Its Happening - Law to Tax Overseas Income Now in Progress

[chiang mai]

1 minute ago, AndreasHG said:

 

Learn how to write in English!

 

You wrote: "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)."

 

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

Not too  difficult to comprehend if you read it slowly and think!

 

This is social network forum, not an English grammar class.

[twizzian]

The Thai goverment has hit Starmer’s theatre of doom follow me button 

[gearbox]

18 minutes ago, Thaindrew said:

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

By default it is assumed that you are an Australian tax resident. I tick this one, and I am a tax resident indeed. Although in theory you may not be a tax resident anywhere if you move around a lot.

[chiang mai]

2 minutes ago, lordgrinz said:

 

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!

Nobody suggested you would be, I was responding to a specific issue concerning the number of Thai's paying tax.

[jwest10]

10 minutes ago, CharlesHolzhauer said:

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

Just to clarify  and have stated this on a number of posts and have been around to my local tax office several times and the old forms 90 and 91 are titled Income tax on Employment  Thailand,, yet on line 2 stating pensions.

Most of us are below the various thresholds  up to 500 or 560K in any case.
They also stated as you have no employment income in Thailand there is no need to file a form, of which there are none at present for this tax yearl
Too many so-called experts and in any case would not issue a Tin number but have a pink card but means nothing.
We wait until proper communication in English lol comes about!!!

[AndreasHG]

Just now, chiang mai said:

This is social network forum, not an English grammar class.

 

Everyone receives the education they deserve.

[lordgrinz]

Just now, jwest10 said:

Too many so-called experts and in any case would not issue a Tin number but have a pink card but means nothing.
We wait until proper communication in English lol comes about!!!

 

My wife has been using my Pink ID# to show me on her tax return, we never applied for a TIN, so I think you already have what you need (Pink ID).

[Surasak]

22 hours ago, SiamAndy said:

If they want to tax Resident expats, then they should also let us in on the 30 Baht health scheme as well.

The proverbial snowballs chance in hell comes to mind.

[jwest10]

25 minutes ago, chiang mai said:

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)!

now now lol we just want clarification that is all!!!

[BE88]

23 hours ago, lordgrinz said:

So they want us to do 90 day reports, do TM30's, do TM6's, do yearly extensions, do reentry permits, pay farang fees at parks, get COR's for drivers licenses, not allow us to own property, and in the news recently they want to create a farang tax on buying and selling real estate? And now they want to tax us on our WorldWide income, offering nothing in return for that money?! 

 

Give us land ownership, Permanent Residency, no more TM47/TM30/COR's/TM6/Etc., make farang pricing illegal, treat us like tax paying Thai citizens and then maybe being taxed on WorldWide income might make sense.

 

This will never come because we live in a racist country where every foreigner is considered a category B.

 

[Bday Prang]

On 9/7/2024 at 9:34 PM, NoDisplayName said:

How do you say 'hello' in Khmer?

som joy 

[CharlesHolzhauer]

1 hour ago, Danderman123 said:

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

Your ignorance of the Thai tax laws is moderately understandable, but your arrogance may eventually come back to bite you.

[mdr224]

I dont live in thailand. But if i did, i wouldnt pay tax. Thats just me though. How many thai people pay taxes? Not many i imagine

[CharlesHolzhauer]

1 hour ago, Cabradelmar said:

This will effectively eliminate the benefit of bring able to gift money to your thai wife tax free.

How so?

[redwood1]

14 hours ago, chiang mai said:

Stop it!!!

 

One third of the foreigner population in Thailand is NOT locked away in remote villages, without communications and an awareness of what's going on.

 

How do you know those bar girls don't report that income....I've already said that once in to you in the last hour but you keep asking the same question over again.

 

LoL.........Sir you find a single bar girl who has ever reported a single baht in income no matter how much money a farang sends her every month ......And Sir I will buy you a happy meal...

[sandyf]

3 hours ago, cedel said:

CRS and FATCA: https://web-archive.oecd.org/tax/automatic-exchange/international-framework-for-the-crs/exchange-relationships/index.htm

Many talk about about CRS as though governments are telling each other every time you go to the toilet. I read in an article some time ago that exchanged financial information was to do with unearned income rather than earned income, should have kept  it for reference.

This is what Wiki have to say and my interpretation would be that Item 5 refers to investment/savings accounts rather than current accounts, why say "distributions" rather than "transactions". Also why refer to a "Reportable Account"? , would indicate not all accounts are reportable

Little doubt others will want to read it differently.

 

The information and its exchange format are governed by a detailed standard, whose details are listed in a 44-page long document.^[15]

Each participating country will annually automatically exchange with the other country the below information in the case of Jurisdiction A with respect to each Jurisdiction B reportable account, and in the case of Jurisdiction B with respect to each Jurisdiction A reportable account:^[16]

1. Name, address, Taxpayer Identification Number (TIN) and date and place of birth of each Reportable Person.
2. Account number
3. Name and identifying number of the reporting financial institution;
4. Account balance or value as of the end of the relevant calendar year (or other appropriate reporting period) or at its closure, if the account was closed.
5. Distributions made to the account (dividends, interest, gross proceeds/redemptions, other)   https://en.wikipedia.org/wiki/Common_Reporting_Standard

[Marco100]

On 9/7/2024 at 9:16 PM, Pouatchee said:

happy days... not

so now the nightmare begins

 

 

so now they will have access to our home records... big brother... reallyyyy. 

 

double taxation? these matters really need to be cleared up and imho double taxation is just plain wrong... hope tere will be provisions blocking this.

 

NO TAXATION WITHOUT REPRESENTATION!!!

They already have or will as Thailand has signed the CRS - AEOI and has started to exchange in September 2023 and will in September 2024 . This although not in the OECD wich probably is where yhe pressure of a world wide taxation comes from ....

[sandyf]

55 minutes ago, Henryford said:

In the UK you would get 12500 GBP tax free so it covers all any state old age pension.

No it doesn't.

The UK government have tried to brain wash people into seeing the state pension as a single entity.

[Dave1954]

Double Tax Agreement (DTA)

This agreement exempts any individual residing in Thailand and the country where Thailand has signed the agreement with from paying income taxes on both countries. To clarify, an individual can pay income taxes in the country where the individual is currently residing. The DTA has several purposes regarding income tax:

1. Prevent double taxation for reducing financial burdens among individuals. 

2. Avoid conflicts on taxing rights ensuring income is taxed once or at a reduced rate. 

3. Ensure fair treatment on taxation from discrimination. 

4. Prevent tax evasion and fraud by sharing information with the contractual party.

5. Promote economic activity in stimulating cross-border transactions and investments between the treaty countries.

As of 9th October 2023, Thailand has signed the DTA with 61 countries. Nevertheless, the individual may be subject to double taxation in Thailand and the country where Thailand is not a contractual party to the DTA.

 

Armenia	Australia	Austria
Bahrain	Bangladesh	Belarus
Belgium	Bulgaria	Cambodia
Canada	Chile	China (People’s Republic)
Cyprus	Czechia	Denmark
Estonia	Finland	France
Germany	Hong Kong	Hungary
India	Indonesia	Ireland
Israel	Italy	Japan
Korea	Kuwait	Laos
Luxembourg	Malaysia	Mauritius
Nepal	Netherlands	New Zealand
Norway	Oman	Pakistan
Philippines	Poland	Romania
Russia	Seychelles	Singapore
Slovenia	South Africa	Spain
Sri Lanka	Sweden	Switzerland
Taiwan	Tajikistan	Turkey (Turkiye)
Ukraine	United Arab Emirates	United Kingdom
United States of America	Uzbekistan	Vietnam

 

 

[CharlesHolzhauer]

25 minutes ago, jwest10 said:

Just to clarify  and have stated this on a number of posts and have been around to my local tax office several times and the old forms 90 and 91 are titled Income tax on Employment  Thailand,, yet on line 2 stating pensions.

Most of us are below the various thresholds  up to 500 or 560K in any case.
They also stated as you have no employment income in Thailand there is no need to file a form, of which there are none at present for this tax yearl
Too many so-called experts and in any case would not issue a Tin number but have a pink card but means nothing.
We wait until proper communication in English lol comes about!!!

I would greatly appreciate it if you refrain from hijacking my responses to other posters.

[Unamerican]

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

Time to empty my Thai bank accounts

How will that help?? 

[ikke1959]

2 hours ago, soalbundy said:

I asked the German tax office about taxation, they told me that my pension isn't taxed in Germany because they assume it would be taxed in Thailand, so I haven't paid tax anywhere for 20 years,....... now is pay day.

Same in the  Netherlands, however I pay tax here, because I can claim my paid tax back in the Netherlands.. That is fair , but I don't gonna pay more here.

[Unamerican]

7 minutes ago, Dave1954 said:

Double Tax Agreement (DTA)

This agreement exempts any individual residing in Thailand and the country where Thailand has signed the agreement with from paying income taxes on both countries. To clarify, an individual can pay income taxes in the country where the individual is currently residing. The DTA has several purposes regarding income tax:

1. Prevent double taxation for reducing financial burdens among individuals. 

2. Avoid conflicts on taxing rights ensuring income is taxed once or at a reduced rate. 

3. Ensure fair treatment on taxation from discrimination. 

4. Prevent tax evasion and fraud by sharing information with the contractual party.

5. Promote economic activity in stimulating cross-border transactions and investments between the treaty countries.

As of 9th October 2023, Thailand has signed the DTA with 61 countries. Nevertheless, the individual may be subject to double taxation in Thailand and the country where Thailand is not a contractual party to the DTA.

 

Armenia	Australia	Austria
Bahrain	Bangladesh	Belarus
Belgium	Bulgaria	Cambodia
Canada	Chile	China (People’s Republic)
Cyprus	Czechia	Denmark
Estonia	Finland	France
Germany	Hong Kong	Hungary
India	Indonesia	Ireland
Israel	Italy	Japan
Korea	Kuwait	Laos
Luxembourg	Malaysia	Mauritius
Nepal	Netherlands	New Zealand
Norway	Oman	Pakistan
Philippines	Poland	Romania
Russia	Seychelles	Singapore
Slovenia	South Africa	Spain
Sri Lanka	Sweden	Switzerland
Taiwan	Tajikistan	Turkey (Turkiye)
Ukraine	United Arab Emirates	United Kingdom
United States of America	Uzbekistan	Vietnam

 

 

 

[CharlesHolzhauer]

23 hours ago, SiamAndy said:

If they want to tax Resident expats, then they should also let us in on the 30 Baht health scheme as well.

There is a distinct difference between a tax resident and a non-immigrant.

[ignore it]

Does this mean all the income from hidden investments overseas by Thai politicians, biggies, and police and army generals going to be taxed?

 

I'm sure all those guys are looking forward to that and will push this legislation through.

[Unamerican]

24 minutes ago, Dave1954 said:

This agreement exempts any individual residing in Thailand and the country where Thailand has signed the agreement with from paying income taxes on both countries

No, this is not how many DTAs work in practice. There are many different or visions. 

[Unamerican]

22 minutes ago, sandyf said:

Many talk about about CRS as though governments are telling each other every time you go to the toilet. I read in an article some time ago that exchanged financial information was to do with unearned income rather than earned income, should have kept  it for reference.

This is what Wiki have to say and my interpretation would be that Item 5 refers to investment/savings accounts rather than current accounts, why say "distributions" rather than "transactions". Also why refer to a "Reportable Account"? , would indicate not all accounts are reportable

Little doubt others will want to read it differently.

 

The information and its exchange format are governed by a detailed standard, whose details are listed in a 44-page long document.^[15]

Each participating country will annually automatically exchange with the other country the below information in the case of Jurisdiction A with respect to each Jurisdiction B reportable account, and in the case of Jurisdiction B with respect to each Jurisdiction A reportable account:^[16]

1. Name, address, Taxpayer Identification Number (TIN) and date and place of birth of each Reportable Person.
2. Account number
3. Name and identifying number of the reporting financial institution;
4. Account balance or value as of the end of the relevant calendar year (or other appropriate reporting period) or at its closure, if the account was closed.
5. Distributions made to the account (dividends, interest, gross proceeds/redemptions, other)   https://en.wikipedia.org/wiki/Common_Reporting_Standard

But I  have no TIN, anywhere! 

[Arthur Mullard]

Gosh... all those unfortunate Chinese who've moved their kids to schools here... with their Alipay and Wechat transactions evading income tax and banks, while they work remotely from Thailand - or one of them does, usually Mum. I wonder if they'll go unscrutinised? Just a thought.

[Mr Meeseeks]

6 minutes ago, CharlesHolzhauer said:

There is a distinct difference between a tax resident and a non-immigrant.

 

If you are on a non-immigrant visa and stay for over 180 days in Thailand during a calendar year, you are considered a tax resident. 

[bkk_mike]

On 9/7/2024 at 11:29 PM, Guderian said:

 

Why? That's the only bit of your money that's atcually safe from the TRD now if you spend more than 180 days here in a tax year, lol.

 

I wonder if they're going to time this like they did the change in the remittance rules last year so that it comes into force wef the start of the New Year, i.e. 1/1/2025 in this case?

Thai tax year runs on the calendar year, so possibly.

Although as this one needs a law change, I'd expect it to be 1/1/3026 (if ever).

Remember we now have a Prime Minister whose father is well known for using the method of keeping money offshore to avoid tax...