Thailand Moves Closer to Wealth Tax with New Asset Tracking

[oldcpu]

16 minutes ago, Celsius said:

 

Thanks. I do Canadian non resident tax return every year. Remitting.... using a credit card?

 

I tried credit card once (paying trivial amount owed to Revenue Canada by a credit card). Maybe I did it wrong.  It failed at first and on a later attempt I had an extra (big) payment company fee relative to a small amount of tax due.

 

Then (stupid me) in a subsequent year, I did a bank transfer from a Canadian bank to Revenue Canada. That worked for Revenue Canada, but somehow that woke up the Canadian bank to my being a non-resident to Canada. The Canadian Bank immediately froze my RRSP and my Canadian margin trading account.  It took me almost a year to sort that, so I could trade again (moving all funds to a different financial institution).

[EVENKEEL]

9 hours ago, lordgrinz said:

 

Retired Expats in Thailand are considered rich here in Thailand, so you may be <deleted> out of luck.

Maybe by poor Thais but what about the rich hard working Thais? Contrary to what many farang think the Thais aren't all poor.

[SiSePuede419]

You can always live in a thatched hut in Scotland on a sheep farm if you don't like modern society and it's rules.

 

And stay off the internet, hypocrites. 😄

[cdnvic]

Removed a personal attack and posts quoting it.

[scoutman360]

Does this guy understand that the wealthy Thais with money overseas are paying taxes on their money to the country where the money resides? Knowing of the existence of double taxation treaties between so many countries, this would lead Thailand to become bottom feeders; doubling the revenue department cost and overhead so they can search for scraps overseas. Same as the IRS. People will always migrate to tax haven countries/cities/states/etc. If you want their money, try making your country a more attractive place to keep it. 

[Negita43]

5 hours ago, oldcpu said:

I think every one has been asking that question for the past 3,000 ? years.

Surely then we must have an answer by now or are we waitng for AI to give it to us?

[Ben Zioner]

8 hours ago, Muhendis said:

How many Thais have houses in places like London and Dubai?

These are not so easy to hide or move around as cash.

Sure but these same Thais may decide to stay in Thailand less then 180 days a year.

[koolkarl]

16 hours ago, oldcpu said:

 

You are allowed to stay in Thailand.   THAT is what you get in return. 

 

There is more than just 'immigration' aspects to stay in ANY country in this world, and that includes Thailand.

 

One needs to follow the local tax laws.  Including tax laws.

 

Try staying in any G7 country as a non-citizen , who is a tax resident to those countries.  Thailand is no different there  - except Thailand does not (yet) tax global income if not remitted to Thailand.

 

If the polluted air bothers you (and it would bother me, which is why I live in the south of Thailand) then you should move.

You  still don't get it.  You get nothing extra for paying income taxes or a wealth tax that is looming, no health care, no residence status, just polluted air. You still have essentially a 1 year tourist visa which is called retirement visa, 90 day report, renew visa yearly, etc. There is zero added value for paying any taxes.  If you filed a tax return in Canada, and it sounds like you are from there, at least you would be a legal immigrant and get health care for what that is worth there.  Here, they just laugh at you.

[oldcpu]

2 hours ago, koolkarl said:

You  still don't get it.  You get nothing extra for paying income taxes or a wealth tax that is looming, no health care, no residence status, just polluted air.

 

Not every one is taxed.  DTAs with many countries prevent double taxation. The tax that many pay is less than that of their income source country.

 

Medical/hospitals are good quality and a fraction of the cost of other countries. In other countries medical costs bankrupt some.

 

And a wealth tax is looming?  Yes, and the sky falling is looming also.  Trucks that might run us over on the highway are looming also.

 

 

2 hours ago, koolkarl said:

You still have essentially a 1 year tourist visa which is called retirement visa, 90 day report, renew visa yearly, etc.

 

My visa is good for ten years. No 90 day reports (instead one year reports).  No yearly visa renewals.

 

2 hours ago, koolkarl said:

There is zero added value for paying any taxes.

 

So you wish to drive a vehicle on dirt roads?  Do you wish no electricity infrastructure?  Guess what  ... taxes help pay for that (its not all pay as you use). Shall we have only the Thai citizens pay for that infrastructure while expats just thumb their nose at those who pay for such?

 

The world is a big place.  As harsh as this sounds, if this is not the place for you, then travel find a better place.  Many of us dream of traveling, so go for the traveling dream.

 

 

[Yumthai]

6 minutes ago, oldcpu said:

So you wish to drive a vehicle on dirt roads?  Do you wish no electricity infrastructure?  Guess what  ... taxes help pay for that (its not all pay as you use). Shall we have only the Thai citizens pay for that infrastructure while expats just thumb their nose at those who pay for such?

As a taxpayer one expects to be treated equally. Not the case in Thailand where foreigners (except to some degree permanent residents) do not have the same rights/benefits as citizens. Differences are not an issue should they also be fairly reflected over the tax rules.

[oldcpu]

26 minutes ago, Yumthai said:

As a taxpayer one expects to be treated equally. Not the case in Thailand where foreigners (except to some degree permanent residents) do not have the same rights/benefits as citizens. Differences are not an issue should they also be fairly reflected over the tax rules.

 

Most countries do not treat tax payers equal.  Many countries tax non-citzens who are resident and do not give those non-residents all the privileges of citizens. 

 

If you don't believe me you need to research this some more.

[J Branche]

22 minutes ago, Yumthai said:

As a taxpayer one expects to be treated equally. Not the case in Thailand where foreigners (except to some degree permanent residents) do not have the same rights/benefits as citizens. Differences are not an issue should they also be fairly reflected over the tax rules.

Then the process is to contact your home country Embassy in Thailand.  List what benefits you think are fair for a tax resident in Thailand.

 

Example:

1. Access to Thai Healthcare system at Thai Price

2. No Dual Pricing at government facilities 

3. No Dual Pricing allowed on Foreigner Tax residents in Thailand

Etc.

Any other recommendations Please Add them.

 

Follow up with Embassy on who to, and how to contact the officials in Bangkok who make decisions on these matters.

 

I will within 1 week be sending a request to the US Embassy for assistance.

[Yumthai]

4 hours ago, oldcpu said:

Most countries do not treat tax payers equal.  Many countries tax non-citzens who are resident and do not give those non-residents all the privileges of citizens. 

 

If you don't believe me you need to research this some more.

Most of civilized countries (the West mainly) give equally the same rights to its permanent residents regardless of citizenship.

 

But what's your point? Because some countries discriminate its residents then it's OK?

[Yumthai]

4 hours ago, J Branche said:

Then the process is to contact your home country Embassy in Thailand.  List what benefits you think are fair for a tax resident in Thailand.

 

Example:

1. Access to Thai Healthcare system at Thai Price

2. No Dual Pricing at government facilities 

3. No Dual Pricing allowed on Foreigner Tax residents in Thailand

Etc.

Any other recommendations Please Add them.

 

Follow up with Embassy on who to, and how to contact the officials in Bangkok who make decisions on these matters.

 

I will within 1 week be sending a request to the US Embassy for assistance.

Claiming anything to your nanny state is useless, Thailand is a sovereign country.

As I said, I don't mind discrimination just don't ask me to pay the same fair share of tax.

 

[Celsius]

4 minutes ago, Yumthai said:

Claiming anything to your nanny state is useless, Thailand is a sovereign country.

As I said, I don't mind discrimination just don't ask me to pay the same fair share of tax.

 

 

The problem is you do. It is called VAT and there is f all you can do about it.

 

Now they want us to file a tax return? No thanks

[Yumthai]

Just now, Celsius said:

The problem is you do. It is called VAT and there is f all you can do about it.

I'm very fine with VAT/Sales taxes as it goes with my spending.

[J Branche]

1 hour ago, Yumthai said:

Claiming anything to your nanny state is useless, Thailand is a sovereign country.

As I said, I don't mind discrimination just don't ask me to pay the same fair share of tax.

 

The US Embassy in Thailand is to assist the US and Thailand with Goverment affairs.  

You do understand the purpose of an Embassy.

 

If from the US you are NOT paying the Same fair share of tax.

 

The Dual Tax Agreement allows you to cancel or deduct a percentage of tax that may be owed.  The deductions and allowances given to all Thai Tax residents allow you to further reduce tax owed.

That is on top of the deductions and allowances in the USA.

[spidermike007]

One pivotal goal of taxation, he argued, is to ameliorate income disparities between high and low earners.

 

A substantial, balanced reform of the tax system could even lead to lower income tax rates, a development that would ostensibly make Thailand an attractive destination for both investors and skilled professionals.

 

Additionally, Lavaron highlighted that many countries introduce mitigative strategies wherein increased taxes in one domain are counterbalanced by support for vulnerable groups, cushioning the blow of consumption tax rises.

 

I wonder is this guy serious or is he living on another planet? Is he sincere about this or is he an idealist? Is he going to raise the tax rate on the mega corporations and centimillionaires and billionaires within Thailand? One has to seriously doubt that. 

[oldcpu]

2 hours ago, Yumthai said:

Most of civilized countries (the West mainly) give equally the same rights to its permanent residents regardless of citizenship.

 

But what's your point? Because some countries discriminate its residents then it's OK?

 

Not USA.Not Canada. Not Germany.

 

I guess you don't consider those countries civilized?  Or maybe you simply have not researched this.  Citizens DO have more privileges than resident aliens. 

[Yumthai]

2 hours ago, oldcpu said:

Not USA.Not Canada. Not Germany.

 

I guess you don't consider those countries civilized?  Or maybe you simply have not researched this.  Citizens DO have more privileges than resident aliens. 

 

Green Card holders are required to obey all U.S. laws and file taxes annually, just like citizens. However, they face limitations, such as not being allowed to vote in federal elections or hold certain government jobs. Extended absences from the U.S. may also jeopardize their LPR status.

 

I will not argue further over few limitations for some few countries, that's pointless.

 

My question, which is more important, remains: "But what's your point? Because some countries discriminate its residents then it's OK?"

[Puccini]

This is the founding principle of the tax on assets in countries that have this tax:

1. If you have gainful employment, you pay tax on this income.
2. When you spend part or all of your income, you pay Value Added Tax (VAT)
3. If you do not spend all your income and put some money in a savings account, you pay income tax on earned interest.
4. If you invest some of your income in divided-paying stocks, you pay income tax on the dividends.
5. If you have a house built with some of your savings, you VAT on the materials and the services rendered by the construction company as per point 2 above.
6. Lastly, if you have been foolish enough not to squander all your income hand over fist as you earned it, you get punished with a tax on assets. That's what it is; the tax on assets is a punitive tax.

As the US statesman Benjamin Franklin said: "nothing can be said to be certain, except death and taxes"

[Ben Zioner]

6 hours ago, Yumthai said:

Most of civilized countries (the West mainly) give equally the same rights to its permanent residents regardless of citizenship.

 

But what's your point? Because some countries discriminate its residents then it's OK?

When I emigrated to Australia (1981)I was given unemployment benefits from the date of arrival. Took me six weeks to start paying Tax. But then we were given free English classes, etc.. 

 

Citizenship, a mere formality after 3 years of residence.