Selling stocks owned prior to 2024 and remit it to Thailand still tax free?

[Eudaimonia]

I would think shares are pre-2024 "savings" worth their purchase value. Usually, capital gains are taxed when assets are sold, and the profit is calculated from the original purchase price. TRD is not planning to tax unrealized capital gains; they follow the standard system. Establishing an artificial valuation point on 1 January 2024 just to allow tax-free capital gains would be strange.

 

Even on this forum, it was advised that people should consider selling and repurchasing their investments before the end of December 2023 to establish a new cost basis for their holdings.

[Mike Lister]

8 hours ago, Lacessit said:

Reading through both links, foreign-based income is taxable when remitted to Thailand. Income earned prior to 2024 is not.

 

Savings prior to 2024 are not taxable when remitted to Thailand. It seems no reporting of such remittances is necessary.

 

Where it gets fuzzy is the definition of savings. I could not find a question which specifically asked the status of shares, peer-to-peer lending accounts, or term deposits in terms of whether they are regarded as savings, or not.

 

 

 

 

 

 

I gave you those links because they are just two of the many different sources of information that we have found over the past six months which when combined, create a picture of what the TRD rules are. You asked me to post the TRD rules confirming something or other, that's not the way this game is being played. It's being played by joining together various Q&A's, video interviews with embassy and TRD staff, articles by Big 4 consultants, dissemination of court cases and legal opinions written in Thai and also first hand information from visits to the TRD by members. The latter however is unreliable because such visits reflect only one persons opinion at a time, from a single office, by a single TRD officer and is highly likely to change based on the office and the TRD attendees, we've seen that repeatedly. Infamously, we have seen minutes of a meeting between a Dutch taxpayer in Hua Hin and several senior TRD officers, including a TRD lawyer, where the things that were said, contradict much of what had been learned p[reviously and opened up more new issues than it closed. That is the nature of what we are attempting to unravel here. 

[koolkarl]

16 hours ago, Mike Lister said:

Thailand operates a remittance based tax system, end of story. No country can change their tax system mid year and make it retroactive. You are spreading false rumours and distorting fact, both against forum rules.

My $100,000 USD bet still stands.  And you never explained the purpose of CRS.

[Mike Lister]

3 minutes ago, koolkarl said:

My $100,000 USD bet still stands.  And you never explained the purpose of CRS.

I have no time or interest in your stupidity, congratulations on being the very first member to make it all the way to my ignore list.

[koolkarl]

14 minutes ago, Mike Lister said:

I have no time or interest in your stupidity, congratulations on being the very first member to make it all the way to my ignore list.

I happen to be a CPA.  And you?

[Lacessit]

3 hours ago, Mike Lister said:

I gave you those links because they are just two of the many different sources of information that we have found over the past six months which when combined, create a picture of what the TRD rules are. You asked me to post the TRD rules confirming something or other, that's not the way this game is being played. It's being played by joining together various Q&A's, video interviews with embassy and TRD staff, articles by Big 4 consultants, dissemination of court cases and legal opinions written in Thai and also first hand information from visits to the TRD by members. The latter however is unreliable because such visits reflect only one persons opinion at a time, from a single office, by a single TRD officer and is highly likely to change based on the office and the TRD attendees, we've seen that repeatedly. Infamously, we have seen minutes of a meeting between a Dutch taxpayer in Hua Hin and several senior TRD officers, including a TRD lawyer, where the things that were said, contradict much of what had been learned p[reviously and opened up more new issues than it closed. That is the nature of what we are attempting to unravel here. 

Your work on this thread is appreciated.

 

IMO the most significant phrase in your post is " highly likely to change based on the office and the TRD attendees"

 

I other words, a mirror image of Immigration.

[Mike Lister]

36 minutes ago, Lacessit said:

Your work on this thread is appreciated.

 

IMO the most significant phrase in your post is " highly likely to change based on the office and the TRD attendees"

 

I other words, a mirror image of Immigration.

Exactly that, and the banks and many other entities in Thailand also. The closer you can get to the source of the original message, eg Bangkok, the more likely it is you'll get the true story. In the North we have a 50/50 chance, Issan folks have no hope.

[JimGant]

15 hours ago, Lacessit said:

Where it gets fuzzy is the definition of savings. I could not find a question which specifically asked the status of shares, peer-to-peer lending accounts, or term deposits in terms of whether they are regarded as savings, or not.

Of course they're savings, regardless of how they're dressed up.  The headliner on this thread says:

Quote

Posts made by individuals reflect their own opinions and should not be taken as fact.

 

[JimGant]

3 hours ago, koolkarl said:

I happen to be a CPA.  And you?

Take a deep breath, and seek professional help. You're giving our profession a bad name.

[koolkarl]

2 hours ago, JimGant said:

Take a deep breath, and seek professional help. You're giving our profession a bad name.

You can tell my private bank the same. 

[charliebadenhop]

On 6/20/2024 at 3:17 PM, Mike Lister said:

You have to tell them and if you lie and they check, you get to go to the big house for a few years, vaseline not included.

Hi Mike,

How will the Thai govt. possibly check? They do not know everywhere I keep my money, and other governments are not going to give them a free look around in their banking system..... Going to jail for exaggerating will not land anyone in a jail cell... and again, they have no clear path for investigating. 

And because of this I continue to wonder how and why people keep brining up numerous possible scenarios. 

 

Please do not hesitate to correct my thinking!

 

Cheers,

Charlie