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


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Posted
3 minutes ago, anrcaccount said:

 

No, not "lots" of expats have filed Thai tax returns. It's actually very, very few, as a % proportion. 

 

The vast majority of those using the income method for their visas have never filed a Thai tax return, despite many technically breaching the laws, for many years, with zero consequences.

 

IMO, next year will be no different. 

 

 

 

And your proof of these things is where?

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Posted

Guess it's more proper to shill for business than just say what's happening,

Like if it's US social security taxed or not taxed?

Like disability benefits taxed or not taxed?

 

Answering simple questions would be improper I guess.

Posted
9 minutes ago, sambum said:

 

Wise move! This Government are trying their best to woo as many (wealthy) ex pats to Thailand to invest in business or retire here, and then say (to the wealthy ones) "Oh but you will have to pay 35% tax on any money you bring into the country"

Seems to me like they are waving the stick about sooner than the carrot!

I agree with u.First ur gf/wife take ur money and property.And u get ripped off everywhere..dual pricing etc etc

And now the government coming after expats.Whats next?

 

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Posted
2 minutes ago, ignore it said:

Guess it's more proper to shill for business than just say what's happening,

Like if it's US social security taxed or not taxed?

Like disability benefits taxed or not taxed?

 

Answering simple questions would be improper I guess.

Those questions have been asked and answered hundreds of times in the tax related threads in this forum!

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Posted (edited)
3 hours ago, Captor said:

Because we get something back in every country where we are a resident and pay tax?

Sure, continue complain. If you wish to live in Thailand, that´s what you need to do. Stop whining about it. It´s another option. Go home and get something for you paid tax.

Edited by Gottfrid
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Posted
5 minutes ago, norsurin said:

I agree with u.First ur gf/wife take ur money and property.And u get ripped off everywhere..dual pricing etc etc

And now the government coming after expats.Whats next?

 

Posted

Is this the same tax adviser who was telling Americans that their IRA/401k withdrawals were not subject to US Federal income tax due to the operation of the Thai-US DTA and also were not subject to Thai taxation due to the prior-year remittance rule?

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Posted

Is anyone able to offer advice/opion on the following scenario please.

 

I do not plan to pay any tax in the UK by initially withdrawing only up to my personal tax allowance from my SIPP. It's currently around £12,500 threshold per annum. I can then withdraw money from my Stocks and Shares ISA (which is more sizeable than my SIPP having taken advantage of max deposits in all it's former guises) which could in theory be another £25,000+ per annum should I so wish. 

Stocks and Shares ISA's are tax exempt.

 

No tax due on this amount in the UK but what would my tax situation in Thailand be?

 

I'm not due my state pension for another 12 years and fully understand that receiving that, plus withdrawals from my SIPP would attract UK tax.

 

I'm more interested in my potential tax liabilities in Thailand as it would stand now, not being due to pay any tax whatsoever in the UK.

 

Thanks in advance for any helpful comments.

Posted
7 minutes ago, norsurin said:

I agree with u.First ur gf/wife take ur money and property.And u get ripped off everywhere..dual pricing etc etc

And now the government coming after expats.Whats next?

 

They want your soul!

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Posted
Just now, Keeps said:

Is anyone able to offer advice/opion on the following scenario please.

 

I do not plan to pay any tax in the UK by initially withdrawing only up to my personal tax allowance from my SIPP. It's currently around £12,500 threshold per annum. I can then withdraw money from my Stocks and Shares ISA (which is more sizeable than my SIPP having taken advantage of max deposits in all it's former guises) which could in theory be another £25,000+ per annum should I so wish. 

Stocks and Shares ISA's are tax exempt.

 

No tax due on this amount in the UK but what would my tax situation in Thailand be?

 

I'm not due my state pension for another 12 years and fully understand that receiving that, plus withdrawals from my SIPP would attract UK tax.

 

I'm more interested in my potential tax liabilities in Thailand as it would stand now, not being due to pay any tax whatsoever in the UK.

 

Thanks in advance for any helpful comments.

Your UK Personal Allowance doesn't carry across to Thailand, it is not recognised here. It is replaced by Thai tax deductions and allowances which can total a similar amount but will vary from person to person.

 

Your ISA income and SIPP income are almost certainly taxable here, only UK Government related pensions (not state pension) is free of tax in Thailand. How old are you, are you married and do you have children here?

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Posted
1 minute ago, chiang mai said:

Your UK Personal Allowance doesn't carry across to Thailand, it is not recognised here. It is replaced by Thai tax deductions and allowances which can total a similar amount but will vary from person to person.

 

Your ISA income and SIPP income are almost certainly taxable here, only UK Government related pensions (not state pension) is free of tax in Thailand. How old are you, are you married and do you have children here?

Thank you for your quick response.

 

I'm currently 56, not married (but do actually plan to but not in the immediate future, very long term partner). No children.

 

Be interested on your response to my reply and as to whether my current scenario has any bearing on potential tax liabilities. 

Posted
5 minutes ago, Keeps said:

Is anyone able to offer advice/opion on the following scenario please.

 

I do not plan to pay any tax in the UK by initially withdrawing only up to my personal tax allowance from my SIPP. It's currently around £12,500 threshold per annum. I can then withdraw money from my Stocks and Shares ISA (which is more sizeable than my SIPP having taken advantage of max deposits in all it's former guises) which could in theory be another £25,000+ per annum should I so wish. 

Stocks and Shares ISA's are tax exempt.

 

No tax due on this amount in the UK but what would my tax situation in Thailand be?

 

I'm not due my state pension for another 12 years and fully understand that receiving that, plus withdrawals from my SIPP would attract UK tax.

 

I'm more interested in my potential tax liabilities in Thailand as it would stand now, not being due to pay any tax whatsoever in the UK.

 

Thanks in advance for any helpful comments.

Sorry, I see that you say your state pension is due in 12 years which would make you 50 something. 

 

Ouch, your TEDA (deductions/allowances) are minimal, they don't start to increase meaningfully until you are over age 65 years. You are entitled to a Personal Allowance of 60k baht, plus 50% of your pension income, up to 100k baht. The first 150k of baht income is zero rated so off the top of my head, you can expect around 300k baht per year in TEDA, the rest will be taxable in stepped increments of 5%, 10% and 15%.

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Posted
1 minute ago, Keeps said:

Thank you for your quick response.

 

I'm currently 56, not married (but do actually plan to but not in the immediate future, very long term partner). No children.

 

Be interested on your response to my reply and as to whether my current scenario has any bearing on potential tax liabilities. 

A wife and children are tax deductions, that was why I asked.

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Posted
3 minutes ago, chiang mai said:

A wife and children are tax deductions, that was why I asked.

Thank you for your very helpful comments. I will certainly have to give some consideration as to how and how much I remit to Thailand.

 

Fortunately or unfortunately (however way you look at it) I am going to have to spend some significant time in the UK due to family matters and a long standing medical issue. In the immediate future that should/could restrict my time in Thailand to around 6 months of the year (2 months in, 2 months out). Probably worth ensuring it is slightly less than 180 days per year and topping up my cash holdings over here somewhat.

 

It's a fine balance of not maximizing my returns in the UK against potential Thai tax liabilities.

 

Thanks again for the useful input.

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Posted (edited)
7 minutes ago, Keeps said:

Thank you for your very helpful comments. I will certainly have to give some consideration as to how and how much I remit to Thailand.

 

Fortunately or unfortunately (however way you look at it) I am going to have to spend some significant time in the UK due to family matters and a long standing medical issue. In the immediate future that should/could restrict my time in Thailand to around 6 months of the year (2 months in, 2 months out). Probably worth ensuring it is slightly less than 180 days per year and topping up my cash holdings over here somewhat.

 

It's a fine balance of not maximizing my returns in the UK against potential Thai tax liabilities.

 

Thanks again for the useful input.

One thing to keep in mind is that income that is both earned and remitted to Thailand in a year when you are not tax resident here, is free of Thai tax. Maybe you can play around with that concept and find a formula that works for you. An example might be to spend 179 days here, return to the UK, withdraw funds from the SIPP and ISA and remit them to Thailand but don't return to live here until 6 months later.

Edited by chiang mai
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Posted
48 minutes ago, chiang mai said:

Your UK Personal Allowance doesn't carry across to Thailand, it is not recognised here. It is replaced by Thai tax deductions and allowances which can total a similar amount but will vary from person to person.

 

Your ISA income and SIPP income are almost certainly taxable here, only UK Government related pensions (not state pension) is free of tax in Thailand. How old are you, are you married and do you have children here?

"....only UK Government related pensions (not state pension) is free of tax in Thailand."

 

Are they not the same thing, or by "UK Government related pensions" do you mean something like a Civil Service pension, or a Serviceman's pension?

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Posted
8 hours ago, CharlieH said:

Didnt I read somewhere it was ILLEGAL for non Thai to give Tax advice about Thai Tax ?

You most certainly did, and not so many days ago. I visited my local tax office a few months ago, August I believe, and was sent away. That will do for me.

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Posted

Perfect example of the Position Talk & Scare Tactics out of greed.

While absolutely  no clear announcement(other than tax chief's wishful thinking) is made from any sources, he says he already knows all about it.

Doesn't make any sense.

Load of rubbish at its worst.

His only thought is to take advantage of the expat's anxiety from uncertainty for easy money from the useless Professional Advice.

 

 

 

 

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