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

[chiang mai]

8 minutes ago, saintdomingo said:

Residents.? So you have to have permanent residence then.

NO! Tax resident, that means spending more than a cumulative 180 days per tax year in Thailand....tax year is the same as the calendar year.

[saintdomingo]

1 minute ago, chiang mai said:

NO! Tax resident, that means spending more than a cumulative 180 days per tax year in Thailand....tax year is the same as the calendar year.

Thank you Mr cm, please tell me is there a pinned post anywhere that states income tax rates.? I would only be looking at the lower end of income - basically savings, no more than £25,000 p.a., and likely not too close to that either.

[chiang mai]

4 minutes ago, saintdomingo said:

Thank you Mr cm, please tell me is there a pinned post anywhere that states income tax rates.? I would only be looking at the lower end of income - basically savings, no more than £25,000 p.a., and likely not too close to that either.

There's a pinned document in the finance section called introduction to Thai income tax, perhaps someone will kindly link for this member.

[Gaccha]

9 minutes ago, saintdomingo said:

I would only be looking at the lower end of income - basically savings, no more than £25,000 p.a.

 

That's one of the higher tiers.

 

25% on income between THB 1,000,001 and THB 2,000,000

[chiang mai]

2 hours ago, saintdomingo said:

Thank you Mr cm, please tell me is there a pinned post anywhere that states income tax rates.? I would only be looking at the lower end of income - basically savings, no more than £25,000 p.a., and likely not too close to that either.

Please see the attached document

 

 

[Njoku]

On 12/22/2024 at 4:01 PM, chiang mai said:

It depends on when you obtained your pink card, the numbers on it changed from 10 digits to 13 digits at some point and that  rendered the old cards invalid as tax ID's. Also, is the new 13 digit number, it must first be activated as a tax ID, it's not automatic.

Thanks for that info, got my pink id card about 6 months back has the 13 digits, will show it when I visit the revenue department soon...

[Njoku]

On 12/19/2024 at 11:50 AM, RSD1 said:

30 years ago, I remember hearing a figure that there were over 100,000 Japanese residents living in Thailand alone. Perhaps that number has grown since then. Add to that all the new Chinese runaways and the numbers there could be large too. And this is not even counting retirees from Western countries.

Lot of Japanese and Chinese company's here.

[RSD1]

36 minutes ago, Njoku said:

Lot of Japanese and Chinese company's here.

Chinese are a recent addition over the last 10-15 years. There weren't any 30 years ago. 

[Bday Prang]

On 12/22/2024 at 9:44 AM, Njoku said:

The tourists are what they are really after

i don't think this has anything to do with tourists, how many of them stay here 180 days or more?

[chiang mai]

1 hour ago, RSD1 said:

Chinese are a recent addition over the last 10-15 years. There weren't any 30 years ago. 

The Chinese have lived in Thailand since the 13th century, their numbers increased substantially after the fall of Chiang Kai-shek. Nearly all the very very rich in Thailand have Chinese ancestry.

[RSD1]

1 minute ago, chiang mai said:

The Chinese have lived in Thailand since the 13th century, their numbers increased substantially after the fall of Chiang Kai-shek. Nearly all the very very rich in Thailand have Chinese ancestry.

Not relevant. Congratulations. You completely misunderstood the point and the context.

[chiang mai]

6 minutes ago, RSD1 said:

Not relevant. Congratulations. You completely misunderstood the point and the context.

I didn't really, Chinese business has operated in Thailand at scale, for decades. CP Group was started by a Chinese family in the 1920's.

[Njoku]

22 hours ago, RSD1 said:

Chinese are a recent addition over the last 10-15 years. There weren't any 30 years ago. 

We are talking future tax paying expats, lot of Japanese and Chinese working here.

[Njoku]

22 hours ago, Bday Prang said:

i don't think this has anything to do with tourists, how many of them stay here 180 days or more?

The tourist numbers have always been important to most government's, they hit the country for a week or two and drop enough money like they where living her for 2 to 6 months, unlike most expats who would be living a more sedate life style.

[BostonJoe]

The new tax laws are aimed at personal income . In America everything is set up ln a  trust all the commercial properties are owned by the trust  I basically make nothing as the trust is a different entity than me  How will the new laws effect me 

[chiang mai]

20 minutes ago, BostonJoe said:

The new tax laws are aimed at personal income . In America everything is set up ln a  trust all the commercial properties are owned by the trust  I basically make nothing as the trust is a different entity than me  How will the new laws effect me 

Thailand doesn't see the Trust, all it sees is income that you've remitted. You need to determine if that income is assessable to Thai tax or not, Look at the Thai /USA DTA and also at excluded income under TRD rules.

[Henk Langeweg]

Sorry, haven't read the whole thread but what will be taxed, the money you've send to Thailand in 2024 or your world income even if it stays outside Thailand?

[chiang mai]

1 hour ago, Henk Langeweg said:

Sorry, haven't read the whole thread but what will be taxed, the money you've send to Thailand in 2024 or your world income even if it stays outside Thailand?

Tax assessable funds that you sent to Thailand in 2024.

[BostonJoe]

3 hours ago, chiang mai said:

Thailand doesn't see the Trust, all it sees is income that you've remitted. You need to determine if that income is assessable to Thai tax or not, Look at the Thai /USA DTA and also at excluded income under TRD rules.

I can keep the income in the trust and have the trust loan me money with a written contract  I'm hoping this will work in my favor  load the thia revenue with legal docs they will never understand  the Trust is and stays in America  never comes to thailand   I do appreciate the response and need to look into what you have said

[KannikaP]

On 12/19/2024 at 10:34 AM, Surasak said:

A personal opinion only, but I believe the 800/400K for Imm requirements should not be included in a tax assessment. It is after all, a forced requirement, as in, No Money, No Visa.

If you have had your 800/400 in place for a couple of years, as many of us have, no tax is due on that money.