Its Happening - Law to Tax Overseas Income Now in Progress

[Henryford]

23 minutes ago, Lopburikid said:

What happens if the state pensions from your native country is UNDER the yearly personal  allowance (making it non taxable in your own country) can Thailand still tax it????????

 

I presume yes as the Thai tax rates start at around 3000 GBP. In the UK you would get 12500 GBP tax free so it covers all any state old age pension.

[CharlesHolzhauer]

1 hour ago, NorthernRyland said:

Thailand has thousands of laws which they don't bother to enforce[...]

I would not confuse, for example, traffic laws with tax laws.

[ryandb]

1 hour ago, Shmo said:

Globalist tax regimes are being changed everywhere. Something fishy going on!

Good Morning Vietnam,  or Cambodia, or Laos!

something something something 2030...

[TigerandDog]

check out this interview with an international tax accountant based in Bangkok whose firm specialises in Dual Tax Agreements. I believe this will answer many of your queries.

 

 

Edited September 9 by TigerandDog

[WoodyKenny]

4 minutes ago, shackleton said:

I will wait until they come out with who will pay retired ect

how much of your pension or money transferred  in your bank account here 

It's all still up  in the air 

If its introduced you can make up your mind to stay and pay

Or depart to other shores

Majority will stay not much choice 

They won't get a dime from me.. I'll never open a bank account here..and I'll pop smoke every 178 days.. I pay my fair share to A US government in which made my life and money.. I'll be damn if I'm going to give it to a country that had no part in my making, and yet with out us here, their small mom and pop businesses will feel the burn as I'm back in the Philippines...where they don't tax you..

[Thaindrew]

12 hours ago, Danderman123 said:

I have yet to meet a bargirl who has a clue that such remittances would be accessible. Or a bar patron, for that matter.

 

And that brings us to prior earnings by bargirls, payable by bank transfer. Why aren't those taxable income?

Transferee at a level below the tax threshold and bonuses in cash

[gearbox]

2 hours ago, sandrew33 said:

Well, yes and no. 
 

CRS works across revenue authorities and the Thai revenue authority can make a request of the Australian revenue authority about “Joe Smith” who they believe is a resident of Thailand. 
 

The Aussie revenue authority can then share that information under CRS. 
 

I understand this is less likely than them getting the info if you are honest about Tax residency 🙂 

In theory you are right, Thailand can request this info, and they do have a proof that you were a tax resident.

 

In practice unlikely to happen as it is not an automated exchange, at the home country side all your banks need to be contacted to generate CRS reports manually.

 

As I said before the only way to foolproof this is to stay less than 180 days in Thailand, fortunately easy for me without any extra effort required.

[Presnock]

1 minute ago, WoodyKenny said:

Feel free to send all your money to them if that's how you how you feel. Since when is it right to take what's not yours.

 Remove all the foreigners that feeds this country and watch it implode.  Must be a true liberal...not paying fair share.

  What a joke.. 

Nope, just an American, we have had to pay our "fair share" on income  since we began work as teenagers.  now that 138 countries want their share, all the expats are screaming.  I realize that  we expats are short-changed on rights here but that is part of being able to stay in Thailand.  Other countries too are going through this exercise while some i.e. the PI recognize what the expats bring with them so have written their tax law to help the retirees to stay cheaply.

[parallelman]

On 9/8/2024 at 6:21 AM, ikke1959 said:

They don't have a clue what the local Thai people are doing and earning, how can they know what foreigners are earning/Where and how do they get the information from? I am  not sure if all financial institutions are giving all informations as may countries have a law to protect the personal information. And besides that how do they use all the different languages, forms, etc Almost nobody can speak or read English here.. I think it will be just as everything a lot of screaming but in reality nothing will  happen.

Thais don't like to work

Those expats who already work here are in the sysytem anyway and it's those that are say, retired, that would need to be identified. I think it will just be a matter of time before they make it a immigration requirement. That is, for extensions. I think that this is the important point for some. However, I also think the the country of income (pension) origin might have a DT (under the DTA) claim procedure (I know the UK has one) but even then it might not be satisfactory and another 'hoop' to jump through. 

[IvorBiggun2]

1 hour ago, NorthernRyland said:

Thailand has thousands of laws which they don't bother to enforce  so this is just another piece of paper on a mile high stack.

But when it comes to farangs laws are enforced.

[NorthernRyland]

1 minute ago, CharlesHolzhauer said:

I would not confuse, for example, traffic laws with tax laws.

It's possible and even likely IMO that they only enforce these laws on wealthy people and it goes totally ignored for the rest of us expats. Having this law is an extra tool they have to extort money out of people if need but that doesn't mean they intend to implement an entire system to collect taxes for expats and people on long term tourist visas.

[Presnock]

11 minutes ago, WoodyKenny said:

Can't wait to see this Implode on them. Hubris of them to start, Great way to hault foreigners building dreams. Greed 

The article linked earlier mentions that the RD did not get enough money from buyers of condos this year...now they should be reading the "results of the remittances" not being written this year due to this new law.

[Thaindrew]

3 hours ago, gearbox said:

In Australia your banks etc won't provide CRS summaries unless you indicate you are a tax resident of a specific country. The Thai tax office won't get the income details of all Australians, only those who declared they are Thai tax residents.

Whilst that’s correct, you have to declare somewhere as tax residency right? Cannot just leave it blank? 

[Mason45]

1 hour ago, Aussie999 said:

For any concerned Aussies .  Australia has a double tax agreement with Thailand, so if taxed in Australia, you do not pay tax in Thailand... 

How would that affect me? I'm an 80 yo Aussie married to a Thai. I've lived in Thailand for the past 24 years.. I don't receive the aged pension because I didn't return to Australia prior to my 63rd birthday, My only income is money invested in a term deposit account. The annual return from that account is below the tax threshold, so I don't pay tax in Australia.

[Presnock]

22 minutes ago, CharlesHolzhauer said:

Such as? I am all ears.

After the OECD agreement in 2023 the numbers are shrinking.  But the PI is still wanting retirees to come for a stay.

[chiang mai]

1 hour ago, jwest10 said:

This is a draft and in any case  new forms in English ha ha are being printed later on this year but many and including me can not get a Tin number and even a pink card does not help.
Also been told so many times from my local Revenue I do not need to file and guess most of us are near or below all the allowances etc.
No one  frankly knows and the so-called experts do not either and been told to wait and see.

And you know very well, because you've been told at least a dozen times, that nobody will know until the new forms are released in November, what else might be required and that until then, you need to be patient, (clearly an impossible task)!

[CharlesHolzhauer]

2 minutes ago, Presnock said:

After the OECD agreement in 2023 the numbers are shrinking.  But the PI is still wanting retirees to come for a stay.

My query wasn't directed to you!

[ryandb]

8 minutes ago, TigerandDog said:

check out this interview with an international tax accountant based in Bangkok whose firm specialises in Dual Tax Agreements. I believe this will answer many of your queries.

 

 

I believe he is promoting his services for the most part

[CharlesHolzhauer]

4 minutes ago, Mason45 said:

The annual return from that account is below the tax threshold, so I don't pay tax in Australia.

Mate, you have nothing, absolutely nothing to worry about! Enjoy the rest of your retirement.

[Aussie999]

18 minutes ago, AndreasHG said:

 

 

This means that, if you are resident of Thailand, your pension and annuities are only taxed in Thailand. They are not taxable in Thailand (it's possible there are exceptions such as pensions paid to public servants).

 

you can read the whole agreement here.
https://www.austlii.edu.au/au/other/dfat/treaties/1989/36.html

[lordgrinz]

2 hours ago, sandrew33 said:

The notion that you should pay tax in Thailand if you live in Thailand isn’t a terrible one but it will certainly cause some chaos over the next few years. 

 

Actually it is terrible, the tax liability for us foreigners can be much higher here in Thailand than our own countries, some of us have no tax in our home countries because we fall under taxable limits. 

[chiang mai]

1 hour ago, AndreasHG said:

150k THB is the yearly income threshold. The couple in your example would make 576k THB.

Go back to school!

 

1 person x 12k month = 144k per year

x 2 people = 288k baht per year.

 

First 150k is zero rated for tax so tax free

deductions = 60 x 2 adults  + 1 x 30k child or 150k

Total tax free amount = 150 + 150 or 300k.

 

The couple in my example aree 12k under the threshold for paying tax.

 

[Mr Meeseeks]

20 minutes ago, CharlesHolzhauer said:

I would not confuse, for example, traffic laws with tax laws.

 

Yup. Different story when it comes to stealing and extorting money, they are experts.

[Sevenomma]

Da jen jen, relax. There is no problem. If your homecountry has a taxagreement with Thailand. As my home country have. Everything will continue as before. Its profitable for me. I paid 200 000 thb less in tax in total. I pay tax only on the money I send to Thailand.. I send 1 mill thb every year. 

But if paying tax makeyou scared, feel fre to leave Thailand 😉

[Thaindrew]

1 hour ago, ukrules said:

 

It's not illegal while there's 180 day rules in place.

 

It's not a loophole either.

 

It’s not illegal yes, issue is becoming more with banks insisting you put some country as a residence ideally with a tax code under threat of closing your accounts 

[AndreasHG]

9 minutes ago, chiang mai said:

Go back to school!

 

1 person x 12k month = 144k per year

x 2 people = 288k baht per year.

 

First 150k is zero rated for tax so tax free

deductions = 60 x 2 adults  + 1 x 30k child or 150k

Total tax free amount = 150 + 150 or 300k.

 

The couple in my example aree 12k under the threshold for paying tax.

 

 

Learn how to write in English!

 

You wrote: "So that means both Somachai and his wife can work and earn 24k per month and they don't have to file tax returns (well they should, but no tax would be due)."

 

If they both earn 24k, they earn a total of 48k per month or 576k/year.

 

Edited September 9 by AndreasHG

[BE88]

 

I was getting bored these last two years now you give me the chance to live 6 months in another country.

 

Thank you so much Thai government

[nong38]

The GVT seems to say a lot without much detail of how things will happen at all, how do they propose to inform expat tax  residents that they are expecting them to fill in a tax return?

The CRS is a real big brother item, one of many goings on today which effects our freedoms which are diminishing all the time, part of the globalization that the elite are pushing to control the masses, they use many excuses to take our freedoms away but it is happening the so called democracies are becoming authoritan states, not much better than dictorial ones.

We keep our money in banks, they have control of our money if they so choose they ca refuse to return it, they make up some reason and what can we do these days, fall into line and be good boys and girls.

I don't like it but what can we do?

For those thinking of moving Cambodia has the same tax laws as here pretty much but has yet to enforce them. Malasia does not tax incoming foreign income as yet but the rules can change at the drop of a hat, especially here.

[pub2022]

23 hours ago, proton said:

I would rather die than give these buggers in power any income tax, so leaving for 6 months is certainly an option, even if it costs more.

 

It must be hard to live in a country you love so much!

[lordgrinz]

Just now, chiang mai said:

Go back to school!

 

1 person x 12k month = 144k per year

x 2 people = 288k baht per year.

 

First 150k is zero rated for tax so tax free

deductions = 60 x 2 adults  + 1 x 30k child or 150k

Total tax free amount = 150 + 150 or 300k.

 

The couple in my example aree 12k under the threshold for paying tax.

 

None of us will be taxed like low-income Thai's. My Scenario with my wife making close to the 25% tax rate, means that if I sent over B1 Million here, it would be taxed at about 25%. She paid B86 Thousand in tax last year, if I added B1 Million in remittance to our tax form, it would make our tax obligation B323 Thousand. So I would be paying B237,000 in tax on B1,000,000 of remittance ......I would be paying almost 3 times the amount of tax that my wife paid, that's insane!!! All this while being treated lower than a Soi Dog by the Thai people, Oh Joy!