Revenue Department to amend tax on foreign income remittance

[samtam]

35 minutes ago, Zaphod Priest said:

 

Not claimed - at least not claimed correctly.  Banks provide summary information only.

 

29 minutes ago, Yumthai said:

CRS & FACTA reports provide mainly accounts balances and do not apply within Thailand banks and residents but between different tax authorities (countries).

 

@Zaphod Priest & @Yumthai

 

Noted, thank you. I obviously misunderstood some of the hundreds of thousands of claims made over the last 18 months that these (CRS & FACTA) were of themselves serious tax evasion tools.

[redwood1]

On 5/25/2025 at 12:26 PM, K2938 said:

I doubt that very much.  They probably just rephrased the Bkk Post article.  But since nobody at the moment really knows what will be happening, we just have to wait.

 

 

What?.....We just have to wait?

 

What is this groundhog day or some thing....

 

The very first day they announced the taxes....Everyone on this forum agreed we will 'JUST HAVE TO WAIT" for the details..

 

6 months later...we will 'JUST HAVE TO WAIT"

 

1 year later...we will 'JUST HAVE TO WAIT"

 

Going on 2 years later...we will 'JUST HAVE TO WAIT"

 

Folks any momentum this tax had at the beginning has long long ago been frittered away....

 

The Thais realized some time ago that they got in WAY over their head (hopelessly so)  

with trying on this income tax, especially with the farang expats...

 

So any of you thinking   we will 'JUST HAVE TO WAIT" for clarity...

 

I think you will ' HAVE TO WAIT" for a VERY VERY long time....Most likely forever...

[NoDisplayName]

1 hour ago, samtam said:

 

Thank you! I thought it might get transferred by PromptPay, but no matter, there is a K Bank and others in the vicinity. I will deposit it into the nearest if I can.

 

Interestingly, I discovered that because I had used my pink ID to register for a TIN, (and it's the same number), the TRD officer said that was not registered with my bank, (which is correct, as I only obtained it earlier this year), so it is not specified on the Tax Cert, and this caused a delay, as they couldn't reconcile it. Without it, there is no digital connection between bank and TRD, (despite the claims of CRS & FACTA being able to monitor every transaction).

 

Anyway, I guess we'll wait to see how the last TRD ambiguous blah about the need for tax filing in this tax year, and perhaps it will all have died a death, as some suggest from the unclear statement, and we go back to how things were pre Por.161 & Por.162.

 

Foreigner banking is complicated.  I have BKK Bank, went online and registered with PromptPay using old pinkie.  That was successful, but since my bank account is not set up with pinkie in the profile, I can't get automatic deposit of tax refund and cannot end withholding of tax on interest.  My local branch tells me I can't add pink to existing accounts, nor can I use pink to open a new account. 

 

For that reason I opened a KT account solely for tax refunds.  Now that (others claim) tax refunds can be deposited into any bank, I can close it.

 

As to going back to "pre Por.161 & Por.162", there's a new hub of all hubs proposal under consideration.  If legislation currently allegedly being written is passed, income earned after 31 Dec 2024 can be remitted free of tax in same or following year.  Unclear if this will be a rolling 2-year window to remit income tax free.  Pre-2024 remitted income will remain tax free, and only 2024 income will be subject to the last ruling, but that would have been taxed under the old rules if remitted in 2024 anyway.

 

It's getting to be as difficult to plan income remittances in Thailand under these ever-changing rules as it is for businesses in the US to plan future purchases and expenditures under TACO tariffs.

[samtam]

1 hour ago, NoDisplayName said:

Foreigner banking is complicated.  I have BKK Bank, went online and registered with PromptPay using old pinkie.  That was successful, but since my bank account is not set up with pinkie in the profile, I can't get automatic deposit of tax refund and cannot end withholding of tax on interest.  My local branch tells me I can't add pink to existing accounts, nor can I use pink to open a new account. 

 

Yes, a bit complicated. I have PromptPay on my bank accounts, but bank accounts opened with passport and they have no record of my pink ID, nor would they accept it, (AFAIK). I'll just deposit the WHT refund cheque.

 

1 hour ago, NoDisplayName said:

As to going back to "pre Por.161 & Por.162", there's a new hub of all hubs proposal under consideration.  If legislation currently allegedly being written is passed, income earned after 31 Dec 2024 can be remitted free of tax in same or following year.  Unclear if this will be a rolling 2-year window to remit income tax free.  Pre-2024 remitted income will remain tax free, and only 2024 income will be subject to the last ruling, but that would have been taxed under the old rules if remitted in 2024 anyway.

 

I agree, awaiting clarification as in "waiting for Godot", I imagine. I shall continue to retain information as I did for 2024, (none of which has been required). When there's something unequivocal, (a man can dream), I will decide how to proceed with document retention etc.

[motdaeng]

1 hour ago, NoDisplayName said:

For that reason I opened a KT account solely for tax refunds.  Now that (others claim) tax refunds can be deposited into any bank, I can close it.

 

my advice: don’t close any existing bank account. you never know, you might need it in the future ...
just keep a few thousand baht in it ...

[K2938]

56 minutes ago, motdaeng said:

my advice: don’t close any existing bank account. you never know, you might need it in the future ...
just keep a few thousand baht in it ...

Good idea, but if you keep only a few thousand baht in it, they might charge you for the account or close it entirely

[Yumthai]

1 hour ago, motdaeng said:

my advice: don’t close any existing bank account. you never know, you might need it in the future ...
just keep a few thousand baht in it ...

Good advice, considering banking is going nuts.

[offset]

Just for info should be able to cash tax checks at any Thai bank as stated on the check

 

I have just cashed my checks in Krungsri bank (yellow bank)