With google translate i'm trying to fill in a tax return. It looks a bit hard because some of the translations dont quite make sense.

I did try and find the example tax return but the link seems to be dead.

 

Single - over 65

 

For 2024 my only income was  dividends  (I've deferred my pension to later this year until i understand the rules and how i'm going to take it) . 

Can someone who has done a Thai tax  tax return comment on this. Below numbers are ballpark rounded examples.

 

My understanding of my 2024 Thai allowance is  30K (Personal Single), 150K (Tax free), 190K (Old git allowance) = 370K  . Valid ?

 

I remitted UKP 60K in  savings/ inheritance  to Thailand in 2024.

If required  I  can demonstrate that money existed before Jan 1 2024 and where it came from. 

I dont intend to declare it or expect to pay tax on it. Valid ? 

 

I earned UKP 60K  (approx THB 2.6M)  in UK / Europe dividends across 10 companies held under one European brokerage account .    

I unwisely remitted about 54% of that from the brokerage account in two payments . It turned into 1,400,000 THB  after fees and conversion    

My understanding is I only pay tax on what I earned in 2024 AND remitted in 2024

 

So I expect to declare and pay tax on  1.4M THB minus  allowances. Valid ?  

 

A question is  do i have to detail, list and currency convert pro-rata the dividends from each of the 10  companies  or can I just list one Thai Baht remittance  from the brokerage account for the whole THB 1,400,000 and explain it later if I have to ?

 

I understand its fully my responsibility etc. but would appreciate some feedback on the validity of my assumptions.

 

 

 

 

 

 

 

 

9 hours ago, turgid said:

My understanding is I only pay tax on what I earned in 2024 AND remitted in 2024

Would appear  that way currently. But Thai Tax residents of 2024 and 2025, will be liable for dividend and capital gains remitted from income and CGains earned in  and from either year for 2025, 2026 Q1 filing....

 

Order No. Por.162/2566, issued on November 20, 2023, ... the new interpretation should not apply to foreign-sourced income earned before January 1, 2024. This means that income derived prior to this date will be subject to the previous rule: it will only be taxed if brought into Thailand within the same tax year it was earned. This order aims to ease the transition for taxpayers planning the remittance of previously earned foreign income.

This is Groks calculation and presentation. ChatGPT got it wrong the first time but said sorry. I had the personal allowance wrong in the original post.

 

Thai Personal Income Tax Calculation

• Status: Single resident foreigner, over 65
• Income: 1,400,000 THB (remitted foreign dividends)
• Allowances: 60,000 THB (personal) + 190,000 THB (age) = 250,000 THB
• Taxable Income: 1,400,000 - 250,000 = 1,150,000 THB
• Tax Breakdown:
  • 0 - 150,000: 0 THB (0%)
  • 150,001 - 300,000: 7,500 THB (5%)
  • 300,001 - 500,000: 20,000 THB (10%)
  • 500,001 - 750,000: 37,500 THB (15%)
  • 750,001 - 1,000,000: 50,000 THB (20%)
  • 1,000,001 - 1,150,000: 37,500 THB (25%)
• Total Tax: 152,500 THB

You can probably use tax credits if withholding tax was deducted from your European dividends.

As far as I am aware, the entire system is based on self-determination.

 

The taxpayer decides which pot of money is the source of remittances.

 

If you have a large pot of savings and/or inheritance to draw from, then that's what you may choose to claim as the source.

 

I'm not an expert, so...

 

**OPINION ONLY, NOT ADVICE**

I would just list the bottom line amount and don't confuse the issue.  That is a lot of money I am sure they will love you for being responsible and paying your taxes  The chance of an audit I bet are very slim.