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Its Happening - Law to Tax Overseas Income Now in Progress


CharlieH

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2 hours ago, Dogmatix said:

 

How are the Venezuelan chicas there?

Didn't see any.

 

Anyway, I have moved on to Costa Rica.

 

I am literally counting the number of days that I have left to stay in Thailand in 2025, so that they don't exceed 179.  I will probably end up with 165 days in Thailand.

 

The latest problem is that I can remit dollars from the US to Thailand tax free, this year. But the dollar is so low that I get killed on the conversion. I am hoping that the baht drops by the end of the year.

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On 9/8/2024 at 1:47 AM, NoDisplayName said:

I don't think it works that way.  Your income may already be taxed, but Thailand will tax at a higher rate.  It's then up to you to (try to) claim Thai tax credit on your US returns.  I believe that's how the DTA works outside of income the US has sole right to tax.

 

All those deductions and exemptions you have under the IRS code?  Not recognized by Thailand.  Thailand will be taxing a much more bigly number.

 

You don't get the $14,600 standard deduction or the $47,150 0% LTCG tax rate (2024).  You do get the 60K baht Thai standard deduction, but your capital gains are taxed as ordinary income, possibly at up to 35%.  That's ALL your capital gains.  You don't get to offset with capital losses.

How will they know what that is? The US won't share tax info. Will Thailand require a copy of the US or home country return be provided by the taxpayer?

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4 minutes ago, JimTripper said:

How will they know what that is? The US won't share tax info. Will Thailand require a copy of the US or home country return be provided by the taxpayer?

When you file, you self assess and self declare. The TRD will either accept at face value, the things you say or they will ask you to provide supporting evidence. The system is no different really to anywhere else in the world.

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1 hour ago, JimTripper said:

How will they know what that is? The US won't share tax info. Will Thailand require a copy of the US or home country return be provided by the taxpayer?

 

Currently, you declare your assessable income.  Unless there's an audit, it seems no documentation required in most instances.

 

Could that change, and TRD will require a (certified?) copy of a home country tax return?  Sure, but not likely.  Too burdensome on everyone.

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3 hours ago, NoDisplayName said:

 

Currently, you declare your assessable income.  Unless there's an audit, it seems no documentation required in most instances.

 

Could that change, and TRD will require a (certified?) copy of a home country tax return?  Sure, but not likely.  Too burdensome on everyone.

This assumes that filing a tax return will be mandatory.

 

Just like wearing a motorcycle helmet.

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So I take it that all of these exemptions previously published are no longer in existence?

 

Quote

23. The Thai tax system contains a series of Allowances, Deductions and Exemptions that will help you reduce your tax bill and they are very generous. It is easily possible for the average expat foreign retiree to reduce their taxable income by 500,000 baht or more each year. For example, a retiree aged 65 years of age, married and living here full  time, supporting a Thai wife who has no income and doesn’t file tax return, is allowed the following:

 

a. Personal Allowance for self - 60,000

b. Personal Allowance for wife - 60,000

c. Over age 65 years exemption - 190,000

d. 50% of pension income received, up to 100k - 100,000

e. In addition, the first 150,000 of assessable income is zero rated and free of tax

 

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6 minutes ago, Ricohoc said:

So I take it that all of these exemptions previously published are no longer in existence?

 

 

I don't know why you would think that, the TEDA (Exemptions, Deductions and Allowances) haven't changed.

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4 minutes ago, Ricohoc said:

The Thailand Revenue Department shows something different on their website.

 

Most of what I posted above is cut in half or gone completely.

 

 

https://www.rd.go.th/english/6045.html 

The list you copied from the tax guide is not intended to be a complete and exhaustive list of all TEDA, only the most common ones. You should always refer to the TRD web site for the latest complete list of TEDA.

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4 minutes ago, chiang mai said:

The list you copied from the tax guide is not intended to be a complete and exhaustive list of all TEDA, only the most common ones. You should always refer to the TRD web site for the latest complete list of TEDA.

 

Where can I find an up to date list of all of the TEDA?  I have been unable to find it on that Thailand Revenue Department website.

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1 minute ago, Ricohoc said:

 

Where can I find an up to date list of all of the TEDA?  I have been unable to find it on that Thailand Revenue Department website.

https://sherrings.com/personal-tax-deductions-allowances-thailand.html

 

https://taxsummaries.pwc.com/thailand/individual/deductions

 

https://www.pwc.com/th/en/tax/thai-tax-booklet-2023.html

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