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

Good Morning Vietnam,  or Cambodia, or Laos!

6 minutes ago, Presnock said:

Yes while some folks plan to avoid paying any taxes on their income to any country by moving several times a year, that too is basically ILLEGAL

 

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

 

It's not a loophole either.

 

In recent months there has been a surfeit of postings on this subject, mostly indicating a fair degree of concern. The proposed changes have yet to become law. Until that happens best to stay calm. I will not take any action for the time being, however I appreciate other people will have varying personal circumstances which require them to plan for all possible outcomes.

What are people all jumping up and down for on this forum? Doesn't seem to be happening  on other sites.

 

31 minutes ago, Jonathan Swift said:

The elephant in the room is how are they supposed to know how much we make and how much we have in the bank? they can't get those records. All accounting and investment funds are private and password protected. Before that, how are they even going to know where to look? I don't think this will fly. Do they think we're going to voluntarily give them our income and bank information? They would have to sue us in US court, but they would have no legitimate cause of action. 

agree it could make things difficult for them to find info on expat tax residents but, immigration can be  brought into the equation too and affect one's stay here.

6 minutes ago, jwest10 said:

Where ccan I find the tax treaty for uk and Thailand and think did have it but misplaced it Thanks

 

Easy to google DTA between your country and Thailand and indicate if you want it in ENGLISH or Thai or whatever language.  they are available on line easily and also the THai revenue department has copies of some DTA's also in English

I'm still doing absolutely nothing or worrying about it until they actually present me a formal request and tell me how much I owe them. 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.

So have the rules changed. I thought it only applied to money remitted to Thailand, now it's total world income !! Could have a big effect on some people.

Don't forget guys , it is you that is the tax resident in Thailand not any companies you own in Hong Kong etc.

 

So if you have an IT business or similar  , just have a business account in hk or Lithuania ( reduced crs info) etc

 

Pay all rent and bills as expenses from the business account.

Then get a ATM multiple currency card from the bank.

 

Then pay your wife or housekeeper a salary from the business account with most returned to you in cash.

 

Several other things can done as well.

 

Example buying gold using bank transfer then selling back for cash a few hours later.

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

15 minutes ago, chiang mai said:

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

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

27 minutes ago, Jonathan Swift said:

Yeah, I thought of that. I can scan and modify documents, I'm pretty good at it, but I won't need to worry because all I get is social security which is not taxed. I can show a confirmation letter from Social Security as well as the deposits in my bank account if they want to see it. The way things are going I imagine they are going to see a lot of Social Security letters. But I don't claim to be an expert, I am speculating. 

Yes same iwth US govt pensions, we are provided with a 1099R which shows it comes from the OPM, shows annuity yearly, shows taxes with held and probably health insurance.  In addition if necessary one can always show the annuity statements provided by the retirement folks at OPM also which shows monthly money paid, taxes paid  especially the December/January statement.  

1 minute 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... 

 

But in the UK i pay tax at 20% whereas in Thailand the rates quickly rise to 35%. Will i, or Aussies, have to pay any excess tax.

9 minutes ago, Presnock said:

That is why FATCA CSR and the OECD agreement was signed on by 138 countries - where each country agrees to exchange financial data on tax-residents...immigration will eventually fit into the equation too and this all came about due to folks not paying taxes on their income to any country.

Yes, so all those here who think they'll escape the new evil tax by quitting Thailand for some other Third World country are barking up a gum tree. Wait a year or two more and the international agreements now about to be enforced here will be enforced in every vaguely liveable country.

3 minutes ago, NorthernRyland said:

I'm still doing absolutely nothing or worrying about it until they actually present me a formal request and tell me how much I owe them. 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.

Right now, they are waiting for the individual to honor their yearly earnings report but if the RD learns from local banks or CSR reporting about how much you remitted, they might ask you to provide evidence that it is not assessable income.  Not sure how this will come about but they sure seem to be looking for every baht from expats possible.

13 minutes ago, ukrules said:

 

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

 

It's not a loophole either.

 

Exactly what I said, evading taxes is illegal and once countries learn that folks are able to do so legally they will use immigration laws to change tax-residency so that those who still pay no income tax anywhere will have to eventually pay too in my opinion...that is what started all this anyway.

3 minutes ago, Presnock said:

Right now, they are waiting for the individual to honor their yearly earnings report but if the RD learns from local banks or CSR reporting about how much you remitted, they might ask you to provide evidence that it is not assessable income.  Not sure how this will come about but they sure seem to be looking for every baht from expats possible.

There's a yearly earnings report? never heard of it. Probably one of the many laws not enforced that no one even knows about.

1 minute ago, NorthernRyland said:

There's a yearly earnings report? never heard of it. Probably one of the many laws not enforced that no one even knows about.

that would be the assessable income remitted to Thailand tax law which began this year.  If you have no assessable income then you wouldn't be required to get a Tax ID nor  would you have to file the tax forms.  

56 minutes ago, kuzmabruk said:

Also, Thailand, by royal decree of his majesty the King, offers tax exemption to all long term visa holders. Something you don’t see anywhere else in the world.  So for any foreigner who makes a decent income on their investments - there is no income tax. 

Not correct in every case.  Read the decree.

 

It does cover no tax on "remitted" income.

If WW tax comes into to play it will not all be tax free.

Example:  income outside Thailand is 

$10,000 a month.  You remit $5,000 tax free.  The other $5,000 would be taxed.

LTR visa does not cover all WW income unless all income made abroad is remitted.

 

 

27 minutes ago, jwest10 said:

I am British and certainly not proud and it seems the Americans and not being  nationalistic  or not at all racist and it seems the American ex-pats getting all the breaks on this taxation issue  yet the UK and other countries continue to fund all the wars they are involved in and billions upon billions every single day and not one penny for the 550K + frozen British pensioners!!!

The main reason that 138 countries signed onto the OECD 2023 agreement was to stop non-filers of taxes on income to any country - Americans have always had to file every year so this was not so much to "catch" Americans but the other folks from different countries.  But yeah, I think that there might be some Ameicans here too that will be caught up in this.  If your income isn't protected like that in the US DTA then your country didn't write it in any agreement they have with the Thais.

2 minutes ago, Presnock said:

that would be the assessable income remitted to Thailand tax law which began this year.  If you have no assessable income then you wouldn't be required to get a Tax ID nor  would you have to file the tax forms.  

 

There was a form I could download and fill out? yeah I'm not doing that and neither should anyone else. If when I do my extension in December they ask for it I'll do it then.

 

The rule is, never preemptively try to comply with laws unless you need to. This is how Thai people operate too and normal here.

52 minutes ago, tandor said:

so she would identify each deposit as F1, F2, F3 etc.

You mean "loan from boyfriend #1", "loan from boyfriend #2", etc.

On 9/7/2024 at 9:26 PM, CallumWK said:

Time to empty my Thai bank accounts

I think your money is safe for now. I was looking at the taxation on LTR visas. So if you need 800,000 in the bank or 67,000 a month income to obtain the LTR, If they tax that at the high rate it turns your 67,000 into 57,000 (aprox) and your 800,000 into 670,000 (aprox) so how can you then apply for a retirement visa as you won't have enough income to survive (immigration Says). ????????????????  Just a thought. I maybe wrong.

15 minutes ago, NorthernRyland said:

There's a yearly earnings report? never heard of it. Probably one of the many laws not enforced that no one even knows about.

Yeah, when the bargirls start filling out that form, they can help me with mine.

APPEARANTLY THE BROWN ENVELOPES WERE GETTING A LITTLE ON THE THIN SIDE.

18 minutes ago, Presnock said:

Exactly what I said, evading taxes is illegal and once countries learn that folks are able to do so legally they will use immigration laws to change tax-residency so that those who still pay no income tax anywhere will have to eventually pay too in my opinion...that is what started all this anyway.

Is that after they enforce the motorcycle helmet laws?

28 minutes ago, Henryford said:

So have the rules changed. I thought it only applied to money remitted to Thailand, now it's total world income !! Could have a big effect on some people.

This will replace remittance basis taxation which they would have come to realise is impossible to enforce / audit.  

25 minutes ago, mfd101 said:

Yes, so all those here who think they'll escape the new evil tax by quitting Thailand for some other Third World country are barking up a gum tree. Wait a year or two more and the international agreements now about to be enforced here will be enforced in every vaguely liveable country.

Easy peasy.

 

179 days in Thailand, 179 days in some other country. No income tax.

27 minutes ago, Presnock said:

Yes same iwth US govt pensions, we are provided with a 1099R which shows it comes from the OPM, shows annuity yearly, shows taxes with held and probably health insurance.  In addition if necessary one can always show the annuity statements provided by the retirement folks at OPM also which shows monthly money paid, taxes paid  especially the December/January statement.  

Sure.

 

Just show Somchai in the local TRD office those English documents, and everything will be hunky-dory.

25 minutes ago, Presnock said:

Right now, they are waiting for the individual to honor their yearly earnings report but if the RD learns from local banks or CSR reporting about how much you remitted, they might ask you to provide evidence that it is not assessable income.  Not sure how this will come about but they sure seem to be looking for every baht from expats possible.

Actually, not.

 

So far, TRD has done zero to extract baht from Bob in the village, who still doesn't know about any of this.