Jump to content

How Has Thailand’s New Income Tax Law Affected Your Spending Habits?


Recommended Posts

Posted

IF it actually becomes law and instituted, being a Yank, it won't affect me at all.  Been here a while already, and all bought in already.  Don't need any big ticket items, and the money for, is already here.

 

Older married guys don't have much to worry about, and enough exemptions/allowances to barely get taxed, if any, if only bringing in about 800k to meet Imm requirements.

 

More than enough to live on, aside from any extra brought in would get hit with a minimum tax.  Not worth concerning one's self about.

  • Sad 1
  • Love It 1
  • Agree 1
Posted

You didn't mention this in your initial post ', so anything I bring in has already had substantial tax paid in Australia' which now puts a different light on your foreign income although I believe that obtaining a TIN is a must, whether or not you file a tax return.

 

We'll have to wait and see what transpires.

 

 

 

 

 

 

 

 

Posted

I thought the tax was on profits from the current year. This cannot be calculated during the current year. The money that I have brought over is long time savings that was earned many years ago and as I understand it, is not subject to tax. 

  • Like 1
  • Agree 1
Posted
13 hours ago, scubascuba3 said:

I'll be bringing in the minimum, I've even started paying using contactless with UK cards and Wise card, I'll also use Wise to pay larger amounts, common fees, maybe even much larger purchases 

Why would you do like that when you have been saying that you would be staying outside of Thailand so that you don't meet the 180 day threshold

Posted
1 minute ago, flexomike said:

Why would you do like that when you have been saying that you would be staying outside of Thailand so that you don't meet the 180 day threshold

Belt and braces. 🙂

  • Like 1
  • Thumbs Up 1
Posted

I had been transferring money from overseas to make various property investments for about 10 years.  That investment project was terminated the day the initial announcement was made. The last investment was made in June 2023.
 

Used to use my Thai credit cards for everything. This year I set up a new debit card arrangement with  a foreign bank that allows me to maintain balances in major currencies and the debit card automatically debits the  currency of the payment. So I can pay directly in USD, EUR, GBP, HKD, SGD, AUD etc without incurring hefty credit card forex charges. I haven’t used the card for Thai purchases but have used it for overseas tickets and travel and all my online shopping from Amazon, AliExpress, Temu etc. 

 

The missus has paid our son’s school fees and her life and health insurance premiums from gifts remitted to her from overseas. 
 

With these adjustments my local investment income has been enough to survive for the past year. I sold an overseas property, I had been putting off selling, and am putting the proceeds into a bank account in the name of an offshore company. This is to protect from the possibility of a Thailand introducing global tax in 2026. Income in a company name would only be taxable, if the company paid it to me as a dividend. This is what Thaksin and other wealthy Thais woukd do to avoid global tax on their offshore income.

  • Like 1
  • Agree 1
Posted
1 minute ago, SiSePuede419 said:

What new law? 😀

POR 161 and POR 162, reinterpretation of the current year remittance rules, dated September and November last year

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...