A Visit to the Tax Office

[Mike Lister]

13 minutes ago, Mike Teavee said:

Whoops, simple maths is beyond me as I completely messed up how much Withheld Interest I'll be able to claim back & it's more like 60K not 8K (a little over 3.5M on deposit at 1.7 %) so now I will be filing a Tax Return for 2024. 

 

NB. Not trying to "Show Off" here, I'm 19 months away from receiving a pension & whilst I do have passive income in the UK, I don't like to have to rely on it ( https://home.barclays/content/dam/home-barclays/documents/investor-relations/IRNewsPresentations/2020news/20200331-Barclays-Dividend-RNS.pdf 3 days before it was due to pay me enough money to live on for 3 months) so when I moved to Thailand full time in Feb 2020 I moved 6 years living expenses over with me to last me until my pensions kick in.

 

Very Stupid as the SGD is 20% stronger now than when I moved it, but seemingly smart now as it means I don't have to remit any money for the next 3 years if I don't want to, but by sticking to 435K remittance (my & GF's) tax free numbers) it will last me 4 years - I only need it to last me 19 months.  

 

I know all about the 1Million Bank Guarantee but IMHO if Bangkok Bank ever did go bust the THB would take such a nosedive I'd probably be much better off financially even if I lost 2.5Million THB so not worried about that at all.

  

 

So does this mean the drinks are not on you on Saturday? 🙂

[poobear]

I understand the U.S. social security is not taxed in Thailand but I have a question about reporting Social Security funds remitted into Thailand.   Do they need to be reported anywhere on the tax return in Thailand. I am keeping my records about where the Social Security comes from and when how it is transferred into Thailand.        

 

I would emit both my Social security from the U.S. via wire transfer, and also remit assessable income from a separate account.

[Mike Teavee]

4 minutes ago, poobear said:

I understand the U.S. social security is not taxed in Thailand but I have a question about reporting Social Security funds remitted into Thailand.   Do they need to be reported anywhere on the tax return in Thailand. I am keeping my records about where the Social Security comes from and when how it is transferred into Thailand.        

 

I would emit both my Social security from the U.S. via wire transfer, and also remit assessable income from a separate account.

US SS is covered by the US-TH DTA so is not considered "Assessable Income" & does not need to be reported in Thailand, however your other income may be "Assessable Income" so best to check but if it amounts to <120K THB (Single guy) then no need to file a tax return. 

 

Edited Wednesday at 02:01 PM by Mike Teavee

[NoDisplayName]

8 hours ago, Mike Lister said:

One step at a time.

 

If you're a single filer you can't claim your wife;s deductions. Are you married and if so, are you filing single or jointly?

 

Bur yes, the health insurance premium must be paid to a company in Thailand.

 

Maybe.  I just found the English version of the deduction rules, where it states (page 19):

 

Quote

 

If you have a health insurance, the premium that you pay may be deducted from your assessable income subject to the following conditions:
(1) the premium is paid to an insurance company operating in Thailand
( 2 ) the qualified amount is the amount you actually pay, but not exceeding 25 ,000 baht, for premium paid from 1st January 2020 onwards

 

https://www.rd.go.th/fileadmin/download/english_form/080966Ins94.pdf

 

 

Interpret.

[NoDisplayName]

16 hours ago, Lacessit said:

Very interesting the Thai pink ID card doubles as a tax card, thank you.

 

Still waiting on activation.  Tax e-File site for registration or login.

https://efiling.rd.go.th/rd-cms/

 

Won't know until next week if I am to register using the Thai script name from the pink ID, or the English name on the old TIN card.

 

Wife told me (just now!) that office lady asked which we preferred, and wifi chose English name.

 

If so, that might smooth direct deposit of any refund checks.

[KhunHeineken]

16 hours ago, NJHOUSE said:

Lacessit is wrong.

Yes.  I agree. 

Edited Wednesday at 08:53 PM by KhunHeineken

[Ben Zioner]

22 hours ago, Lacessit said:

2023 income transferred in 2024 IMO would be taxable. AFAIK it's not if transferred in 2023.

It is the opposite, it has always been taxable if you transferred in 2023, the year or earning. This hasn't change but many people have been evading tax by ignoring this rule. 

 

Anyhow look at this nice picture.

 

 

[samtam]

On 6/26/2024 at 7:29 AM, Lacessit said:

Very interesting the Thai pink ID card doubles as a tax card, thank you.

 

That's good to know. I have the Pink ID, but no TIN, should I need to file.

[samtam]

On 6/25/2024 at 8:54 PM, NoDisplayName said:

In case anyone was wondering, we did ask about the worldwide taxation proposal mentioned by the head of the TRD.

 

Office lady knew nothing about it, and said it was just somebody talking about some idea.  This office will follow the new 2024 remittance rule.  Ignore rumours until a new law is approved.

 

The only phrase I caught between my wife and office lady was "Big Boss."  Not sure if they were referring to me.

 

Seems to a lot of this* around... *"it was just somebody talking about some idea". Some might even suggest the head of RD reinterpreting the tax law, (all inward remittances irrespective of date), is just some idea, certainly without any Act.

 

The present (and hopefully short-lived) government seems to be determined to undermine confidence in Thailand's financial system.

 

On the one hand the clown-in-chief* spends an inordinate amount of time as Thailand's world class salesman, but so far without much to show for it. Whereas, as if to contradict that endeavour, endless "talking about some idea", (including the unintelligible change in condo % ownership law), also seems counterintuitive on the face of it . 

 

Anyway, the game board may be about to be upended when the 3 pending decisions are made by the Constitutional Court, (MPF, Srettha, and Thaksin).....plus the Bhumjaithai Chidchob case, (unless that has already been bought and paid for). In all likelihood Srettha & Thaksin cases will be resolved in the usual manner, (ironically, as the Srettha case is in relation to the money in the cake box method). Plus the Senate "election" seems to be a complete sham.

 

Time for someone to make up something new to float along with the other unmentionables. Weed is still "floating", and not sure how those leaves have been interpreted.

 

*At least someone isn't smiling inanely any longer. Perhaps he can get back to performing a magic trick on the dying property market, without killing the golden geese, that currently seems part of the schtick. 

 

By the way, a former Thai employee at Sansiri informed me that it's founder holds foreigners in disdain, so current actions fall in line with that.

 

 

Edited Thursday at 07:26 AM by samtam

[KhunHeineken]

On 6/27/2024 at 7:23 AM, samtam said:

Some might even suggest the head of RD reinterpreting the tax law, (all inward remittances irrespective of date), is just some idea, certainly without any Act.

Well, Certificates of Residence are supposed to be free, but most pay 300 baht. 

 

Why wouldn't the bosses of TRD offices make up their own rules to put their own snouts in the trough as well? 

 

Said it before, most expat pensioners may not even have to pay any tax, but they MAY have to pay for a document from the TRD, and just like the free Certificate of Residence that is 300 baht, that goes straight into someone's pocket.   

 

We will get to see how it unfolds early next year, but they can change the rules on the fly to suit themselves. 

 

On 6/27/2024 at 7:23 AM, samtam said:

The present (and hopefully short-lived) government seems to be determined to undermine confidence in Thailand's financial system.

Irrelevant to foreigners living here.  The government simply doesn't care.

 

On 6/27/2024 at 7:23 AM, samtam said:

On the one hand the clown-in-chief* spends an inordinate amount of time as Thailand's world class salesman, but so far without much to show for it. Whereas, as if to contradict that endeavour, endless "talking about some idea", (including the unintelligible change in condo % ownership law), also seems counterintuitive on the face of it . 

Relevance? 

 

On 6/27/2024 at 7:23 AM, samtam said:

Anyway, the game board may be about to be upended when the 3 pending decisions are made by the Constitutional Court, (MPF, Srettha, and Thaksin).....plus the Bhumjaithai Chidchob case, (unless that has already been bought and paid for). In all likelihood Srettha & Thaksin cases will be resolved in the usual manner, (ironically, as the Srettha case is in relation to the money in the cake box method). Plus the Senate "election" seems to be a complete sham.

 

And your point in relation to foreigners is????

 

On 6/27/2024 at 7:23 AM, samtam said:

*At least someone isn't smiling inanely any longer. Perhaps he can get back to performing a magic trick on the dying property market, without killing the golden geese, that currently seems part of the schtick. 

The property market has been dead for years, due to oversupply.

 

On 6/27/2024 at 7:23 AM, samtam said:

By the way, a former Thai employee at Sansiri informed me that it's founder holds foreigners in disdain,

So do most Thai's. 

Edited Friday at 02:20 PM by KhunHeineken

[KhunHeineken]

On 6/26/2024 at 11:21 PM, Ben Zioner said:

It is the opposite, it has always been taxable if you transferred in 2023, the year or earning. This hasn't change but many people have been evading tax by ignoring this rule. 

 

Anyhow look at this nice picture.

 

 

Correct.

 

Lacessit thought he would avoid the tax by moving some funds late 2023.  It's tax he should have always been paying, like most, if not all of us. 

 

He's now getting paid a pittance from a Thai bank, and probably losing more in interest than his tax liability in Thailand.