Its Happening - Law to Tax Overseas Income Now in Progress

[topt]

29 minutes ago, chiang mai said:

Wasn't that the shock news very recently that money sent during those "off years", still didn't escape tax? Tbh I wasn't paying close attention to the discussion because of vacation planning. And now on hols, I'm not going to look it up but I do think there is still a tax liability. Perhaps others can chip in?

Yes that was clear on the recent Expattax video and seemingly confirmed on the TRD website graphics. Money earnt but not remitted whilst tax resident becomes assessable if it is ever remitted in the future.

 

PS - enjoy your vacation.

[ukrules]

11 hours ago, chiang mai said:

Wasn't that the shock news very recently that money sent during those "off years", still didn't escape tax? Tbh I wasn't paying close attention to the discussion because of vacation planning. And now on hols, I'm not going to look it up but I do think there is still a tax liability. Perhaps others can chip in?

 

Only if you earn the money in a year when you're a tax resident, if that's the case then you are taxed whenever you bring it in.
 

[oldcpu]

11 hours ago, topt said:

Yes that was clear on the recent Expattax video and seemingly confirmed on the TRD website graphics. Money earnt but not remitted whilst tax resident becomes assessable if it is ever remitted in the future.

 

 

According to the Thai Revenue Department order no. P.162/2023 this only applies to income earned from 1-Jan-2024 onward.  Money earned prior can be brought into the country after 1-Jan-2024 with no tax by Thailand.

 

I suspect one will though need to keep good financial records to credibly show the money (brought into Thailand after 1-Jan-2024)  was earned prior to 1-Jan-2024.

 

Of course this could all change, but that is my understanding from the Thai Revenue Department order no. P.162/2023.

Edited Tuesday at 02:05 PM by oldcpu

[oldcpu]

For those not familiar with the Thai Revenue Department order no. P.162/2023 ... Here is a google translation (from Thai to English).  Obviously a google translation is NOT official. 

 

Again - disregard the format !!! as its a Goggle Translation.  It is not an official translation - rather this is the presentation google gives when one drags an image document into Google to translate.

 

Edited Tuesday at 02:30 PM by oldcpu

[Njoku]

On 9/8/2024 at 6:56 PM, Danderman123 said:

If Thailand imposes a worldwide income tax, Farangs will depart in droves.

 

I would reside in Thailand for 179 days a year, and visit other countries.

 

 

You are not very intelligent or are very rich, the pittance in tax you would need to pay here or none at all would pale in airfares and hotels before finding somewhere to rent in foreign lands....

[Danderman123]

24 minutes ago, Njoku said:

You are not very intelligent or are very rich, the pittance in tax you would need to pay here or none at all would pale in airfares and hotels before finding somewhere to rent in foreign lands....

You have no idea how much I would have to pay in Thai capital gains tax.

 

I have Founder's shares in 2 aerospace companies.