Worst Joke Ever 2024

[Yumthai]

10 hours ago, chiang mai said:

If the average wage is 15k per month, most married couples have enough in exemptions and deductions to qualify to not file  return.

This average wage surely does not include informal income.

I doubt most Thai people have precisely calculated their tax liability to figure out they don't need to file a tax return.

[Presnock]

23 hours ago, Cabradelmar said:

So what? Could, should, would... Another example of pure speculation. If you are worried about this, I encourage you to hold your breath. And since expats aren't Thai citizens this NIT story is irrelevant.  Next.

Dep finance minister specifically mentioned that expats and other foreigners would be included in the tax base.  It may not mean expats would definitely pay any more tax but would have to do more paperwork for the Thai Revenue dept.  I am not worried at all about ever having tp pay any income tax here, just interested in the subject as it does affect me in adhering to the tax laws about filing.

[Presnock]

23 hours ago, kuzmabruk said:

Many of you are talking about the new tax laws, which have nothing to do with NIT.

But I thought I would share some Thai tax laws with you, for those who are planning to not file their tax return next March or fudge the numbers on their Thai tax return.  I am working with two of the largest tax accountants in Thailand (still undecided as to who will be my accountant) and they advise, file your tax return or possibly pay some large and painful penalties, as shown below.

 

1. Late Filing Penalty - 1,000 to 2,000 THB

 

2. Late Payment Penalty - penalty of 1.5% of unpaid taxes per month until paid - max 100%, possible for an additional penalty of up to 20% of the outstanding tax amount.

 

3. Failure to File Penalty - fine of up to 200% of the unpaid tax if it’s determined that the failure to file was intentional or involved fraud or evasion.

 

4. Additional Penalties - If they find that you have under-reported your income, they may impose penalties ranging from 100% to 200% of the unreported income.

 

5. Tax Evasion: Deliberate tax evasion or fraud can result in criminal charges, which may include imprisonment, fines, or both.

 

Yesd, as of yet they have not changed the laws on submitting tax forms for EVERY TAX RESIDENT, it still says if one has assessable income.  But according to the dep finance minister the NIT would encompass ALL adults in Thailand including expats and other foreigners and that every tax resident would be REQUIRED to file the 91 tax form!  At the very least, additional paperwork for some of us.

[Presnock]

22 hours ago, black tabby12345 said:

 

Truly.

I found that article is totally Pointless & Nonsense itself.

 

Read the take on the dep finance minister's interview on the NIT and he specifically mentions that they want to get ALL adults including expats in the tax base and that ALL ADULTS would be required to file the income tax form 91.  I am not expert whatsoever on tax situations other than my own - I realize I won't have to pay any tax here unless treaties are broken and laws changed except even so it sure means more paperwork every year for nothing.

[Presnock]

20 hours ago, newnative said:

  Yet another totally misleading and inaccurate headline designed, I imagine, solely to get AN readers to click on this time-wasting, utterly irrelevant article.  

read the Thai examiner article on the same guy's interview about this subject - he specifically mentions that expats are included in the NIT plan.

[Dionigi]

9 hours ago, spidermike007 said:

There is a huge difference between a legal and transparent payment, and something that's paid entirely off the books in cash, is not only illegal but downright corrupt, and extremely corrosive to society. 

You actually believe that politicians are worth 250,000 pounds for a six minute talk or is it just another method of payment for services rendered in the past when they had the influence to help out and they are ensuring that they are not caught for taking bribes. As I said more advance counties have just learned how to handle their dirty deals with what is appears legal.

[chiang mai]

8 minutes ago, Yumthai said:

This average wage surely does not include informal income.

I doubt most Thai people have precisely calculated their tax liability to figure out they don't need to file a tax return.

Indeed the average wage calculation does not include informal earnings, which can only be estimated or guessed at, on a case by case basis.

 

I also doubt most Thai's have calculated their tax liabilities each year to determine whether or not they must file a tax return. 

 

But, what I wrote was, "IF the average wage is 15k per month, most married couples have enough in exemptions and deductions to qualify to not file  return", which remains true.

 

A very rough calculation suggests that if the value of informal earnings was included in the average monthly wage, this would boost the official figure by around 100%. BUT, the majority of informal earnings involves farmers and agricultural worker who earn half of their counterparts in the formal sector (see below). This means the majority of informal workers would still be under the tax filing threshold and wouldn't need to file a return.

 

(Average monthly earnings is based on the 38 million people in the work force, this excludes very young, very old, sick etc. 38 million multiplied by 15k a month gives us THB 570 bill/USD 16.75 bill.  or THB 6.85 trill. pa).

 

The size of Thailand's informal economy is estimated to be 48.4% of GDP (THB18.7 trill.) or 

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More than half of informal workers, 55.4%, are in the agricultural sector, earning nearly two times lower than their counterparts in the formal sector.

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