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Don’t kill the golden goose! Tax reforms may drive away expats


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Posted
2 minutes ago, Joebuzzz said:

Read this one.

It's already going down, down, down.

 

Top 10 provinces for second-hand property sales identified

BAU....Business As Usual, nothing to see here, move along.

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Posted
33 minutes ago, Joebuzzz said:

300,000 expats contributing the 65,000 Baht per month

Do they really spend that much ?

 

I average  5k a month.

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Posted
Just now, Ralf001 said:

Do they really spend that much ?

 

I average  5k a month.

I did mention that as a US citizen I'm required to transfer 65K monthly. Only because my embassy is too pathetic to provide income verification even on Social Security benefits.  No, I don't spend it all every month. Sometimes I spend more, most of the time about 70%.

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Posted
47 minutes ago, NoDisplayName said:

Isn't that what happened with the change to how the law was enforced on taxation of remittances?

 

There hasn't been any change to how the law is enforced.

 

There have been no reports of enforcement, or official indication of potential mechanisms of enforcement, for foreign income remittances based on the new interpretation. 

 

If you know of any enforcement of this that has occurred, please share, as I'm sure that would be of interest. 

 

Additionally - If you know of any enforcement of the the foreign income remittance (same year earned) law that's existed for many years now, please share that also. 

 

 

 

 

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Posted
7 minutes ago, chiang mai said:

BAU....Business As Usual, nothing to see here, move along.

Wow! Thank you. I'm moving along now.

Can ya see me moving?

It kinda looks like .....

Screw it, it'll get flagged.

ROTFLMFAO.

You'll probably need to continue your search for someone who gives a squat about your opinions.

It ain't me.

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Posted
2 minutes ago, anrcaccount said:

 

There hasn't been any change to how the law is enforced.

 

There have been no reports of enforcement, or official indication of potential mechanisms of enforcement, for foreign income remittances based on the new interpretation. 

 

If you know of any enforcement of this that has occurred, please share, as I'm sure that would be of interest. 

 

Additionally - If you know of any enforcement of the the foreign income remittance (same year earned) law that's existed for many years now, please share that also. 

 

 

 

 

 

Uh, sure.

 

The law on remittances was passed long ago, it hasn't changed.  The "interpretation" (how it is enforced) has. The change went into effect January 1st for tax year 2024.

 

You will see the results of the change of interpretation/enforcement early in 2025 when expats begin filing their 2024 taxes.  Why would you expect to see 'enforcement' now, before tax filing/payment is due?

 

The only exception to the above I can think of is anyone filing half-year 2024 tax returns.

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Posted
14 minutes ago, Joebuzzz said:

I did mention that as a US citizen I'm required to transfer 65K monthly. Only because my embassy is too pathetic to provide income verification even on Social Security benefits.  No, I don't spend it all every month. Sometimes I spend more, most of the time about 70%.

as I thought.. 65k a month spend is not an accurate claim.

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Posted
11 minutes ago, Joebuzzz said:

Wow! Thank you. I'm moving along now.

Can ya see me moving?

It kinda looks like .....

Screw it, it'll get flagged.

ROTFLMFAO.

You'll probably need to continue your search for someone who gives a squat about your opinions.

It ain't me.

Calm down! The point is that Thailand is constantly going through these periods of change where property doesn't sell, tourists don't come blah blah blah. I've lived here full time for over 21 years and part time for almost thirty, that change is a feature of the landscape and the country somehow, always manages to come out better.

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Posted
9 minutes ago, NoDisplayName said:

 

Uh, sure.

 

The law on remittances was passed long ago, it hasn't changed.  The "interpretation" (how it is enforced) has. The change went into effect January 1st for tax year 2024.

 

We have different definitions of enforcement. Yours is the law has an updated interpretation. Mine involves actions being taken to get people to comply with a rule. All good. 

 

9 minutes ago, NoDisplayName said:

You will see the results of the change of interpretation/enforcement early in 2025 when expats begin filing their 2024 taxes.  Why would you expect to see 'enforcement' now, before tax filing/payment is due?

 

I don't expect to see any enforcement now, neither do I expect to see any early next year. 

 

Time will tell. We will see. 

 

 

 

 

 

Posted
5 minutes ago, anrcaccount said:

We have different definitions of enforcement. Yours is the law has an updated interpretation. Mine involves actions being taken to get people to comply with a rule. All good. 

 

We're on the same page.

 

Interpretation is how the officials understand the meaning of the words of the text of the law.

 

Enforcement is the actions they take to, umm,....enforce their interpretation.

 

You might consider public notification of the change in policy interpretation as a form of enforcement.

Posted
1 hour ago, chiang mai said:

I see the number differently.

 

The 300,000 Western foreigners comprises 170,000 working expats on WP's, according to the 2019 UN migration report, those people earn money inside the country and pay tax on it. The remainder are retired or long stay expats who remit money here from overseas. 130,000 x 65k month. / 35 baht per USD = 241 bill or 5% of GDP, I think that's very small in the bigger picture of things.

 

 

You are forgetting up to 560K deductibles for just the retired pensioners here  and also the forms are not out as yet and if and when they do and also remittance funds but one does not have to declare those which has income tax deducted in the UK'
We await announcements from the Revenue and most of the normal retired pensioners earn less than the deductibles.

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Posted
2 hours ago, motdaeng said:

i don't know a single expat who plans to leave thailand because of taxes.

 

It all depends on whether Thailand enacts worldwide taxation, and how it gets implemented.

 

From the little we know so far, I would potentially be looking at an annual Thai tax bill of $10,000 with nothing to show for it.  If so, then <180 for sure.  No real reason to stay, other than the wife owning a house.  Other countries have houses.

 

You'd think a $25,000 bond and 90-day reporting to a probation officer would be enough!

Posted
4 hours ago, topt said:

Check out @ukrules posts - he has already moved and I believe @Danderman123 also........

I haven't moved, I'm just traveling more as to not become a tax resident.

 

However, IF the new regulations are enforced in 2025, there will be significant disruptions.

 

As an example, for a tax resident to buy property would be prohibitively expensive, due to new taxes.

Posted
2 hours ago, Danderman123 said:

I haven't moved, I'm just traveling more as to not become a tax resident.

 

However, IF the new regulations are enforced in 2025, there will be significant disruptions.

 

As an example, for a tax resident to buy property would be prohibitively expensive, due to new taxes.

You keep saying this but fail to understand, ONLY is they use non-assessable income.

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Posted

Wonder how other SE Asian countries will take advantage of the stupidity to get retirees from Thailand to relocate by sensible policies?

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Posted
11 minutes ago, chiang mai said:

Most expats, as in the majority? Can you substantiate that claim?

 

I presume you have written what you did, in order to justify not living in Thailand and to demonstrate how smart you are and how stupid everyone else is!

No, I wrote it to show how smart the Thai's are.  And how most smart westerners have left if possible.  Or really just laugh, when they see all the rules and nonsense of living there.

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Posted
7 hours ago, chiang mai said:

You keep saying this but fail to understand, ONLY is they use non-assessable income.

 

Not everyone's got millions of baht non-assessable income (to buy property) parked in an offshore account waiting to be remitted.

The years passing by there will be less and less tax-free savings prior 01/01/2024.

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Posted
1 hour ago, redwood1 said:

 

Its simple really.....Anyone that follows silly rules and does not question unfair taxes is a stupid sheep..

And anyone that questions silly rules is a man...

It's great to have principles RW but you've got to be sensible. NOBODY in Thailand, least of all the TRD, cares whether you think taxes are fair and just or not and you have zero voice to influence them. So you have two choices, follow the rules or leave. I mean, what are you gonna do, write to your Congressman, demonstrate, start a petition, with hold taxes in protest etc etc!  

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