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

[potless]

18 hours ago, oldcpu said:

Here are some questions/answers taken from the Expat Tax page:

One of the questions that caught my eye. "If foreign sourced income is remitted into a foreign currency account in Thailand, then at a later date transferred into a Baht account, is the exchange rate to be used for income calculation the TT rate on the initial transfer date, or the second transfer date?" 

The answer given was "It is calculated on the date it arrives in Thailand (the initial date it arrives in your account); the currency is irrelevant, it is the date the funds are remitted and received in Thailand"

I asked that question in December in Mike Listers main forum and the regular poster CHIANG MAI felt that it only became assessable when converted to Thai Baht. There is obviously a significant difference between the two scenarios. 

I also note that there was no comment from ExpatTax about the exchange rate used. I read elsewhere that the Buying rate applies. I rang the 1161 helpline today but all I got was a long pre-recorded message in Thai language.

Any thoughts on this anyone?

[oldcpu]

28 minutes ago, potless said:

One of the questions that caught my eye. "If foreign sourced income is remitted into a foreign currency account in Thailand, then at a later date transferred into a Baht account, is the exchange rate to be used for income calculation the TT rate on the initial transfer date, or the second transfer date?" 

 

The answer given was "It is calculated on the date it arrives in Thailand (the initial date it arrives in your account); the currency is irrelevant, it is the date the funds are remitted and received in Thailand"

 

I asked that question in December in Mike Listers main forum and the regular poster CHIANG MAI felt that it only became assessable when converted to Thai Baht. There is obviously a significant difference between the two scenarios. 

 

 

 

My view is the answer in Mike Lister's main forum and that of the regular poster Chiang Mai was suspect, and I prefer the answer provided on the official Thai Revenue Department tax help line.

 

But I am no tax expert.  I have no Government documentation sources to back up my view.  It would not surprise me if this boils down to the Revenue Department Ministerial interpretation.

[topt]

40 minutes ago, potless said:

The answer given was "It is calculated on the date it arrives in Thailand (the initial date it arrives in your account); the currency is irrelevant, it is the date the funds are remitted and received in Thailand"

Personally that is what I believe is correct.

10 minutes ago, oldcpu said:

My view is the answer in Mike Lister's main forum and that of the regular poster Chiang Mai was suspect, a

Agreed.

[potless]

4 minutes ago, topt said:

Personally that is what I believe is correct.

I remember that you stated that in a reply to my question in December. It makes sense. I still seek clarification on the exchange rate used if anyone knows. 

[potless]

21 minutes ago, oldcpu said:

My view is the answer in Mike Lister's main forum and that of the regular poster Chiang Mai was suspect, and I prefer the answer provided on the official Thai Revenue Department tax help line.

Thanks for your reply. Does the T.R.D. have an option to speak to someone in English? All I got was a long winded message in Thai language.

[oldcpu]

Just now, potless said:

Thanks for your reply. Does the T.R.D. have an option to speak to someone in English? All I got was a long winded message in Thai language.

I don't know, my Thai wife is my interpreter. I am fortunate her English  excellent, she has an MBA and a masters in engineering ( from a German university) so these financial aspects are not complex to her. She does thou need to be briefed prior as to what I need to find out.