat my shorts!

2 minutes ago, Bangkok Barry said:

 

And what about if you are not eligible to pay tax in your home country due to a low income level? The UK keeps raising the minimum level required before you need to pay tax, for example.

 

I for one will no longer transfer any money into Thailand and pay most of my bills with a foreign credit card, as I do if I book a hotel or flight.

Those tax free thresholds are usually much lower if you have advised your UK/Aussie etc tax authorities that you are no longer tax resident there and are in fact tax resident in Thailand. 
 

Regardless, the income would be taxable in Thailand if you are resident here with a credit allowed for any tax paid in the UK. 
 

 

7 minutes ago, sandrew33 said:

Given this is fairly common practice for individuals in most countries and for businesses across borders daily there are rules around the conversion rates. Typically you can use actual rates if you’ve got details of every transaction by date OR an average rate monthly/annually. 
 

The whole thing simply aligns Thai tax more closely with the tax regimes of the countries most of us come from 🙂 

That won't stop the hair on fire crowd around there from doing what they do best, which is whine about everything.

That'll deter the few foriegn companies planning on  opening or doing business within Thailand.  

 

"Many economists have blamed low investments both by the public and private sectors in the post-1997 Asian financial crisis as being responsible for the long period of sluggish economic growth."

 

https://www.thaipbsworld.com/has-thailand-become-the-sick-man-of-asean/

 

 

Years of bad governance will eventually be the downfall of these corrupt successive governments.

 

 

 

 

 

 

25 minutes ago, hotchilli said:

I can see a lot of people upping sticks soon.

I was always under the impression that everyone must pay their fair share.

1 minute ago, sandrew33 said:

Those tax free thresholds are usually much lower if you have advised your UK/Aussie etc tax authorities that you are no longer tax resident there and are in fact tax resident in Thailand. 
 

Regardless, the income would be taxable in Thailand if you are resident here with a credit allowed for any tax paid in the UK. 
 

 

 

Doesn't really apply to me. My income level in the UK means I pay no tax regardless of where I live, but you are saying the Thai government rules about my UK income take precedence over UK law. That's interesting.

31 minutes ago, buriram39 said:

What exchange rates will they use? The whole thing is ludicrous.

The BOT or bank rates. It on the tax website.

 

From Mazars

. A tax return and tax payment must be completed and made in Thai baht. The foreign currency must be converted into Thai baht by applying the average rate based on the selling and buying rate calculated by the Bank of Thailand at the time that the income was earned or the expenses were incurred.

15 hours ago, snoop1130 said:

Kulaya mentioned plans to expand the tax base by requiring platforms with an income of 1 billion baht or more to report their sources of income.

What does this even mean? "Platforms" with an income of 1 billion baht?

I hope "foreign income" does not include pensions, like USA Social Security payments.

9 minutes ago, sandrew33 said:

Those tax free thresholds are usually much lower if you have advised your UK/Aussie etc tax authorities that you are no longer tax resident there and are in fact tax resident in Thailand. 
 

Regardless, the income would be taxable in Thailand if you are resident here with a credit allowed for any tax paid in the UK. 
 

 

Thats the choice one makes.

No post - just erasing a duplicate...

12 minutes ago, Bangkok Barry said:

 

Doesn't really apply to me. My income level in the UK means I pay no tax regardless of where I live, but you are saying the Thai government rules about my UK income take precedence over UK law. That's interesting.

Thailand follow their laws if you are living/resident in Thailand. You can make use of the DTA to manage the type of income and offset taxes already paid in the UK.

4 minutes ago, Cabradelmar said:

What does this even mean? "Platforms" with an income of 1 billion baht?

Probably means companies and online platforms earning income of 1 billion baht. Probably just a term tax and accountants used when speaking as the reporter has written it.

 

14 minutes ago, freeworld said:

I was always under the impression that everyone must pay their fair share.

Just like national parks?

Another knuckle dragging article that is long on confusion and short on any specific detail.

its just one piece of bull<deleted> after the other in this country.

I always said i would never buy a house here, and in a moment of stupidness, I did.

Not that expensive though, at 5 million baht, so not a huge deal

For sure I will be using Thailand as my home base for 1 day under 6 mnths a year.

Vietnam for 3, maybe Philippines for 3 months also

Might even buy myself a cheap house in the north of England from Auction for under 10k GBP.

I have had it with the bull<deleted> here now...........its just ridiculous.

Still a lot to enjoy here however, the normal Thai people, the food, the countryside, the beaches, etc........and also my Thai GF.

So i will ljust cut myself off from this crap and enjoy for under 6 months.

Will keep Retirement Extension though, as cheaper and easier than any other method, unless they do actually bring n the 60 day visa, and that might be an option, but that does not work for six months, even with extensions.

2 minutes ago, hotchilli said:

Just like national parks?

Thai rules, one could apply for citizenship.