4 minutes ago, Ben Zioner said:

Flat rate 13% , from first cent earned.

As long as everyone pays 13%, not a tiered system where some pay nothing, then I am OK with that.

29 minutes ago, Neeranam said:

BTW, you are getting upset over nothing. 

I tend to agree with your sentiment, but could you just elaborate a touch on why you think so?

 

I want to see if your views on this matter align with my own.

 

thanks!

bob.

15 hours ago, beammeup said:

I just read an article in another paper and this is what it said "It is still in the discussion stage and it is not known when it might take effect."

 

Thank you. IMHO far too much noise on this subject, and way too many questions being asked. Just asking for trouble. 

1 minute ago, Thingamabob said:

Thank you. IMHO far too much noise on this subject, and way too many questions being asked. Just asking for trouble. 

 

If the Director General of the Revenue Department is making the statement, then it should be taken seriously, anyone making future plans and ignoring this would be nuts.

 

deleted.

Planning a retirement in a foreign country is a precarious business, as all the advantages are being whittled away by global agreements on tax. Rules change frequently. 

 

Makes sense to visit Thailand for a proportion of the year, and then move to another country or retain a home in your home country. But it is a significant challenge for anyone who who is married with children at schools in Thailand. For them it is a whole new world. 

 

I can't help thinking that we will see an exodus of expats and a much lower level of foreign expenditure. 

Just now, freeworld said:

You think Thailand applied?

Read on this forum that thailand had applied and that they were hoping to do it in 5 years while normally takes up to 7 years for membership.  Article said that Thailand already was on some committees of the OECD.

The Thai inland revenue has said they want to tax income people are making from crypto. 

So I think by "platform" they are referring to crypto exchanges outside Thailand.

If you use a crypto platform and have registered your address as Thailand, then it might be a good idea to create new trading accounts using an address in another country.

16 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.

That should have been in the headline, well done snoop you made me click on the story. 

3 minutes ago, freeworld said:

You think Thailand applied? I think Thailand resisted for as long as possible.

google "thailand applies for OECD membership" and see the articles there - late March 2024...easy enough for ANYONE to see

2 minutes ago, AlexRich said:

Planning a retirement in a foreign country is a precarious business, as all the advantages are being whittled away by global agreements on tax. Rules change frequently. 

 

Makes sense to visit Thailand for a proportion of the year, and then move to another country or retain a home in your home country. But it is a significant challenge for anyone who who is married with children at schools in Thailand. For them it is a whole new world. 

 

I can't help thinking that we will see an exodus of expats and a much lower level of foreign expenditure. 

 

It's those of us with wives and children in school who will feel the most pain, especially those of us with what would be mostly tax free income in our home countries.....that income will now be subject to Thai taxes, as the bar for taxes is set much lower in Thailand than at home.

16 hours ago, 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...

Silly. Farang bringing 800,000 Baht into Thailand will attract tax. Small fish will get caught in a net set to catch big fish.

16 minutes ago, Ben Zioner said:

31 minutes ago, lordgrinz said:

 Define "Fair share"

Flat rate 13% , from first cent earned.

VAT 10%

PIT 15% for income/capital gain > THB3M

CT 15%

16 hours ago, 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...

Check where they say 'individuals'!

14 hours ago, AreYouGerman said:

But in all fairness, isn't it fair that you give Thailand a fair share of you money for allowing you stay in their country? You should actually ask to have this applied retroactively!

Who's side are you on? Or are you just avin a larf?

Thailand should be careful about these tax increases. 

In Norway they introduced a wealth tax. 

The wealth tax increase in Norway was expected to bring an additional $146M in yearly tax revenue Instead, an estimated $54B-worth of ultra-rich left the country, leading to a lost $594M in yearly wealth tax revenue A net decrease of $448M+

https://www.theguardian.com/world/2023/apr/10/super-rich-abandoning-norway-at-record-rate-as-wealth-tax-rises-slightly

15 hours ago, 0ffshore360 said:

Ja ja ja.

" Tax income regardless " ?

Not strictly true. If your hypothetical tax in country B Thailand would be higher than what you’ve already paid in country A, you are liable to pay the difference.  

7 minutes ago, Presnock said:

google "thailand applies for OECD membership" and see the articles there - late March 2024...easy enough for ANYONE to see

You are correct, I withdraw my comment.

2 minutes ago, Card said:

Check where they say 'individuals'!

Wrong. You’re assessable for tax on worldwide earnings according to this article irrespective of amount. 1 bn talks about a platform not an individual.

Just now, Freddy42OZ said:

Thailand should be careful about these tax increases. 

In Norway they introduced a wealth tax. 

The wealth tax increase in Norway was expected to bring an additional $146M in yearly tax revenue Instead, an estimated $54B-worth of ultra-rich left the country, leading to a lost $594M in yearly wealth tax revenue A net decrease of $448M+

https://www.theguardian.com/world/2023/apr/10/super-rich-abandoning-norway-at-record-rate-as-wealth-tax-rises-slightly

 

Exactly, the rich don't have to live anywhere, they are highly mobile. Scare them off, and they can quickly move somewhere else. Us small fish? Nope....we are stuck with the aftermath.

12 minutes ago, Freddy42OZ said:

The Thai inland revenue has said they want to tax income people are making from crypto. 

So I think by "platform" they are referring to crypto exchanges outside Thailand.

If you use a crypto platform and have registered your address as Thailand, then it might be a good idea to create new trading accounts using an address in another country.

Most Thais I know take profits from Binance P2P. There are also people who you can send Bitcoin to and they deliver cash to your door. 

3 minutes ago, hkblademan said:

Wrong. You’re assessable for tax on worldwide earnings according to this article irrespective of amount. 1 bn talks about a platform not an individual.

Wrong, they can't tax me on my income from  British company going to my Scottish bank. It is entirely up to me if I want to take it into Thailand, and entirely up to me if I want to pay tax on it. 

Members here trying to make believe they earn 1 billion baht a year about $28million 

10 minutes ago, lordgrinz said:

 

It's those of us with wives and children in school who will feel the most pain, especially those of us with what would be mostly tax free income in our home countries.....that income will now be subject to Thai taxes, as the bar for taxes is set much lower in Thailand than at home.

well, I agree that the pain will be felt by us long-termers with family here and schooling here but I am already taxed by the US govt on my pension and others probably too - hopefully our DTA with Thailand will protect us or give the US govt some incentive to assist us.  But at the very least, we can get a US tax credit if Thailand does tax monies before we get it here.  Hopefully all a moot point and some Thai folks will come to their senses that these efforts are in vain.

17 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.

 

15 hours ago, AreYouGerman said:

Hahahahaha. The Phillippines look better every day.

 

And the best part is, even if you are covered by a Double Taxation Agreement (meaning you got fleeced already in your passport country or wherever your money is taxed already) you have to file for taxes every year which will cost 10,000 - 20,000 THB done by an accountant.

 

Oh please I'm pretty sure you don't have anywhere near that income. 

9 minutes ago, Neeranam said:

Most Thais I know take profits from Binance P2P. There are also people who you can send Bitcoin to and they deliver cash to your door. 

Yeah a bunch of Russians with ski masks ready to cut your fingers off.

20 minutes ago, Yumthai said:

VAT 10%

PIT 15% for income/capital gain > THB3M

CT 15%

What is CT?

I have no income, the law does not apply to me 

1 hour 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. 
 

 

 

This is the issue for many.

 

If income in the UK in under the UK threshold of 12,570GBP you pay no UK tax, on 12,570GBP (around 565K baht) as an example tax is around 15% in Thailand (less some allowances).

 

Will Thailand look at your income, or your assessable income stated by HMRC (income less deductions, used to calculate your tax).

 

UK CGT on property is 18%/24%, Here there is no CGT so I think you pay tax on that at normal income tax rates (not 100% sure ??). So for example a UK property with a gain of around 100,000GBP would pay 24% tax in UK, but 35% in Thailand. (possibly??)

5 minutes ago, Ben Zioner said:

What is CT?

 

  I was going to say "corporate tax" but the corporate tax rate in Thailand is 20%.

 

  So perhaps that poster is referring to the capital gains tax, which is 15%.