Avoid to pay tax

[chiang mai]

6 minutes ago, Jingthing said:

Are you the posting police?

TBH JT I was going to ask the same question but decided not to.

[Celsius]

55 minutes ago, anchadian said:

 

 

He keeps saying stop listening to charlatans and conmen. We have quite a few here on this forum regarding this subject.

[chiang mai]

7 minutes ago, Celsius said:

 

He keeps saying stop listening to charlatans and conmen. We have quite a few here on this forum regarding this subject.

 

"in the street of the blind, the one-eyed man is called the guiding light".

 

Erasmus

[NoDisplayName]

2 hours ago, Presnock said:

I did find the law in Thai script but can';t get the xlate to work on it.,..40 pages long.  Will continue search....

 

This?

 

Emergency Decree on Top-up Tax, B.E. 2567 (2024) Officially Promulgated in the Royal Gazette

 

https://www.thaigov.go.th/news/contents/details/91823

 

Scroll down for the English version.  Only a one-page summary.

[topt]

36 minutes ago, NoDisplayName said:

 

This?

 

Emergency Decree on Top-up Tax, B.E. 2567 (2024) Officially Promulgated in the Royal Gazette

 

https://www.thaigov.go.th/news/contents/details/91823

 

Scroll down for the English version.  Only a one-page summary.

Thanks - so that suggests Corporate Tax only for now.........

[Lacessit]

On 12/31/2024 at 10:53 AM, mfd101 said:

I bring in over 1 million ฿ each year, converted from Oz dollars. It is all derived from 2 sources: my investment of my lump sum on retirement from the Australian Public Service in 2004 (ie well outside Thai assessability) + fortnightly income from Oz federal government current expenditure (ie Thai-assessable from Jan 2024).

 

I was forced 2 or 3 months ago - by my Oz bank (NAB) - to take out a Thai TIN, which I did assisted by the helpful & polite ladies at the TRD office here in Prasat Surin.

 

So I now have 3 options:

(1) Fill out Thai tax declaration, pointing out the relevant (difficult to understand - even for me) section in the Thai/Oz DTA, which appears to say that my second source above - the only relevant one - can be taxed ONLY in Oz; OR

(2) Do nothing, on the basis that my assessment is that I have no tax due to Thailand (now or in the future); OR

(3) Consult the nice ladies at the local TRD, where they probably have not seen or heard of such a thing as a DTA.

 

Mmmmm. I think I should do (3), but I'm inclined towards (2), at least for the next 12 months ... to see how matters evolve.

 

Any relevant comments?

 

 

My Australian bank has not said anything about a Thai TIN. Of course, they don't know, because I transfer funds through WISE's Australian branch.

 

Any savings you have prior to 2024 are tax exempt when transferred to Thailand.

[Lacessit]

On 12/30/2024 at 11:03 AM, chiang mai said:

210,000 THB should do the trick, unless you're over age 65 years, in which case the amount increases substantially.

What is the total tax exempt amount for someone over 65?

[chiang mai]

1 minute ago, Lacessit said:

What is the total tax exempt amount for someone over 65?

+190k for being over age 65 years and +100k for remitted pensions (50%)

 

About 500k, including zero rated band.

[Lacessit]

4 minutes ago, chiang mai said:

+190k for being over age 65 years and +100k for remitted pensions (50%)

 

About 500k, including zero rated band.

So I can transfer 500K in income tax free, then claim any excess is pre-2024 savings?

[chiang mai]

2 minutes ago, Lacessit said:

So I can transfer 500K in income tax free, then claim any excess is pre-2024 savings?

Yes, if you are over 65 and if your income comprises pension income....and if your pre-2024 income really is pre 2024 savings.

[Lacessit]

2 minutes ago, chiang mai said:

Yes, if you are over 65 and if your income comprises pension income....and if your pre-2024 income really is pre 2024 savings.

Thanks. I have screenshots with proof of pre 2024 savings. Bank accounts, financial institutions.

[Yumthai]

35 minutes ago, Lacessit said:

Thanks. I have screenshots with proof of pre 2024 savings. Bank accounts, financial institutions.

This shows the limit of remittance taxation. TRD has no practical mean to check the authenticity of foreign supporting documentation.

[Lacessit]

7 minutes ago, Yumthai said:

This shows the limit of remittance taxation. TRD has no practical mean to check the authenticity of foreign supporting documentation.

Assuming they can even read English.

 

They can check the logo and company name against the Australian Business Number ( ABN ) to authenticate the screenshot. My guess is it would be all too hard.

[NoDisplayName]

On 12/31/2024 at 8:06 PM, mfd101 said:

OK, that makes sense. Certainly better than my (2) above. Will follow up.

 

Thanks for that.

 

It's actually super easy, barely an inconvenience.  I plan to file 2024 tax return this weekend online.  Will take about 15 minutes, then I'll do my 2024 FBAR, also about 15 minutes.  When my 1099's arrive, I can file with Uncle Sam.  That will take considerably longer, possibly an hour.

 

I just completed my Thai tax filing preparations.  I have on a single post-it note

 

Total interest earned

Total interest tax withheld

Taxpayer ID of the bank

Total dividends earned

Total dividend tax withheld

Taxpayer ID of the brokerage

Pink ID number activated as TIN

 

That's about all the info needed to file if not employed in Thailand or remitting yuge sums of assessable income.

 

I brought in about 250K baht of NON-assessable funds, so those won't be listed.  I can file without a bank withholding statement.  I filed 2021, 2022, and 2023 six months ago.  TRD sent the refund letter for 2023 immediately, requested bank statements for 2021 and 2022, and I got those refunds about two months later.  That indicates TRD has bank/broker data for the current tax year.  I'll only waste time at the bank getting the letter if requested.

 

Then in about 2-3 weeks, I'll get a refund letter I must take to Krung Thai to deposit.  My local Bangkok Branch won't link accounts to pink ID to make PromptPay possible.

[ukrules]

7 hours ago, gamb00ler said:

The determination of tax residency is settled by examining the strength of connections between the individual and the countries where the taxpayer spends their time.

 

In many places it comes down to counting the days and nothing more but you're right about some countries going the extra mile to keep people inside the net for as long as possible or even forever if there is no other tax residency but those are the exception rather than the rule.

 

Fortunately I do not come from such a place or visit any.

 

In fact the UK just removed one major millstone regarding inheritance tax by removing the concept of 'domicile' from the next tax year with a sliding scale based on years away.

 

[The Cyclist]

15 hours ago, ukrules said:

 

So you're telling me that a Thai who stays for less than 180 days is still considered a tax resident?

 

 

15 hours ago, chiang mai said:

No, a subsequent correction was made.

 

Actually you were correct, you just fell apart a bit trying to explain it. Stop dring half bottles of beer, drink the whole bottle 😀😀

 

Thai's who stay in Thailand less than 180 in a tax year are still tax resident for income earned in Thailand.

[chiang mai]

7 minutes ago, The Cyclist said:

 

 

Actually you were correct, you just fell apart a bit trying to explain it. Stop dring half bottles of beer, drink the whole bottle 😀😀

 

Thai's who stay in Thailand less than 180 in a tax year are still tax resident for income earned in Thailand.

I've now joined half bottles anonymous, I'm feeling much better already.

[topt]

7 hours ago, ukrules said:

In fact the UK just removed one major millstone regarding inheritance tax by removing the concept of 'domicile' from the next tax year with a sliding scale based on years away.

Has this actually happened?

I know it was being talked about but hadn't seen anything about it being a "fact'?

[TheAppletons]

Self delete.

[topt]

4 minutes ago, TheAppletons said:

 

  Starts 6 April 2025 if these guys are correct:

 

  https://www.google.com/search?q=uk+inheritance+tax+revision&oq=uk&gs_lcrp=EgZjaHJvbWUqBggAEEUYOzIGCAAQRRg7MgYIARBFGDkyBggCEEUYOTIGCAMQRRg5MgYIBBBFGDwyBggFEEUYQTIGCAYQRRhBMgYIBxAuGEDSAQgxNzcyajBqMagCALACAA&sourceid=chrome&ie=UTF-8

Thanks.

For anyone interested here is the actual first link which has a pdf you can download on the changes including trusts -

https://www.alvarezandmarsal.com/insights/confirmed-reform-non-uk-domiciled-tax-system-trusts#:~:text=From 6 April 2025%2C an,the previous 20 tax years.

 

[The Cyclist]

16 hours ago, chiang mai said:

In which case, that is in line with my/our understanding previously, that WWT would take years to implement.....much ado about nothing

 

If you listen carefully to Mr Hart, in the video above, and the one below, posted on internet 3 hours ago

 

https://www.youtube.com/watch?v=N754HjfStfA

 

 

Mr Hart is still confusing 2 things, Joining OECD and CRS, which Thailand joined, by Royal Degree, on 31 March 2023.

[sanook 1]

17 hours ago, gamb00ler said:

Several specific sources of funds would not be taxed when remitted to Thailand.  On top of the exempt sources you will have exemptions and deductions that can eliminate or lower the tax you would otherwise have owed.  If you want a more specific answer post the source or type of funds your sending to Thailand

"Several specific sources of funds would not be taxed when remitted to Thailand"....Which are the sources exempted from tax?

[TheAppletons]

7 minutes ago, sanook 1 said:

"Several specific sources of funds would not be taxed when remitted to Thailand"....Which are the sources exempted from tax?

 

  Government civil service and military pensions, US Social Security payments, and other sources that are covered by country-specific bilateral DTAs.

[Presnock]

20 hours ago, chiang mai said:

If this was the case, why did Big 4 and the likes of Expat Tax not pick up on it?

Actually, what may have happened is that after the ASEAN Briefing on 16 Dec and African Champber of Commerce news brief about the Thai's desire to pass the Tax change laws/Amendements or whatever before the end of the year, Puchai and Co,. told those people that they had finished the draft of hte new bill but then although the majority agreed with the Corporation part of the bill, possibly some locals disagreed with the worldwide income taxation so the Finance Ministy separted the two so that at least they got the Corporation part of the bill passed so they could implement it by 1 January 2025.  That would indicate to me that the worldwide income taxation won't become effective until at least 2026 since they couldn't begin taxing people until the beginning of the next tax season (calendar year).  I just made the mistake of (assuming) that the corporation bill and the worldwide income taxation were all part of the same draft that the finance ministry has been working on,  Hopefully, the ministry or revenue department will provide something more on this issue soon.  

[flexomike]

On 1/1/2025 at 9:09 AM, Jack1988 said:

I understood that but if I have a METvisa for example and I will exit Thailand after 60 days to do a border run and I will come back again in a few days will I be exempt from tax? This always in a calendar year 

If you don't understand what people have been telling you on this forum than maybe you had better just stay home.

[KannikaP]

On 1/1/2025 at 9:51 AM, TheAppletons said:

No because all of them leave after 179 days and go somewhere else for the rest of the year.

ALL of them, don't talk rubbish, because one here does not.

[Olav Seglem]

Why dont you want to contribute to the country where you live?

Guess you are better off then the majority anyway.

Isnt that quite egoistic ?

(And forget the easy excuse that rich thai people cheats as well, an the corruption stuff) 🙂

 

[ThiAmo]

Have I missed them... the new Income tax forms 2024 in English, promised repeatedly to be available for december at the latest?? 

By what means do you declare your taxes now? 

Thank you and sorry if I have overlooked. 

[Srikcir]

The Thailand Revenue Department is basing its new revenue system on taxation of world-wide income brought into Thailand but is currently (mid-June 2024) in a discussion stage to not only include income by foreigners transferred into Thailand but also to income not brought into the country - like the US world-wide taxation system.

 

Albeit, Thailand will abide by its current 61 foreign Double Taxation Treaties (DTT) which prevent individuals or companies in more than one country being taxed twice on the same reported income. But where Thailand might have a more aggressive taxation code than a DTT  country (ie., zero or lower deductions for capital losses), there could be a net tax owed to Thailand by foreign Thai residents. 

Stay tuned.

 

 

 

 

[khunPer]

On 12/30/2024 at 4:54 AM, Jack1988 said:

I don't want to pay tax in Thailand! Can I simply avoid that just put less than 150000thb in my Thai bank account per year? Normally I put 10000 THB every month as I'm not a big spender 

Your limit is actually higher, as you have a personal deduction of 60,000 baht – 90,000 baht if you are retired – and 150,000 baht before taxable income; so, between 210,000 baht and 240,000 baht before you are income taxed.

 

We don't know details – apart from starting 1st Januar 2024; i.e., last year as I'm replying in 2025 – but foreign transfers might be checked or reported. Furthermore, youy might still need to report an annual tax return-form. Hopefully we shall get details before the end of March, which is the limit for making tax return-form that is now done online.