Using an overseas Debit Card to minimise paying tax for those of us staying over 180 days

[4MyEgo]

2 minutes ago, chiang mai said:

Or you could meet under a bridge at midnight wearing raincoats with the collar turned up and hat pulled down over the eyes. You both carry identical brown paper bags, one containing money, the other containing bologna sandwiches. Then, just as you pass each other you could exchange bags and nobody will be the wiser.

 

Sorry, couldn't resist. 🙂

 

Whatever floats your boat.

 

Hey, if you want to pay taxes, because someone says you have to, then knock yourself out, "whatever floats your boat".

 

I see no reason too pay taxes on monies I earn from abroad, just because some dipstick came up with a brainstorm of an idea to get a promotion, as I said much earlier, I contribute to their GDP 10 fold to what their Thai Citizens who work at a 7/11 do, so why pick on us, because we have money, yeh nah, not going to be taking tax from me in my life time.

 

Where there's a way (legally), I will find it if I haven't already in this "brainstorm" idea, loan to the family overseas being paid back.

[Mike Teavee]

10 minutes ago, 4MyEgo said:

2) I can't see how a no interest loan arrangement is reducing tax to be paid when there is no tax payable in the home country, as taxes would have already been paid on the funds being advanced for the interest free loan.

What you're proposing sounds similar to the "K2 Scheme" https://en.wikipedia.org/wiki/K2_(tax_scheme) which HMRC classified as "Aggressive Tax Avoidance".

 

 

 

[chiang mai]

Just now, 4MyEgo said:

 

Hey, if you want to pay taxes, because someone says you have to, then knock yourself out, "whatever floats your boat".

 

I see no reason too pay taxes on monies I earn from abroad, just because some dipstick came up with a brainstorm of an idea to get a promotion, as I said much earlier, I contribute to their GDP 10 fold to what their Thai Citizens who work at a 7/11 do, so why pick on us, because we have money, yeh nah, not going to be taking tax from me in my life time.

 

Where there's a way (legally), I will find it if I haven't already in this "brainstorm" idea, loan to the family overseas being paid back.

I continue to think that most people in the average income category will pay little or no additional income tax in Thailand.....have you run the numbers to see what your position looks like?

[4MyEgo]

14 minutes ago, chiang mai said:

I continue to think that most people in the average income category will pay little or no additional income tax in Thailand.....have you run the numbers to see what your position looks like?

 

Like I said earlier, I remit around a mil per year to survive on, and when taking out deductions for a 65 year old (195,000), self (60,000), wife (60,000), threshold (150,000) shopping (50,000) that comes to 515,000 baht.

 

I would pay tax on the balance of 485,000 which comes to about 120,000 baht if I did the math correctly.

 

You might say it's nothing, but to me, it's 120,000 baht of my money that I have already paid taxes on over the years and put into a property which I then later sold, so why double dip because they can't collect the taxes from their own.

 

[chiang mai]

1 minute ago, 4MyEgo said:

 

Like I said earlier, I remit around a mil per year to survive on, and when taking out deductions for a 65 year old (195,000), self (60,000), wife (60,000), threshold (150,000) shopping (50,000) that comes to 515,000 baht.

 

I would pay tax on the balance of 485,000 which comes to about 120,000 baht if I did the math correctly.

 

You might say it's nothing, but to me, it's 120,000 baht of my money that I have already paid taxes on over the years and put into a property which I then later sold, so why double dip because they can't collect the taxes from their own.

 

What is the source of the funds, savings, Governement pension, state pension, SSc, investments etc etc ?

[4MyEgo]

21 minutes ago, Mike Teavee said:

What you're proposing sounds similar to the "K2 Scheme" https://en.wikipedia.org/wiki/K2_(tax_scheme) which HMRC classified as "Aggressive Tax Avoidance".

 

 

 

 

Thankfully I'm not from the UK, but as mentioned, there is no tax for gifting in my home country, or providing a family member a loan, providing there is no interest payable on it, otherwise tax is payable on it.

 

It's when it is remitted here as a lone that is paid back is the question as we know gifting has taxing rights here.

[4MyEgo]

Just now, chiang mai said:

What is the source of the funds, savings, Governement pension, state pension, SSc, investments etc etc ?

 

I suppose you could say the loan would be from savings, albeit it is a mixed account that tax free investments get paid into, that is where it gets sticky I believe.

[chiang mai]

2 minutes ago, 4MyEgo said:

 

I suppose you could say the loan would be from savings, albeit it is a mixed account that tax free investments get paid into, that is where it gets sticky I believe.

I just did a quick mental calc and tax on 485K comes to around 47k baht, I suggest you run your numbers again. Plus, if some of your income is from savings, the taxable amount will be much less.

 

 

[4MyEgo]

4 minutes ago, chiang mai said:

I just did a quick mental calc and tax on 485K comes to around 47k baht, I suggest you run your numbers again. Plus, if some of your income is from savings, the taxable amount will be much less.

150,000-300,000 (150,000) x 5% = 7,500

300,000-500,000 (200,000) x 10% = 20,000

500,000-750,000 (250,000) x 15% = 37,500

750,000- 1,000,000 (250,000) x 20% = 50,000

 

I come up with 115,000

 

How did you come up with 47,000 ?

[chiang mai]

Just now, 4MyEgo said:

150,000-300,000 (150,000) x 5% = 7,500

300,000-500,000 (200,000) x 10% = 20,000

500,000-750,000 (250,000) x 15% = 37,500

750,000- 1,000,000 (250,000) x 20% = 50,000

 

I come up with 115,000

 

How did you come up with 47,000 ?

I deducted your TEDA......were you not going to.

[4MyEgo]

4 minutes ago, chiang mai said:

I deducted your TEDA......were you not going to.

 

Edit:

 

I did, it was the 515,000

[chiang mai]

Just now, 4MyEgo said:

 

I might be behind the times, I have heard of TEDA, so please enlighten me.

TEDA = Tax Exemptions Deductions and Exemptions, it's the 515K allowances you listed. Take 1 million, minus 515k TEDA, leaves 485K, that's your taxable amount. Apply the tables to the 485k and you get something like 45k ish 

[bkk6060]

Gift scenerio:  Someone mentioned about gifting to exgirlfriends.  I think there are more then people think who do this.

So, you send her monetary gifts  She has her own house, car etc.  You receive nothing back from the gift.  Except, you do go and visit her a few times a year and you stay in a hotel.  She comes to your hotel and you have sex with her.  Let's say 10 times a week.  She does this over appreciation for the gifts you send.  If you didn't send it she would not meet you.  Isn't this receiving something back from your kind gift?  How would this possibly be taxed?

[4MyEgo]

1 minute ago, 4MyEgo said:

 

I might be behind the times, I have heard of TEDA, so please enlighten me.

 

Just now, chiang mai said:

TEDA = Tax Exemptions Deductions and Exemptions, it's the 515K allowances you listed. Take 1 million, minus 515k TEDA, leaves 485K, that's your taxable amount. Apply the tables to the 485k and you get something like 45k ish 

 

6 minutes ago, chiang mai said:

150,000-300,000 (150,000) x 5% = 7,500

300,000-500,000 (200,000) x 10% = 20,000

500,000-750,000 (250,000) x 15% = 37,500

750,000- 1,000,000 (250,000) x 20% = 50,000

 

I come up with 115,000

 

I did and this is what I came up with.

[chiang mai]

1 minute ago, 4MyEgo said:

 

 

 

I did and this is what I came up with.

Your table shows you're calculating tax on 1 mill, not on 485k

[4MyEgo]

Just now, chiang mai said:

Your table shows you're calculating tax on 1 mill, not on 485k

 

Your right, actually I was calculating it on 850,000 after taking the 150,000 threshold out.

 

That's more respectable, I have to say, but still.

[chiang mai]

Just now, 4MyEgo said:

 

Your right, actually I was calculating it on 850,000 after taking the 150,000 threshold out.

 

That's more respectable, I have to say, but still.

Now reduce the 1 million remittance by the amount of savings you remit and reduce the annual amount.

[4MyEgo]

Just now, chiang mai said:

Now reduce the 1 million remittance by the amount of savings you remit and reduce the annual amount.

 

BINGO !

[chiang mai]

Just now, 4MyEgo said:

 

BINGO !

Thank you for playing...

Next. :))

[4MyEgo]

1 minute ago, chiang mai said:

Now reduce the 1 million remittance by the amount of savings you remit and reduce the annual amount.

 

So just to clear this up, if I was to say make 500,000 baht on tax free investments in my home country and the other 500,000 was from savings, I would basically be paying no tax ?

[sometimewoodworker]

29 minutes ago, 4MyEgo said:

 

Like I said earlier, I remit around a mil per year to survive on, and when taking out deductions for a 65 year old (195,000), self (60,000), wife (60,000), threshold (150,000) shopping (50,000) that comes to 515,000 baht.

 

I would pay tax on the balance of 485,000 which comes to about 120,000 baht if I did the math correctly.

 

You might say it's nothing, but to me, it's 120,000 baht of my money that I have already paid taxes on over the years and put into a property which I then later sold, so why double dip because they can't collect the taxes from their own.

 

You are missing the 100,000 deduction for expenses, you have no in-laws? Your wife doesn’t have life insurance? You don’t have life insurance. You pay no tax in your country that can be offset against Thai tax?

[chiang mai]

Just now, 4MyEgo said:

 

So just to clear this up, if I was to say make 500,000 baht on tax free investments in my home country and the other 500,000 was from savings, I would basically be paying no tax ?

Not necessarily. Just because an investment is tax free in your home country, doesn't mean it's tax free here, in fact, it almost certainly wont be. But if you have reduced your remittance from 1 mill to 500k of savings, and your TEDA is 500k, you pay no tax anyway.

[chiang mai]

1 minute ago, sometimewoodworker said:

You are missing the 100,000 deduction for expenses, you have no in-laws? Your wife doesn’t have life insurance? You don’t have life insurance. You pay no tax in your country that can be offset against Thai tax?

What 100k for expenses for what? His income is from savings, there is no standard deductions for expenses on savings.

[4MyEgo]

Just now, chiang mai said:

Not necessarily. Just because an investment is tax free in your home country, doesn't mean it's tax free here, in fact, it almost certainly wont be. But if you have reduced your remittance from 1 mill to 500k of savings, and your TEDA is 500k, you pay no tax anyway.

 

That's what I was trying to say.

 

I remit 500,000 baht made from investments and 500,000 baht from savings, and by the time TEDA is taken into consideration, it's basically ZERO.

 

Never played Bingo, but liking it 🙂

 

[4MyEgo]

2 minutes ago, chiang mai said:

What 100k for expenses for what? His income is from savings, there is no standard deductions for expenses on savings.

 

I see there is 50% of pension income of up to 100k, could I claim that my investments are for my pension income up to 100k ? (Self retiree), ones got to ask.

[chiang mai]

3 minutes ago, 4MyEgo said:

 

That's what I was trying to say.

 

I remit 500,000 baht made from investments and 500,000 baht from savings, and by the time TEDA is taken into consideration, it's basically ZERO.

 

Never played Bingo, but liking it 🙂

 

Suggest you read the following to see what else you can claim, although it doesn't seem like you need to find anything else.:

 

https://www.pwc.com/th/en/tax/assets/thai-tax/thai-tax-booklet-2023-24.pdf

[chiang mai]

Just now, 4MyEgo said:

 

I see there is 50% of pension income of up to 100k, could I claim that my investments are for my pension income up to 100k ? (Self retiree), ones got to ask.

The pension income would have to come from an approved pension plan, in order to claim the expenses.

[sometimewoodworker]

3 minutes ago, chiang mai said:

What 100k for expenses for what? His income is from savings, there is no standard deductions for expenses on savings.

The deduction for expenses are for the expenses related to remitting money to Thailand  Is a standard deduction requiring no proof or receipts 

[sometimewoodworker]

2 minutes ago, 4MyEgo said:

 

I see there is 50% of pension income of up to 100k, could I claim that my investments are for my pension income up to 100k ? (Self retiree), ones got to ask.

The item you are referring to is extremely badly and incorrectly worded. It is the expenses listed in my post

[chiang mai]

Just now, sometimewoodworker said:

The deduction for expenses are for the expenses related to remitting money to Thailand  Is a standard deduction requiring no proof or receipts 

That's the first I've heard of that so I'll have to look into it, do you have a link from a rleiable source that describes that specifically, rather than just a link to the TRD site? All the standard deductions and allowances I'm aware of are associated with specific income groups, rather than a general overall remitting money.