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

[JimGant]

Lemme see. 60k per mia noi, times 20, equals...nevermind.

[4myr]

5 minutes ago, chiang mai said:

Perhaps he's assuming that the person takes every allowance and deduction/allowance possible?

Using this tax calculator https://www.uobam.co.th/en/tax-calculation, with 5 M income and I use all the possible deductions/allowances  - wife, 3 children, 4 parents, 1 disabled person, all the possible investments, life insurance etc. I come to a net income of 2,683,819.95 and tax to be paid 570,145.98, which is 11.4%.

 

A tax adviser creative more than me can easily come to 10%.

 

Back to the Bangkok Post article. A few quotes that's interesting:
 

"For example, salaried employees bear 80% of the total personal income tax burden. However, only 4 million individuals pay personal income tax, though the labour force tallies 40 million. This means only 10% of the total workforce pays income tax."

 

 

[Yumthai]

7 minutes ago, chiang mai said:

A person who fled as self employed and took the 60% standard deduction for costs, along with all the other deductions probably could......but I'm not about to test or prove this, I only pointed out what he said, I'm not going to try and prove/disprove it.

OK. I think this part of the BP article is very "oriented" because it's clear that very few taxpayers who file 5M+ THB can get an effective PIT rate < 20%.

[OJAS]

21 hours ago, chiang mai said:

An interesting statement in todays Bangkok Post in the interview with the Finance Minister:

 

He said although Thailand's top personal income tax rate is 35%, research shows the effective rate, after accounting for various exemptions and deductions, is only around 10% for those at the top rate, not the full 35%.

Please credit and share this article with others using this link: https://www.bangkokpost.com/business/general/2920475/a-taxing-question. View our policies at http://goo.gl/9HgTd and http://goo.gl/ou6Ip. © Bangkok Post PCL. All rights reserved.

 

Another statement in this article caught my eye:

 

"Mr Pichai also proposed lowering the personal income tax from the current maximum of 35%, mirroring global trends aimed at attracting skilled workers."

 

This suggests to me that he has got his beady eye on all existing TEDA's. How else would he propose making up the shortfall resulting from any reduction in the 35% maximum rate - particularly given the Chulalongkorn economist's assertion that "the government's fiscal burdens have significantly increased"?

 

@chiang mai - incidentally, can the TRD simply vary any TEDA off their own bat? Or would this first necessitate some formal process resulting in, say, publication of revised rates in the Royal Gazette?

 

[chiang mai]

1 minute ago, OJAS said:

 

Another statement in this article caught my eye:

 

"Mr Pichai also proposed lowering the personal income tax from the current maximum of 35%, mirroring global trends aimed at attracting skilled workers."

 

This suggests to me that he has got his beady eye on all existing TEDA's. How else would he propose making up the shortfall resulting from any reduction in the 35% maximum rate - particularly given the Chulalongkorn economist's assertion that "the government's fiscal burdens have significantly increased"?

 

@chiang mai - incidentally, can the TRD simply vary any TEDA off their own bat? Or would this first necessitate some formal process resulting in, say, publication of revised rates in the Royal Gazette?

 

There's a discussion currently about changes to TEDA, I've linked the thread below. It appears that TEDA changes can and are made yearly (potentially) based on economic need etc.

 

 

[OJAS]

17 minutes ago, chiang mai said:

There's a discussion currently about changes to TEDA, I've linked the thread below. It appears that TEDA changes can and are made yearly (potentially) based on economic need etc.

 

 

 

So in other words we won't know for certain what TEDA's will apply for 2024 until such time as the TRD see fit to issue their new forms. The extremely leisurely attitude which they seem to be taking to doing this is IMHO a bloody disgrace. Contrast this with the likely enthusiam with which they will no doubt be tackling the task of gleefully dishing out 2,000 THB fines left, right and centre from 1 April 2025 sharp for the late submission of tax returns and the payment of any tax due! 😡

 

[chiang mai]

9 minutes ago, OJAS said:

 

So in other words we won't know for certain what TEDA's will apply for 2024 until such time as the TRD see fit to issue their new forms. The extremely leisurely attitude which they seem to be taking to doing this is IMHO a bloody disgrace. Contrast this with the likely enthusiam with which they will no doubt be tackling the task of gleefully dishing out 2,000 THB fines left, right and centre from 1 April 2025 sharp for the late submission of tax returns and the payment of any tax due! 😡

 

Hand on heart I'm no longer certain about any of this. Some TRD sources show one thing, the tax returns for 2023 show something else so yes, we do need the 2024 tax forms and instructions..

[topt]

24 minutes ago, OJAS said:

Contrast this with the likely enthusiam with which they will no doubt be tackling the task of gleefully dishing out 2,000 THB fines left, right and centre from 1 April 2025 sharp for the late submission of tax returns and the payment of any tax due! 😡

Were you being sarci or vaguely serious?

If the latter then I doubt it very much.

From a purely practical perspective even if only that April would be too soon....... especially as online filing is up to the 7th April or whatever it is..........

 

Does anybody know for certain if they ever filled those extra new 70 posts that were being talked about a year ago?

[chiang mai]

3 minutes ago, topt said:

Were you being sarci or vaguely serious?

If the latter then I doubt it very much.

From a purely practical perspective even if only that April would be too soon....... especially as online filing is up to the 7th April or whatever it is..........

 

Does anybody know for certain if they ever filled those extra new 70 posts that were being talked about a year ago?

I haven't heard any more about it since a member said his wife had applied for one of the positions, I am no longer certain about much of anything on this subject any longer.

[The Cyclist]

6 minutes ago, chiang mai said:

I haven't heard any more about it since a member said his wife had applied for one of the positions, I am no longer certain about much of anything on this subject any longer.

 

Not laughing at you or your post CM.

 

A post I made over a year ago sprang to mind when I read your post, and brought a smile to my face.

[chiang mai]

2 minutes ago, The Cyclist said:

 

Not laughing at you or your post CM.

 

A post I made over a year ago sprang to mind when I read your post, and brought a smile to my face.

There was a time when the planets semed to align but not lately.