What will you do if global taxes would be approved?

[ChaiyaTH]

Check out the poll, let's keep it real and friendly! For me, for now it seems it will be: I will change to only stay here for 180 days per year but potentially leaving entirely as it is just a hassle moving back and forward.

Edited June 7 by ChaiyaTH

[ChaiyaTH]

I just try to imagine the actual money inflow they will lose, by missing out on these people who then leave for 6 months per year. I can't believe tax would compensate it.

Edited June 7 by ChaiyaTH

[ChaiyaTH]

Guess i should have defined the ''I will stay and not pay taxes too.'' option better, not sure if people mean with this they don't have to pay anyways, or they simply refuse to pay.

[Guderian]

1 hour ago, ChaiyaTH said:

 I will change to only stay here for 180 days per year but potentially leaving entirely as it is just a hassle moving back and forward.

 

Take it slowly, I have around 12 million Baht invested in Thailand, far too much to just walk away from or hold a fire sale so I can exit quickly. Go the 180-day route, as you suggest, and try the other places in SEA that you've either been to or fancy living. At least you'll see some new things, and you may find somewhere you like better than Thailand. Then you can sell up here and move there full-time. Of course, at the moment to avoid CRS it's only Cambodia and the Philippines that didn't sign up for it, and there's no guarantee that they won't at some point in the future, so the nomadic lifestyle may be the way to go long-term. I kept my place in the UK and go back there every year for 6-8 weeks, so it's not an impossible hardship to buy another property somewhere in SEA, spend 4 or 5 months a year there, and make sure I'm not tax-resident anywhere.

[Hummin]

How much in tax do you have to pay if you sell for 12 millions now? 

[rocketboy2]

Spending savings already in Thailand for the next one or two years.

see what comes by then.

Not going into panic mode yet.

 

[Sheryl]

1 hour ago, ChaiyaTH said:

Guess i should have defined the ''I will stay and not pay taxes too.'' option better, not sure if people mean with this they don't have to pay anyways, or they simply refuse to pay.

Exactly.

 

I selected it because  I have little assessable income and the tax I would owe would be completely offset by tax credits for tax paid in US.  

 

Not refusing anything, I"ll try to comply with the rules. 

 

But in my case I'm facing just paperwork headache and maybe accountant fee, not a real new finacial burden. Others may be. 

[Hummin]

As said before, I already decided to use plan b,  and just stay the best months in Thailand. 8 years was enough and gave me a good experience of how it would be when I became older living here. So it is a mix for me, but the most negative for me, is paying tax for nothing!

 

There is no benefits paying tax to thailand for a non citizen

[impulse]

Gosh.  If you were thinking about getting a 2nd home in Cambodia, Vietnam or the Phils, the gub'ment may have made it easier to decide to spend 186 days in another country. 

 

Figure $300-500 (USD) a month for rent, food and entertainment is a wash, plus a few hundred extra $$$ each year for formalities and traveling back and forth.  Getting a 2nd home for 6 months a year may be cheaper for some expats than paying the taxes.   Doesn't seem so tragic...

 

But there's a lot of mystery between now and the first report to the Revenue Department.

 

Edited June 7 by impulse

[Hummin]

3 minutes ago, impulse said:

Gosh.  If you were thinking about getting a 2nd home in Cambodia, Vietnam or the Phils, the gub'ment may have made it easier to decide to spend 186 days in another country. 

 

Figure $300-500 (USD) a month for rent, food and entertainment is a wash, plus a few hundred extra $$$ each year for formalities and traveling back and forth.  Getting a 2nd home for 6 months a year may be cheaper for some expats than paying the taxes.   Doesn't seem so tragic...

 

But there's a lot of mystery between now and the first report to the Revenue Department.

 

When I get old, I do not want to go from one place to another, I want a home where I thrives and enjoy, feel safe, and feel home, Thailand might not be the place in the future for many of us, if it is not beneficial anymore. 

 

Most of those who retired 15 years ago, got more their money since Thai baht was cheaper. What the next 15 will bring, Im not sure, but I guess Thailand will not be cheaper than now. 

[impulse]

1 minute ago, Hummin said:

When I get old, I do not want to go from one place to another, I want a home where I thrives and enjoy, feel safe, and feel home, Thailand might not be the place in the future for many of us, if it is not beneficial anymore. 

 

Most of those who retired 15 years ago, got more their money since Thai baht was cheaper. What the next 15 will bring, Im not sure, but I guess Thailand will not be cheaper than now. 

 

I get that.  I do. 

 

The nomad life isn't for everybody, but living on an island in Texas for years and near the beaches for decades, I meet dozens of new snowbirds every year who live in the Great White North in the summer and head south for the winter.  Lots of them stop in Galveston and even more go all the way to Mexico.  They love the lifestyle, and many of them are in their 80's and 90's. 

 

And the older I get, the less appealing it is for me to live in a single family home with grass to cut and gutters to clean...

 

[Hummin]

7 minutes ago, impulse said:

 

I get that.  I do. 

 

The nomad life isn't for everybody, but living on an island in Texas for years and near the beaches for decades, I meet dozens of new snowbirds every year who live in the Great White North in the summer and head south for the winter.  Lots of them stop in Galveston and even more go all the way to Mexico.  They love the lifestyle, and many of them are in their 80's and 90's. 

 

And the older I get, the less appealing it is for me to live in a single family home with grass to cut and gutters to clean...

 

I have lived a nomad life since I startet sports 5 years old, so not so tempting for me when I get old. I like contrasts to, but, living 365 days in Thailand or Europe? I choose now Europe above Asia out of more reasons, not only taxation which I can pay, but  make no sense to me as said. Pay taxes for nothing. 

 

At least in Europe I have social security being part of Schengen with additional affordable private insurance I started at 50 years old. 

[connda]

The last option should have been, "I'm going to kick back, wait, and see what shakes in 2025."

[bg53]

Methinks the Thai government has severely underestimated the wide options available for capital and revenue to find a new home.

[MarkBR]

I agree with those who think that the thai people who proposed these changes have not thought carefully enough about the consequences.  Those who have large amounts of money are very mobile & will just vanish.  The key question that the Thai government needs to know to make a good decision is whether the revenue gathered is MORE than currently acquired.  Most foreigners who are not tourists in Thailand spend most of their money which is acquired from outside sources inside Thailand.  Why would the Thai Government seeks to lose money?  The consequences of bad policy, regulatory & legal changes could be really really bad in terms of revenue.  Once you have lost these farang, they will not be coming back to Thailand.

[Hummin]

10 minutes ago, MarkBR said:

I agree with those who think that the thai people who proposed these changes have not thought carefully enough about the consequences.  Those who have large amounts of money are very mobile & will just vanish.  The key question that the Thai government needs to know to make a good decision is whether the revenue gathered is MORE than currently acquired.  Most foreigners who are not tourists in Thailand spend most of their money which is acquired from outside sources inside Thailand.  Why would the Thai Government seeks to lose money?  The consequences of bad policy, regulatory & legal changes could be really really bad in terms of revenue.  Once you have lost these farang, they will not be coming back to Thailand.

You are right, those with resources will work around the taxes, leave nothing, while those who have little from before, maybe stuck and no where else to go, doesnt add up much after their deduction counted in. They also more likely to leave for Cambodia. 

 

For me it is the principle not the amount, because I can deduct what I pay tax for in Thailand in Norway and pay less if I want to. Of course transfering income instead of savings.

Edited June 7 by Hummin

[mfd101]

Wait and see, is my approach.

 

I don't quite believe the thought bubble emitted by one Thai official. And the one thing I'm determined to avoid is double taxation between here & Oz. I already pay 1/3 of my superannuation (my sole income) to the Oz Tax Office so will be active in avoiding any more, including as necessary paying ONLY Thai tax.

 

And, in any case, 9/10 of my income is spent on my Thai Khmer b/f and his impoverished peasant family. Any reduction in my income will mean reduced support to them ... Wunnerful Thailand!

Edited June 7 by mfd101

[Galong]

O  I will stay and find legal loopholes just like the folks it was supposedly designed to catch will do.

[Everyman]

I think that the governments plan is impossible to implement, and so it won’t be. If somehow it does, I’ll just spend more time each year outside Thailand. As it I’m too young to qualify for a retirement visa and so I’m on tourist visas and will probably be outside the country for more than 180 days this year anyway. 

 

I don’t need to be kicked in the face over and over again trying to live in Thailand, there are other places that actually want me. 

Edited June 7 by Everyman

[Felt 35]

2 hours ago, Hummin said:

paying tax for nothing!

👍Well said.

[KhunLA]

Global tax ???  Another 'what if scenario' I don't need to worry about.

 

Been here 23+ years, and not one 'what if' has happened yet 

[Mike Teavee]

3 hours ago, rocketboy2 said:

Spending savings already in Thailand for the next one or two years.

see what comes by then.

Not going into panic mode yet.

 

You've missed the point a little, living on savings will save you from the recent change to tax money you remit into Thailand but this latest proposed change means you'll be taxed on any income whether you bring it into Thailand or not so even if you bring no money over, you're still potentially liable for tax on any income you earn anywhere

 

[ChaiyaTH]

Pretty shocking results so far if assuming many choose the little taxes or no taxes as they have no income or are retired and it comes to zero / little. Otherwise most seem to plan on leaving for at least 180 days per year. 4 people so far seem to want to burn money regardless.

Edited June 7 by ChaiyaTH

[ChaiyaTH]

2 hours ago, MarkBR said:

Once you have lost these farang, they will not be coming back to Thailand.

Yeah true, if this happens, even they revert it a few years later, that would be too late. 

[rocketboy2]

44 minutes ago, Mike Teavee said:

You've missed the point a little, living on savings will save you from the recent change to tax money you remit into Thailand but this latest proposed change means you'll be taxed on any income whether you bring it into Thailand or not so even if you bring no money over, you're still potentially liable for tax on any income you earn anywhere

 

 

Not missed the point at all.

I'm just waiting to see what happens.

I have rental income from the uk, I will still wait and see what comes 

if I'm late or miss filling a tax return in Thailand, so be it. new rules or even newer rule that may come.

I'm not running into the revenue office with money in hand.

Some will, that's for sure.

 

 

[Sheryl]

11 minutes ago, rocketboy2 said:

 

Not missed the point at all.

I'm just waiting to see what happens.

I have rental income from the uk, I will still wait and see what comes 

 

 

 

What does the UK - Thai DTA say about rental income sourced in the UK?

[rocketboy2]

14 minutes ago, Sheryl said:

What does the UK - Thai DTA say about rental income sourced in the UK?

 

At present, I have no idea.

Maybe a tax credit could be had, but how that will all work I don't know. also incompatible tax years start and end. Thai / Uk. an accounting pain, I think.

To many, maybe, could be, might be, at present for me to care right now.

I reckon this will all be a massive cluster duck, I'm not going to go into panic mode in Thailand.

Yet. I am waiting and watching.

 

 

 

Edited June 7 by rocketboy2

[stoner]

4 hours ago, Hummin said:

There is no benefits paying tax to thailand for a non citizen

 

give me PR through my marriage and i would be more than happy to pay tax. until then they can stuff it. 

[Sigmund]

After the visa runs, we may have new agents to make "tax runs !!"

 

I definately would move out to another Asian country, if I was staying here more then 180 days.

[TallGuyJohninBKK]

I wish the OP poll had had an option for "wait and see," because that's what I would have chosen.

 

#1. They haven't actually adopted the policy yet, much less begun to enforce it... And look what apparently has happened to their prior adopted proposal that seems to have gone in the bin.

 

#2. Even if they adopt the latest proposal as explained here lately, given the involvement of various countries' tax treaties with Thailand, it's going to be an individual call on what the particular impacts might be for any nationality and individual income sources.

 

#3. I've lived in the same rented home here for many years with my Thai wife, who has a good job in Thailand. In our situation, I'm struggling to see how I could possibly do the less than 6 months in country approach, especially since I haven't kept a 2nd home back in my home country, and I'm not going to abandon my wife over taxes.

 

That said, if they really go thru with the current plan, it might well hasten us to both relocate back to my home country.  Too many unknowns right now, as usual....

 

 

 

Edited June 7 by TallGuyJohninBKK