Thai Tax Returns for Foreigners

[beammeup]

1 hour ago, Srikcir said:

I understand that the Revenue Department will amend the law to collect taxes from residents who have income from abroad, even if that income is not brought into the country. As such it would apply in the determination of Thai taxed income relative to any foreign resident's country's Double Taxation Treaty if applicable. Thai taxation may exceed foreign citizen's home country's taxation (ie., higher Thai tax bracket than foreigner's home country tax bracket).

 

The amendment would be consistent with the principle of taxation of worldwide income, such as required in the case for US citizens regardless whether they bring that income into the US or not. For US citizens (I don't know if this is unique or similar for other countries), it also triggers the mandatory annual Foreign Bank Account Report (FBAR) to identify foreign funds held under almost any kind of ownership that exceeds cumulatively $10,000. Failure to file has a very high penalty.

I dont know about FBAR but it sure is FUBAR.

[NoDisplayName]

40 minutes ago, hunkidori said:

While we're at it, what is going to happen to the thousands of retirees lining the pockets of our friends at immigration to facilitate their stay here without the 800 grand in the bank? Are they going to file tax returns?

 

I don't believe that immigration officials will start listing bribes received as income on their tax returns.

 

But you can disregard that.  I'm just guessing and you're not interested.

[EVENKEEL]

12 minutes ago, chiang mai said:

Stalking you....hahahaha, don't flatter yourself.

 

Me? I love opinions and am always very keen to understand the logic or motivation behind why people have different ones. I only ever post in tax threads and you always seem to be in them too. Except you're always the one who is putting down the people who post information about tax and call this whole business a charade. I find it curious that a person who holds such a low opinion of the subject and the people who post in it, should spend so much time here.

No, I don't put down people who post tax advice. Only you. If you're so upset, use the ignore feature. 

[chiang mai]

12 minutes ago, EVENKEEL said:

No, I don't put down people who post tax advice. Only you. If you're so upset, use the ignore feature. 

No problem for me, now I know what your agenda is, I'm happy to let you hang yourself.

[EVENKEEL]

4 minutes ago, chiang mai said:

No problem for me, now I know what your agenda is, I'm happy to let you hang yourself.

Agenda? This is an anonymous forum where all are welcome to post. It's time to get over yourself.  

[oldcpu]

48 minutes ago, Bvor said:

 

It's been widely reported that the TRD will release new tax forms and explanatory notes in Dec. So its it's a wait and see situation.

 

 

Originally the 'chat' had been that we could expect the new tax forms (and presumably explanatory notes) in Nov.

 

I note the Thai language forms (for 2024 tax year) are available (best I can determine using Google translation):   https://www.rd.go.th/65971.html

 

However the English language (for 2024 tax year) are not yet available:  https://www.rd.go.th/english/65308.html

 

I tried using Google translate on the Thai version to gain some insight - but either there is no further insight, or the Google translation is poor, or my understanding of the translation is poor.

 

so I agree its a wait and see until the English language version of the Thai tax forms shows up for the 2024 tax year.

[chiang mai]

19 minutes ago, EVENKEEL said:

Agenda? This is an anonymous forum where all are welcome to post. It's time to get over yourself.  

"Someone got up on the wrong side of the bed today".

[BusyB]

1 hour ago, Bvor said:

 

It's been widely reported that the TRD will release new tax forms and explanatory notes in Dec. So its it's a wait and see situation.

 

 

 

It always has been ...🤣

[flexomike]

10 hours ago, EVENKEEL said:

All the talk on here could lead many to do the same. 

And what are they going to live on. Unless you are just hitting the ATM

[DUNROAMIN]

I think I'll start worrying about this TAX thing around 2030, should be about the time the Thai government will have everything in place to start taxing us.😉

[oldcpu]

4 minutes ago, flexomike said:

And what are they going to live on. Unless you are just hitting the ATM

 

Some of us (perhaps not many) as soon as 161 and 162 came out, before the end of calendar/tax year 2023, brought a substantial amount of money into Thailand, such that we can live here for a number of years, until the tax situation clarifies.  For those of us who had the luxury of doing such,  we don't need to hit an ATM to bring money in from abroad.  And we won't (for 2024 tax year ,...  2025 tax year ... 2026 tax  year) bring  any foreign savings nor income into Thailand - and we have no Thai income to speak of.

 

Eventually, after a number of years, ..   yes ...we will need to bring money into Thailand ... but that bridge can be crossed when the time comes - and the 'road more clear'.

 

So that is "what we are going to live on".

[EVENKEEL]

48 minutes ago, chiang mai said:

"Someone got up on the wrong side of the bed today".

Try to be original.

[kimothai]

Did I miss something?  Last I heard this Expat tax thing was just a proposal that many people think will never happen.

[oldcpu]

17 minutes ago, kimothai said:

Did I miss something?  Last I heard this Expat tax thing was just a proposal that many people think will never happen.

 

There are two aspects here.

 

1.  There is Thai RD Order 161 together with Thai RD Instruction 162.  Together this states any assessable foreign income (from tax year 2024 or later tax year) brought into Thailand commencing 1-Jan-2024 (and later), is potentially subject to Thai tax.  Nominally the understanding is that foreign income/savings in place BEFORE 1-Jan-2024, that is brought into Thailand is not affected/nor planned to be taxed even if brought into Thailand in subsequent years.  These two Thai RD documents are in place now.  <  and for others reading this - if my understanding is wrong there please correct me > .

 

2.  The Thai RD management are pushing to also tax foreign assessable income even if NOT bought into Thailand.  However that has not happened yet.

 

Edit:  The above is for foreigners who are resident in Thailand 180 days or greater  cumulative time in any taxation/calendar year.

[Yumthai]

1 hour ago, EVENKEEL said:

No, I don't put down people who post tax advice. Only you. If you're so upset, use the ignore feature. 

No empty spot.

[Bvor]

25 minutes ago, kimothai said:

Did I miss something?  Last I heard this Expat tax thing was just a proposal that many people think will never happen.

Ignorance is bliss.

 

33 minutes ago, oldcpu said:

Some of us (perhaps not many) as soon as 161 and 162 came out, before the end of calendar/tax year 2023, brought a substantial amount of money into Thailand, such that we can live here for a number of years, until the tax situation clarifies. 

astute.

[hunkidori]

2 hours ago, NoDisplayName said:

 

I don't believe that immigration officials will start listing bribes received as income on their tax returns.

 

But you can disregard that.  I'm just guessing and you're not interested.

 

No they won't start declaring bribes on their tax returns just like they won't declare the extra bribes they will want for not filing a tax return to get an extension of stay. But then again there will be no tax returns needed by most of us and nobody in any authority has ever said there will be

[chiang mai]

11 minutes ago, hunkidori said:

 

No they won't start declaring bribes on their tax returns just like they won't declare the extra bribes they will want for not filing a tax return to get an extension of stay. But then again there will be no tax returns needed by most of us and nobody in any authority has ever said there will be

Are you seriously expecting that somebody in authority will come out and say that....really?

[Bundooman]

11 hours ago, EVENKEEL said:

Good idea. And, please don't say duh after a sentence. That doesn't instill much confidence.

Your posts seem to attract the expression. 'Duh'!

Suits you........

[EVENKEEL]

1 hour ago, kimothai said:

Did I miss something?  Last I heard this Expat tax thing was just a proposal that many people think will never happen.

That's how I see it as well. As does all the folks I talk to.

[NoDisplayName]

24 minutes ago, chiang mai said:

Are you seriously expecting that somebody in authority will come out and say that....really?

 

Does the head of the TRD count as an authority?

 

The Thai Revenue Department is drafting a law to tax the income of individuals residing in Thailand that originates from overseas.

The draft follows the international principle of worldwide income under the residence rule, said Kulaya Tantitemit, the director-general of the department.

https://www.bangkokpost.com/business/general/2860812/law-to-tax-income-from-overseas-in-the-works.

[chiang mai]

1 minute ago, NoDisplayName said:

 

Does the head of the TRD count as an authority?

 

The Thai Revenue Department is drafting a law to tax the income of individuals residing in Thailand that originates from overseas.

The draft follows the international principle of worldwide income under the residence rule, said Kulaya Tantitemit, the director-general of the department.

https://www.bangkokpost.com/business/general/2860812/law-to-tax-income-from-overseas-in-the-works.

We're talking about different things.

[EVENKEEL]

12 minutes ago, Bundooman said:

Your posts seem to attract the expression. 'Duh'!

Suits you........

Only posters who have regressed to their adolescent pre puberty years uses that term

[OneManShow]

On 11/13/2024 at 2:40 PM, Nickcage49 said:

I just spoke to our accountant here and she told me that as long as I fill out a tax return in my country (the USA), one is not required to be filled out here.

I don't need to file a tax return since my total (including SS) is less than what is required for filing tax in the US. 
 

https://www.irs.gov/newsroom/who-needs-to-file-a-tax-return

 

 

[Old Croc]

On 11/14/2024 at 6:40 AM, EVENKEEL said:

Good idea. And, please don't say duh after a sentence. That doesn't instill much confidence.

Using the word GOSH at the beginning of the sentence (or anytime really) doesn't do much for me either.

[EVENKEEL]

22 minutes ago, Old Croc said:

Using the word GOSH at the beginning of the sentence (or anytime really) doesn't do much for me either.

Good advice 

[sometimewoodworker]

On 11/13/2024 at 2:40 PM, Nickcage49 said:

I just spoke to our accountant here and she told me that as long as I fill out a tax return in my country (the USA), one is not required to be filled out here.

That is a very sweeping statement.

 

The TRD does not agree.

 

If you fill out a tax form in other countries is irrelevant to the TRD. You may be required to fill out a Thai tax form or there maybe no need to do so, it is dependant on your assessable income. It is perfectly possible that your assessable income is low enough that you do not need to complete a Thai tax form

[KhunHeineken]

On 11/14/2024 at 10:13 AM, kimothai said:

Did I miss something?  Last I heard this Expat tax thing was just a proposal that many people think will never happen.

Ignorance is bliss. 

 

Have you ever known a Thai to walk away from a baht? 

 

What make you think the Thai government will walk away from this, especially when they know they have foreigners living here by the b*lls?

[Everyman]

2 minutes ago, KhunHeineken said:

Ignorance is bliss. 

 

Have you ever known a Thai to walk away from a baht? 

 

What make you think the Thai government will walk away from this, especially when they know they have foreigners living here by the b*lls?

 

I 

3 minutes ago, KhunHeineken said:

Ignorance is bliss. 

 

Have you ever known a Thai to walk away from a baht? 

 

What make you think the Thai government will walk away from this, especially when they know they have foreigners living here by the b*lls?

 

The more money a foreigner has, the easier it is for them to leave Thailand to avoid any tax liabilities.

 

In that light the kingdom would lose more money than they gain and “walking away from a baht” would be to try to enforce any of the harebrained proposals. 

 

The only ones they “have by the b*lls” are pensioners who who can’t afford to leave and they aren’t going to pay anything under any of the scenarios. 

[KhunHeineken]

12 minutes ago, Everyman said:

The more money a foreigner has, the easier it is for them to leave Thailand to avoid any tax liabilities.

I agree.

 

High net worth individuals will stay less than 180 days in Thailand.  Crazy if they didn't. 

 

12 minutes ago, Everyman said:

In that light the kingdom would lose more money than they gain and “walking away from a baht” would be to try to enforce any of the harebrained proposals. 

So, you subscribe to the old theory, "the Thai's would never do that because they would lose money." 

 

It hasn't exactly gone that way in the past though, has it?  

 

12 minutes ago, Everyman said:

The only ones they “have by the b*lls” are pensioners who who can’t afford to leave and they aren’t going to pay anything under any of the scenarios. 

The numbers have already been crunched.  

 

Most pensioners will have to pay something, albeit, not too much, but they will have a tax liability here.   

 

Remember, a little out of a little can be a lot for some.