Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II

[marino28]

On 10/22/2024 at 5:31 AM, chiang mai said:

While another poster in a different thread about tax tells us that the TRD e-filing system appears to have been updated with an option for foreign income.....anyone shed any light on this?

 

 

 

this one is interesting 

[chiang mai]

The following is not PIT related but instead describes changes to corporate tax as a result of GMT Pillar II implementation. It's interesting because it looks at the bigger tax picture but also discusses development to BOI incentives from a corporate perspective. 

 

https://mahanakornpartners.com/overview-of-thailands-implementation-of-the-global-minimum-tax-gmt-under-pillar-ii/

[stat]

On 10/25/2024 at 11:12 AM, chiang mai said:

The following is not PIT related but instead describes changes to corporate tax as a result of GMT Pillar II implementation. It's interesting because it looks at the bigger tax picture but also discusses development to BOI incentives from a corporate perspective. 

 

https://mahanakornpartners.com/overview-of-thailands-implementation-of-the-global-minimum-tax-gmt-under-pillar-ii/

It is important to understand that there is no! drive for a global minimum tax on personal income whatsoever, neither ww nor in Thailand.

[chiang mai]

Just now, stat said:

It is important to understand that there is no! drive for a global minimum tax on personal income whatsoever, neither ww nor in Thailand.

I never said or believed there was!

[stat]

4 hours ago, chiang mai said:

I never said or believed there was!

Some people mix up corp and individual taxes and believe there is a trend towards minimum PIT taxation. Off topic anyway...

[stat]

Article in a newspaper claiming all tax residents must hand in a tax declaration for 2024.

 

https://www.thaiexaminer.com/thai-news-foreigners/2024/10/30/new-citizenship-path-for-foreign-residents-in-thailand-agreed-by-cabinet-interior-ministry-to-frame/

 

No idea if there is any substance to the article, do not shoot the messenger.

[andre47]

8 hours ago, stat said:

Article in a newspaper claiming all tax residents must hand in a tax declaration for 2024.

 

https://www.thaiexaminer.com/thai-news-foreigners/2024/10/30/new-citizenship-path-for-foreign-residents-in-thailand-agreed-by-cabinet-interior-ministry-to-frame/

 

No idea if there is any substance to the article, do not shoot the messenger.

 

[chiang mai]

2 minutes ago, andre47 said:

 

Which  comes as a total surprise to nobody.

[jwest10]

3 hours ago, chiang mai said:

Which  comes as a total surprise to nobody.

So we await these so-called new forms and other official announcements and in English and very much doubt it!!!

[Presnock]

12 hours ago, stat said:

Article in a newspaper claiming all tax residents must hand in a tax declaration for 2024.

 

https://www.thaiexaminer.com/thai-news-foreigners/2024/10/30/new-citizenship-path-for-foreign-residents-in-thailand-agreed-by-cabinet-interior-ministry-to-frame/

 

No idea if there is any substance to the article, do not shoot the messenger.

Yes this article says that ALL foreign tax residents in Thailand are REQUIRED to file the tax forms for 2024 income exceeding 120K baht.  Who knows what this means until the cabinet does work out the details.

[jwest10]

14 minutes ago, Presnock said:

Yes this article says that ALL foreign tax residents in Thailand are REQUIRED to file the tax forms for 2024 income exceeding 120K baht.  Who knows what this means until the cabinet does work out the details.

And you really think they will do this and let alone the forms!! No one knows as per usual and too many experts on here and on web sites.

[Presnock]

28 minutes ago, jwest10 said:

And you really think they will do this and let alone the forms!! No one knows as per usual and too many experts on here and on web sites.

Actually, I get the impression from the way the articl is written that they do intend to do the citizenship bit and taxation bit, the taxation bit has already been written for the most part , they just need to make sure that all the adult expats are filing...probably just a specific sentence within the Dept of revenue instructions on the forms.  This is not the worldwide income taxation, only the remitted foreign funds for 2024.

[jwest10]

2 minutes ago, Presnock said:

Actually, I get the impression from the way the articl is written that they do intend to do the citizenship bit and taxation bit, the taxation bit has already been written for the most part , they just need to make sure that all the adult expats are filing...probably just a specific sentence within the Dept of revenue instructions on the forms.  This is not the worldwide income taxation, only the remitted foreign funds for 2024.

Presnock 

Yes, saw that about Citizenship bit and thought it certainly does not refer to most of us but can still see it after the 560k allowances and most do not get this or 500K 

 

[samtam]

1 hour ago, jwest10 said:

And you really think they will do this and let alone the forms!! No one knows as per usual and too many experts on here and on web sites.

The Thai Examiner article also seems to refer to those applying for citizenship. But as many have commented, too many assumptions based on no facts or details. As for all residents having to file tax forms, there do not yet appear to be new tax filing forms in circulation, AFAIK.

[topt]

5 hours ago, andre47 said:

 

Article was posted on September 8th and has been referred to before. Reading both articles the author has stated points that may or may not come to pass - bit like many of the opinions in these tax threads........

[anrcaccount]

13 hours ago, stat said:

Article in a newspaper claiming all tax residents must hand in a tax declaration for 2024.

 

https://www.thaiexaminer.com/thai-news-foreigners/2024/10/30/new-citizenship-path-for-foreign-residents-in-thailand-agreed-by-cabinet-interior-ministry-to-frame/

 

No idea if there is any substance to the article, do not shoot the messenger.

Not shooting the messenger..

 

This is a junk article "mash up" of 3 separate news stories.

 

Wouldn't take a single thing from it. 

[chiang mai]

15 minutes ago, anrcaccount said:

Not shooting the messenger..

 

This is a junk article "mash up" of 3 separate news stories.

 

Wouldn't take a single thing from it. 

If you're saying it's nothing, that clinches it for me, it must be fact.

[Talon]

6 hours ago, andre47 said:

 

 

I've been expecting that shoe to drop all along.

 

Yes, I realize nothing has been finalized yet; but it's always good to be aware and have a plan.

[chiang mai]

26 minutes ago, Talon said:

 

I've been expecting that shoe to drop all along.

 

Yes, I realize nothing has been finalized yet; but it's always good to be aware and have a plan.

And your plan is what, generate a TIN using your Mr TIN Maker kit from Hasbros!

[stat]

1 hour ago, anrcaccount said:

Not shooting the messenger..

 

This is a junk article "mash up" of 3 separate news stories.

 

Wouldn't take a single thing from it. 

I agree the article does look quite unprofessional with the heading not really matching some of the content. In my opinion this just shows how unknown the whole tax situation is  and that anything could happen or nothing at all 🙂

Edited 18 hours ago by stat

[Talon]

11 minutes ago, stat said:

this just shows how unknown the whole tax situation is  and that anything could happen or nothing at all

 

BINGO.

[motdaeng]

2 hours ago, stat said:

... this just shows how unknown the whole tax situation is  and that anything could happen or nothing at all 🙂

 

i wonder where the unknown comes from; perhaps it's from people who don't know much about the tax situation ... 

however, i do agree with you "anything could happen" ... but "nothing at all" i think is more unlikley ...

[chiang mai]

11 minutes ago, motdaeng said:

 

i wonder where the unknown comes from; perhaps it's from people who don't know much about the tax situation ... 

however, i do agree with you "anything could happen" ... but "nothing at all" i think is more unlikley ...

There's a small nucleus of luddites who are hoping it will all come to nought, flat earth types. I hope for their sakes nothing does come of it but I wouldn't wager a single satang at any odds.