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Should Motorbikes be allowed to drive on the sidewalk?
Should motorbikes be allowed to drive on the sidewalk?
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1
Rayner’s Reforms Could End Right to Buy for Half a Million Council Tenants
Makes sense, selling public housing at a time when there is a shortage of public housing is a ludicrous idea. -
80
Thai tax tangle: Expats warned of new rules on overseas income
Thailand expects you to (voluntarily) report all your income, regardless of source or country. That would be totalled to determine your tax rate. (See table below.) Then, any amounts that are not "taxable" - like pensions or other income covered by a Tax Treaty between Thailand and your home country - would be deducted. Then they would apply the "personal deduction". Jingthing mentioned 60k baht for single people and 120k for married expats. Whatever is left would be taxed at the aforementioned tax rate. From Siam-Legal (https://www.siam-legal.com/thailand-law/thailand-new-tax-on-foreign-income-an-overview/) Thai citizens and foreigners who are permanent residents are subject to pay income tax, should they earn their annual income, at the following rates: 0 to 150,000 THB is exempted from income tax. 150,001 to 300,000 THB is subject to a 5% tax rate. 300,001 to 500,000 THB is subject to a 10% tax rate. 500,001 to 750,000 THB is subject to a 15% tax rate. 750,001 to 1,000,000 THB is subject to a 20% tax rate. 1,000,001 to 2,000,000 THB is subject to a 25% tax rate. 2,000,001 to 5,000,000 THB is subject to a 30% tax rate. 5,000,001 THB or more is subject to a 35% tax rate. So, if they do things "the normal way" they'd calculate your taxes like this. Example 1. If you earned 1,000,001 baht in total income (pensions and whatever) your tax rate would be 25%. Let's say 800,000 was from (foreign) Pension income covered by a Tax Treaty and 200k was from rental income not covered by that Treaty. Then, they would deduct the 800k that is covered by the Treaty, leaving you a "Net Income" of 200k. Then they would deduct the "Personal Deduction" (60k ? I haven't verified the amounts.) giving you a "Taxable Income" of 140,000. As that is below 150,000 baht, there should be no tax owed. Example 2. Now lets say you get 400,000 in pensions, 400,000 in rental income and earned 400,000 as a teacher in Thailand. Your total income would be 1,200,000 putting you in the 25% tax rate. Then deduct the 400k in pension income (assuming it's covered by a tax treaty), leaving you a Net Income of 800,000. Assume you are married so you get the 120,000 deduction, leaving you with a Taxable Income of 680,000. That amount would be taxed at the 25% rate giving you a tax bill of 170,000 baht. If you were single, you'd only get the 60,000 deduction so your Taxable Income would be 740,000 and your tax bill would be 185,000. Note: Any tax paid on the rental income or deducted from your salary would be claimed as a credit on your Thai tax return - up to the the total amount owed and depending on the clauses in the Tax Treaty. (So if you owed 185,000 in Thailand and had valid tax credits equalling 200,000 baht in your home country, you would only get to claim 185,000 baht in credits. Thailand isn't going to refund you for taxes you paid in another country.) Example 3. You sole, total income is a meagre 400,000 from pension income covered by treaty. You would be in the 10% tax rate. But as your entire income is not subject to tax (by treaty) your Taxable Income would be zero, thus no taxes to be paid. But they still expect you to submit a Tax Return even if you won't owe any taxes. However ! If you are scamming the Immigration requirements by transferring 65k a month and then each month transferring it back "home" before transferring it back to Thailand again, each transfer would count as "income". And lol if you think you can argue with the Revenue department and try to convince them that it is the "same 65k" and should only count as "65k in income for the year". You would be assessed as having an income of 780,000 baht and be put in the 20% tax bracket. But - as all that "income" would probably be counted as "pension income", it would be deducted from your Net Income, leaving you with zero Taxable Income. However - they may demand proof that it actually is "pension income". And if you can't prove it is, the entire amount is liable to be taxed at the full (20% in this case) rate. And don't bother trying to argue that your pension income shouldn't be included in determining your tax rate, especially as they are just going to deduct that amount anyways. Tax people (and laws) don't work for your benefit, they work to collect the maximum amount they can (within the law). Which is why they total all of your income and use that to determine your tax rate regardless of how much of that income isn't taxable or has had tax already deducted from it. So that they can then tax the remaining amount at the highest possible rate. -
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Thai-American Sen. Duckworth Exposes Ignorance of Trump's Defense Secy' Nominee Hegseth
Per the chief-of-staff to-be Ms. Susie Wiles quote above, it seems to me to be a disrupter, you first must know how to rupt. -
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138
what money is taxed 2024 ?
You will need to come with something better than wiki. Neither, just someone who is aware of how International Treaties work So how does your Wiki link answer this ? A Revenue Department ( Other Tax Authority name ) obligation, not a bank obligation. And here is another for one for you to contemplate. 3 Thai bank accounts, not one of them have an individual tax identifier ( NINO ) for me. Going even further, there is not a single Thai entity that has my NINO. You, and others, keep believing that changes will not be happening.
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