Thailand May Ease Overseas Income Tax Rules Amid Global Changes

[Karma80]

8 minutes ago, NoDisplayName said:

More likely has to do with

 

President Donald Trump on Monday declared that a global corporate minimum tax deal "has no force or effect" in the U.S., effectively pulling America out of the landmark 2021 arrangement negotiated by the Biden administration with nearly 140 countries.

Exactly this. The US was the leader in the global minimum tax drive and has moonwalked away, but it likewise has a stated intent to have the "lowest taxes"; whatever the mercurial administrations take of the hour is on that.
 

It's time for Thailand to compete on taxation again and encourage the repatriation of funds. 

[bamnutsak]

5 hours ago, webfact said:

Finance Minister Pichai Chunhavajira has indicated

 

Does anyone know where, when, and under what circumstances the Finance Minister made his "indications"?

 

 

Found these...

 

https://www.amchamthailand.com/2025/02/11/roundtable-meeting-with-h-e-pichai-chunhavajira-deputy-prime-minister-and-minister-of-finance/

 

https://www.nationthailand.com/business/banking-finance/40046276

 

 

 

 

[1happykamper]

Clear as mud, as usual.

 

Why in earth did a few farang rush down to the Thai tax office to file a return is beyond my understanding 😏🤣🤣

[quake]

7 minutes ago, 1happykamper said:

Clear as mud, as usual.

 

Why in earth did a few farang rush down to the Thai tax office to file a return is beyond my understanding 😏🤣🤣

 

It's starting to look like all the ones that have done that.

Are the ones that don't owe any tax. 

 

 

 

[jesimps]

1 hour ago, ryandb said:

When I transfer from my bank how do they know what is from 1 year to another? if I had 30k in my UK account in 2023 then in 2024 I add 20k over the year into that account then transfer 20k from the account to Thailand, what money am I transferring?

Been puzzling me for a while now. I don't have either my works or government pension sent direct to here, they both go into my UK bank account and have been for many years. Therefore what I transfer here monthly comes out of those savings. My 2024 pension payments are only a small part of this. If savings are exempt, then my 2024 contribution is well diluted. Hope that makes sense.

[Drumbuie]

I consulted a Thai accountant about my income this week. I brought over THB1.1 million into Thailand last year. By the time he'd removed the non-assessable income and deducted all the allowances, I'm due to pay just over 20k tax - in three installments from April.

That is less than a third of what would have been due on the same income back home.

Stop moaning about the tax, guys. Pay up and enjoy actually having the moral right to moan about the infrastructure. 

[outsidetrader]

4 hours ago, NoDisplayName said:

So, back to the old ways?

That didn't last long.

 

...the global economic landscape has shifted, with some countries no longer adhering to the original OECD rules. This necessitates an adjustment...

 

“Currently, investment within Thailand is declining,” Pichai stated. “While those with income to spare are investing overseas, the amount they’re bringing back is less than the amount they’re investing. We want to rectify this and incentivise them to bring their money back home.”

https://www.nationthailand.com/business/banking-finance/40046276

Correct but then you will weaken  the baht and bring a far better exchange rate like in the old days ;)

No choice to keep the GDP in line ,)

 

[jesimps]

1 hour ago, quake said:

 

No disrespect.

But you have had over a year to keep funds separate.

 

Yes but his savings account is probably a high interest one. He'd probably lose interest if he separated them. Also, why should he when nothing concrete has come from the Thais. Some of us can't even obtain a TIN from our local TRD.

[wwest5829]

My Wife is looking forward to visiting another country for my retirement if Thailand decides to tax my already taxed income in the USA. I know my unimportance to Thailand (spending my 1 million baht a year here) but then again, I am a free person able to seek settlement elsewhere and some of those countries allow me to join their national healthcare scheme after a period of residence.

[quake]

2 minutes ago, jesimps said:

Yes but his savings account is probably a high interest one. He'd probably lose interest if he separated them. Also, why should he when nothing concrete has come from the Thais. Some of us can't even obtain a TIN from our local TRD.

 

Maybe , Maybe not.

But co- mingled funds could be an issue.

better to try and stop it,  from being an issue in the first place.

this tax thing has been known from about September 2023.

 

As for not getting a TIN number.

Are you the guy that was refused at Jomtien Tax office in a previous thread ?

 

[Thingamabob]

I'm told that enormous pressure has been put upon the TRD, by wealthy, influential Thais, to leave this issue well alone.

[quake]

28 minutes ago, Thingamabob said:

I'm told that enormous pressure has been put upon the TRD, by wealthy, influential Thais, to leave this issue well alone.

 

Who by ?

Bill from Scunthorpe in the bongo bongo  bar, last week.

 

 

 

 

[Thingamabob]

3 minutes ago, quake said:

 

Who by ?

Bill from Sculthorpe in the bongo bongo  bar, last week.

 

 

Of course. The source of all wisdom. 

[shackleton]

I hope this stops people speculating on this Subject winding up expats with out knowing the facts 

Let's drop this Subject until the correct information by the government is presented in the coming days weeks months ect 

 

[RethairedJarhead]

57 minutes ago, Drumbuie said:

Pay up and enjoy actually having the moral right to moan about the infrastructure. 

1) I have no government representation in Thailand 

2) My income is taxed in the U.S.

3) Thailand signed a Tax Treaty with the U.S…. still in force.

 

I don’t complain about Thai infrastructure because it is what it is- I knew that before moving here. 
 

You choose to pay… “up to you”.

 

“Don’t Tread On Me”

[Antti]

1 hour ago, Drumbuie said:

I consulted a Thai accountant about my income this week. I brought over THB1.1 million into Thailand last year. By the time he'd removed the non-assessable income and deducted all the allowances, I'm due to pay just over 20k tax - in three installments from April.

That is less than a third of what would have been due on the same income back home.

Stop moaning about the tax, guys. Pay up and enjoy actually having the moral right to moan about the infrastructure. 

 

If you want to donate money to an utterly corrupt 3rd world country I guess that's your right but don't expect the Thais to give a rat's ass about your 'moral right' to complain. They will laugh at your face. You will never have any rights here.

[RethairedJarhead]

PS- as commented over the last year regarding this tax topic… I don’t see how this gets done.

[TheAppletons]

1 hour ago, shackleton said:

I hope this stops people speculating on this Subject winding up expats with out knowing the facts 

Let's drop this Subject until the correct information by the government is presented in the coming days weeks months ect 

 

 

  Are you kidding?  Without the tax threads - and the massive participation therein - this website would have gone out of business long ago.

 

  I mean, I guess we could come up with some other topic to frighten the Western geriatrics, like a massive tariff on adult diapers or a permanent ban on alcohol.

[redwood1]

4 hours ago, NoDisplayName said:

 

I'm'assume somebody important with important friends in important positions did not agree.

 

I'm'assume also that global taxation is dead in the water, for the same reasons.

 

Trump torpedoed the OECD.....The world tax is DEAD for now.....And Thailands OECD dreams are also DEAD.....And their whole new tax plan is in the ICU barely alive, ready to receive last rites.

 

[ignore it]

Pending consultation between PM Poontang and XI

[quake]

28 minutes ago, Antti said:

 

If you want to donate money to an utterly corrupt 3rd world country I guess that's your right but don't expect the Thais to give a rat's ass about your 'moral right' to complain. They will laugh at your face. You will never have any rights here.

 

Not so true about that.

You have the right to leave anytime you like. 

[redwood1]

1 hour ago, Drumbuie said:

I consulted a Thai accountant about my income this week. I brought over THB1.1 million into Thailand last year. By the time he'd removed the non-assessable income and deducted all the allowances, I'm due to pay just over 20k tax - in three installments from April.

That is less than a third of what would have been due on the same income back home.

Stop moaning about the tax, guys. Pay up and enjoy actually having the moral right to moan about the infrastructure. 

 

Since your so Gung Ho on taxes how about paying for the rest of us.....

[jippytum]

Perhaps they realise they havn't got the IT infustructure the manpower or the intelligence to operate major tax changes so quickly. 

[DaRoadrunner]

1 hour ago, Drumbuie said:

I consulted a Thai accountant about my income this week. I brought over THB1.1 million into Thailand last year. By the time he'd removed the non-assessable income and deducted all the allowances, I'm due to pay just over 20k tax - in three installments from April.

That is less than a third of what would have been due on the same income back home.

Stop moaning about the tax, guys. Pay up and enjoy actually having the moral right to moan about the infrastructure. 

 

And if you pay up, what are you getting from Thailand in return? Rights.... none. Citizenship.... dream on sucker. Property ownership with land.... don't hold your breath waiting. They want our money then they need to treat us with respect and give us the same rights as the Thai people enjoy.

 

Why should we pay anything to the Thais when the money was not earned in Thailand?

 

What right have they got to tax our foreign pension? (They can shove it where the sun don't shine).

 

 

Stay away from the Thai tax office and wait n see what happens.

[sandyf]

2 hours ago, EVENKEEL said:

It's odd or very telling  that the 3 proponents of taxation on foreigners have slipped back into the shadows. A  shame that some foreigners were duped into demanding Tins and tried to file taxes. 

Quite,  the whole exercise was to reduce tax evasion among the wealty, not make a few bob from making pensioners pay tax twice.

There has been a lot of scaremongering by those with a vested interest in profiteering from the confusion.

HMRC do not demand returns from those with little to pay, why would such a policy be out of the question in Thailand.(Rhetorical)

[WorriedNoodle]

1 hour ago, Drumbuie said:

Stop moaning about the tax, guys. Pay up

What did you pay in previous years? I paid nothing, and plan to carry on doing so until some one of authority tells me I need to, but I doubt they ever will.

[Emdog]

6 hours ago, hotsun said:

Nobody will invest in you Thailand. Youre greedy and everyone knows it

greedy is okay.... stupid is what doesn't cut the muster for investors

[scorecard]

6 hours ago, NoDisplayName said:

So, back to the old ways?

That didn't last long.

 

...the global economic landscape has shifted, with some countries no longer adhering to the original OECD rules. This necessitates an adjustment...

 

“Currently, investment within Thailand is declining,” Pichai stated. “While those with income to spare are investing overseas, the amount they’re bringing back is less than the amount they’re investing. We want to rectify this and incentivise them to bring their money back home.”

https://www.nationthailand.com/business/banking-finance/40046276

 

Is it not true that USA Americans must declare all their earnings including income earned / held abroad to the American IRS? And if they don't they are subject to severe penalties including big fines and jail?  

 

If Thailand wants Thais to do the same then copy the USA laws. 

 

But for retired foreigners living off their incoming pension it's a different ballgame surely?

[IsaanT]

3 hours ago, ryandb said:

When I transfer from my bank how do they know what is from 1 year to another? if I had 30k in my UK account in 2023 then in 2024 I add 20k over the year into that account then transfer 20k from the account to Thailand, what money am I transferring?

 

The process is simple and works on the FIFO (First In, First Out) principle.

 

For example, if you had £20,000 in your savings account on 31 December 2023 and remitted £10,000 from it to Thailand in 2024, you would have £10,000 of your original 2023 funds left.  Even if you added £5,000 to your savings in 2024, e.g. pension, accrued interest, etc., giving you a year-end balance of £15,000 at 31 December 2024, you still only have £10,000 of your original non-assessable 2023 savings.

 

[BangkokHank]

To tax inward remittances when you want to encourage inward remittances is the height of stupidity. The Thai government will have noticed the dramatic decline in remittances during 2024 after they announced their new policy, and they are now realizing how misguided the idea was. So now they appear to be reversing it - with the face-saving excuse of "global changes".