Revenue Department to amend tax on foreign income remittance

[TPDH]

https://theinvestor.vn/thailand-considers-easing-rules-on-income-from-overseas-d14531.html
 

I found this news article from 3 months ago where they said the exact same thing. If they were saying this 3 months ago I’d say the chances of it happening increases. This is something they’ve worked on for a while so I’d say it’s most likely to go through. 

[motdaeng]

5 hours ago, TPDH said:

https://theinvestor.vn/thailand-considers-easing-rules-on-income-from-overseas-d14531.html
 

I found this news article from 3 months ago where they said the exact same thing. If they were saying this 3 months ago I’d say the chances of it happening increases. This is something they’ve worked on for a while so I’d say it’s most likely to go through. 

 

please keep in mind, we live in a flip flop country ... 

[FruitPudding]

What happened to them thinking about making it stricter?

 

Weren't they going to tax all income even if it wasn't remitted? Lol

 

Absolute 🤡s

[ukrules]

5 minutes ago, FruitPudding said:

Weren't they going to tax all income even if it wasn't remitted?

 

Some moron at the RD was mouthing off about that - but that's all they do, they make publicity for themselves.

 

[Everyman]

16 hours ago, ukrules said:

 

Some moron at the RD was mouthing off about that - but that's all they do, they make publicity for themselves.

 

 

In Thailand they make the announcement before the decision.

 

I think about all the hysterical, panicking foreigners over the last two years wasting money on tax advisors and time trying to get a TIN.

 

All they had to do was nothing. 

[ukrules]

1 hour ago, Everyman said:

 

In Thailand they make the announcement before the decision.

 

I think about all the hysterical, panicking foreigners over the last two years wasting money on tax advisors and time trying to get a TIN.

 

All they had to do was nothing. 

 

Right, if you bought money in last year and were a resident then you owe tax on it - don't make the mistake that you don't because you do. Until they get around to changing it then the announcement back in 2023 stands.

 

[hotandsticky]

3 minutes ago, ukrules said:

 

Right, if you bought money in last year and were a resident then you owe tax on it - don't make the mistake that you don't because you do. Until they get around to changing it then the announcement back in 2023 stands.

 

 

 

That is just not going to happen for most people.

 

I am glad that I am not regarded as a resident.

[ukrules]

1 hour ago, hotandsticky said:

That is just not going to happen for most people.

 

I am glad that I am not regarded as a resident.

 

Me too, a lot of people have filed tax returns already, in fact anyone who hasn't is now a 'late filer' this year for last years taxes if they were resident and remitted more than the paltry allowances.

I left Thailand last year for just over 6 months as I sold something which I one day planned to remit as and when required over the next 10 to 20 years, my plan was always to use the 'next year' remittance method, then they cancelled that but the sale of my assets didn't happen until late last year.

I was quite disappointed but as this was quite a bit of money, potentially enough to last for life - I left just to make sure I never have to pay anything on that.
 

 

[hotandsticky]

1 hour ago, ukrules said:

 

Me too, a lot of people have filed tax returns already, in fact anyone who hasn't is now a 'late filer' this year for last years taxes if they were resident and remitted more than the paltry allowances.

I left Thailand last year for just over 6 months as I sold something which I one day planned to remit as and when required over the next 10 to 20 years, my plan was always to use the 'next year' remittance method, then they cancelled that but the sale of my assets didn't happen until late last year.

I was quite disappointed but as this was quite a bit of money, potentially enough to last for life - I left just to make sure I never have to pay anything on that.
 

 

 

I quickly became bored with all the hyperbole surrounding the 'restatement' of the tax rule and I will rely on the fact that it wasn't designed to trap expats.

 

That, plus the fact that HMRC insist on me being a UK tax resident.

 

That, plus the fact that I will, if necessary, direct all remittances to the missus' account.

 

That, plus the fact that the only way the Thai authorities can cause me to pay taxes is via the annual extension process - and they are currently incapble of doing that.

 

If all that fails then I shall split my time between Thailand,Vietnam and Europe.

[ukrules]

30 minutes ago, hotandsticky said:

That, plus the fact that HMRC insist on me being a UK tax resident.

 

Do you spend a lot of time over in the UK or something? Personally I haven't stepped foot in the place in over a decade and have zero income or liabilities over there.

 

Under the 'Statutory Residence Test' they now use at HMRC they booted me off the tax register many, many years ago.

No declarations required these days.

[hotandsticky]

25 minutes ago, ukrules said:

 

Do you spend a lot of time over in the UK or something? Personally I haven't stepped foot in the place in over a decade and have zero income or liabilities over there.

 

Under the 'Statutory Residence Test' they now use at HMRC they booted me off the tax register many, many years ago.

No declarations required these days.

 

I usually visit once a year but it is my shareholding/directorship that ties me to the UK tax rules.

[ukrules]

1 hour ago, hotandsticky said:

 

I usually visit once a year but it is my shareholding/directorship that ties me to the UK tax rules.

 

Oh yeah, there's no escaping that if it's earned in the UK then you're taxed there regardless of what it is or how it's earned.

 

 

[JB300]

2 hours ago, hotandsticky said:

 

I usually visit once a year but it is my shareholding/directorship that ties me to the UK tax rules.

When I 1st became non-UK Tax resident, I still had my LTD company so anything involved with that was subject to UK Tax but dividends from my other holdings were treated as “Disregarded income” so did not have to pay any additional (high rate) tax on them.
 

I even managed to reclaim the PAYE Tax I’d paid as although I was working for a British Bank, I was based in Singapore so paid the income tax (12%, no NI) there. A

[Everyman]

7 hours ago, ukrules said:

 

Right, if you bought money in last year and were a resident then you owe tax on it - don't make the mistake that you don't because you do. Until they get around to changing it then the announcement back in 2023 stands.

 

 

I wasn't a Thai tax resident in 2024 and I won’t be in 2025. 

[hotandsticky]

13 hours ago, ukrules said:

 

Oh yeah, there's no escaping that if it's earned in the UK then you're taxed there regardless of what it is or how it's earned.

 

 

 

Yep 

 

I am OK with that (I have no choice)....but I won't pay additional tax in Thailand.