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.

[ukrules]

1 hour ago, Danderman123 said:

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.

 

Just make sure you're non resident in a year when you sell them and you're good to remit any time in the future.

 

Easier said than done but moving somewhere else for a mere 6 months in a given year to avoid a tax bill potentially in the millions of dollars is a no brainer, especially if you're paying no tax or far less tax in some other country.

[Danderman123]

3 minutes ago, ukrules said:

 

Just make sure you're non resident in a year when you sell them and you're good to remit any time in the future.

 

Easier said than done but moving somewhere else for a mere 6 months in a given year to avoid a tax bill potentially in the millions of dollars is a no brainer, especially if you're paying no tax or far less tax in some other country.

I sell stock every year.

 

Which is why I monitor this topic 

[oldcpu]

IMHO if

3 hours ago, Danderman123 said:

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.

 

IMHO than perhaps Thailand is not the place for you - if this is mostly about money?

 

The world is full of fabulous places - and for many of us, where we live is not all about money.  For certain, my decision to retire in Thailand was not only about money. 

 

I think we can ALL think of over a dozen countries in the west where the capital gains costs will be worse than Thailand.  But if money is the issue - well, as noted - the world is large.

 

Reading this thread (and others) it appears that for many that living in Thailand, for them,  is all about money.  Which is fair, but as I noted, then perhaps Thailand is not the right place for those with such a view? ...  Just saying.

Edited 7 hours ago by oldcpu

[topt]

4 hours ago, oldcpu said:

IMHO if

 

IMHO than perhaps Thailand is not the place for you - if this is mostly about money?

 

The world is full of fabulous places - and for many of us, where we live is not all about money.  For certain, my decision to retire in Thailand was not only about money. 

 

I think we can ALL think of over a dozen countries in the west where the capital gains costs will be worse than Thailand.  But if money is the issue - well, as noted - the world is large.

 

Reading this thread (and others) it appears that for many that living in Thailand, for them,  is all about money.  Which is fair, but as I noted, then perhaps Thailand is not the right place for those with such a view? ...  Just saying.

Everyone is entitled to their opinion......

You responded to a particular poster but your response is not particularly empathetic to those who chose to live here from a tax perspective as was and suddenly find themselves potentially having to pay substantially more due to a change in a 30 plus year old tax directive.....

i'm all right Jack springs to mind......

[oldcpu]

1 hour ago, topt said:

Everyone is entitled to their opinion......

You responded to a particular poster but your response is not particularly empathetic to those who chose to live here from a tax perspective as was and suddenly find themselves potentially having to pay substantially more due to a change in a 30 plus year old tax directive.....

i'm all right Jack springs to mind......

 

I see your point  -  but I was specific to a specific poster - DON'T TAKE ME OUT OF CONTEXT.  Further  the vehemence in posting disrespectful comments about Thailand, when Thailand considers applying taxation that is common in most western countries, frankly, shows the vehemence is IMHO in poor taste.

 

That is not a lack of empathy on my part. That is an annoyance on my part at their disrespect for Thailand - when the world is a big place for them and their money, and where Thailand has other options such as LTR visa.

 

But as you say, we are each entitled to our own opinions.  Clearly our opinions are different.

 

One individual poster suggested such taxation could cost them millions of dollars.  I dare say for that amount of money, all they need to do is a relatively very small amount of financial restructuring to meet the LTR visa requirements.  The 50k THB fee (cheaper than a Type-O/OA over a 10 year period if multiple re-entry included) is a no-brain approach for anyone complaining they could pay tax on that amount of money.   After getting the LTR visa they can then watch to see what happens from financial perspective.

 

Further with that sort of money (claiming it costs them millions in tax) they could easily stay 181 days OUTSIDE of Thailand and have a wonderful residence both inside and outside of Thailand - and easily afford 1st class flights back and forth.

 

Again - the vehemence toward Thailand (by those who claim they have a lot of money) is disrespectful and not helpful for those who are trying to understand the system better.

Edited 1 hour ago by oldcpu

[topt]

21 minutes ago, oldcpu said:

Again - the vehemence toward Thailand (by those who claim they have a lot of money) is disrespectful and not helpful for those who are trying to understand the system better.

I have to confess I have not noticed any "vehemence"  towards Thailand from the poster you replied to or others who supposedly have "a lot of money"....  Perhaps you can give some examples?

The 2 particular posters above have made some considerable effort to not be tax resident so that appears (in their case) to nullify your specific criticism?

 

25 minutes ago, oldcpu said:

That is an annoyance on my part......

We all have our crosses to bear.......