Jump to content

Thailand's Expats Urged to Register with TRD for Tax, Says Expert


Recommended Posts

Posted
2 minutes ago, ballpoint said:

 

I'm going to do similar.  I legally haven't filed a tax return since I retired here, due to the previous 'not remitting income in the same year it was earned' rule.  That will change under the new guidelines though, whereby, if things stay the same over the next few years, I will be required to file one. 

 

At the end of 2023, I transferred enough to live on until the end of 2026 into a since untouched overseas bank account, so will not be obliged to file a return until early 2028 -  for the assessable money I will need to remit in 2027, and could have an easy, tax-free life till then.  However, I am going to remit assessable income, with a value just over my threshold, each year during this period and file annual returns based on that.  I have two reasons for doing this:

 

Firstly, by bringing in the extra each year, by 2027 I will have built up enough here to get by with a much smaller remit that year, meaning far less tax to pay then.

Secondly, I will have established a fairly low assessable income pattern over the next few years, for which I will have the paperwork should they choose to audit me again.  Sometimes it's better to intentionally fly above the radar and be identified as a small player, than try to fly below it and risk being caught out.  Sure, if the law does change, or revert back to the good old days, then I will lose a few thousand baht in tax.  However, if it doesn't, then I will make quite a saving.

 

In January 2028 I will assess the situation based on the then interpretation of the law.  If things haven't changed, then I may become a non-resident that year while realising and remitting another capital gain, lasting me another three years, while continuing to remit the small amount each year once I go back to being a tax resident.  Rinse and repeat over a four year cycle.

 

 

I am in a similar situation, I have sufficient funds on hand for the next five years hence I have no need to file a return, if I don't want to. But like you, I want to maintain that buffer so I will continue to remit but on a smaller scale and to file a return regardless, also to fly above the radar and be seen as a small player.. 

  • Like 1
Posted
4 hours ago, daveAustin said:

I think I’ll wait, thanks. Certainly won’t be buying houses and cars again in the near future.  

For gifts to individuals who are not the taxpayer’s parent, descendant, or spouse, the exemption is up to 10 million baht per year per recipient, with a 5% tax rate on the excess.

  • Like 1
Posted
6 hours ago, webfact said:

only overseas income transferred to Thailand is relevant for taxation

If earned while you where a tax resident. Stop the panic. If you don't owe, don't worry. 2024 is no different than every other year prior.

  • Like 2
Posted
5 hours ago, chiang mai said:

No, not unless the country has been annexed as the 51st state.

Might as well. They have the same type of government.

  • Haha 1
Posted
2 minutes ago, Scouse123 said:

 

 

Not all people can do spreadsheets, especially elderly foreigners.

 

 

True.

 

 

Pen and paper works just as well.

Posted (edited)
4 hours ago, Aussie999 said:

Question 1... does saving count as income if transferred from overseas account into a Thai account.. technically savings are not income.

Question 2... how do you get around the 160 day limit.

 

Answer 1... No

 

Answer 2... you mean 180 days

 

If you reside in Thailand for over 180 days and savings is what you live of, which you remit/transfer from abroad, then you pay no tax and are not required to get a Tax Identification Number

 

I am in the same boat as you and have done my due diligence, that said, I last transferred money here a few months prior to January 2024 when the amended tax code came into effect, e.g. 1 January 2024, so no need for me to lodge a tax return or apply for a Tax Identification Number as I only remit/transfer savings from my account when I need it, i.e. once a year as a lump sum.

 

While I am not a fan of governments controlling the herd, you can call me a black sheep if you like, suffice to say, next year, as I will be returning to my home country for a holiday, I will be bringing back cash, up to the limit required to enter Thailand before having to disclose any such amount, i.e. $20 USA, my wife will be doing the same and we will cash that money (parts of it) at times at Superrich when we need it, using Mumma & Pappa to show their ID's if required.

 

The following year I plan to gift my wife money, her mother and father money and transfer other amounts to myself, so as to minimise any tax payable, if I get into a pickle with the taxman. I trust no one, you can call me a paranoid black sheep now.

 

I don't need to do all of this, because I only send/remit money from my savings to Thailand, but still, am taking a different approach as to how I have been doing things in the past, why, you might ask, well if the government can change things around, so can I, and if ever approached by the tax man, asking me how I survive, I will tell them, that I eat rice and fish....LOL

 

Need to know basis, F the lot of them.

 

 

 

Edited by 4MyEgo
  • Confused 1
  • Thumbs Up 1
Posted
4 hours ago, Aussie999 said:

Question 1... does saving count as income if transferred from overseas account into a Thai account.. technically savings are not income.

Question 2... how do you get around the 160 day limit.

I believe the rules state that any money coming into Thailand that is not specifically government or other type of pension is taxable in theory. That would include money charged on a credit or debit card from your home country. Social security is supposed to be exempt. That said, how are they going to enforce it or track your private transactions? I think most of the comments here are a correct assessment of the current state of affairs. As to my situation, my social security gets transferred once a month by Wise. That is routinely accepted by immigration for extending my one year non O visa. I can obtain an official US statement of social security benefits if they will require proof, say, when I apply for my retirement visa extension. If that happens I will have time to take care of that. I think that covers me. 

  • Confused 2
Posted
1 minute ago, JRG23 said:

All of these tax services companies are all doing the same. It's called stoking fear to drive up business. They think we're stupid.

Expats are always going to say that any business in Thailand that is run by foreigners is bad, up to no good, full of chancers etc, I guess it must be jealousy in most cases. An expat business could be offering free information and advice and some people would be suspicious, just as they were with Lister! Folks need to get their paranoia under control.

  • Confused 1
  • Sad 1
  • Haha 2
Posted
Just now, bkk6060 said:

Yes.  Don't forget get the thousands of Chinese and Russian.  People think they will pay?  Good luck.

 

Ha,

 

Yeah, more chance of a rocking horse winning the Steeplechase!

  • Thumbs Up 1
Posted
10 minutes ago, chiang mai said:

Expats are always going to say that any business in Thailand that is run by foreigners is bad, up to no good, full of chancers etc, I guess it must be jealousy in most cases. An expat business could be offering free information and advice and some people would be suspicious, just as they were with Lister! Folks need to get their paranoia under control.

 

I wonder why expats are suspicious of other expats who run businesses here?

  • Love It 1

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now




×
×
  • Create New...