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

[topt]

  On 2/14/2025 at 6:30 AM, CapatainbeefheartB4 said:

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

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This one has no firewall -

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

 

[topt]

  On 2/14/2025 at 5:37 AM, marino28 said:

the details will come out in the next few weeks 

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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.

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

Thanks 

[SiamAndy]

  On 2/14/2025 at 6:48 AM, topt said:

This one has no firewall -

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

 

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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]

  On 2/14/2025 at 7:19 AM, 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.

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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]

  On 2/14/2025 at 7:24 AM, 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.

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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]

  On 2/14/2025 at 9:15 AM, 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.

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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]

  On 2/14/2025 at 6:30 AM, CapatainbeefheartB4 said:

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

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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]

  On 2/14/2025 at 10:28 AM, potless said:

I ve sent the minister a Valentines day card.

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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]

  On 2/14/2025 at 6:48 AM, topt said:

This one has no firewall -

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

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“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!

 

[potless]

  On 2/14/2025 at 10:42 AM, SiamAndy said:

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. 

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I have an accountant who will do that for me, for a fee of 10,000 baht. 

[KhunHeineken]

  On 2/11/2025 at 12:18 AM, Presnock said:

Some users indicate that ALL foreigners must file even if they have no taxes to be paid as this is a change mandated by the revenue officials - yet I to date have seen several people talk about this but I have yet to see anything official from the Thai government. 

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Do you think such action would be a good way of covering one's a** in regards to this tax policy? 

 

  On 2/11/2025 at 12:18 AM, Presnock said:

Therefore, I will continue to do NOTHING different this year, unless I am asked to prove that I have no assessable income which I can easily do. 

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Sure, and I understand your position. 

 

However, you MAY be asked to prove such at extension time, or at an airport, in the future, and in my opinion, neither one of these will be a simple 5 minute task.  

 

Good Luck with doing NOTHING.  Maybe it will work out, maybe it will not.  I will file and have a certificate, so I know I will be fine. 

 

Each to their own, and I wish everyone the best with their decision. 

[KhunHeineken]

  On 2/10/2025 at 11:27 AM, JimGant said:

Let's call this novel notion: self-assessment.

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Funny how when you let people "self assess" they all say they owe NO MONEY. How long before they put a stop to that???? 

 

 

[Expat68]

  On 2/16/2025 at 1:43 PM, KhunHeineken said:

Funny how when you let people "self assess" they all say they owe NO MONEY. How long before they put a stop to that???? 

 

 

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Two thirds of self assessment in the UK "isn't self assessment"

[jwest10]

  On 2/10/2025 at 11:00 AM, Sheryl said:

The TRD does not grant extensions. Immigration does and there is no indication TRD will ask Immigration to do this for retirement extensions and no reason why they would want to. Foreign retirees are not a tax priority since  high percentage of them owe no little of no tax  in Thailand.

 

Credit advices  show the original source of foreign remittances. In my case they clearly show that every remittance csme from US Social Security.  Of course if people are remitting funds that first passed through their foreign bank accounts then proving source would be more complex. 

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Yet again been told  by my  local Revenue office I do not need to file a tax form as my personal  allowances are above the income I have and again Do you  have employment here?
No I do not so you do not need to file!!!

[KhunHeineken]

  On 2/16/2025 at 11:26 PM, Expat68 said:

Two thirds of self assessment in the UK "isn't self assessment"

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Thailand doesn't let foreigners "self assess" their visas, so I can't see them letting foreigners "self assess" their tax liability. 

[KhunHeineken]

  On 2/17/2025 at 6:26 AM, jwest10 said:

Yet again been told  by my  local Revenue office I do not need to file a tax form as my personal  allowances are above the income I have

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That's not much money to live on here. 

[oldcpu]

deleted - wrong post

[jwest10]

  On 2/17/2025 at 7:49 AM, oldcpu said:

 When you went to your local RD office, did you bring a copy of the Thai DTA of your income source country (in Thai language) with the relevant section that refers to your income highlighted such that the RD office could read such?

 

There are many DTA between Thailand and other countries and I doubt anyone is familiar with them all.

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I had my figures written down but they did not want to see them and that is all and several times too

[oldcpu]

  On 2/17/2025 at 7:51 AM, jwest10 said:

I had my figures written down but they did not want to see them and that is all and several times too

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Yes - i misread your original post.  Simply disregard my post that you quoted.

[jmd8800]

  On 2/17/2025 at 7:51 AM, jwest10 said:

I had my figures written down but they did not want to see them and that is all and several times too

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If you mentioned it before, I missed it, but what RD did you visit?

[jwest10]

  On 2/17/2025 at 7:53 AM, jmd8800 said:

If you mentioned it before, I missed it, but what RD did you visit?

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Kanchanburi and also via a Thai friend whose partner works at another local Revenue office

[KhunHeineken]

  On 2/17/2025 at 7:51 AM, jwest10 said:

I had my figures written down but they did not want to see them and that is all and several times too

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That's "The Somchai Shuffle." 

 

You are under the threshold, so no need to file, but they didn't know this, because they didn't bother to look at your figures.  

 

What about all the other expats that know they should file, but get told by the same staff in the the same TRD Office, "No need to file."   

 

The chaos continues.

[jwest10]

  On 2/17/2025 at 8:26 AM, jwest10 said:

Kanchanburi and also via a Thai friend whose partner works at another local Revenue office

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I have also mentioned having a pink ID card and again no need to file yes also got proof of tax on very small pensions in the UK and have the P60s up to of course 5th April 2024 and obviously they will be taxed again next year but will not know but very similar tax deducted in the UK

[jmd8800]

  On 2/17/2025 at 8:26 AM, jwest10 said:

Kanchanburi and also via a Thai friend whose partner works at another local Revenue office

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Thanks

[KannikaP]

  On 2/17/2025 at 7:47 AM, KhunHeineken said:

That's not much money to live on here. 

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Depends on your way of life, what you are happy with, is your Mrs working, have you paid house, bike and car off. Kids finished school. How many foreign trips. 

[anchadian]

 

[Ricardo]

  On 2/17/2025 at 10:01 AM, KannikaP said:

Depends on your way of life, what you are happy with, is your Mrs working, have you paid house, bike and car off. Kids finished school. How many foreign trips. 

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Just to point out that foreign-trips, financed via offshore-income & paid-for using foreign credit-cards, don't really count since the funds are never transferred into Thailand.

 

I also pay for the university-costs of one of my sons, entirely using overseas-generated funds, which never come near Thailand.  So aren't assessable, either.

[KannikaP]

  On 2/17/2025 at 2:29 PM, Ricardo said:

 

Just to point out that foreign-trips, financed via offshore-income & paid-for using foreign credit-cards, don't really count since the funds are never transferred into Thailand.

 

I also pay for the university-costs of one of my sons, entirely using overseas-generated funds, which never come near Thailand.  So aren't assessable, either.

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Yes, but not really relevant to what I was replying to.