1 hour ago, topt said:

This was discussed (argued.......555) at length in one or more of the original tax threads.

From memory the supposed conclusion was that whichever method you decided on was acceptable as you would have to present it to the RD if it was ever queried.

I seem to remember @JimGant being heavily involved in the discussion. Apologies if I have that wrong.

Well perhaps.

I certainly recall a number of discussions about first in / first out accounting because I was involved in them. I think it was generally agreed that first in / first out was quite a standard accounting method and that there was a good chance that TR would go along with it if you had good records and you applied it consistently.

HOWEVER, I really don't recall any discussion about what interests me now if the change happens. Last in / First out. Very different and from what I can tell so far really something used in INVENTORY accounting, when I am talking about accounting for income.

8 hours ago, Jingthing said:

So the ultimate question is if applied consistently would Thai Revenue accept LAST IN, FIRST OUT as a legitimate accounting method in such cases? Or not?

According to an article in the Bangkok Post, yes. In your situation, a fungible pot of money equates to scriptless securities. Once you pick LIFO, you're supposed to consistently stick with that accounting method. Sounds like no problem in your situation, since FIFO wouldn't make any sense, since all the earlier money is SS, where timing makes no difference as to its taxability.

 

Quote

For scripless securities, the taxpayer is allowed to use any acceptable accounting method such as FIFO, LIFO or weighted average method in calculating cost of securities.

- Once any of the accounting methods is used for calculation of cost basis, such method has to be used consistently.

https://www.bangkokpost.com/business/general/299691/when-the-revenue-department-changes-its-mind-the-taxpayer-gets-the-headache

 

New article makes things pretty clear.

 

https://www.pattayamail.com/latestnews/news/financial-world-expects-policy-reversal-on-taxation-of-foreign-income-repatriated-to-thailan

41 minutes ago, JohnnyBD said:

https://www.pattayamail.com/latestnews/news/financial-world-expects-policy-reversal-on-taxation-of-foreign-income-repatriated-to-thailan

 

Corrected URL: 

 

https://www.pattayamail.com/latestnews/news/financial-world-expects-policy-reversal-on-taxation-of-foreign-income-repatriated-to-thailand-502050

 

It's an interesting read. The last Q&A from the article:

 

Quote

 

How are foreign retirees affected by the latest news?

It certainly appears that the typical expat living on earned income such as pensions, and transferring occasional or regular sums here, will now be in the clear so to speak. Obviously, the final arbiter will be the forthcoming Royal Decree.

 

 

Another article from the Post about the possible flipflop, this time with with quotes from the director-general of the Revenue Department

 

https://www.bangkokpost.com/business/general/3041421/new-approach-to-overseas-income-aims-to-spur-inflows

Now it finally seems I can bring money into Thailand tax-free but I still can't open a bank account to send it to (on DTV)

12 hours ago, JimmyTobacco said:

Now it finally seems I can bring money into Thailand tax-free but I still can't open a bank account to send it to (on DTV)

Rules haven't changed. There has been no update on the revision being passed into law or even practice.

On 7/17/2025 at 4:28 AM, topt said:

Rules haven't changed. There has been no update on the revision being passed into law or even practice.

Yeah but it's still confusing me as I'm preparing my strategy for the coming tax year.

9 hours ago, JimmyTobacco said:

Yeah but it's still confusing me as I'm preparing my strategy for the coming tax year.

Then use current rules.

 

There are still 6 months to go to the "coming tax year" (2026) so the proposed changes could still happen. However if you mean the current (2025) tax year then it is looking less likely that the suggested changes will happen. 

My social media feeds are recently full of someone called Brian Ramsden of Lawyers for Thailand who professes to be an expert in expat tax issues.He invokes the usual threatening tone about tax numbers and imprisonment designed one assumes to scare gullible elderly and unsophisticated retirees.These "experts" are two a penny in Thailand now but I'm particularly intrigued by this fellow since he is such an obvious wrong 'un.He has no internet history to speak of before 2022 but he has addressed the Pattaya Expats Club and the like. He looks and sounds like one of the Kray brothers.Does anyone know anything about him?

1 hour ago, jayboy said:

Does anyone know anything about him?

Only what was said in this article which I presume you have seen - 

https://www.pattayamail.com/latestnews/news/brian-ramsden-talks-foreign-affairs-dawne-fowler-shares-heart-warming-orphan-visit-at-pcec-500590

Quote

First up was Brian who has a background as a former property developer. He shared his personal experiences and the challenges he faced, which ultimately led him to begin a law firm specializing in assisting foreigners with property investments in Thailand.

If he has moved on to tax issues sounds like a bit of a hustler.......

Not having a "social media feed" I can remain sublimely oblivious.......

Someone posted in another thread that the US has taxing rights to US private pensions, but Article 20 seems to say otherwise.

 

Does anyone know the answer to my question below? Thanks...

Who has the taxing rights to a US private pension that is remitted to Thailand by a Thai tax resident (US citizen)?

 

ARTICLE 20 Pensions and Social Security Payments

https://www.irs.gov/pub/irs-trty/thaitech.pdf

Article 20 deals with the taxation of private (i.e., non-government) pensions, annuities, social security, and similar benefits.

 

Paragraph 1 provides that private pensions and other similar remuneration paid in consideration of past employment are generally taxable only in the residence State of the recipient.

On 1/15/2025 at 7:00 PM, TheAppletons said:

Yawn.  Another for profit tax advisor sowing fear and confusion in an attempt to drum up business.

 

Criminal misinformation/misdirection.  

 

“All foreign income must be declared but this doesn’t always mean a tax liability.”  That's a straight up lie.

 

 

  Yeah, good luck with that.  

 

Straight up lie, eh?

 

I rely on a government pension from my home country and went to the local office of the Thai Revenue Dept, took a copy of the Double Taxation Agreement between the two countries.

Walked out with a Thai TIN and confirmation that my income is NOT taxable here in Thailand. 

No guarantee that it won't be at  a later date, however presently the advisor's statement isn't a straight-up lie, your accusation is.

7 hours ago, GregKeo said:

Straight up lie, eh?

 

Of couse it's a lie and your experience doesn't disprove that.

 

There is no place on a Thai tax return to declare non-assessable income.  Non-assessable income can consist of various things such as pre 2024 savings, many government pensions (depending on individual DTAs) etc, therefore foreign income that won't (can't) be declared.

 

 

On 9/10/2025 at 7:18 PM, JohnnyBD said:

Someone posted in another thread that the US has taxing rights to US private pensions, but Article 20 seems to say otherwise.

 

Does anyone know the answer to my question below? Thanks...

Who has the taxing rights to a US private pension that is remitted to Thailand by a Thai tax resident (US citizen)?

The Thai-US DTA gives Thailand primary taxation rights on remitted private pension monies, to include self-administered retirement monies, such as 401ks and traditional IRAs. BUT the US has secondary taxation rights on these monies due to the so-called "saving clause" (sometimes seen as "savings clause" in non govt publications). Thus, Thailand's primary taxation rights on private pensions allows them to collect and keep all taxes on these pensions; and while the US taxes these same pensions, it has to issue a credit for Thai taxes paid. So, yes, you have to declare these pensions on your US 1040 - but you may not owe anything to the US, if the Thai taxes exceed those of the US.

 

A few years back, a tax firm in Bangkok advertised that the "saving clause" did not apply to IRAs, thus no need to declare your IRA remitted to Thailand on your US tax return. And, under the old rules, if that IRA was remitted to Thailand in the year following its distribution -- no taxes paid to Thailand. RESULT: No taxes paid to anyone. Apparently this scheme has flown under the IRS radar, unlike an identical scheme re Switzerland, where the senior auditor showed in no uncertain terms that the "saving clause" certainly applied to IRAs taxed by Switzerland. Anyway, don't know if this firm is still advertising about coming to Thailand for over 180 days -- and never again pay taxes on your IRA to the US. And depending how tax things sort out in Thailand -- maybe no taxes by Thailand either on that IRA. Too good to be true? Is this a truly upstanding tax firm? Duh. 

 

But this whole shill rides on Thailand having primary taxation rights on that IRA -- and that if there was no saving clause, that you would escape taxation to anyone. And that's exactly why every US DTA has a "saving clause" -- to preclude a "no taxation to anyone" situation. 

21 hours ago, GregKeo said:

I rely on a government pension from my home country and went to the local office of the Thai Revenue Dept, took a copy of the Double Taxation Agreement between the two countries.

Walked out with a Thai TIN and confirmation that my income is NOT taxable here in Thailand. 

Some idiot advised you to do that? You think some bureaucrat at TRD even knows what a DTA is -- or, if so, what your specific DTA says? You were just as likely to get a, looks taxable to me, so file a return. Self-assessment is the name of the game -- certainly not waltzing into a TRD office with a spreadsheet of your remitted income, and asking: Whataya think? Give it your best assessment, and file or don't accordingly. And if you have to file, do it online. Visit TRD at your own peril. 

Any news on the tax changes for remittance in Thailand?

 

It seemed like it was already a done deal, but with the current political issues, maybe it has stalled. Not sure.

3 hours ago, marino28 said:

Any news on the tax changes for remittance in Thailand?

 

It seemed like it was already a done deal, but with the current political issues, maybe it has stalled. Not sure.

There is no news and now I suggest very unlikely with the supposedly limited lifespan of this government

29 minutes ago, topt said:

There is no news and now I suggest very unlikely with the supposedly limited lifespan of this government

 

I believe this depends on whether the proposed Royal Decree was completed and submitted to the "Council of State" and how far along that is in completion.

 

Did the previous administration even vote on it and submit it - who knows? It's possible they did but they don't announce this.

 

The entire process appears to happen in the background and it's not announced, only successfully approved royal decrees are announced in the Gazette.
 

48 minutes ago, ukrules said:

 

I believe this depends on whether the proposed Royal Decree was completed and submitted to the "Council of State" and how far along that is in completion.

 

Did the previous administration even vote on it and submit it - who knows? It's possible they did but they don't announce this.

 

The entire process appears to happen in the background and it's not announced, only successfully approved royal decrees are announced in the Gazette.
 

Perhaps I am being overly negative but if it happens I will be ecstatic - this way I don't get too disappointed  

20 hours ago, marino28 said:

It seemed like it was already a done deal, but with the current political issues, maybe it has stalled. Not sure.

 

be aware, in the land of flip-flops many things look like a done deal … but even after the deal is done, it can still flip back ... 

Please can someone confirm or not

Calculating tax credits for a UK person living here and money into Thailand  is :-

the first  £12750     no credits

the next £37500 at 20%  ie £7,500

after that 40% of the remainder

 

And do you use the midmarket exchange rate on the day or what you send to Wise for each transfer

And what about money in your UK bank on 31Dec 2023 ... I read above that there is nowhere on the form to use some of this.

 

Thanks guys

In the U.S. the Treasury reports an average for the tax year for every country. Baht in 2024 was 34.33.

 

 

 

https://fiscaldata.treasury.gov/currency-exchange-rates-converter/

5 hours ago, PFMills said:

Please can someone confirm or not

Calculating tax credits for a UK person living here and money into Thailand  is :-

the first  £12750     no credits

the next £37500 at 20%  ie £7,500

after that 40% of the remainder

 

£12,570 is the 0% tax band.

 

From £12,570 to £50,270 is the basic rate band, so £37,700

 

The 40% band is only up to £125,140.

 

Unless your finances are somewhat unusual there is no way you should be contemplating getting yourself into the Thai tax system.

20 minutes ago, treetops said:

£12,570 is the 0% tax band.

This is the bit they will come for - it won't be large but it effectively bring people into the tax net in theory.

Because £12,570 is about 530,000 and Thai taxes kick in for many people (depending on age) at these rates :
0 to 150,000 - Exempt

150,001 to 300,000 - 5%
300,001 to 500,000 - 10%
500,001 to 750,000 - 15%

So with only the basic tax free allowance in the UK - which means it is untaxed funds you already bust your way slightly into the 15% band and that's before you send anything else as lets face it 530k Bath isn't much for a year.

How do they treat it if you send another 15k GBP each year - money that is taxed - is the amount of tax applied to the entire payment or just per band ?

Tax bands source PWC : https://taxsummaries.pwc.com/thailand/individual/taxes-on-personal-income

 

Front what I have read and watching videos it seems that anyone with assessable income, whether they owe tax or not needs to file, and penalty for not filing can be a problem for you.

I believe the following is how you calculate whether you owe Thai tax or not …

 

Look at your transfers from the UK and total up your Thai baht …call that A

 

Look at the date of transfers and find the mid-market rate for each transfer and divide that into amount of Thai Baht received. That will give you a GBP figure (quite close to your WISE figure)

Add up all the GBP figures and call that B   

 

Now you need to calculate your Tax Credits ……..I think it is done like this ..

Take figure B and use

0-12750   no tax credit

Next 37500  20%  tax credit ie £7500

Above 40% times the rest, if you are above £150,000 then 45% that amount.

 

You now know your tax paid. Call this C. Then look up the average GBP to THB over the year and multiply it by C.  Call this D

 

Compare A and D. If A is greater than D then you owe tax BUT if you had money in your UK bank account at 31^st Dec 2023 you can use this to offset. If D is greater than A no problem.

But how you file this???? Guess I need to look at a Thai Tax Form…

 

I expected to be able to use the figure on my P60 but that includes my Government pension so not sure as I see on a video that you calculate as above.. 

 

However I also see this...

According to the source, when claiming a tax credit under a DTA, the tax credit must not exceed the tax liability payable in Thailand.

The highest personal income tax rate in Thailand is 35%. Therefore, if the income tax paid abroad was at a rate of 40%, the Thai tax credit cannot exceed the domestic tax liability, which is capped at 35%.

However, the tax calculation in cases where a tax credit is claimed is more complex. If the taxpayer has both domestic income and foreign income that is brought into Thailand, the calculation will become more complex.

 

Any views on my way of calculating please...please!

8 hours ago, PFMills said:

Any views on my way of calculating please...please!

 

Nuts, absolutely nuts.

 

I refer you to the final line of my previous reply.

 

If you were determined to file it would be on the assessable money received in your Thai bank, minus any allowances, charged at the Thai rates for the appropriate bands.

 

Any taxes paid in the UK should be available to offset that at an unknown exchange rate (you could choose and hope for the best).

 

There is currently no place in the Thai tax system to allow for all of this this.

 

Haven't even mentioned DTAs yet but that's OK as a TRD assessor will probably be ignorant of them as well.

 

PS.  Your English tax bands are still wrong as already pointed out.

Some interesting points you raised … thank you

 

Tax bands reversed a couple of numbers …thanks again …thankfully got them right on my UK submission.

On 9/17/2025 at 12:39 AM, motdaeng said:

 

be aware, in the land of flip-flops many things look like a done deal … but even after the deal is done, it can still flip back ... 

Yes, but when it comes to farang, do you notice it usually "flips" to benefit Thai's and Thailand? 

Hi everyone.

I sent from mine oversea account to my thai bank account the 150.000 tax free money this year.

If i send another 150.000 from my oversea bank account to the thai account of my wife here is this also non-taxable (same sender different receiver)?

 

Thanks