Can I transfer money to my Thai bank account whilst out of the country

[Negita43]

I am out of the Thailand at the moment and will  have been out of the country for 180 plus days by the time I return.

If I transfer money before I come back anyone have any idea of the position with regard to taxation?

[Jan Dietz]

Fiscal year is Jan - Dec. If you transfer this year AND you have been in the country this year for < 180 days you are not a tax resident.
Same for next year.
Being out of the country for 180 days split over two fiscal years doesn't help.

[ukrules]

Yes, you can make and transfer as much as you want during a non resident year but the money must also be also be 'realised' during a non resident year - often going to be the same year but perhaps not always.

 

This is the approach I'm taking but I'm going the extra mile and will be non resident for a few years going forward as I don't like their approach and will wait for the dust to truly settle on this whole thing before making additional decisions.

 

Now this next bit is just a hunch but you may open yourself up to potential audits if you send very large amounts of money in a non resident year and of course during an audit they can look back many years and I know a lot of us were likely remitting mingled funds over the last 10 years.

 

Of course if you remain non resident then you won't be needing a TIN assuming those you bank with will work without one.

 

[Negita43]

14 hours ago, ukrules said:

but the money must also be also be 'realised' during a non resident year

Realised? = spent?

[ukrules]

1 hour ago, Negita43 said:

Realised? = spent?

 

No, so when you sell something (anything) like shares, bonds, gold, Bitcoin, houses, etc - it's said that you 'realise' the profit / capital gain when you sell them assuming there's a gain.

 

[oldcpu]

Note also Thailand Revenue Department (RD) order 162 clarified that income (and in effect savings) earned before 1-Jan-2024 was not taxable (nor I think assessable) if brought into Thailand after 31-Dec-2023.

 

So regardless of whether you were a tax resident of Thailand for 2024 or not, if the FOREIGN sourced money was earned/saved from before 1-Jan-2024, I do not believe it is intended to be taxable nor treated as assessable income by Thailand.

 

I do believe thou, it worth while to make a record of all your foreign accounts as of the end of the last business day in year 2023 - AND keep a record of any transactions that account since - so that (IF you are a tax resident) you can prove any money brought in was earned and saved before  1-Jan-2024.

 

... If I have the above wrong (I think I have this correct) my hope is that others will correct me.

Edited November 10 by oldcpu