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

[topt]

16 minutes ago, CapatainbeefheartB4 said:

https://news.bloombergtax.com/daily-tax-report-international/thailand-may-ease-tax-rules-on-individuals-overseas-income

This one has no firewall -

https://www.nationthailand.com/business/banking-finance/40046276

 

[topt]

1 hour ago, marino28 said:

the details will come out in the next few weeks 

I think that may be optimistic. From the link above 

Quote

he Finance Minister confirmed that this legislation is under review but stressed that the details of any potential changes, including the timeline for implementation and any qualifying conditions, are still being studied and no decision has been taken.

However it is certainly more positive than any other news that it may actually be considered.

Thanks 

[SiamAndy]

27 minutes ago, topt said:

This one has no firewall -

https://www.nationthailand.com/business/banking-finance/40046276

 

Now, watch them change their mind yet again in about a month. The Thai bureaucratic state is full of incompetent baboons. They've done a lot of damage with this whole tax situation and caused a great deal of stress and grief to Resident Expats in Thailand.

[topt]

2 minutes ago, SiamAndy said:

Now, watch them change their mind yet again in about a month. The Thai bureaucratic state is full of incompetent baboons. They've done a lot of damage with this whole tax situation and caused a great deal of stress and grief to Resident Expats in Thailand.

It would not surprise me at all. However it should be noted that the focus of the Minister's statements was more on Thai people repatriating money.

I am also surprised that it has taken this long before there was any evidence of any push-back from those it probably affects most - and that is not foreign retirees.

[CapatainbeefheartB4]

1 hour ago, topt said:

It would not surprise me at all. However it should be noted that the focus of the Minister's statements was more on Thai people repatriating money.

I am also surprised that it has taken this long before there was any evidence of any push-back from those it probably affects most - and that is not foreign retirees.

I thought, maybe mistakenly, that the original concern was foreigners might be caught up in the same net as the Thai national repatriating money? Doesn't seem very fair, and will be a definite negative on Thailand if foreigners are not given the same courtesy, especially retirees.

[Sheryl]

6 minutes ago, CapatainbeefheartB4 said:

I thought, maybe mistakenly, that the original concern was foreigners might be caught up in the same net as the Thai national repatriating money? Doesn't seem very fair, and will be a definite negative on Thailand if foreigners are not given the same courtesy, especially retirees.

Thai tax rules do not distinguish based on nationality, just on tax residence.

 

The revised rule on remittance timing was done with wealthy Thais in mind but applies equally to foreigners with tax residency here.  So will any changes.

 

Hardly a surprise that people have responded to the change by remitting less money. Should have foreseen this would happen.

[anrcaccount]

2 hours ago, CapatainbeefheartB4 said:

https://news.bloombergtax.com/daily-tax-report-international/thailand-may-ease-tax-rules-on-individuals-overseas-income

 

CLASSIC!

 

Flip - Flop

 

 

[ukrules]

For now nothing has changed, they must be taking a massive hit on remittances

All those people who sent tens of millions last year likely sent nothing this year.

I'm referring to the January 1st depositors who took full advantage of the previous year earnings rule.

They have a full months data for January and I'll bet the difference between every year before now and 2025 is absolutely massive.

[potless]

I ve sent the minister a Valentines day card.

[SiamAndy]

11 minutes ago, potless said:

I ve sent the minister a Valentines day card.

They will want you to pay taxes on the value of the card you sent to the minister. That will be 30 Baht tax, please remit to the TRD.  😆

[Yumthai]

7 hours ago, topt said:

This one has no firewall -

https://www.nationthailand.com/business/banking-finance/40046276

 

“Currently, investment within Thailand is declining,” Pichai stated. “While those with income to spare are investing overseas, the amount they’re bringing back is less than the amount they’re investing. We want to rectify this and incentivise them to bring their money back home.”

 

Translation: We've just figured out that willing to tax foreign remittances encourages Thai residents to keep their investment gains abroad. Amazing!