Thailand May Ease Overseas Income Tax Rules Amid Global Changes

[Yumthai]

23 minutes ago, sandyf said:

the whole exercise was to reduce tax evasion among the wealty

Come on, even the most tax aggressive countries can't make their fat cats pay their fair share.

[ujayujay]

That means: wait and see! As long as the Thai government is not able to provide reliable information, I will not even get a TIN.

 

Btw....Cambodija is also a nice Country

[ronnie50]

7 hours ago, webfact said:

In a move that could significantly impact expatriates and Thai nationals alike, Thailand's government is contemplating adjustments to the taxation of overseas income. Finance Minister Pichai Chunhavajira has indicated that the global economic landscape necessitates a re-evaluation of current tax regulations, though specific details were not provided.

 

[...]

 

While Minister Pichai's recent comments did not specifically address expatriates, he underscored a key objective: to incentivise Thai nationals to remit more of their overseas funds back into Thailand.

 

 

Well, at least the Minister is speaking now and not a bureaucrat at TRD. The last highlighted line is what spooks me most. You can read it different ways, but reading between the lines of the lead paragraph the 'adjustments to tax overseas income' combined with the main incentive to get Thais to remit more of their overseas income back to Thailand suggests taxing only remittances is about to go right out the window. They are getting ready to tax all residents (foreign and Thai) on their global income - like other countries. That way there is less incentive for Thais to keep their excess earnings overseas. It makes sense, but it really sucks.

 

[sandyf]

4 minutes ago, Yumthai said:

Come on, even the most tax aggressive countries can't make their fat cats pay their fair share.

You are free to think that would stop them trying different approaches.

[ronnie50]

2 hours ago, jesimps said:

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.

It makes sense. I'm in a similar boat. How would they ever know whether it came from passive savings or earnings (already taxed?). My concern as above is they are getting ready to scrap the 'remittance' taxes and tax everyone on their global income that year.

[IsaanT]

2 hours 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 😏🤣🤣

Why would you intentionally wish to flout the rules in your host country?

 

[Negita43]

I was out of the country for 187 days in 2024 (to wait and see how the changes panned out)

I have until June to see if I need to do it again (I'm counting the days)

[Jim Blue]

25 minutes ago, ujayujay said:

 

 

Btw....Cambodija is also a nice Country

 

[Yumthai]

12 minutes ago, sandyf said:

You are free to think that would stop them trying different approaches.

I think they know they can't reach the wealthy, like everywhere they are counting on the worried/powerless middle-class to do the job.

But of course saying that is not politically correct.

[Negita43]

19 minutes ago, ronnie50 said:

It makes sense. I'm in a similar boat. How would they ever know whether it came from passive savings or earnings (already taxed?)

I think that is more likely that it's up to you to prove that not the tax office

[twizzian]

There seems to be more government U-Turns than the ones I see on the road every 500 meters

[redwood1]

25 minutes ago, IsaanT said:

Why would you intentionally wish to flout the rules in your host country?

 

 

LOL.....Sir you must be joking....Rule flouting is hardwired into the Thais DNA.....Every level of government top to bottom flout rules willy nilly daily......Look no further than Thaksin who is a world class rule flouter especially regarding taxes..

[garygooner]

2 hours ago, quake said:

 

Who by ?

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

 

 

 

 

That's odd. I heard something similar from Roger from Rotherham in the Ping Pong Lounge. 

[IsaanT]

38 minutes ago, redwood1 said:

 

LOL.....Sir you must be joking....Rule flouting is hardwired into the Thais DNA.....Every level of government top to bottom flout rules willy nilly daily......Look no further than Thaksin who is a world class rule flouter especially regarding taxes..

My point was that expats are guests in Thailand.  Thais may choose to flout their own rules, as nationals do in many countries.

Expats are not nationals.  Nationals are exempt from domestic visa issues, for example.
 

[Dmaxdan]

Last week I went to my local rural RD office  with last year's bank statement about a load of other paperwork and after a 5 minute chat about remitted income,180 days etc was firmly told that I don't have to file... Not unless you remit large sums of money, one million baht up for example.

 

Of course, some "online tax expert" who's been brainwashed by all the bovine excrement that's been banded about by the English speaking media will probably quote me and say that the revenue department employee we spoke to was just plain wrong...I can't wait!

 

I've tried, I've failed, I'm now moving on to more important matters. 

[LudwigK]

TH: DO NOT KILL THE FOREIGN GOLDEN GOOSE !!!!

[Yumthai]

23 minutes ago, IsaanT said:

My point is that expats are not nationals.  Nationals are exempt from domestic visa issues, for example.

If you're implying they will connect long term visas issuance to tax, that won't happen. They're already back-warding on their tax remittance rules because they want money flow into Thailand. Making visas issuance difficult will just make money flow out.

[digger70]

4 hours ago, paahlman said:

What most people dont understand though is that is mostly beneficial to tax to Thailand since according to the specific Tax Treaty between the different countries mostly it is deducted in home country and on average the total tax will therefore be lower than just be taxed in home country. However. Its a paper mill of course.

Yes I know, The main reason that I am Mad  is that we may have to pay Tax in Los  (Not going to happen soon)  But it's got Nothing to do with Los.  Only Greed .

[Ben Zioner]

5 hours ago, jerrymahoney said:

I was at a US Embassy meet-and-greet the Ambassador last August. The Amb. said that his staff was fully engaged with the TRD on the remittance tax issue. He also said he has met with Thai officials who want to know how they can better attract the well-heeled US citizens.

I mumbled while sitting close enough to the Amb. for him to hear: Taxes?

Isn't that all nicely covered with the LTR visa?

 

I know the other Ben [Hart] would say LTR is BE (Bovine Excrement).

[daveAustin]

2 hours 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.

Nor discounts to national parks 😙

[4MyEgo]

Money brought into Thailand by Xpat's is taxable income under the current administration.

 

So if I was thinking of buying an investment property under say 5 million baht, I would have to pay tax on that money brought into the country, and then whenever I sold that investment property, pay Capital Gains Tax.

 

That is a no brainer, no investment property, investment overseas remain tax free for me, suffice to say I will continue to bring in the money I require to exist here, and if ever they want me to pay tax on it, around 60k, that will be 60k less a year that I will contribute to their economy.

 

They are as blind as bats as far as I can see, e.g. Epats bring money into the country which goes into their economy, try and tax us on our money, then you will end up with egg on your face.

 

I'd be surprised if a fair few Xpats haven't already left to be honest.

[CallumWK]

5 hours ago, quake said:

 

No disrespect.

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

 

Only that in the current guidelines it doesn't make a difference anymore when the money was earned.

Everything earned before 2024 was exempted previously, but not any more

[ThaiPauly]

Where does this leave all the companies that have set up tax advisory services and already taken money from foreigners to take care of their taxes?

 

What will they do if this whole process is scrapped?

[NJHOUSE]

8 minutes ago, CallumWK said:

Only that in the current guidelines it doesn't make a difference anymore when the money was earned.

Everything earned before 2024 was exempted previously, but not any more

I think this is incorrect. Anything earned before Jan 1, 2024 is exempt from tax even if you bring it in, doesn't matter when (last year, yesterday, today, tomorrow). Please point me to where this has changed?

[quake]

22 minutes ago, CallumWK said:

Only that in the current guidelines it doesn't make a difference anymore when the money was earned.

Everything earned before 2024 was exempted previously, but not any more

 

That's interesting

is Category 5 income,  foreign rental income earned before 2024 exempt. ?

Have you got a link to say that type of income is exempt. ?

[quake]

2 hours ago, IsaanT said:

 

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.

 

 

Does the Thai revenue department work on the FIFO,  principle.

Great if they do. 

[hotandsticky]

1 minute ago, quake said:

 

Does the Thai revenue department work on the FIFO,  principle.

Great if they do. 

 

 

He said they do.

[black tabby12345]

Do they start to notice, it is sheer waste of their time & energy?

Finding out they can collect little or no tax money from the expats not working here.

Therefore it is not worth it; fruitless efforts(what Thais generally hate worst).

[IsaanT]

1 minute ago, quake said:

 

Does the Thai revenue department work on the FIFO,  principle.

Great if they do. 

I'm talking about bringing money into Thailand, so I am talking about the Thai Revenue Department.

 

[CallumWK]

4 minutes ago, quake said:

 

That's interesting

is Category 5 income,  foreign rental income earned before 2024 exempt. ?

Have you got a link to say that type of income is exempt. ?

 

There is a post regarding that in the main topic about this subject.

For tax year 2024 (filing 31 March 2025) funds earned before 1st of January 2024 are exempt.

Next tax year 2025 (filing 31 March 2026) funds earned before 1st of January 2025 are not exempt any more