ATM fees or Pay tax

[sometimewoodworker]

7 hours ago, Moonlover said:

Sorry pal but I'm not in for a shock at all. Even if they do implement this measure my income is already taxed and covered by a DTA with my home country.

That is an interesting but flawed viewpoint.

to explain if you are tax resident in Thailand.

yes; your income is already taxed outside Thailand 

yes; you are covered by the DTA between Thailand and your home country 

yes; some pensions of some countries are excluded from being taxed by Thailand and are not assessable income.

no; just because you bring in already taxed income to Thailand you are not exempt from paying Thai tax.

 

you are required to assess your remitted funds, if they are assessable income you are required to calculate the tax due, there are various allowances that reduce the taxable amount, you can the offset the tax paid outside Thailand against the tax due. In the majority of cases unless you remit a small amount you will have to pay some Thai tax, it will be less than someone not covered by a DTA but the DTA is unlikely to eliminate all of your liability.

[KhunHeineken]

2 hours ago, sometimewoodworker said:

That is an interesting but flawed viewpoint.

I agree.

 

2 hours ago, sometimewoodworker said:

to explain if you are tax resident in Thailand.

yes; your income is already taxed outside Thailand 

yes; you are covered by the DTA between Thailand and your home country 

yes; some pensions of some countries are excluded from being taxed by Thailand and are not assessable income.

no; just because you bring in already taxed income to Thailand you are not exempt from paying Thai tax.

Correct.

 

2 hours ago, sometimewoodworker said:

you are required to assess your remitted funds, if they are assessable income you are required to calculate the tax due, there are various allowances that reduce the taxable amount, you can the offset the tax paid outside Thailand against the tax due. In the majority of cases unless you remit a small amount you will have to pay some Thai tax, it will be less than someone not covered by a DTA but the DTA is unlikely to eliminate all of your liability.

I agree, but as I pointed out in another post, if you are topping up your 800k, tax, if you are using the 65k a month method, tax, if you are paying an agent, you can get around paying tax, but need to pay the agent.  One may be cheaper than the other, but that comes down to individual circumstance.  Either way, pay, pay, pay. 

 

It's laughable to me that so many think NONE of this will come back around to their retirement visa / extension.  We will all have to pay something.  Some people will have to pay big, some people will have to pay small, but it's not just going to go away like it never existed.

[KhunHeineken]

4 hours ago, EVENKEEL said:

I went to Bangkok Bank to open account. They gave me paperwork that said TIN on top. I stopped and left, I only figured it was for Thai ID number. Not doing it.

Are you American?

[KhunHeineken]

3 hours ago, CallumWK said:

I'm sure that in the future, if you have a long stay visa, you will be required to have a tax id, regardless if you transfer money or not, and banks will ask for that if you want to open an account.

I agree. 

 

I don't know why some members think this is an impossibility, particularly as one member has already posted of his experience. 

 

I posted that if it's a requirement for new accounts, how long before the banks request the same from all account holders and some members seem to think it will never happen.  Funny that. 

 

 

[JohnnyBD]

1 hour ago, KhunHeineken said:

I posted that if it's a requirement for new accounts, how long before the banks request the same from all account holders and some members seem to think it will never happen. 

It's certainly a possibility, in the future, that banks are made to require acct holders to get Thai TINs. I don't see a problem with it. If it's required, I will happily get one to comply. I have accts at 3 banks now, and I don't have one, and don't need one.

[Everyman]

3 hours ago, KhunHeineken said:

I agree.

 

Correct.

 

I agree, but as I pointed out in another post, if you are topping up your 800k, tax, if you are using the 65k a month method, tax, if you are paying an agent, you can get around paying tax, but need to pay the agent.  One may be cheaper than the other, but that comes down to individual circumstance.  Either way, pay, pay, pay. 

 

It's laughable to me that so many think NONE of this will come back around to their retirement visa / extension.  We will all have to pay something.  Some people will have to pay big, some people will have to pay small, but it's not just going to go away like it never existed.

 

Well then we will leave, or schedule our time to be outside Thailand most of the year. It’s not rocket surgery. If somehow farangs are made to pay, they will look at which is cheaper - leaving or staying. Most will leave. I certainly have no intention of paying anything.

 

Thailand has changed immensely in the last 20 years and not in a good way. I’m happy to put it behind me. Good timing I guess. 

 

But this is a country that can’t stop people driving on sidewalks. The tax thing will go nowhere. 

[bamnutsak]

Some of us get reimbursed for the ~ 220 THB local ATM fee, while getting the daily VISA exchange rate.

 

Some of us have credit cards that get the daily VISA rate and have zero foreign transaction fees.

 

Some of us get SWIFT wire transfers with no fees (other than the Bangkok Bank TT rate and their 200 - 500 baht fee).

 

 

[Moonlover]

12 hours ago, sometimewoodworker said:

That is an interesting but flawed viewpoint.

to explain if you are tax resident in Thailand.

yes; your income is already taxed outside Thailand 

yes; you are covered by the DTA between Thailand and your home country 

yes; some pensions of some countries are excluded from being taxed by Thailand and are not assessable income.

no; just because you bring in already taxed income to Thailand you are not exempt from paying Thai tax.

 

you are required to assess your remitted funds, if they are assessable income you are required to calculate the tax due, there are various allowances that reduce the taxable amount, you can the offset the tax paid outside Thailand against the tax due. In the majority of cases unless you remit a small amount you will have to pay some Thai tax, it will be less than someone not covered by a DTA but the DTA is unlikely to eliminate all of your liability.

Thank you for your efforts. However I have been into this very thoroughly. I know the details of my home country's DTA and from that I know what can be taxed here and what can't. I also know what offset allowances I am entitled to here in Thailand before any tax is due.

 

I'll do not intend to discuss my personal details, but I have deduced from the above that my taxable income remitted to Thailand will be comfortably below the threshold which would be set before I have to pay any tax here. And even if that wasn't the case, I would be able reclaim any tax paid by having my home country's tax free allowance adjusted accordingly. In other words it would it would be my home country's revenue service that would pay the tax due in Thailand, not me.

 

Have a nice (tax free) day.

[sometimewoodworker]

33 minutes ago, Moonlover said:

I'll do not intend to discuss my personal details, but I have deduced from the above that my taxable income remitted to Thailand will be comfortably below the threshold which would be set before I have to pay any tax here. And even if that wasn't the case,

I have no desire or interest in your personal or financial details and certainly don’t want them.

35 minutes ago, Moonlover said:

I would be able reclaim any tax paid by having my home country's tax free allowance adjusted accordingly. In other words it would it would be my home country's revenue service that would pay the tax due in Thailand, not me

You are either extremely bad a wording your response or have absolutely no concept of how the system functions, possibly both.

 

Your home country will do nothing about changing your allowances because you live in Thailand.

Your home countries taxing authorities will certainly not be paying to the TRD. 
If there is tax due it is you who must pay it.

it is you who must determine what is, and is not, assessable income and if a tax return is required and what tax is due. 
The TRD will decide if they agree or not and if they want to audit you.
 

If they decide to audit you and if you haven’t submitted tax forms (tax forms are not mandatory) they have 10 years to do so

If they decide to audit you and you have submitted tax forms they have 3 years to decide 

The one good point is that audits are not common.

54 minutes ago, Moonlover said:

I have been into this very thoroughly. I know the details of my home country's DTA and from that I know what can be taxed here and what can't. I also know what offset allowances I am entitled to here in Thailand before any tax is due.

Congratulations you are one of the few, but from what you say you don’t know how to phrase that in English.

[Moonlover]

1 hour ago, sometimewoodworker said:

Your home country will do nothing about changing your allowances because you live in Thailand.

Your home countries taxing authorities will certainly not be paying to the TRD. 

https://www.gov.uk/government/publications/double-taxation-treaty-relief-form-dt-individual

 

https://assets.publishing.service.gov.uk/media/637e192f8fa8f56eabf75e5b/Double_Taxation_Treaty_Relief_Form_DT-Individual.pdf

 

If I need any further advise on this and any other issues (including my standard of English!!!!!!!) I'll be sure to ask.

 

Good day.

 

[sometimewoodworker]

26 minutes ago, Moonlover said:

https://www.gov.uk/government/publications/double-taxation-treaty-relief-form-dt-individual

 

https://assets.publishing.service.gov.uk/media/637e192f8fa8f56eabf75e5b/Double_Taxation_Treaty_Relief_Form_DT-Individual.pdf

 

If I need any further advise on this and any other issues (including my standard of English!!!!!!!) I'll be sure to ask.

 

Nothing listed above contradicts anything I have posted. Nothing so far suggests that you actually understand the somewhat complex subject.

 

As paraphrased as a signature line I can post information for you, however I cannot understand it for you.