world wide income taxation update

[Presnock]

For all the expats here - today's post has an article about the worldwide income taxation.  Supposedly the bill to amend the tax code is being drafted now.  some income interpretation still reportedly ongoing.  Looks like this will be happening sooner rather than later. But until the bill is approved and published, we will only learn the details at that time.  Best of luck to all as we get ready for this year's remittances that are assessable.

[KannikaP]

26 minutes ago, Presnock said:

For all the expats here - today's post has an article about the worldwide income taxation.  Supposedly the bill to amend the tax code is being drafted now.  some income interpretation still reportedly ongoing.  Looks like this will be happening sooner rather than later. But until the bill is approved and published, we will only learn the details at that time.  Best of luck to all as we get ready for this year's remittances that are assessable.

Source of your scaremongering post please.

[Presnock]

2 minutes ago, KannikaP said:

Source of your scaremongering post please.

google the post recent stories - is dated 6 September for the full article.

 

 

3 minutes ago, KannikaP said:

Source of your scaremongering post please.

it is only scare mongering if one is against paying taxes.  Unless the tax laws are really changed completely, and current visas are changed too on exemption then I am not scared.  Since we only get very little information on this subject, instead of quoting the entire article I just advised people where they can access the article and read if for themselves.  No dates are given but since they indicate the new law is being drafted...who knows when it will become law even if is written as it has to be approved by the govt.

[KannikaP]

8 minutes ago, Presnock said:

google the post recent stories - is dated 6 September for the full article.

 

 

it is only scare mongering if one is against paying taxes.  Unless the tax laws are really changed completely, and current visas are changed too on exemption then I am not scared.  Since we only get very little information on this subject, instead of quoting the entire article I just advised people where they can access the article and read if for themselves.  No dates are given but since they indicate the new law is being drafted...who knows when it will become law even if is written as it has to be approved by the govt.

No link to the article in your OP.

[BKKKevin]

Another acorn has fallen from the tree... 

[Ben Zioner]

This was first published by the same newspaper early June. As I don't know how resilient RD 743 will be to this change, when this comes into effect, I have been cutting expenditure at the level of  my tax exposure of 22%. Been looking also at the possibility of staying out of country 186 days a year.

 

Right know we should all advertise that we have the means to make such a change ineffective as we either won't spend our money in this excrement hole and/or spend their expected tax revenue elsewhere by becoming pleasantly nomadic. I can see myself 3 months in Malaysia and another in Vietnam.

Edited September 7 by Ben Zioner

[Ben Zioner]

12 minutes ago, KannikaP said:

No link to the article in your OP.

Not allowed on AN. But you can find it in less than a second.

Edited September 7 by Ben Zioner

[Foxx]

1 minute ago, Ben Zioner said:

Not allowed on AN.

 

I believe there's been a change of policy and links to Bangkok Post are now allowed.  Anyway ...

 

https://www.bangkokpost.com/business/general/2860812/law-to-tax-income-from-overseas-in-the-works

[Presnock]

3 minutes ago, Ben Zioner said:

This was first published by the same newspaper early June. As I don't know how resilient RD 743 will when this comes into effect I have been cutting expenditure at the level of  my tax exposure of 22%. Been looking also at the possibility of staying out of country 186 days a year.

 

Right know we should all advertise that we have the means to make such a change ineffective as we either won't spend our money in this excrement whole and/or spend their expected tax revenue elsewhere by becoming pleasantly nomadic.I can see myself 3 months in Malaysia and another in Vietnam.

Yeah, I can see a lot of folks will be considering less expenditures here too...and this is most likely happening in many other countries too since the 2023 OECD agreement signing and some countries will see an opportunity most likely to lure some retirees by not taxing pensions at all, only real earned money.  We'll see.,.

[JohnnyBD]

21 minutes ago, KannikaP said:

No link to the article in your OP.

Just type in Bangkok Post worldwide income on Google search. It was published yesterday, 6 Sep 2024

Hopefully, it will never come to pass, but if it does, I will simply stay less than 180 days in Thailand, and more time visiting my children in my home country.

 

PUBLISHED : 6 Sep 2024

WRITER: Wichit Chantanusornsiri

Edited September 7 by JohnnyBD

[Dan O]

34 minutes ago, Presnock said:

google the post recent stories - is dated 6 September for the full article.

 

 

it is only scare mongering if one is against paying taxes.  Unless the tax laws are really changed completely, and current visas are changed too on exemption then I am not scared.  Since we only get very little information on this subject, instead of quoting the entire article I just advised people where they can access the article and read if for themselves.  No dates are given but since they indicate the new law is being drafted...who knows when it will become law even if is written as it has to be approved by the govt.

I haven't seen the article but in my opinion based on history here the news articles about this issue are never accurate or have little to do with what's really going on. They are generally based on statements made by govt officials that aren't even connected directly but willing to comment although this may be some information from the revenue department but not someone involved with actually changing tax regulation.

 

  So far only the interpretation of one section has been "changed". Whatever changes that will go into effect aren't reportable until next year anyway. The issue to deal with on the RD's side will be the mechanics of how they will monitor, control and collect tax so they have a tougher situation to deal than anyone. 

Edited September 7 by Dan O

[Thailand J]

I  have read the article, very few useful info.

It appears that TRD is targeting overseas earned income and overseas private fund inventing income. Overseas mutual fund investment income will not be taxed, which is the opposite of what used to be.

 

[anrcaccount]

2 hours ago, Dan O said:

I haven't seen the article but in my opinion based on history here the news articles about this issue are never accurate or have little to do with what's really going on. They are generally based on statements made by govt officials that aren't even connected directly but willing to comment although this may be some information from the revenue department but not someone involved with actually changing tax regulation.

 

  So far only the interpretation of one section has been "changed". Whatever changes that will go into effect aren't reportable until next year anyway. The issue to deal with on the RD's side will be the mechanics of how they will monitor, control and collect tax so they have a tougher situation to deal than anyone. 

 

Well said. 

 

This "article" contains no new information. 

 

It's not even an "update on worldwide taxation".

 

It's simply a rehash of a report originally published in June. Much of the text is in fact identical to that of various articles published/ syndicated on June 5th.

 

 

 

 

 

 

[neilrob]

Even if they manage to draft a workable law, there is a huge difference between drafting a law and getting it past parliament. I am sure there are many in parliament who would be affected by the law and would not be at all keen on passing it...

[CallumWK]

26 minutes ago, neilrob said:

I am sure there are many in parliament who would be affected by the law and would not be at all keen on passing it...

 

Have you ever knows someone higher up in government being affected by any law?

[Everyman]

Notwithstanding how unlikely it is this will go anywhere, doing so really undermines their attempts to attract “high net worth” individuals. Rich people aren’t going to expose themselves to the whims of revenue department auditors. They will stay out of Thailand for the required 187 days or whatever the number is and spend their money somewhere else. All this will do is take money out of the Thai economy. 

[neilrob]

20 hours ago, Everyman said:

Notwithstanding how unlikely it is this will go anywhere, doing so really undermines their attempts to attract “high net worth” individuals. Rich people aren’t going to expose themselves to the whims of revenue department auditors. They will stay out of Thailand for the required 187 days or whatever the number is and spend their money somewhere else. All this will do is take money out of the Thai economy. 

You are right about this. Just the possibility of this happening will discourage wealthy expats and hence damage the economy

[hunkidori]

Nothing will happen that will affect the average Joe's amongst us. As has been said nothing has even passed through parliament yet for God's sake.

 

[KhunHeineken]

On 9/9/2024 at 2:20 AM, hunkidori said:

Nothing will happen that will affect the average Joe's amongst us.

Link please. 

[Presnock]

6 hours ago, KhunHeineken said:

Link please. 

Actually based on all the comments in this Forum alone, I think that there will be some expats from some countries other than the US, UK, Aussies that might have some problems but since I am totally unfamiliar with any other than the US I am just guessing how things will shake out in the end just like 99% of the users of this forum.  But, I do wish the best and happiness for all.

[KhunHeineken]

11 hours ago, Presnock said:

Actually based on all the comments in this Forum alone, I think that there will be some expats from some countries other than the US, UK, Aussies that might have some problems

Why do you think expats from US, UK, and Australia will have no problems?  Money is money, and the Thai's want it from everyone. 

 

 

[NE1]

Question , if an expat is here on a yearly extension and they are going by the 65,000 baht a month route , that is a yearly income of 780,000 baht.

That is in the tax band of 20% . So if they pay the 20% tax of 156,000 baht this leaves 624,000 baht , which is 52,000 baht a month , doesn't that take them below the 65,000 baht a month required for their extension ?

[sungod]

Just what we need, another thread for people to get their knickers in a twist on a subject no one (even the Thai government) knows anything about.

 

OP is a ........

[chiang mai]

2 minutes ago, NE1 said:

Question , if an expat is here on a yearly extension and they are going by the 65,000 baht a month route , that is a yearly income of 780,000 baht.

That is in the tax band of 20% . So if they pay the 20% tax of 156,000 baht this leaves 624,000 baht , which is 52,000 baht a month , doesn't that take them below the 65,000 baht a month required for their extension ?

There are too many other considerations to be able to give a straight yes no answer to your question.

 

Is the 780,000 per year assessable income is it exempt or a combination thereof? The answer to that question determines how much tax might be paid.

 

Then there's the question of exemptions/deductions. potentially those things could reduce the tax obligation to zero.

 

 

 

[jaywalker2]

This is a Thaksin policy so the real question is how long Paetongtarn is going to be around. If she does, the policy will most likely go too.

[chiang mai]

1 minute ago, jaywalker2 said:

This is a Thaksin policy so the real question is how long Paetongtarn is going to be around. If she does, the policy will most likely go too.

I doubt it, the civil service infrastructure remains, even though government parties and leaders change, the tax idea has legs under any government.

[NE1]

13 minutes ago, chiang mai said:

Then there's the question of exemptions/deductions. potentially those things could reduce the tax obligation to zero.

I would like to know more about those.

[jaywalker2]

7 minutes ago, chiang mai said:

I doubt it, the civil service infrastructure remains, even though government parties and leaders change, the tax idea has legs under any government.

Remember, it was Thaksin who raised the retirement requirement to 800,000. And it was Srettha (a minion of Thaksin) who proposed the world income tax policy. And it's Paetongtarn who has vowed to overhaul the Thai tax system. This isn't from the bureaucracy, it has Thaksin's fingerprints all over it.

[chiang mai]

 

7 minutes ago, jaywalker2 said:

Remember, it was Thaksin who raised the retirement requirement to 800,000. And it was Srettha (a minion of Thaksin) who proposed the world income tax policy. And it's Paetongtarn who has vowed to overhaul the Thai tax system. This isn't from the bureaucracy, it has Thaksin's fingerprints all over it.

The Revenue Service will have been talking about this for a long time, it just turns out they found a government that was willing to listen and who thought it was a good idea.  Politicians themselves rarely have brilliant ideas, all they do is pick the good ideas  the civil service has been working on for years and which happens to suit their agenda and the economy at the time.

Edited Friday at 02:06 PM by chiang mai

[chiang mai]

11 minutes ago, NE1 said:

I would like to know more about those.