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Posted

The use of an agent for extensions should be interesting.   1,000's use agents. Lets be honest, each year they put 800k into the account for less then one minute to show the 800k.  The expat is not transferring accessible income, or any monies belonging to him.  I guess, it could be considered a quick loan from the bank or agent? How will/should this be documented for tax purposes, if at all?

Posted
Just now, StayinThailand2much said:

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

Yes why not? If earned after Dec 31, 2023 AND transferred while being tax resident.

Posted
6 hours ago, StayinThailand2much said:

 

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

Thanks.

 

So no remittance in the tax year 2024. Therefore no consideration on any foreign remitted income.

 

You only need to consider Thai income such as bank interest and dividends. If this is under the threshold, i.e. your assessable income is less than120,000 THB as an individual or 220,000 THB as a joint filing married couple, you don't even need to file a return.

 

You stated that you have no earnings in Thailand.

 

Life becomes easier when the panic-mongers are put to one side and the situation is analysed clearly.

  • Haha 1
Posted
8 hours 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, this obviously makes sense but what I mean is the expat receives the income & his/her aims is to transfer from income to assets. That is why I feel this income type should be non-taxable - just like other insurances, etc are entitled to claim the tax refunds.     

Posted
11 minutes ago, Nabbiex said:

 

Yes, this obviously makes sense but what I mean is the expat receives the income & his/her aims is to transfer from income to assets. That is why I feel this income type should be non-taxable - just like other insurances, etc are entitled to claim the tax refunds.     

Hopefully I have not misunderstood you but apologies if I have.

For a start you don't pay 800/400k to anybody. It stays with you so not at all like an insurance payment.

Plus you can only claim up to a relatively low amount and it has to be a Thai based company insurance premium - International policies/premiums are not included.

 

Also, being polite, it doesn't matter what you "feel" - it is based on the Thai tax code and it is not something that is negotiable or even debatable......

Posted
9 hours ago, Briggsy said:

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.

 

Can I ask where you get that from? 

It is very clear in the HMRC digest that the UK state pension can be taxed in Thailand as their is no relief in the DTA. - note I say can.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/710099/DT_Digest_April_2018.pdf

 

Go to page 34 Thailand and note 4 on the far right.

 

This has been extensively discussed in the past so I would be interested where your statement is codified in the TRD regs?

  • Like 1
Posted
16 hours ago, StayinThailand2much said:

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?

1. Yes transfer at least a credible base amount. I always have some cash in Baht in my pocket..

2. As long as it remains.remittance based, I think every second.year, or perhaps even every 3rd. ( If it goes global Yes.)

3. Visa, don't know. I find the detail of many Visas is like shifting sands even if the core remains.fairly stable.

 

I'm always in mostly hypothetical mode, e.g.

 

£11700 base amount (all taxed) in UK

and 480k THB transferred to Thailand p.a.. 

£### mobile pocket money. Perhaps only transferred to Thailand when generated as non tax resident in TH.

 

UK  tax year 6th April-5th April >183 days at the end of the day.

Thailand tax year 1st Jan to 31st Dec >179 Days if no Thai earnings. Base amount continuous.

Extra Transfers to Thailand  after >183 days in UK  idealy, preferably within 6th April to 31st Dec.

 

(Will they ever issue the non-O Multi again, though the evisa is pretty quick)

 

But life not bonded to tax planning!

 

Posted
12 hours ago, Nabbiex said:

Yes, this obviously makes sense but what I mean is the expat receives the income & his/her aims is to transfer from income to assets.

I have absolutely no idea what you mean. Your post makes no sense, sorry.

 

Please specify precisely what the income is and when it was received.

Posted
12 hours ago, topt said:

 

Can I ask where you get that from? 

It is very clear in the HMRC digest that the UK state pension can be taxed in Thailand as their is no relief in the DTA. - note I say can.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/710099/DT_Digest_April_2018.pdf

 

Go to page 34 Thailand and note 4 on the far right.

 

This has been extensively discussed in the past so I would be interested where your statement is codified in the TRD regs?

The decision as to what is exempt and what is assessable under Thai Income Tax legislation is first and foremost laid out in the Thai tax legislation NOT the DTA.

 

Revenue Code (Official English Translation)

Chapter 3 Income Tax

Section 42 Exempt Income

Paragraph 25 Compensatory benefit received by the taxpayer from the social security fund under the law governing social security.

 

That is why the Revenue Department repeatedly states foreign State Pensions are exempt.

 

Use the Thai tax legislation to guide you.

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