Thai tax tangle: Expats warned of new rules on overseas income

[oldcpu]

31 minutes ago, WebGuy said:

Didn't know that if being on LTR and getting income from abroad is not taxed. Is this really correct? 

 

If this is correct, I am closing my Thai company and switching to LTR.

 

This is correct according to Royal Decree 743 (section-5) for 3 categories of the LTR, those being Wealthy Global Citizen, Wealthy Pensioner, and Work From Thailand Professional. 

 

Some are trying to (IMHO) misinterpret the Royal Decree and claim it depends on the tax year of the income that is remitted, but my view is it makes no difference.

 

That is not to say an UNKNOWN future change in Thailand tax policy won't come about and change things - but we can only do the best we can with the information we have to date. The sky might fall also tomorrow.

.

[samtam]

1 hour ago, NoDisplayName said:

***UPDATE TO YEAR 2024 TAX FILING***

 

I filed online Jan 06 with no supporting documentation, assuming TRD had access to 2024 tax withholding data.  Maybe this was too soon?

 

Received a text message today to check the system for additional documentation request.

 

I must now provide (*):

 

1.  Certificate of withholding tax, Section 40(4)(a) Interest (bank deposits, bonds, etc.)

2.  Marriage certificate

 

(*)  ONLY if I want a refund.  The return was accepted and confirmed.  If I ignore the document request, I've still filed a valid return.  I just won't get withholding tax refunded.

 

Last year, filing late, this documentation was not requested.

 

I filed a joint return with my wife (no income), and requested refund of interest and dividend tax withholding.  I declared NO remittances, and no other income.

 

The Kenyan CRS Task Force has not arrived at my residence, and no jackbooted thugs are kicking in the door to drag me off for trial and deportation.

 

Wish me lucky!!!

 

Thanks for the update. You filed online, (is that centralised?)

Certificate of withholding tax seems rather a bother, I agree, especially as the amount (in my case) is pretty paltry. Anyway, I will ask my bank; they'll probably charge more than the refund. I do have each withholding tax item listed in my passbook, after the interest amount, but I suppose that would be too simple.

[WebGuy]

2 hours ago, oldcpu said:

 

This is correct according to Royal Decree 743 (section-5) for 3 categories of the LTR, those being Wealthy Global Citizen, Wealthy Pensioner, and Work From Thailand Professional. 

 

Some are trying to (IMHO) misinterpret the Royal Decree and claim it depends on the tax year of the income that is remitted, but my view is it makes no difference.

 

That is not to say an UNKNOWN future change in Thailand tax policy won't come about and change things - but we can only do the best we can with the information we have to date. The sky might fall also tomorrow.

.

 

Thank you. I will explore this. 

The other question would be if based on being on LTR I can apply for Thai citizenship. 

 

I am married with Thai wife and we have a daughter. I must wait for 3 years to be on non O marriage visa and then I can apply. I don't think the the response will be positive on this one.

[oldcpu]

1 minute ago, WebGuy said:

 

Thank you. I will explore this. 

The other question would be if based on being on LTR I can apply for Thai citizenship. 

 

I am married with Thai wife and we have a daughter. I must wait for 3 years to be on non O marriage visa and then I can apply. I don't think the the response will be positive on this one.

I don't know.

 

I doubt that it does. 

 

I have read no documents stating nor suggesting that the LTR provides a path to Thai citizenship. 

 

I do believe if you became a permanent resident or citizen of Thailand,  you would immediately lose all benefits that come with an LTR visa.

[NoDisplayName]

2 hours ago, samtam said:

 

Thanks for the update. You filed online, (is that centralised?)

Certificate of withholding tax seems rather a bother, I agree, especially as the amount (in my case) is pretty paltry. Anyway, I will ask my bank; they'll probably charge more than the refund. I do have each withholding tax item listed in my passbook, after the interest amount, but I suppose that would be too simple.

 

Yes, it can be a bother.  My local branch has only two service desks, and only one service clerk.  We'll get a number in the morning, go shopping, have lunch, return mid-afternoon and only have to wait half an hour.

 

My local branch can produce the withholding statement, free of charge, in about 20 minutes.  But my local branch will NOT include savings accounts.  They only provide the statement for fixed accounts.

 

YKMV