Places to EAT around Chiang Mai - reviews and discussion
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535
Thai tax tangle: Expats warned of new rules on overseas income
You are correct, but unlike so many others here, for me, Thailand is not the be all and end all. I like Vietnam as well. Should we talk about using Thai nominees to own a property???? How many are rolling that dice? Maybe let's leave that "dice." If they make changes that sees my living in Thailand untenable, I'll switch to tourist visas for 179 days a year. No tax exposure. No immigration exposure. I'm just a tourist. Total tax and immigration freedom. What's the downside???????? -
535
Thai tax tangle: Expats warned of new rules on overseas income
The Thai tax law lists income that is NOT to be included in tax calculations. Checkout section-42 of the Thailand tax code states: The assessable income of the following categories shall be exempt for the purpose of income tax calculation: It goes on to list items - note item -17: 17. Income prescribed for exemption by Ministerial regulations. Then look at Thailand Revenue Department Ministerial directives: Paw.161/162 which together indicate any foreign income from savings & income before 1-January-2024 are tax exempt (which suggests non-assessable income). Also, some foreign pensions/income, dependent on the source country DTA with Thailand, are only taxable in the source country and not in Thailand (it depends on the country - for some others only Thailand can tax the Thai-residents), which again suggests non-assessable income. Then examine the Thai tax return forms, keeping section-42 of the Thai tax code in mind there there is place to list the exemptions. The Thai tax forms have no place for deduction of this 'ministerial exempt' income, then per the Thai tax code section-42 shall be exempt for the purpose of income tax calculations, and likely such (not assessable income) shall not be included in a Thai Tax form per Thailand law. Kerryd, you have your references. Do not misconstrue my post above as saying you should not file a tax return. I do not know your financial situation. But please do consider Thailand tax code, consider Thailand ministerial directives, consider the DTA with the country from whence your income comes from, and consider whether (and how much if any) foreign income you remitted to Thailand (noting in particular PAW-161/162 and the DTA with the source county of your foreign income). If you are still puzzling, and if you have no TIN , no one will stop you from going to your local Tax office and see if they will assign you a TIN and assess your tax situation. You may wish to bring a Thai-English translator with you. Once again Kerryd, you have your references. The next step is yours. -
0
Benjamin arrives at the logical conclusion regarding taxes
After a fiery battle Benjamin of "Integrity Legal" seems to have finally been beaten down by the tax debate and came the final conclusion. If Thailand won't enforce laws regarding foreigners operating in restricted occupations why are they going to enforce these tax laws? Exactly. He's rightly pointed out many times that no new laws have been passed and they've merely closed a loop hole on an existing law that wasn't being enforced anyways but now he goes one step further and accepts they don't enforce other equally important laws either. This is 100% correct in my opinion. Thailand doesn't enforce laws. They simply don't. It seems beyond them quite honestly so I have zero faith they will embark on enforcing an extremely difficult and costly tax enforcement scheme which targets expats, most of which aren't liable for any significant amount of tax anyways. Not to mention how harmful this would be for foreign investment. Conclusion is, now is not the time to go home and go crazy. Best advice in my opinion is to sit tight, ignore the fear mongering and wait to see what happens in the coming years. -
9,116
Electric Vehicles in Thailand
Practicality is reserved for the second car while exhilaration and reckless abandon is reserved for the first ! -
7
Massive Electronic Waste Seizure Exhumed at Laem Chabang Port
Exhumed? It was buried? -
535
Thai tax tangle: Expats warned of new rules on overseas income
The TRD don't know you have remitted funds, exempt or not, unless you declare them.
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