Its Happening - Law to Tax Overseas Income Now in Progress

[Unamerican]

48 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!!!

Are you sure that we are all so poor?? 

[Cabradelmar]

32 minutes ago, CharlesHolzhauer said:

How so?

Because you are no longer taxed on the money you bring in but the money you earn (regardless of if you bring it in or not). It will still be tax free to your wife of course but it will not eliminate your tax liability on the money you earned (regardless of where it was earned).

Edited September 9 by Cabradelmar

[Unamerican]

2 hours ago, WDSmart said:

If this becomes law, it will be most interesting to me to know if the same exemptions can be applied, like, for example, to your Social Security payments. 

What Social Security  payments would they be??  What are these?  I have never heard of them before. 

[NorthernRyland]

7 minutes ago, Arthur Mullard said:

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.

This law was probably made to specially target something. Maybe China has been in talks with Thailand to help them catch tax evaders and draw them back home? who knows.

[Unamerican]

On 9/7/2024 at 11:33 PM, swissie said:

As I write, a new generation of Thai "legal eagles" are preparing to find possibilities for Farangs to circumvent taxation.
For a price.

What price? Please tell us. 

[RocketDog]

On 9/7/2024 at 9:12 PM, CharlieH said:

The proposed amendment would require individuals residing in Thailand for 180 days or more to pay personal income tax on overseas income, even if that income is not brought into Thailand.

This phrase changes everything that I understood about the new law.

Am I missing something?

[parallelman]

32 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

 

 

This is in English. Do you know where to find it written in Thai?

[lordgrinz]

1 minute ago, RocketDog said:

This phrase changes everything that I understood about the new law.

Am I missing something?

 

Right now it is remittance based (Brought into Thailand), they are proposing changing it to WorldWide income, meaning taxing all your income anywhere you make it, not just what you bring into Thailand.

[chiang mai]

1 minute ago, lordgrinz said:

 

Right now it is remittance based (Brought into Thailand), they are proposing changing it to WorldWide income, meaning taxing all your income anywhere you make it, not just what you bring into Thailand.

And it must be agreed in Parliament and by the government, that it will be is not a given.

[Unamerican]

On 9/8/2024 at 12:53 AM, Danderman123 said:

All of my worldwide income is taxed in the USA, so no tax is due Thailand.

What makes you think this? 

[RocketDog]

2 minutes ago, lordgrinz said:

 

Right now it is remittance based (Brought into Thailand), they are proposing changing it to WorldWide income, meaning taxing all your income anywhere you make it, not just what you bring into Thailand.

Thanks, but Yeah I got that part from reading these fora on the subject but it's looks like it could become much worse.

What happened to the DTA agreement exclusions?

[lordgrinz]

Just now, RocketDog said:

Thanks, but Yeah I got that part from reading these fora on the subject but it's looks like it could become much worse.

What happened to the DTA agreement exclusions?

DTA's are still in place, but they don't cover all income, very limited actually.

[Sydebolle]

This slice of undeserved money and extortion might be just a bite too big for the Thai greed. Let's wait and see. 

I - for one - will be wondering how they will deal with my transfers from overseas as literally all the money I have was earned and duly taxed in Thailand over my 40 years of working life here. 

But let's cross the bridge once we get there. Of course they need to generate LOTS of cash now, apart from the public debt somewhere around 90% of the country's GDP it is also clear, that if the promised 10,000 Baht (digitally or analogue) are not being paid out anytime soon, then we shall have riots like in 2019. The frustration then was when they threw out 6+ million votes, last year it was more than double with 14+ votes. Latter remain silent for the time being but the tremendous heat is there and will not go out anymore .........

So they need the money for the most idiotic vote buying scheme I've ever seen, apart from the usual corruption on the massive shopping list by the boys in uniform; the latest with the canteen trays at 515 Baht/piece (on a 10,000 pcs order) compared to a walk-in, buy just one, pricing of 335 Baht. Latter will drop definitely below 300 Baht if you place an order of 10,000 pieces - but uniformed Somchai needs his usual cut of anything around 50% ........... 

[Unamerican]

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

the $47,150 0% LTCG tax rate (2024). 

That much zero-rated!!  No wonder you lot are so insufferably well-off.  

How can any civilisation exist in the modern world without taxing people of such modest means ?? 

Edited September 9 by Unamerican

[jwest10]

I am seeing different opinions on the pink id card and has the same number of digits as the space for Tin space on old form  and some say it acts as your Tin number?

 

[Thailand J]

1 hour ago, TigerandDog said:

check out this interview with an international tax accountant based in Bangkok whose firm specialises in Dual Tax Agreements. I believe this will answer many of your queries

Thanks for the youtube post.

At 26:50, if Roth IRA distribution is tax exempted it will lift a heavy burden off me.

At the end of the video, Hong Kong Trust sounds interesting.

[jwest10]

3 hours ago, jwest10 said:

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

 

got it but still confusing and pink card and Tin some say both acts as the same and others stating no and which is it please?

 

[Unamerican]

2 hours ago, malt25 said:

I have little understanding of this subject. One question I would ask. Doesn't the taxation agreement betwen Thailand and 60 other countries contradict the new legislation ?

There is not just the one agreement! 

[lordgrinz]

7 minutes ago, jwest10 said:

I am seeing different opinions on the pink id card and has the same number of digits as the space for Tin space on old form  and some say it acts as your Tin number?

 

 

It is my TIN number, at least that is what my wife uses on our tax forms every year.

[jwest10]

Just now, lordgrinz said:

 

It is my TIN number, at least that is what my wife uses on our tax forms every year.

Thanks and on your form lordgrinz and my wife does not earn any money and thanks

[Aussie999]

1 hour ago, Mason45 said:

How would that affect me? I'm an 80 yo Aussie married to a Thai. I've lived in Thailand for the past 24 years.. I don't receive the aged pension because I didn't return to Australia prior to my 63rd birthday, My only income is money invested in a term deposit account. The annual return from that account is below the tax threshold, so I don't pay tax in Australia.

if you pay taxes, on interest.. then you do not pay tax in thailand

[Thailand J]

23 minutes ago, Unamerican said:

That much zero-rated!!  No wonder you lot are so insufferably well-off.  

How can any civilisation exist in the modern world without taxing people of such modest means ?? 

Long term capital gains have been taxed at coorperate level before they were distributed to individual investors. At individual level we get a tax break. 0% up to  about $47,000, then 15% up to about $400,000. Top rate is 20%. There is also 3.8% "obama care tax"  for high earners, all together it's still much less then the 35% Thai tax rate.

Kamala is pushing 28% top rate, still a hard sell.

Only a crazy government would tax capital gain at 35% .

 

Edited September 9 by Thailand J

[ballpoint]

After reading the doom and gloom posts on this thread, and all those threatening to leave for a neighbouring country, I wonder how long it will be before those neighbouring countries start building walls to stem the flow of economic refugees fleering Thailand?

[Unamerican]

2 hours ago, Mike Teavee said:

Your UK Bank & HMRC share data with Thailand via CRS. 

 

E.g. Though my bank doesn't know I live in Thailand, HMRC does via my annual Tax Return so they share this data with Thailand & includes my name, date of birth, address & all income (outside of my ISAs).

 

As an aside, my accountant wrote to me last week asking for an up to date proof of address as I normally just email them my new address when I move so they don't have anything formal for my current address.  I don't know if this is a result of a push by HMRC or just them tightening up their processes.

This all sounds highly unlikely!  HMRC in particular are very scrupulous about never asking me about my finances, so they know nothing like this.

Never use an accountant seems to be a good motto.

2 hours ago, AndreasHG said:

 

 

This means that, if you are resident of Thailand, your pension and annuities are only taxed in Thailand. They are not taxable in Thailand (it's possible there are exceptions such as pensions paid to public servants).

 

Seems somewhat self-contradictory!! 

Edited September 9 by Unamerican

[Dogmatix]

If they legislate to collect global tax, it is as sure as God made little green apples that will link tax compliance with visa renewal within a year or two of the change.  If they stick with the recently introduced remittance tax, it is also very likely.  Expats should plan accordingly.

[parallelman]

36 minutes ago, parallelman said:

This is in English. Do you know where to find it written in Thai?

This is on the Thai RD and in English. However searching the site I cannot find the DTA in Thai language. Using the 'Thai'  icon does not give the DTA page in Thai.

Edited September 9 by parallelman

[Aussie999]

1 hour ago, mdr224 said:

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

many live below the threshold 150000 baht/year... approx, 3000 baht/week...approx 430 baht/day

[Lopburikid]

2 hours ago, Henryford said:

 

I presume yes as the Thai tax rates start at around 3000 GBP. In the UK you would get 12500 GBP tax free so it covers all any state old age pension.

OK. Just thinking if the monthly income for a retirement visa is B65,000 ( some IMO say 67) if that is taxed at 10% (yearly) that would reduce your monthly income by 10% or 25% meaning you don't have sufficient money to live on. Just thinking out load.😜 Ps: It hasn't been passed though as yet.

[Unamerican]

2 hours ago, WoodyKenny said:

where they don't tax you..

. . . Yet! 

[proton]

1 hour ago, pub2022 said:

 

It must be hard to live in a country you love so much!

 

The government is not the country, these backstabbers were not even elected to power