Its Happening - Law to Tax Overseas Income Now in Progress

[CharlesHolzhauer]

16 minutes ago, Pouatchee said:

thailand aint what it used to be 20yrs ago... thats for sure

Neither in your country nor anywhere else.

[Qld4000]

What a mess , I’ve read so many interpretations of this Tax issue on forums , seen so many YouTube carnival barkers spruiking different angles  and still in the dark other than disappearing for six months & avoiding the problem. 
IF…your total foreign income needs to be declared & submitted to Thai Tax  authorities , do you really want them trawling through your financial affairs & questioning you every step of the way since they like that approach when the option of rinsing you for money is in their hands. 
 

Another thing, will those financials require translating & notarising by a consulate or relevant authority.   Otherwise you could submit anything. 
Will they need to liase with the Tax accountant that prepared your  financials.   ??   Will they require bank statements, details of transactions etc etc ……I can imagine this b@ll<deleted> could drag on indefinitely AND …it’s likely you’ll be interviewed by a tax office “underling “ with no idea either .

 

Even if it’s finally set in stone what is required……do you really want to go through the above process every year with likely follow ups.  
 

At the moment….my affairs are easily done 5 minutes on a Govt website who have ALL my financial info via a TFN tax file no.   That site simply sends me its figures from its data base on me…..I amend if necessary & hit ENTER.     Done & dusted.  
 

Compare that to dealing with Thai tax authorities.    Not a hope in hell. 
 

A change of scenery for 6 months of the year will be a pleasure. A rolling stone gathers no moss & a few blokes here could be better off as a moving target & ATM service as well.  

[Presnock]

6 hours ago, ukrules said:

 

Do you really think they're thinking once about any consequences?

 

Not a chance, there's a very good chance these goons will attempt to enact this BS and once someone notices that everyone with a few million dollars or more in investments has left the country they will attempt to backtrack but it will be too late by then.

 

Many people are currently abandoning the UK due to burdensome taxation which may also be about about to rise based on what I've been reading.

Thailand would do well to encourage these multi millionaires to move to Thailand but instead they're guaranteeing that none of them ever spend more than just a few months there.

In the article on another news item about this possible new scheme - this year so far the condo market is in recession!  Guess foreigners are not buying them anymore.

[lordgrinz]

6 minutes ago, Presnock said:

In the article on another news item about this possible new scheme - this year so far the condo market is in recession!  Guess foreigners are not buying them anymore.

 

It's not just the new income tax schemes, there are also proposals to enact farang only taxes on the buying/selling of those condos and homes, and/or farang only property taxes.

[wozzlegummich]

TAKE A CHILL PILL EVERYONE - They are not after expats with misely bank accounts. They are after fat cat Thai's & Expats that live in Thailand but try to avoid tax by keeping money offshore. Same as many western countries do.

[chiang mai]

2 minutes ago, lordgrinz said:

 

It's not just the new income tax schemes, there are also proposals to enact farang only taxes on the buying/selling of those condos and homes, and/or farang only property taxes.

Link please?

[Bluetongue]

Two further things. 
 

I get it that Thailand needs to increase its tax base and it seems they intend to invest in data matching and other capability to capture foreign sourced income. But do the math. Even if you took an extremely inflated view of what farangs might owe ie 500k people times an average of 50k each that is 25 billion baht, a drop in the bucket. Measure that against a low estimate of what wealthy Thais might owe ie 1mil people by 500k each that is 500 billion baht an absolute shirtload. I think I know what they will be focussed on. 
 

Secondly people keep saying, keep records just to be safe. I’ve always been very bad at this, never to mention detriment. I thought that was what this digital age was all about, they’ve already got it if they want, just saying.

[lordgrinz]

7 minutes ago, chiang mai said:

Link please?

 

https://www.khaosodenglish.com/featured/2024/08/31/expert-urges-government-to-raise-tax-for-foreign-condo-buyers/

[chiang mai]

4 minutes ago, lordgrinz said:

 

https://www.khaosodenglish.com/featured/2024/08/31/expert-urges-government-to-raise-tax-for-foreign-condo-buyers/

Thanks, I'd not seen that before, it looks like they really want to milk the cash cow.

[Pouatchee]

58 minutes ago, 4MyEgo said:

 

20K USA last time I Googled it.

 

I have the dosh and suppose you can call me corrupt, because I ain't giving them squat.

 

Agree Thailand was a better place 20 years ago, still cheap to live, but not if they are going to tax us.

 

this is for canada, but i guess same all over

 

Quote

There are no restrictions on the amount of money you can bring into or take out of Canada, and it is not illegal to do so, as long as you declare it.

This applies to all travellers, couriers and to people carrying money on behalf of someone else.

 

this is from us

 

Quote

You may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP. Use the online Fincen 105 currency reporting site or ask a CBP officer for the paper copy of the Currency Reporting Form

 

this is for uk

 

Quote

You must declare cash of £10,000 or more to UK customs if you're carrying it between Great Britain (England, Scotland and Wales) and a country outside the UK. 

 

this is into thailand

 

Quote

What are the limits? According to Thailand's official rules, you can bring up to $20,000 USD or the currency equivalent into the country before you have to declare it to customs. If you're bringing Thai baht (THB) into the country rather than a foreign currency, the most you can carry with you is 500,000 THB.

 

cant find any mention if you bring more... taxed or not.

but you can get in serious trouble if you dont declare having more than 20k

[lordgrinz]

1 minute ago, chiang mai said:

Thanks, I'd not seen that before, it looks like they really want to milk the cash cow.

 

Exactly, this whole tax foreigners to death thing is getting out of control. I usually joke they treat us like ATM's, but now they are openly suggesting to do just that.

[Pouatchee]

57 minutes ago, CharlesHolzhauer said:

Neither in your country nor anywhere else.

 

cant say... havent been back in 20 yrs but i guess your right. i will find out soon enough, though

[4MyEgo]

2 minutes ago, Pouatchee said:

 

this is for canada, but i guess same all over

 

 

this is from us

 

 

this is for uk

 

 

this is into thailand

 

 

cant find any mention if you bring more... taxed or not.

but you can get in serious trouble if you dont declare having more than 20k

 

I have brought in $38k USD in the past, declared it when I left my home country, $19k my wife declared, and I the same, asked where the money came from, I said from a past sale of a property I had.

 

I said I have a copy of the front page of the contract if you like and bank statements, no, it's all good thanks, go straight through, and Bangkok airport was a straight walk out, didn't see anyone there....LOL  

[SiamAndy]

6 minutes ago, lordgrinz said:

 

Exactly, this whole tax foreigners to death thing is getting out of control. I usually joke they treat us like ATM's, but now they are openly suggesting to do just that.

If they get away with the worldwide taxes and then the farang only property taxes, one will have to wonder what other taxes or fees they will feel empowered to levy next. That's why I won't feed the bad behavior and only stay 179 days or less.

[lordgrinz]

1 minute ago, SiamAndy said:

If they get away with the worldwide taxes and then the farang only property taxes, one will have to wonder what other taxes or fees they will feel empowered to levy next. That's why I won't feed the bad behavior and only stay 179 days or less.

 

Yup, they seem to be hellbent on scaring away foreign investment, and these types of xenophobic proposals aren't going to go down well with foreigners looking to move here.

[Celsius]

33 minutes ago, wozzlegummich said:

TAKE A CHILL PILL EVERYONE - They are not after expats with misely bank accounts. They are after fat cat Thai's & Expats that live in Thailand but try to avoid tax by keeping money offshore. Same as many western countries do.

 

Yes they are, you are so wrong about this.

 

Just like back in your country, the easiest penalties are dished out to working class people because it is an easy revenue stream for the governments. They rarely go after the rich because it is difficult to collect.

 

If nothing, this tax scheme will create many new paper shuffling jobs for the struggling economy.

[NoDisplayName]

3 hours ago, Danderman123 said:

Because the lady at TRD knows all about DTAs, so she can calculate your tax liability accurately.

 

No, it's because YOU know all about the DTA between Thailand and your country of citizenship.  The system still runs on SELF-determination of assessable income.  The lady at TRD asks if you have any taxable income...........either you do or you don't.  She takes your word for it without supporting documents.

 

No need to visit the tax office yearly or pay 8-12,000 baht to a tax grifter.  Once you get your pink ID or TIN registered, you can file online from the comfort of your gaming chair in about ten minutes.  It's no more complicated than filing an annual FBAR report.  Pay online if you owe tax, get a refund notice in the mail if they owe you. 

 

Of course if global taxation goes through..........

 

 

[aldriglikvid]

I became a "Tax Resident" according to the rules now in 2024 (+180 days) and thus need to file for 2024. When is the deadline to file for 2024? I guess first time I need to visit their office in person, and perhaps later on do it online? 

[Ebumbu]

16 hours ago, JimGant said:

Definitely.

 

Definitely what? Are you saying I'll be taxed on income I've already paid US income tax on? That would indeed be unacceptable. 

[TroubleandGrumpy]

17 hours ago, chiang mai said:

Every foreign currency transaction, be it cash or credit, goes through the central bank of the countries whose currencies are involved in the transaction. That means BOT and the US Fed, for example, see every transaction involving USD/THB. It has to be that way in order for countries to manage their respective currency. That is NOT to say that those central banks see the transactions at the detail level, nor do they see them in real time. But to suggest that the US cannot monitor a US credit card usage overseas is completely wrong. 

You are correct - but you are also wrong.  Firstly I never said that 'the US cannot monitor a US credit card usage overseas'. I was referring to the TRD not being able to check/trace US bank records. They can get the BOT records from each local Bank, but they cannot (yet?) get the bank records from US Banks.  

 

All of what you said is correct regarding money exchanges between country, but wrong about what the TRD can use to track/check money transfers between Thai/USA. It is the CRS system that Thai TRD can use to track/trace financial transactions for the purposes of tax evasion. The USA is not a member of the CRS, because they went their own way in 2015 and started their own Foreign Account Tax Compliance Act (FATCA). That is used by USA only for their own tax evasion purposes - because as you might know all US citizens must pay income taxes to USA whether they live in USA or not. TRD has no immediate access to FATCA data held by USA Banks, unlike the bank records that they can get (Raw data) using the CRS system. 

[Rolo89]

With the arrive of the DTV will there will be lots of "not rich" people where this tax won't make much difference for?

 

 

[4MyEgo]

1 hour ago, lordgrinz said:

Yup, they seem to be hellbent on scaring away foreign investment, and these types of xenophobic proposals aren't going to go down well with foreigners looking to move here.

 

Exactly, I know 2 guys who are looking at moving here in 12 months.

 

Talking to them the other day, they both said, yeh, nah, we will now start looking at other places, like the Philippines for starters.

 

Another m8 just returned home from staying here for 3 weeks, he planned on retiring here in 3 years, and will monitor the situation, again, the Philippines came up.

[Will B Good]

1 minute ago, 4MyEgo said:

 

Exactly, I know 2 guys who are looking at moving here in 12 months.

 

Talking to them the other day, they both said, yeh, nah, we will now start looking at other places, like the Philippines for starters.

 

Another m8 just returned home from staying here for 3 weeks, he planned on retiring here in 3 years, and will monitor the situation, again, the Philippines came up.

 

 

For UK expats with no Thais...555.... to Thailand, the Philippines seems to be a no brainer.

[JimGant]

17 hours ago, Felton Jarvis said:

As a US citizen, I definitely have to pay taxes on my retirement income,

Are you currently paying US taxes on this retirement income?

[TroubleandGrumpy]

8 minutes ago, Will B Good said:

For UK expats with no Thais...555.... to Thailand, the Philippines seems to be a no brainer.

 

Agree 100%.  Plus I have read that a retired Expat in The Philippines does not have to report to the Police every 90 days and does not have to re-apply for a new Visa (Extension to Stay) every 12 months, and can leave and re-enter the country and the Visa remains active. It seems like The Philippines is very much like Australia was to my Thai Wife when she moved there for a few years - including she had all the legal rights and privileges of being an Australian Resident after 2 years. 

 

Plan B for us is to move there if this tax thing goes sideways, and just visit Thailand for less than 180 days each year. The very thought of paying a large amount of income tax to Thailand (if they do want to tax my Pension and Super payments) in return for nothing and with all the same Immigration Police impositions over my personal life, makes me extremely angry. I pay more in VAT than the majority of Thais pay all taxes - by a long way - very annoying. If I was not married to a lovely Thai lady I would have already left. 

 

Right now, if time travel took me back 12 years and I knew about all the khrapp like this tax stuff, my decision would be The Philippines and not Thailand. If you know Aussies well, we always put sheite on each other when we screw up - I have been copping a bit ever since this tax rule was announced. Coulda Shoulda Woulda. 

 

[Xonax]

On 9/7/2024 at 10:35 PM, Pouatchee said:

i dunno if this can work out, but i am offered a new job back home and i plan on sending money to my bank account here. i will only be visiting my better half 1-2 months a year... dont think they can tax me sending myself money here if i dont live here...

 

You are totally right. But what they can do, is to freeze your bank account!

[Will B Good]

 

 

So, on the off chance someone is kind enough to respond.....will this plan work re: avoiding tax?

 

1. Stick my 400k baht in the bank and forget about....leave it to just sit there.

2. Bring money over as gifts to my wife's bank account

 

and/or

 

3. Draw cash from the ATM.

 

Any good?

[DrPhibes]

2 hours ago, Pouatchee said:

 

this is for canada, but i guess same all over

 

 

this is from us

 

 

this is for uk

 

 

this is into thailand

 

 

cant find any mention if you bring more... taxed or not.

but you can get in serious trouble if you dont declare having more than 20k

But leaving the US, you have to declare $10,000 or more to US customs.

[yozah]

This is evil totalitarian wef stuff obv and anyone who says otherwise is a glowie or utter low T boot licker. Relocating to philippines but this <deleted> will reach there too in couple years too. World war 3 will be over taxes.

[Thaindrew]

On 9/9/2024 at 12:41 PM, NorthernRyland said:

 

Is this because tax evasion or are they simply not required and which countries are you referring to? I'm a tax slave unless I relinquish my US citizenship so this idea of not paying taxes is totally alien to me.

there's various ways to not be obligated to pay tax currently, I work for a Hong Kong company but don't live there, so the income is zero rated for tax. I live in Thailand and currently don't need to remit funds as I sent sufficient last year - so no remittances this year, so not tax in Thailand this year.

 

Of course these new proposed changes for 2025 could change all that .....