Should income for visa 800K (retired) or 400K (married) not be taxable?

[Nabbiex]

The taxable proceeding has begun for most expats this year. The reason I am quite curious is that I can see non-taxable imply for some conditions like health ins, life insurance, etc but no information about visa 800K or 400K some expats need to put in the deposit saving. Should the income for putting 800K or 400K for visa requirement be non-taxable as well?  Has anyone thought about this issue yet? 

 

    

 

 

 

[KhunLA]

Obviously, that's going to depend on the source, and DTA with TH from home country, if the funds haven't been sitting there since the previous year.   Some people do just leave the funds put, if not needed.

 

I've done that in the past when married.  Don't like the idea of 800k sitting somewhere, earning nothing.  But 400k, no problem and easy access if having an oops.

[Briggsy]

This is a flawed thread. The money in the bank is an ASSET. Income tax by its very name does not tax ASSETS, it taxes INCOME.

 

The interest on your 800K / 400K is taxed.

[Felt 35]

5 minutes ago, Briggsy said:

This is a flawed thread. The money in the bank is an ASSET. Income tax by its very name does not tax ASSETS, it taxes INCOME.

 

The interest on your 800K / 400K is taxed.

We who use income letter from our embassies and transfer most often far more than the (800K) annually required shall pay tax on the remittances annually but they who chose to transfer a lump sum of 800K either once or annually shall not, that's flawed Briggsy.

Felt

[StayinThailand2much]

8 minutes ago, Briggsy said:

This is a flawed thread. The money in the bank is an ASSET. Income tax by its very name does not tax ASSETS, it taxes INCOME.

 

Still, what about the transfers into your Thailand bank account to fulfill this visa requirement? Will they be taxed?

[KhunLA]

1 minute ago, StayinThailand2much said:

 

Still, what about the transfers into your Thailand bank account to fulfill this visa requirement? Will they be taxed?

If taxable and not exempt, of course transfers in, are taxable.  The whole point of enforcement of the tax code now.

[Briggsy]

1 minute ago, Felt 35 said:

We who use income letter from our embassies and transfer most often far more than the (800K) annually required shall pay tax on the remittances annually but they who chose to transfer a lump sum of 800K either once or annually shall not, that's flawed Briggsy.

Felt

Remittances are classed as foreign income brought into Thailand. However, if the foreign income was received earlier than the last full tax year, currently earlier than 1 Jan 2024, it is not taxable income.

 

If it is a state pension such as the UK State Pension, it is deemed a social security payment and not taxable income in Thailand.

 

If the remitted income was received after 1 Jan 2024 and is classed as taxable income in Thailand, you will be able to deduct any foreign tax paid from any Thai tax bill, usually leaving nothing left to pay.

 

This is why I said this thread is flawed because the OP clearly has no idea what he is talking about and it will simply sow complete confusion.

[Will B Good]

.

[StayinThailand2much]

2 minutes ago, KhunLA said:

If taxable and not exempt, of course transfers in, are taxable.  The whole point of enforcement of the tax code now.

 

Well, then it makes more and more sense to use agents, rather than transferring 65,000/800,000 plus tax.

[Will B Good]

1 minute ago, StayinThailand2much said:

 

Well, then it makes more and more sense to use agents, rather than transferring 65,000/800,000 plus tax.

 

Does that circumvent sticking money in the bank? Does that also work for the marriage visa 400k???

 

Never used an agent.

[KhunLA]

Apparently, many have not learned anything from all the TRD threads.

 

... 1st, read the DTA for you home country where funds are coming from.

... 2nd, go to TRD office and ask them

 

Stop asking total strangers who are not tax experts for TH or your home country.  I'm getting the impression, many folks never filed their own taxes.   In that case, do the same here, hire a tax accountant/advisor to do you taxes.

[KhunLA]

4 minutes ago, StayinThailand2much said:

Well, then it makes more and more sense to use agents, rather than transferring 65,000/800,000 plus tax.

How would an agent help you with the TRD.  Do you expect them to be as 'flexible' as some Imm offices.

 

 

[StayinThailand2much]

1 minute ago, Will B Good said:

 

Does that circumvent sticking money in the bank? Does that also work for the marriage visa 400k???

 

Never used an agent.

 

Definitely doesn't work for the marriage visa. As for 'sticking money in the bank', could I just deposit the cash in-country?

[Felt 35]

10 minutes ago, Briggsy said:

However, if the foreign income was received earlier than the last full tax year, currently earlier than 1 Jan 2024, it is not taxable income.

 

If it is a state pension such as the UK State Pension, it is deemed a social security payment and not taxable income in Thailand.

 

If the remitted income was received after 1 Jan 2024 and is classed as taxable income in Thailand, you will be able to deduct any foreign tax paid from any Thai tax bill, usually leaving nothing left to pay.

 

Ok I follow you on above points!

Felt

[Will B Good]

1 minute ago, StayinThailand2much said:

could I just deposit the cash in-country?

 

Do you mean to imply "how or where else would you bring money to the country"?

 

Just withdraw weekly amounts from an ATM like any tourist as opposed to a big red flagged 400k.

[Briggsy]

4 minutes ago, StayinThailand2much said:

could I just deposit the cash in-country?

This then leads to the question how did this money that is now in Thailand come into your possession in Thailand. Answer that and I can answer your question.

[StayinThailand2much]

1 minute ago, Briggsy said:

This then leads to the question how did this money that is now in Thailand come into your possession in Thailand. Answer that and I can answer your question.

 

I brought it in 15 years ago. Can't prove it, cause I don't have the old bankbook anymore 

[StayinThailand2much]

5 minutes ago, Will B Good said:

 

Do you mean to imply "how or where else would you bring money to the country"?

 

Just withdraw weekly amounts from an ATM like any tourist as opposed to a big red flagged 400k.

 

I was referring to the 65,000/mth., or 800,000/year for a retirement extension.

[Briggsy]

Just now, StayinThailand2much said:

 

I brought it in 15 years ago. Can't prove it, cause I don't have the old bankbook anymore 

So for 15 years, has it been in the bank or in your house as cash?

[Will B Good]

2 minutes ago, Briggsy said:

So for 15 years, has it been in the bank or in your house as cash?

 

...and where do you live?

[Briggsy]

2 minutes ago, Will B Good said:

 

...and where do you live?

Yes, I am assuming @StayinThailand2muchlives in Thailand. His name suggests that. 😀

[KhunLA]

1 minute ago, Briggsy said:

Yes, I am assuming @StayinThailand2muchlives in Thailand. His name suggests that. 😀

As do others, that don't live here.

 

@StayinThailand2much If funds have been here for 15 years, and not in the bank since, it does beg to question, either where the funds came from, or where the funds that you live on now, are coming from.

 

Without a record of being transferred in from abroad, it would be easy for the Imm officer to assume you are working here.

[Liverpool Lou]

24 minutes ago, KhunLA said:

Apparently, many have not learned anything from all the TRD threads.

 

... 1st, read the DTA for you home country where funds are coming from.

... 2nd, go to TRD office and ask them

 

Stop asking total strangers who are not tax experts for TH or your home country.  I'm getting the impression, many folks never filed their own taxes.   In that case, do the same here, hire a tax accountant/advisor to do you taxes.

Best advice on the thread!

[Will B Good]

22 minutes ago, Briggsy said:

Yes, I am assuming @StayinThailand2muchlives in Thailand. His name suggests that. 😀

 

Sorry my twisted sense of humour.....I thought you might be interested in purloining his 800k if it's under his bed?....555

[NoDisplayName]

1 hour ago, Nabbiex said:

The taxable proceeding has begun for most expats this year. The reason I am quite curious is that I can see non-taxable imply for some conditions like health ins, life insurance, etc but no information about visa 800K or 400K some expats need to put in the deposit saving. Should the income for putting 800K or 400K for visa requirement be non-taxable as well?  Has anyone thought about this issue yet?

 

 

 

Yes.  When I applied for my TIN in Bangkok in 2016, the tax lady mentioned that remittances might be taxable, to include the 400K/800K bond we deposit for immigration.

 

It's just a remittance and goes into our own account, not transferred to anyone for anything.  I told her it was from savings, she said not taxable, but if current income it could be.

[NoDisplayName]

1 hour ago, Briggsy said:

This is a flawed thread. The money in the bank is an ASSET. Income tax by its very name does not tax ASSETS, it taxes INCOME.

 

The interest on your 800K / 400K is taxed.

 

Yes, of course.  Your money in a Thai bank has interest tax of 15% withheld at source.  You may file a tax return for a full refund (depending on other income amounts of course).

[NoDisplayName]

45 minutes ago, StayinThailand2much said:

 

I brought it in 15 years ago. Can't prove it, cause I don't have the old bankbook anymore 

 

Nothing to prove.  It's not a remittance on this year's tax return.

It's been cash in the bank for many moons.

[StayinThailand2much]

1 hour ago, Briggsy said:

Yes, I am assuming @StayinThailand2muchlives in Thailand. His name suggests that. 😀

 

I used to, so my questions are mostly hypothetical in regards to staying in Thailand in the future, and particularly in regards to visas:

 

1. Should I transfer money to Thailand, or bring it in cash?

2. Or, should I limit my stays to 179 days or less/year?

3. Which long-term visa (e.g. 'Retirement') should I get in regards to this new tax situation?

 

(I live off savings, particularly in Thailand, and the money has already been taxed, and was earned 20 years ago.)

[StayinThailand2much]

1 hour ago, Briggsy said:

So for 15 years, has it been in the bank or in your house as cash?

 

Bank account, where interest was deducted at source at 15%.

[FritsSikkink]

2 hours ago, Nabbiex said:

The taxable proceeding has begun for most expats this year. The reason I am quite curious is that I can see non-taxable imply for some conditions like health ins, life insurance, etc but no information about visa 800K or 400K some expats need to put in the deposit saving. Should the income for putting 800K or 400K for visa requirement be non-taxable as well?  Has anyone thought about this issue yet? 

 

    

 

 

 

It isn't and what you or other expats think is not important to the tax office.