9 minutes ago, kingstonkid said:

 

Great info. I am truly surprised that there are no accountants who are searching for Expats.  You would think there is a very large market especially for an English speaking accountant or tax specialist

 there are companies who provide the service which you refer to.

However -I am convinced that you only need such companies if you cannot be bothered to do it yourself.

Basically it is easy. You will -however -have to get a TM30.

There is a Thai website dedicated to provide such a document. I applied some time ago-they acknowledged my request.

So far nothing. Suspect that will have to visit immigration.

You basic difficulty will be communication with the TRD. Thai language only

1 hour ago, NorthernRyland said:

Do nothing and wait until they ask you directly for money. All these people here rushing out to pay taxes are acting on hearsay and speculation. We've ALWAYS been liable for taxes in Thailand and there has  been no new laws passed, nothing has changed in regards to enforcement. 

Yes! 

Brilliantly reiterated,

”there are no new laws passed” 

1 hour ago, Delight said:

 there are companies who provide the service which you refer to.

However -I am convinced that you only need such companies if you cannot be bothered to do it yourself.

Basically it is easy. You will -however -have to get a TM30.

There is a Thai website dedicated to provide such a document. I applied some time ago-they acknowledged my request.

So far nothing. Suspect that will have to visit immigration.

You basic difficulty will be communication with the TRD. Thai language only

I always use experts. That way, I can save as much money as possible and ensure that I am doing it right.  Also, having someone navigate things for me is never a bad thing here, so I do not miss anything in translation. LOL

 

 

1 hour ago, Samh said:

Can I jump in here. If I pay 20% tax in the UK on my pension are the Thais going to take another 25%?

 

The short answer is no.

 

Any tax that you might have to pay in Thailand can be offset with tax paid in the UK.

 

The trick will be having the paperwork to hand to show the tax paid in the UK.

i believe the RD will be extremely busy from 02 January.

 

I wonder how many Thai/Eng translators they've taken on board.

2 hours ago, Delight said:

You basic difficulty will be communication with the TRD. Thai language only

Not if you use Phitsanulok Taxman, lovely bloke, perfect English, but unfortunatley a Man Utd fan.

3 hours ago, Samh said:

Can I jump in here. If I pay 20% tax in the UK on my pension are the Thais going to take another 25%?

That depends on the amount of other income sources. which end up in Thailand

The UK has a double Taxation agreement with Thailand-so tax paid in the UK will act as a credit against Thai tax.

The UK HMRC website facilitates you to download a document detailing tax paid IN 2024.

In the meantime you may wish to spend time understanding this HMRC website such that in Jan. 2025 this tax paid information  document can be downloaded. You will need your unique NATIONAL   INSURANCE NUMBER.

Good luck

 

On 12/18/2024 at 11:51 AM, Benjamin1975 said:

I have read and re-read. I have seen video after video and still I don't understand anything. At the moment I am in Thailand to look for a house to rent for February, because I will be moving permanently between the end of January and the beginning of February. My question is about the new taxes rules: once I am here in Thailand, I will have an amount equal to 150,000 thb every month transferred to my Thai account. It is an amount deriving from the rent of my house and my shop. Do I have to fill out the tax form on this amount or am I exempt? Here in Thailand I will not work and I will not have any income other than that from abroad. Thank you.

Go to a tax office. They speak English and are friendly. If you will live here on a pension either gov or company you will not pay tax here cos there is an agreement between uk and Thailand, but you can be asked to go see them so keep all your paper work to prove. There is no other tax at the moment for us to pay cos it's not official. If I say red somebody eles says blue. Go talk with tax office. Please look integrity legal Thailand utube, he is great and straight talking. As he say many post even from newspapers here make it sound it's all in place now, no it's not. Look seriously, only listen to him and the tax office, not face book or anywhere else.

On 12/18/2024 at 12:43 PM, KhunLA said:

Yes, and read it as such.  (Did an edit while you were typing)

 

150 X 12 = 1.8M, and falls in th 1M-2M income bracket, taxable @ 25%, if I read it correctly, at link provided in my first reply.

 

apologies if this question has been answered but I couldn't find anything pertaining to it, kindly advise if you know the answer. Since the majority of us here are on Non O retirement extension of stay, thus not residents and they can kick us out anytime they want, should I understand that we will become permanent residents if we start to pay taxes and therefore no need for renewal of extension of stay every year, thanks

9 minutes ago, Mavideol said:

apologies if this question has been answered but I couldn't find anything pertaining to it, kindly advise if you know the answer. Since the majority of us here are on Non O retirement extension of stay, thus not residents and they can kick us out anytime they want, should I understand that we will become permanent residents if we start to pay taxes and therefore no need for renewal of extension of stay every year, thanks

No, we will always be 'guests', and have to ask permission to stay, every year.  I doubt if that will every change, and a good think ... for TH.  

On 12/18/2024 at 11:51 AM, Benjamin1975 said:

I will have an amount equal to 150,000 thb every month transferred to my Thai account.

 

Why?  It can't be for the juicy 1% interest on savings.....

 

Park it in an offshore brokerage account, only bring in what you need.

 

As to rental income, I believe there are larger deductions and allowances for expenses on that particular category.

On 12/18/2024 at 5:51 AM, Benjamin1975 said:

I have read and re-read. I have seen video after video and still I don't understand anything. At the moment I am in Thailand to look for a house to rent for February, because I will be moving permanently between the end of January and the beginning of February. My question is about the new taxes rules: once I am here in Thailand, I will have an amount equal to 150,000 thb every month transferred to my Thai account. It is an amount deriving from the rent of my house and my shop. Do I have to fill out the tax form on this amount or am I exempt? Here in Thailand I will not work and I will not have any income other than that from abroad. Thank you.

It's actually very simple:

 

If you stay for 180 days or longer in Thailand within a tax-year (calendar year), you are fully income taxable to Thailand.

 

Before end of March the following year, you have to declare your taxable income in a tax return form.

 

If you are already income-taxed in your home country of the money you transfer into Thailand, then check if your country has a double taxation agreement with Thailand, and find your income source in that statement.

On 12/18/2024 at 11:51 AM, Benjamin1975 said:

I have read and re-read. I have seen video after video and still I don't understand anything. At the moment I am in Thailand to look for a house to rent for February, because I will be moving permanently between the end of January and the beginning of February. My question is about the new taxes rules: once I am here in Thailand, I will have an amount equal to 150,000 thb every month transferred to my Thai account. It is an amount deriving from the rent of my house and my shop. Do I have to fill out the tax form on this amount or am I exempt? Here in Thailand I will not work and I will not have any income other than that from abroad. Thank you.

I will buy into this, you seen what the other guys are saying, I will add, just bring in what you need to live per month leave the rest of your money at home, you can bring in  between 4 to 500,000 per year before the need to pay tax depending on age.

 

If you can show savings of amounts before the start of 2024 that you may want to bring in for various reasons like buy a condo, make sure you have proof, depending on the mood of the tax officer high chance it wont be seen as a taxable amount, some forward planning and thinking you can work your way around the new tax rules but really why do you need to bring in 150,000 a month?

6 hours ago, anchadian said:

i believe the RD will be extremely busy from 02 January.

 

I wonder how many Thai/Eng translators they've taken on board.

 

Probably zero.

 

This thread is exhibit A for why even if the worst rumors and speculation about new enforcement of the old tax laws are true, then the sensible thing to do is keep money offshore and/or don’t come to Thailand more than 180 days per year. Both cost the Thai economy more money than any revenue they might collect, and it’s a net negative. 

 

But personally, I’m looking forward to the conversation in April about despite *NOTHING* having happened, but about how it will in June or January or the next BS milestone. 

On 12/18/2024 at 12:37 PM, KhunLA said:

Being it's going to be transferred into a Thai bank account, they will know about the funds.  Technically, you are liable for income tax.  How that would be collected, and or info given to TRD is a bit of an unknown now, but rest assured, they will know, and you will have a tax due.

 

Obviously the easiest way would be evidence of taxes paid when renewing / extending any visa at Immigrations every year.

 

This is a good thread, well, first page or 2 before all the silly questions, from people not reading, or knowing their country DTA (dual tax agreement).

 

Has the present income tax per income increments.  150k a month puts you in the higher tax burden of 25% (page 7).  Married & deductions help lowering that.

Hmm, yes the Kingdom of Thailand will know as they require me to transfer from abroad 65,000 baht a month (one of the recognized methods for Non-O Imm, Retirement. Interesting requiring that I bring in 65K a month resulting I required Thai taxation? Hmm, think I will await further steps by the Government of Thailand and I would refer them to the Embassy of the USA as a citizen of that country with an existing bi-lateral tax treaty. 

6 hours ago, helloagain said:

Go to a tax office. They speak English and are friendly. If you will live here on a pension either gov or company you will not pay tax here cos there is an agreement between uk and Thailand, but you can be asked to go see them so keep all your paper work to prove. There is no other tax at the moment for us to pay cos it's not official. If I say red somebody eles says blue. Go talk with tax office. Please look integrity legal Thailand utube, he is great and straight talking. As he say many post even from newspapers here make it sound it's all in place now, no it's not. Look seriously, only listen to him and the tax office, not face book or anywhere else.

May be I will just stick to being a tourist in Thailand.

 Please, please help me to understand

Delight replied to Benjamin1975's topic in Jobs, Economy, Banking, Business, Investments

That depends on the amount of other income sources. which end up in Thailand The UK has a double Taxation agreement with Thailand-so tax paid in the UK will act as a credit against Thai tax. The UK HMRC website facilitates you to download a document detailing tax paid IN 2024. In the meantime you may wish to spend time understanding this HMRC website such that in Jan. 2025 this tax paid information

•  
•  

What country are you from? Many DTAs, following the OECD Model tax treaty example, have your home country -- where your rental property is located -- as the primary taxation authority. BUT -- the treaties also give your country of residence secondary taxation authority. In this situation, you file with your residence country (Thailand, in this discussion) -- but they have to absorb a tax credit for those taxes you pay to your home country. Two examples of this DTA language is with the UK and US DTAs with Thailand.

 

So, if the above applies, you'll be off the hook for double taxation. But, if Thailand's taxation on this rental income is higher than your home country's -- being an expat in Thailand means a bigger overall tax bill on your rental income.

On 12/19/2024 at 9:48 AM, maxcorrigan said:

Where in Jom thien is the tax office? an what would i need to take with me to abtain the reqired info., an lastly being not very mobile wheelchair bound) could my wife do this alone, being 86 yr old i am at a loss trying to get my old brain around this new requirement !

Any help would be very much appreciated and thank you all

you need to head towards Jomtien with Pattaya behind you.

 

Straight thru the lights witch has the turn left to Treppasit Rd

 

To the next set of lights

 

Straight thru these lights and immediate left. you will see an overhead sign bearing the name of the office that you are seeking.

 

The Tax office comes to view -it is the only  office down there.

 

Past security -office on the right.

On 12/19/2024 at 10:42 AM, WDSmart said:

But is my assumption that this ONLY applies to INCOME FROM EMPLOYMENT and not retirement income?

 

This is not true. Rental income would qualify (taxable). Royalties would qualify. Investment income would qualify. Even pension/retirement incomes can get taxed. For instance, my US Social Security is exempt. But if I received a pension from a company I worked for, that pension would be taxed. In my case, I bring my social security into Thailand, but nothing else, since it would get taxed.

On 12/19/2024 at 4:43 PM, khunPer said:

It's actually very simple:

 

If you stay for 180 days or longer in Thailand within a tax-year (calendar year), you are fully income taxable to Thailand.

 

Before end of March the following year, you have to declare your taxable income in a tax return form.

 

If you are already income-taxed in your home country of the money you transfer into Thailand, then check if your country has a double taxation agreement with Thailand, and find your income source in that statement.

Is the 180 days actually "living" in Thailand ie a visa that gives residency status. Does a series of tourist stays equalling 180 days in total count as "living" in Thailand. Is any money deposited into a Thai bank account classes as "Income". In the UK income is defined for tax purposes. If I sell my car and live on the proceeds that is not income for tax purposes.

10 minutes ago, Samh said:

Is the 180 days actually "living" in Thailand ie a visa that gives residency status. Does a series of tourist stays equalling 180 days in total count as "living" in Thailand. Is any money deposited into a Thai bank account classes as "Income". In the UK income is defined for tax purposes. If I sell my car and live on the proceeds that is not income for tax purposes.

 

Tax residents are defined as persons residing in Thailand at one or more times for an aggregate period of 180 days or more in any tax (calendar) year.  

9 hours ago, Samh said:

Does a series of tourist stays equalling 180 days in total count as "living" in Thailand

Yes, if these 180 days are within one calendar year.

 

9 hours ago, Samh said:

In the UK income is defined for tax purposes

In Thailand,  too.

The definitions may not be the same as in the UK.

You can easily look them up in the revenue code. 

On 12/21/2024 at 2:59 PM, Delight said:

you need to head towards Jomtien with Pattaya behind you.

 

Straight thru the lights witch has the turn left to Treppasit Rd

 

To the next set of lights

 

Straight thru these lights and immediate left. you will see an overhead sign bearing the name of the office that you are seeking.

 

The Tax office comes to view -it is the only  office down there.

 

Past security -office on the right.

Thank you very much for your precise infrmation, and a happy Christmas to you!

18 hours ago, timendres said:

On 12/19/2024 at 10:42 AM, WDSmart said:

But is my assumption that this ONLY applies to INCOME FROM EMPLOYMENT and not retirement income?

 

This is not true. Rental income would qualify (taxable). Royalties would qualify. Investment income would qualify. Even pension/retirement incomes can get taxed. For instance, my US Social Security is exempt. But if I received a pension from a company I worked for, that pension would be taxed. In my case, I bring my social security into Thailand, but nothing else, since it would get taxed.

Thanks! I'm also only mainly concerned with my Social Security payments.

20 hours ago, Samh said:

Is the 180 days actually "living" in Thailand ie a visa that gives residency status. Does a series of tourist stays equalling 180 days in total count as "living" in Thailand. Is any money deposited into a Thai bank account classes as "Income". In the UK income is defined for tax purposes. If I sell my car and live on the proceeds that is not income for tax purposes.

It is as I said: "If you stay for 180 days or longer in Thailand within a tax-year (calendar year), you are fully income taxable to Thailand."

If you stay 180 days during a number of shorter periods within a tax-year on whatever visa, you are in principle liable as tax-resident; it's the same in numerous countries around the World.

On 12/22/2024 at 6:28 PM, Samh said:

Is the 180 days actually "living" in Thailand ie a visa that gives residency status. Does a series of tourist stays equalling 180 days in total count as "living" in Thailand. Is any money deposited into a Thai bank account classes as "Income". In the UK income is defined for tax purposes. If I sell my car and live on the proceeds that is not income for tax purposes.

The TRD definition is if you live (or stay) in Thailand for an aggregate of 180 days or more you are tax resident. You may be taxed on foreign remittances even if you are not tax resident 

 

the TRD lists the classes of money remitted into Thailand that are classed as assessable for taxation. Remitting the proceeds of the sale of your car could be argued as non-assessable but it could also be assessable depending on the origin of the funds used to buy the car.

 

Just because you sell an asset does not make the money non assessable when remitted to Thailand.

The TRD is well aware of the mechanisms used in money laundering.

Though if you are going to get challenged and audited is probably rather dependent on how much money gets remitted, 200k almost certainly not, 2 million, unlikely, 20 million and there maybe interest, 200 million is going to be intriguing, 2,000 million and you are a person of interest.

On 12/18/2024 at 10:42 PM, WDSmart said:

@Crossy, Thanks for your prompt reply and correction of my assumption.

But is my assumption that this ONLY applies to INCOME FROM EMPLOYMENT and not retirement income?
 

 

It is going to depend on where your retirement income is from. For example, US social security is specifically not taxed in Thailand per the US/Thailand dual tax agreement. 

 

On 12/20/2024 at 12:04 PM, JimGant said:

What country are you from? Many DTAs, following the OECD Model tax treaty example, have your home country -- where your rental property is located -- as the primary taxation authority. BUT -- the treaties also give your country of residence secondary taxation authority. In this situation, you file with your residence country (Thailand, in this discussion) -- but they have to absorb a tax credit for those taxes you pay to your home country. Two examples of this DTA language is with the UK and US DTAs with Thailand.

 

So, if the above applies, you'll be off the hook for double taxation. But, if Thailand's taxation on this rental income is higher than your home country's -- being an expat in Thailand means a bigger overall tax bill on your rental income.

+1

 

Many still believe if their money is taxed in one country, under a DTA, it can't be taxed in a second country.  Not correct.