Hi, is there any website for foreign resident to calculate online the personal income tax in Thailand ? I'm 51 years old, i used to transfer every month (about 40.000 THB) to Thailand my incomes from renting my house in Belgium. I'm married to a thai woman and i have one kid 12 years old. Do you think, i will pay some taxes ?

 

THanks for your help

 

Cheers

Just watched a useful Webinar today from this company ...

https://www.expattaxthailand.com/ask-a-question/

 

They have some useful info on their website.

https://www.rd.go.th/english/65308.html

don't you pay high taxes on rental income in the land of fries and chocolate

(french or vlaams?)

https://thethaiger.com/personal-income-tax-calculation-thailand

It is still.not clear whether or not revised legislation re remittances from abroad, or foreign income, will be enacted. 

1 hour ago, john donson said:

don't you pay high taxes on rental income in the land of fries and chocolate

(french or vlaams?)

yes i do, french....

55 minutes ago, Thingamabob said:

It is still.not clear whether or not revised legislation re remittances from abroad, or foreign income, will be enacted. 

Nonsense, it has been enacted as of Jan 1, 2024.

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12 hours ago, Kinnock said:

Just watched a useful Webinar today from this company ...

https://www.expattaxthailand.com/ask-a-question/

 

They have some useful info on their website.

This, by far the most useful website I have seen so far on this topic. The FAQ section, in particular is very informative.

 

Thanks for bringing it to our attention. 

1 hour ago, Moonlover said:

This, by far the most useful website I have seen so far on this topic. The FAQ section, in particular is very informative.

 

Thanks for bringing it to our attention. 

Yes but I have to question a couple of the statements or at least their implications - (my bolding in the quotes)

Under the FAQs - 

Quote

Thailand signed up to the automatic exchange of information – Common Reporting Standards (CRS) – in 2020. They receive data from over 130 countries that are signed up to CRS. Thailand’s Revenue Department have links with other revenue department software, and they share information automatically every quarter for bank accounts, pensions, credit cards, as well as the account balances and transactions within that quarter for Thai tax residents. Therefore, the information is already being remitted and sent to the Thai Revenue Department. 

Not sure if they mean quarterly from financial institutions in Thailand to TRD only but CRS data is, according to what I have read and mentioned on one of their other pages, an annual exercise within countries.

 

I am also not convinced about the statement to do with credit cards

https://www.expattaxthailand.com/how-crs-enables-thailands-tax-authorities-to-track-your-finances/

 

Quote

ATM Withdrawals and Payments

Expats often ask if withdrawing cash in Thailand from an overseas account or paying a third party, like school fees with a foreign credit card, counts as a remittance taxable in Thailand. The answer is yes. Both types of transactions are seen as remittances into Thailand and are taxable. Under the CRS, these transactions are automatically reported to the Revenue Department, making them aware of these financial activities.

Quote

Details Automatically Reported

• Name
• Address
• Tax identification number
• Account balance or value
• Financial activity, including withdrawals and deposits

This process ensures that comprehensive financial data is shared under the CRS guidelines.

I don't see anything in the OECD CRS info which says that they automatically report every transaction as it specifies - Section 2, A - 

 https://web-archive.oecd.org/tax/automatic-exchange/common-reporting-standard/common-reporting-standard-and-related-commentaries/index.htm#d.en.345314

 

 

You don’t need a calculator. The number is zero. 

3 hours ago, topt said:

Yes but I have to question a couple of the statements or at least their implications - (my bolding in the quotes)

Under the FAQs - 

Not sure if they mean quarterly from financial institutions in Thailand to TRD only but CRS data is, according to what I have read and mentioned on one of their other pages, an annual exercise within countries.

 

I am also not convinced about the statement to do with credit cards

https://www.expattaxthailand.com/how-crs-enables-thailands-tax-authorities-to-track-your-finances/

 

I don't see anything in the OECD CRS info which says that they automatically report every transaction as it specifies - Section 2, A - 

 https://web-archive.oecd.org/tax/automatic-exchange/common-reporting-standard/common-reporting-standard-and-related-commentaries/index.htm#d.en.345314

 

 

I'm just the messenger. Make of it what you will.

19 hours ago, Kinnock said:

Just watched a useful Webinar today from this company ...

https://www.expattaxthailand.com/ask-a-question/

 

They have some useful info on their website.

Their FAQ doesn't seem to work.

32 minutes ago, placnx said:

Their FAQ doesn't seem to work.

Worked for me. Try putting this in your browser and see if it works :-

 

https://www.expattaxthailand.com/your-questions-answered/

8 hours ago, Ben Zioner said:

Nonsense, it has been enacted as of Jan 1, 2024.

 

Nonsense I would say nothing has been enacted legally and every last bit of this stinking tax swamp it very much up in the air...

8 hours ago, Moonlover said:

This, by far the most useful website I have seen so far on this topic. The FAQ section, in particular is very informative.

 

Thanks for bringing it to our attention. 

You reckon? IMO it is clearly retaining essential info, for instance "Yes LTR must file a return on a new form recently posted on TRD's website". But no link to the form provided. Just another one drumming up business.

Edited July 24, 20242 yr by Ben Zioner

7 hours ago, Everyman said:

You don’t need a calculator. The number is zero. 

Thanks for your very specific and enlightening post. Would you mine elaborating and telling us exactly which number is zero? "The number is zero" has to be the most absurdly vague and meaningless post I have ever seen on this forum. Good job. 

2 hours ago, redwood1 said:

 

Nonsense I would say nothing has been enacted legally and every last bit of this stinking tax swamp it very much up in the air...

 

I have to agree. I have been told twice recently, "But the law has been enacted!!"

 

Yes, it has been enacted, now the question is will it be applied? Based on my 15 years of experience in Thailand, I am 75% confident that when they actually realise the insurmountable problems this causes, they will just not do it.

 

But hey, we will see…


 

Edited July 24, 20242 yr by rattlesnake
Typo.

25 minutes ago, rattlesnake said:

 

I have to agree. I have been told twice recently, "But the law has been enacted!!"

 

Yes, it has been enacted, now the question is will it be applied? Based on my 15 years of experience in Thailand, I am 75% confident that when they actually realise the insurmountable problems this causes, they will just not do it.

 

But hey, we will see…


 

 

In a year when nothing has happened the hysteria will have grown even bigger.  I will take a decade before everyone forgets about it. 

 

52 minutes ago, rattlesnake said:

 

I have to agree. I have been told twice recently, "But the law has been enacted!!"

 

Yes, it has been enacted, now the question is will it be applied? Based on my 15 years of experience in Thailand, I am 75% confident that when they actually realise the insurmountable problems this causes, they will just not do it.

 

But hey, we will see…


 

 

In my opinion all this tax talk is directly responsible for Thailand already losing Billions if not Trillions of baht in foreign investment....Which is causing a down turn in the economy...

Which is why 30 day visas were changed to 60....Out of desperation...

 

And the longer this drags out the worse things will get.....And for what? A tiny tea cup full of taxes...lol.....

 

The only solution I see will be to pull the plug on this madness....

Edited July 24, 20242 yr by redwood1

44 minutes ago, Everyman said:

 

In a year when nothing has happened the hysteria will have grown even bigger.  I will take a decade before everyone forgets about it. 

 

 

People have a tendency to forget about stuff very quickly. As soon as the media stop reporting about something, the collective mind moves onto something else…

22 hours ago, topt said:

Yes but I have to question a couple of the statements or at least their implications - (my bolding in the quotes)

Under the FAQs - 

Not sure if they mean quarterly from financial institutions in Thailand to TRD only but CRS data is, according to what I have read and mentioned on one of their other pages, an annual exercise within countries.

 

I am also not convinced about the statement to do with credit cards

https://www.expattaxthailand.com/how-crs-enables-thailands-tax-authorities-to-track-your-finances/

 

I don't see anything in the OECD CRS info which says that they automatically report every transaction as it specifies - Section 2, A - 

 https://web-archive.oecd.org/tax/automatic-exchange/common-reporting-standard/common-reporting-standard-and-related-commentaries/index.htm#d.en.345314

 

 

 

That is because, CRS does not report at that level.

 

This misinformation is put forward purposefully by this tax consultant to create fear and drive their own business.

 

It's a complete falsehood that CRS enables Foreign ATM and credit card transactions to be tracked.