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Posted
8 hours ago, Lorry said:

Thx for posting.

I just read it.

Nothing new, except they really mean it.

 

For me, this would probably be the straw that breaks the camel's back.

Pollution already means I won't spend the EU winter here anymore - but it's a bit weird to spend only the EU summer here. 

Ever increasing bureaucracy (online 90 days never working,  now TM 30 again, soon ETA...) ... this used to be a country where I never saw a bureacrat in my first 10 years, that was very nice.

It's not the small amount of taxes I might have to pay. It's the amount of time I waste with bureaucracy. 

 

 

I'm wondering how fast they plan to get it up and running, as it is now the new changes on remittances for this year have people and RD employees scratching their heads. I would think it would make more sense to see how that pans out first for a few years, or suspend that change altogether and go straight to the WorldWide income method. 

  • Like 1
Posted
3 hours ago, lordgrinz said:

it would make more sense

Agreed.

Unfortunately,  bureaucrats all over the world don't always do what makes sense. 

Posted
8 hours ago, tomkenet said:

From the article in BP

"

Previously, if an individual met the 180-day tax resident requirement and had foreign income, they paid personal income tax on that income only if it was brought into the country within the year it was earned.

 

This rule was revised effective from Jan 1, 2024. Tax is now payable on foreign income regardless of when it is brought into the country. To give an example, Mr A sold shares in an overseas company in 2020, realised a capital gain and banked the money in an overseas account. If he brings the proceeds from that capital gain into Thailand in 2024, he must report it as assessable income when filing a tax return.

"

 

Seems like the writer have missed P.O.162.

 

 

Inerest and dividends received are clearly income, but is the profit made with the sale of shares really considered income in Thailand for tax purposes even when stock trading is not don on a commercial basis?

 

Posted
On 9/7/2024 at 4:07 PM, Dogmatix said:

It still leaves a gaping loophole for wealthy Thais like Thaksin who can use family offices to manage their wealth offshore or at least an offshore corporate structure.  Any income earned in the corporate would only taxable in Thailand, if the Thai resident beneficiary took a dividend from the company.

You don't have to be rich to set up an offshore company.

Posted
On 6/5/2024 at 3:16 PM, johng said:

That seems totally unworkable  crazy and unjust !

 

Spot on. They couldn't even figure out which foreigners stay more than 180 days in a tax year in Thailand, or why would we have to fill out numerous forms all the time, even though it's all in their computer systems.

Posted
On 6/8/2024 at 3:53 PM, CharlesHolzhauer said:

Because the not-so-affluent foreigners are swimming in the same river - it's called collateral damage. But there is hope and time for the government finding a creek dedicated to the less fortunate pensioners or old-age individuals.

There may be a clue in a statements from the original article which did raise the issue of pensions but yet the text regarding Section 40 makes no mention of pensions.

The current text of Section 40 does does refer to pensions, maybe an amendment is being considered.

 

"Section 41 specifies that individuals who have assessable income under Section 40 in the previous tax year from duties, work or business conducted in Thailand, or from the activities of an employer in Thailand or from assets located in Thailand, must pay taxes according to the provisions of this section, regardless of whether the income is paid within or outside the country.

Please credit and share this article with others using this link: https://www.bangkokpost.com/business/general/2860812/law-to-tax-income-from-overseas-in-the-works. View our policies at http://goo.gl/9HgTd and http://goo.gl/ou6Ip. © Bangkok Post PCL. All rights reserved."

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  • 1 month later...
Posted
3 hours ago, chiang mai said:

We've been through this before, the video is from Issan lawyers. If you want the latest reliable tax information news, visit Big 4 accountants web sites or the TRD. Youtube videos are simple unreliable.

 

  The poster to whom you are replying lives in Georgia, USA.  

 

  He couldn't hack it in Thailand but logs on here occasionally to slag on those of us who live here.  

 

  The vast majority of his posts are during burning season when he tells us how much smarter he is than everyone else for moving away from CM to the US.

 

  I'd put him on ignore but I'm entertained by his ignorance and self-congratulatory tunnel vision.

  • Confused 1
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Posted
7 minutes ago, TheAppletons said:

 

  The poster to whom you are replying lives in Georgia, USA.  

 

  He couldn't hack it in Thailand but logs on here occasionally to slag on those of us who live here.  

 

  The vast majority of his posts are during burning season when he tells us how much smarter he is than everyone else for moving away from CM to the US.

 

  I'd put him on ignore but I'm entertained by his ignorance and self-congratulatory tunnel vision.

Living in Georgia warrants anyone being placed on ignore.

  • Haha 2
Posted
4 hours ago, mania said:

Check this video from the 3 min mark

I always thought this is the way it would go too.

It will likely be tied to visa renewals & it will be on you to prove why your incoming monies for past year are not taxable

 

Many always said no way would Thailand be able to check it all & I always thought they won't have to we will 😉 

 

 

 

 

at 4:54

 

"....any income you bring in, that your are earning from overseas, that you're sending yourself from investments, sales of houses, etc., you have to declare, irrespective of whether you've been taxed in your home countries or not.  You then have to prove you have a bilateral agreement, and prove you have been taxed on it.  Then the revenue departments, and for example HRMC in the UK, will speak with one another and they'll come to a determination on what taxes, if any....."

 

Hahahhahahhaha!!!!!!!!!!!!!!!!

Get me this guy's number.

I want him doing my taxes.

Money is no object.

No, give him the keys to my portfolio!

To da moon, Alice!

Posted
12 minutes ago, Gknrd said:

Ever changing retirement rules of Thailand, definitely where I want to spend my last days... Sitting on forums trying to figure out what is going on and the daily changes... 

 

I would recommend not losing sleep over it, unless your income is large and you managed to structure your foreign income such that it comes from a tax free environment.

 

I speculate the vast majority of us obtain foreign sourced income (such as pensions) from a country with a DTA with Thailand, and for many (albeit not all) of those DTA, the pension (or incomes) has already been taxed.  ....  

 

In the case of Canada, the pensions from Canada are taxed in Canada (and not in Thailand). 

 

However I believe in the case of Germany, the pensions are not taxed in Germany if one is not a German tax resident but rather if one is a Thai tax resident then there is a risk the German pensions could be taxed in Thailand dependent IF and dependent HOW any such speculative law is implemented).  But I am not certain.  Is any one certain?

  • Like 1
Posted
10 hours ago, Gknrd said:

Ever changing retirement rules of Thailand, definitely where I want to spend my last days... Sitting on forums trying to figure out what is going on and the daily changes... 

As I recall you made your decision to leave Thailand a long time ago and are currently sitting in a Canadian wilderness somewhere!

  • Haha 1
Posted
54 minutes ago, Presnock said:

same ol' same ol'.  Until the Thai Revenue Dept puts out some final tax forms this 2024 with any "new" changes, and if tax laws changed and needs parliament approval, then we wait until we see the final in the Gazette.  Every time one sees a webinar by folks, even sometimes associated witht the revenue dept, we hear possiblities of some change "maybe" but it just seems everything is "under discussion" still.  I did read that some rich senior folks are not too happy either with these earlier changes to the tax laws.  They are more likely to be affected than the expats, But TIT so no one really knows anything actual yet.

Absolutely, Another day, another Youtube video of somebody trying to scare or cast doubt and persuade viewers they really should buy their invaluable professional service. 

 

 

  • Agree 1
Posted
1 hour ago, chiang mai said:

Absolutely, Another day, another Youtube video of somebody trying to scare or cast doubt and persuade viewers they really should buy their invaluable professional service. 

 

 

 

For once I agree with you....This frightens me...

  • Haha 1

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