You and your Thai Wife of 20 years.

[OJAS]

18 hours ago, chiang mai said:

Everyone is waiting for the release of the new tax forms and the associated instructions, I understand that is scheduled for November or December.

 

And this will presumably also be the first time we'll hear of any changes to allowances and exemptions for the 2024 Thai tax year. Whereas in the UK's case, for example, there will probably be several months' notice given of any changes to allowances and exemptions effective from the start of the next UK tax year on 6 April 2025 in Rachel Reeves' budget statement on 30 October.

[KhunHeineken]

6 hours ago, Lorry said:

Not criticizing your post, just stumbling over how their AI equates (supposedly rich) "abroad" with "the West" (wherever that may be - Korea?).

Talk about AI bias.

You simply asked for a source and some stats, and I supplied a link. 

 

Is the information in the link wrong?  If so, can you post a link showing very few Thai's live overseas, sending money back to Thailand? 

[thomago]

On 10/12/2024 at 12:32 PM, RupertIII said:

That would appear to be correct, see below.  My wife queried this when she was at the tax office earlier this year and they appeared to confirm and asked if there was documentary evidence to support.

 

The Inheritance Tax Act B.E. 2558 (2015) (“ITA”) took effect on 1^st of February 2016. It stipulates the following:

1. Inheritance Tax

a. Tax Base

The inheritance tax base shall be calculated from the inheritance, which an inheritor received from each testator, whether it is received once or several times, above 100 Million THB. (Section 12, ITA). The value of the inheritance subject to tax means the value of the asset received as an inheritance offset by the liabilities inherited.

The tax is levied on inheritors who are:

1.    Thai individuals or Thai juristic persons or foreign individuals who are resident in Thailand according to the immigration law, which inheriting assets located in Thailand and outside the country.

2.    Foreign individuals or foreign juristic persons, which inherit assets located in Thailand. (Section 11, ITA)

The spouse of the testator is exempted from inheritance tax. (Section 3(2), ITA)

Foreigners who are resident in Thailand, shall be liable to pay Inheritance Tax in the portion which exceed 100 million THB, calculated from the inherited assets in Thailand and foreign countries. Foreigner who are non-resident in Thailand, shall be liable to pay Inheritance Tax in the portion which exceed 100 million THB, calculated from only inheriting asset in Thailand.

The inheritance tax rate is 10%, except in the case of heirs who are ascendants or descendants of the testator, where the rate is 5%. Legacies received by the spouse of a testator are exempt from the tax.

The inheritance tax applies to registered assets, including residential properties, land, vehicles, bonds, equities, and deposits at financial institutions. (Section 14, ITA)

 

Do the 100 million THB of tax-exempt allowance apply only once to the entire estate or to each individual inheritor?

 

Example: Total estate value is 300 million THB distributed via legal testament in Thailand as follow:

 

- Legal Thai wife: 100 million THB

- Legal Thai son: 100 million THB

- Legal Thai daughter: 100 million THB

 

The legal Thai wife would be exempt from Thai inheritance tax.

 

The remaining estate value would be 200 million THB for the legal son and daughter.

 

What about the legal Thai son and daughter? Would they each have a personal tax-exempt allowance of 100 million THB, or would they need to pay 5% on the remaining estate value exceeding 100 million THB?

 

I have received conflicting legal information on that subject and would appreciate your opinion.

 

[stat]

On 10/12/2024 at 2:40 AM, StraightTalk said:

In light of persistent disruptions from certain posters that require moderators to intervene with warnings and bans, I propose that esteemed contributors like 'Dogmatix', 'Mike Lister', and 'chiang mai' advocate for the creation of a 'closed' forum on Aseannow, similar to one once moderated by 'cherryl' (Women related). Initially open to all, this forum would swiftly restrict disruptive posters—after three strikes—from posting, while allowing them to continue reading threads. This measure, crucial for maintaining decorum and relevance on important topics such as taxes, warrants serious consideration. It could also attract past and new contributors weary of perpetual conflicts and disruptions.

Those disrupters could then create their own tax forum if they wish...

I label you a disruptor and to be deported to a closed forum...

[stat]

On 10/12/2024 at 3:55 AM, jayboy said:

 

You obviously haven't read/digested the WB report which makes it clear Thailand's tax problem is far more than under performance on PIT.

 

As to credit cards, the debate is surely not whether transactions with a foreign card are assessable (it looks as though most may be unless paid for with non assessable funds) but whether there the slightest chance of TRD monitoring/taking action on these transactions.

One of the big advantages of using a credit card is that it does not show up on the immediate radar of TRD. So even if you can perfectly prove you pay your cc debt with funds from before 2024 you do not need to prove it and it also saves you the hassle of printing out tons of documents etc.

[stat]

On 10/12/2024 at 7:05 AM, chiang mai said:

That's a scenario that is beyond paranoia!

 

 

Standard procedures in a lot of tax jurisdictions. If you do not provide evidence the IRS makes a guess of how much you earned and rest assured it is the worst case.

[chiang mai]

3 minutes ago, stat said:

One of the big advantages of using a credit card is that it does not show up on the immediate radar of TRD. So even if you can perfectly prove you pay your cc debt with funds from before 2024 you do not need to prove it and it also saves you the hassle of printing out tons of documents etc.

Remittances don't show up on their immediate radar either. The only time such things do come into play is when a return is queried or suspicions are raised. It's not as if TRD is sitting watching transactions flow back and forth, that's not what they do or how they operate, in the main.

[chiang mai]

3 minutes ago, stat said:

Standard procedures in a lot of tax jurisdictions. If you do not provide evidence the IRS makes a guess of how much you earned and rest assured it is the worst case.

Estimated tax liabilities are a very different thing from deducting tax from all remittances.

[stat]

2 minutes ago, chiang mai said:

Estimated tax liabilities are a very different thing from deducting tax from all remittances.

There is a missunderstanding. The OP was referring to being placed in the highest tax bracket as being paranoid or at least that is the way I understood it. Highly unlikely that the will deduct tax from all remittances. However it is very possible that if you do not provide evidence TRD could simply assume at the tax declaration all your remittances are taxable until you prove they are not.

[chiang mai]

3 minutes ago, stat said:

There is a missunderstanding. The OP was referring to being placed in the highest tax bracket as being paranoid or at least that is the way I understood it. Highly unlikely that the will deduct tax from all remittances. However it is very possible that if you do not provide evidence TRD could simply assume at the tax declaration all your remittances are taxable until you prove they are not.

As a principle, possibly, in practise, not without something more than just remittances. Revenue has to have some basis for believing the remittances are all income, apart from just their existence alone.

[JimGant]

1 hour ago, stat said:

One of the big advantages of using a credit card is that it does not show up on the immediate radar of TRD.

Indeed. Somebody on this forum suggested TRD will go out and canvass merchants about farang credit card purchases. Think about that scenario for awhile, if you'd like a good chuckle.

[Lorry]

2 hours ago, KhunHeineken said:

You simply asked for a source and some stats, and I supplied a link. 

 

Is the information in the link wrong?  If so, can you post a link showing very few Thai's live overseas, sending money back to Thailand? 

You are too sensitive.

I told you I am not criticizing you (or the contents of the link), and thanks for the link.

I don't think the information is wrong. 

[KhunHeineken]

35 minutes ago, Lorry said:

You are too sensitive.

I told you I am not criticizing you (or the contents of the link), and thanks for the link.

I don't think the information is wrong. 

Not sensitive at all.

 

You asked another member for some stats.  I jumped in and posted a link with some stats.  

 

So, do you accept there are over a million Thai's living and working abroad, with many of them remitting money to Thailand every month?   If you don't, can you post a link showing otherwise?  If you can, I would be interested in reading it. 

[stat]

1 hour ago, JimGant said:

Indeed. Somebody on this forum suggested TRD will go out and canvass merchants about farang credit card purchases. Think about that scenario for awhile, if you'd like a good chuckle.

They could "just" get that info from Visa and Mastercard. But highly unlikely in the coming 24 months.

[chiang mai]

1 hour ago, JimGant said:

Indeed. Somebody on this forum suggested TRD will go out and canvass merchants about farang credit card purchases. Think about that scenario for awhile, if you'd like a good chuckle.

No Gant, nobody said that at all. What was said is that all Visa & Mastercard transactions involving foreign cards, are reported  by Visa/Mastercard Thailand, to BOT, because of their foreign exchange implications. But you knew that.