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

[topt]

3 hours ago, chiang mai said:

so the concept of fairness isn't a priority. 

I would go further than that and suggest that when this change was initially decided on I doubt foreigners were even considered. I am still somewhat amazed that there hasn't been any concerted push back from the major property developers.......

[anrcaccount]

3 hours ago, topt said:

I would go further than that and suggest that when this change was initially decided on I doubt foreigners were even considered. I am still somewhat amazed that there hasn't been any concerted push back from the major property developers.......

 

 

If anyone ever actually pays tax on a foreign remittance to purchase a Thai property, it'll be all over the news, and I guarantee there will be push back!

 

[4myr]

8 hours ago, motdaeng said:

 

i'm not entirely sure about that ...

 

just thinking out loud and playing numbers : if from around 300,000 foreign tax residents, and only 10% of them pay taxes an average of 50,000 thb annually, this would result in a total of 30,000 x 50,000 thb = 1,500,000,000 thb ... which could be a solid foundation to further strengthen tax regulations ...

 

however, we don't really know how the TRD views this or whether there is an other long-term plan in place ...

 

If I just do an AI search [perplexity.ai], I just don't see the numbers add up for TRD to expect a good catch from expats with a retirement visa.

- retirement visa: 35,846
- Elite visa: 20,884 [mostly Chinese]

- Smart visa: 2,170

- LTR visa: 7k [exempted]
- DTV: new
- B visa: no numbers, but assume they already are in the tax net

 

Of above group, I see only the expats with a retirement visa of which a percentage are either not aware of remittance taxation or for convenience sake have their pension remitted monthly directly into their Thai bank account.

 

Looking at the larger groups:

UK: 9,940, median income: 14k GBP with big regional variations[ Wales vs London/South East], including state pension

Germany: 8,000, median: 19k euro, but male average is 25k euro, including state pension

US: 5,170, median: 18k USD for male, excluding social security, which is DTA exempted

In many DTA's state and private pensions are taxable in Thailand. Only government pensions are exempted.

 

But looking at median figures above, even for the male population [as the female pension income is much lower], 25k euro amounts to less than 900k baht gross taxable income .

[CapraIbex]

19 minutes ago, 4myr said:

If I just do an AI search

AI search engines can and do make mistakes. The assertion that a "Retirement Visa" for Thailand does exist is misleading.

 

[KhunHeineken]

4 hours ago, anrcaccount said:

 

 

If anyone ever actually pays tax on a foreign remittance to purchase a Thai property, it'll be all over the news, and I guarantee there will be push back!

 

All that will happen is property sales will go down, sharply, and property rentals will go up, sharply.

 

It will, in effect, help the old saying, "Thailand is for Thai people."  Thai's will buy up cheap condo's as investment properties, and foreigners will just rent.  

 

What foreigner in their right mind would pay a considerable amount of tax on a lump sum of money to buy an overprice condo in the first place????  There already is no resale value, and this tax will make it near impossible to sell in the future for what was paid for it.