Thailand May Ease Overseas Income Tax Rules Amid Global Changes

[Presnock]

4 hours ago, EVENKEEL said:

Is anyone here actually contemplating handing over 1099r's to Trd? Trying to make a paper trail to Thai authorities is absurd. 

1099R's are not "classified" nor restricted in any way as the information from a US government organization provides UNCLASIFIED salary, tax, etc information because of public laws.  My salary as a US government employeed could be found easily.  If people plan to use the information in the 1099R to get money from the person identified in that document, it would be a total waste of effort! IMHO anyway as one can find out the salaries of US governmnet civil servants without any problems.

[freedomnow]

Flip-flop centre of the universe.... a comedy show in realtime = Thai government.

 

They cannot stop dabbling, creating and u-turning rules.

[ronnie50]

20 minutes ago, Presnock said:

My salary as a US government employeed could be found easily. 

[...]

IMHO anyway as one can find out the salaries of US governmnet civil servants without any problems.

You're lucky you are no longer a US government employee, or so it would seem from the daily news. I guess you and many others are hoping Musk and Co. don't try to also raid the US government employee pension fund anytime soon.

[Presnock]

28 minutes ago, ronnie50 said:

You're lucky you are no longer a US government employee, or so it would seem from the daily news. I guess you and many others are hoping Musk and Co. don't try to also raid the US government employee pension fund anytime soon.

IMHO that will never happen, and yeah, I am no longer an employee and haven't been for over 25 years.  I note that over 75K current employees have filed for the early out!  Most of them probably didn't have a job worth doing -  I loved my job and excelled at it so wouldn't have been let go anyway.  But while I don't like this administration, the majority voted for it so get what they opted for.   We have gone through losers before and am positive this will not be the last loser elected to that seat.

[bamnutsak]

2 hours ago, ronnie50 said:

Thanks, yes helpful explaining the FIFO principle. So if this turns out to be what the TRD agree with going forward, and 'if' I had $100,000 in a foreign account as of 31 Dec 2023, then conceivably I could bring in 10 or 20,000 each tax year for the next 10 or 5 years and it would be non-assessible, is that right (or until the 100k saved prior to 31/12/2023 is depelted in the foreign account)?

 

 

Yes.

 

(And that seems to be the consensus, at least 65/35, based on my vague assessment of posts on these threads.)

 

 

Not sure how any interest earned on this "savings" in subsequent years (2024, 1025...) would be treated - year-by-year or after the initial savings are exhausted? 

 

So having a 12/31/23 year-end statement would be a good thing to hang onto. That might get used for 10 ~ 20 years?

 

 

[quake]

23 minutes ago, bamnutsak said:

Not sure how any interest earned on this "savings" in subsequent years (2024, 1025...) would be treated - year-by-year

 

 

Excellent point.

Maybe someone knows 100% ?

 

I tried google but it didn't work for this  question, Presnock. 

 

 

 

[Negita43]

2 hours ago, Presnock said:

For me and some others at least, the LTR is by far the best visa for me

I think the value of a LTR Visa depends very much on your age.

[hotandsticky]

3 hours ago, quake said:

 

Was waffler, a typo. 

 

 

It can be if you want it to be.........😉

 

 

Perhaps I should have typed Wxxxer

[Sheryl]

On 2/15/2025 at 4:03 AM, daveAustin said:

I wish they would just come out with it and tell us what they want; tax returns are due in a couple weeks aren’t they? 😳

Nothing will happen that affects the returns due in March. Any changes would be for  future years. 

[Mike_Hunt]

On 2/14/2025 at 7:53 PM, Karma80 said:

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 was the little troll Janet Yellen pushed this while being the head of the US Treasury under Joe Biden. 

[Sheryl]

1 hour ago, bamnutsak said:

 

 

Yes.

 

(And that seems to be the consensus, at least 65/35, based on my vague assessment of posts on these threads.)

 

 

Not sure how any interest earned on this "savings" in subsequent years (2024, 1025...) would be treated - year-by-year or after the initial savings are exhausted? 

 

So having a 12/31/23 year-end statement would be a good thing to hang onto. That might get used for 10 ~ 20 years?

 

 

Interest in a Thai bank account is assesssble in Thailand (and will often have had tax witheld automaticslly).

 

Interest earned in foreign banks is not assessable in Thsiland unless remitted here. 

[Dogmatix]

Deleted by Dog.

[Dogmatix]

He still pretends that the reinterpretation was done under pressure from OECD which has never shown any interest in personal income tax. This was just an excuse. The whole thrust of OECD on tax is limited to corporate income taxes and getting members to impose minimum 15% corporate taxes, while ensuring that multinationals don't avoid this by using multiple tax domiciles through subsidiaries.  Thailand is not even a member of OECD and is unlikely to quality for the foreseeable future.

 

Since he is presumably an intelligent person, he must know that personal income tax is nothing to do with OECD.  How can Thais trust someone whose argument is predicated on an obvious lie?  

 

And what about the pronouncements by the Revenue Department that Thailand will introduce global tax this year and has already drafted the simple amendment to the Revenue Code?  Should we put 2 and 2 together and accept that the way to encourage more investment capital remitted to Thailand will be to introduce global taxation, so it is doesn't matter, if you remit your income to Thailand or not because they will tax the b'jezus out of it  before you even remit it to Thailand.

[Dogmatix]

One thing that was completely dumb in the reinterpretion was not to carve out an exemption for remitted income being reinvested in Thai assets, say, property, stocks bonds, private companies. It would have been easy to specify investments held for 3 or  years or whatever. But they just wanted to do it in an incredibly lazy and stupid way by letting the Revenue Department reinterpret the existing law in a way that was clearly never intended without any amendment or even thinking it through.  Now they obvious has dawned on the dumbos that it cut investment inflows and will raise a minimal amount of increment tax which may not even cover the cost of attempting to collect it.

[lordgrinz]

The joys of living in a 3rd World country, not a single thing in this country makes any sense.

[freedomnow]

5 hours ago, Dogmatix said:

One thing that was completely dumb in the reinterpretion was not to carve out an exemption for remitted income being reinvested in Thai assets, say, property, stocks bonds, private companies. It would have been easy to specify investments held for 3 or  years or whatever. But they just wanted to do it in an incredibly lazy and stupid way by letting the Revenue Department reinterpret the existing law in a way that was clearly never intended without any amendment or even thinking it through.  Now they obvious has dawned on the dumbos that it cut investment inflows and will raise a minimal amount of increment tax which may not even cover the cost of attempting to collect it.

Amen brother.

[DrPhibes]

12 hours ago, hotandsticky said:

 

 

You are just a waffler........................and probably won't be around too long this time.

No, this is The Waffler!

[DrPhibes]

15 hours ago, EVENKEEL said:

Is anyone here actually contemplating handing over 1099r's to Trd? Trying to make a paper trail to Thai authorities is absurd. 

The day they ask for my US tax return is the day we head back to the US.  The US social security earned by myself, my wife, and our 7yr old is more than we bring in to Thailand.  If they want to see the non-assessable SS 1099's and compare those to what I bring in, I'm OK with that, but they are nor getting the return.

[daveAustin]

10 hours ago, Sheryl said:

Nothing will happen that affects the returns due in March. Any changes would be for  future years. 

Be that as it may, Sheryl, I’m still not entirely sure what the f is going on. 

[ryandb]

17 hours ago, hotandsticky said:

 

 

You are just a waffler........................and probably won't be around too long this time.

I asked a question and someone with a brain provided and answer while you and Nigel went into your fantasy land and decided to talk about something different while replying to me. Just another day of internet dumbasses

[ryandb]

18 hours ago, quake said:

 

Nah.

His about the only one that care about the uk.

Only sad tory and loony lefty types say stuff like that.

Have a look in the mirror. 

 

 

 

Not a Tory certainly not a workshy lefty like Farage. But that's the usual defense of a person who follows that muppet because he says a few words you agree with on boats while being an immigrant yourself

[Presnock]

12 hours ago, Negita43 said:

I think the value of a LTR Visa depends very much on your age.

Well, if I could have gotten this 20 years ago, it would have saved me even more money and a lot less bureaucratic contact with the immigration folks and I sure don't see what age has to do with it other than being able to get it.

[EVENKEEL]

14 hours ago, Presnock said:

1099R's are not "classified" nor restricted in any way as the information from a US government organization provides UNCLASIFIED salary, tax, etc information because of public laws.  My salary as a US government employeed could be found easily.  If people plan to use the information in the 1099R to get money from the person identified in that document, it would be a total waste of effort! IMHO anyway as one can find out the salaries of US governmnet civil servants without any problems.

I'm retired DOD, not that matters at all. The topic of proving where, when and how you came into procession of money you sent to Thailand is so far over the top ridiculous. I use my monies to pay multiple property taxes, insurance premiums, contractors stateside from accounts where money comes in from various sources. That's before I wire over to Thailand my mad money from what's left over. 

[wittleus]

15 hours ago, NoDisplayName said:

 

Under the old rules, wealthy Thais could invest offshore, make $Millions in capital gains in the US and repatriate the earnings tax free the following year.  Capital gains for non-resident foreigners are NOT taxed in the US, only interest and dividends!  They had their cake, and then they ate it.

 

Now they'll have to use gifting rule, and worry their soon-to-be ex-wives don't run off with the cash, or pay lawyers/accountants to set up family trusts and front companies to get their cash in tax-free.

 

This, I believe, is why the rule interpretation is being reconsidered.

Capital gains for non-resident foreigners are taxable in the US at a 30% flat rate if the individual resides in the USA for more than $183 days in that tax year. Sort of the same decision making issue as a 180 days in Thailand to determine residency or not.

[Presnock]

2 minutes ago, EVENKEEL said:

I'm retired DOD, not that matters at all. The topic of proving where, when and how you came into procession of money you sent to Thailand is so far over the top ridiculous. I use my monies to pay multiple property taxes, insurance premiums, contractors stateside from accounts where money comes in from various sources. That's before I wire over to Thailand my mad money from what's left over. 

only if one's financial situation is complicated or widely varied for sources.  Mine is civil service pension only which is not taxable by Thailand, only the US so mine is simple.

[Presnock]

21 hours ago, ryandb said:

Thanks that makes sense

If you mix old savings with current earnings then you might have a problem getting the Thai revenue dept accepting your tax form unless you have documentation separating the savings.

[Presnock]

21 hours ago, ryandb said:

I don't think you understand anything tbh, why would I need to make separate accounts for each year? 

only separating pre 1 Jan 2024 and any earnings from current income that you put into that same account.  just need the old SAVNGS account separate from any income after 31      Dec 2023.

[quake]

14 minutes ago, ryandb said:

Not a Tory certainly not a workshy lefty like Farage. But that's the usual defense of a person who follows that muppet because he says a few words you agree with on boats while being an immigrant yourself

 

Yes I'm a paying customer in Thailand.  a little bit different from a free loader and possible terrorist.

coming into the uk on boats. ( BTW my visa says non immigrant  )

As for Muppets, maybe you should open your eyes,  it's the people that have been running the uk, 

starting with Tony Blair to present that are the true Muppets.

Work shy Farage, mate maybe you should check out his employment and business history.

 

Next time, please turn around,  I maybe able to hear you better.

Nice try,  but no cigar. 

 

 

[Presnock]

4 hours ago, DrPhibes said:

The day they ask for my US tax return is the day we head back to the US.  The US social security earned by myself, my wife, and our 7yr old is more than we bring in to Thailand.  If they want to see the non-assessable SS 1099's and compare those to what I bring in, I'm OK with that, but they are nor getting the return.

my bank deposits say that the pension money is "civil service pension deposi from OPM"

[ryandb]

1 hour ago, quake said:

 

Yes I'm a paying customer in Thailand.  a little bit different from a free loader and possible terrorist.

coming into the uk on boats. ( BTW my visa says non immigrant  )

As for Muppets, maybe you should open your eyes,  it's the people that have been running the uk, 

starting with Tony Blair to present that are the true Muppets.

Work shy Farage, mate maybe you should check out his employment and business history.

 

Next time, please turn around,  I maybe able to hear you better.

Nice try,  but no cigar. 

 

 

I'm under no illusions of the destruction of the UK (happened way before Blair he was just the fuel to the fire) but Farage just like Trump is there to contain the disenfranchised masses, and yes he's a workshy fool, ask his electorate how often he turns up for them. You are being played bro, colour of the tie is meaningless, there's no one presented who will save you! 

 

Just because you are not claiming does not rule you out for being a terrorist...