Revenue Department to amend tax on foreign income remittance

[Photoguy21]

There seems to be a misconception in Thailand. If you bring foreign currency into the country, Thailand is getting the use of that for foreign transactions. Outside of Thailand the value of the Baht is next to nothing.

[Yumthai]

1 hour ago, KhunHeineken said:

If you speak to some of the foreigners owning businesses here, tax is "negotiable" through their accountant.  I don't have a business here, so no need for an accountant, however, the agent does a similar job.

 

I concur. It's called flexible accounting, commonly used along with flexible lawyers.

 

Some people with no first-hand experience doing serious business in Thailand can't really comprehend how things are managed in this country, and end up flooding forum threads worrying uselessly about tax law and rules compliance. Yet, everything is negotiable here and expected to be.

 

I've seen people running successful businesses in Thailand and other failed. The successful ones have always adapted to the Thai system, while the ones who failed were systematically trying to strictly stick to the rules wasting time, energy, to eventually losing their business.

 

[ukrules]

6 hours ago, Millian said:

Got some examples, or stats on this?

 

Yes thanks but it's spread across many websites - the information is out there and in 2024 so many left that it was far more than many previous years combined with predicted results for this year also very high.

 

It's OK though as the intent was to make the rich pay - which worked - so they left. Job done, except now they're running out of other peoples money.

 

There's a long history of this kind of policy failure over the decades and nearly all of them were eventually rolled back and abolished.

 

So either they're completely and utterly incompetent or planned this.

 

[KhunHeineken]

2 hours ago, Yumthai said:

 

I concur. It's called flexible accounting, commonly used along with flexible lawyers.

 

Some people with no first-hand experience doing serious business in Thailand can't really comprehend how things are managed in this country, and end up flooding forum threads worrying uselessly about tax law and rules compliance. Yet, everything is negotiable here and expected to be.

 

I've seen people running successful businesses in Thailand and other failed. The successful ones have always adapted to the Thai system, while the ones who failed were systematically trying to strictly stick to the rules wasting time, energy, to eventually losing their business.

 

No argument from me.  I agree.

 

Rather than possibly leave myself open to extortion at a later date, my decision was to be proactive and take it out of corrupt official's hands.  I posted on this forum in 2024 that I would be filing, declaring, paying, and receiving proof of payment.  There was no secret.  Once again, I just see it as compliance for living in Thailand, permanently. 

 

As I minimized my remittances, we are not talking about a lot of baht.  A foreigner owns my condo.  He has Wise.  I now pay him through Wise, rather than to his Thai bank account.  He's happy, and so am I.  We both cut out the Thai bank and the TRD for this amount each month.  

 

The flip side to your post is, I have also seen many here take short cuts.  Some in business, but mostly  individuals, usually around property, by simply putting the property in their Thai girl's name, you using Thai nominees. 

 

I didn't take any short cuts on this one.  I don't see it as losing money.  I see it as covering my a**.  It's the price I pay to deal with any nasty surprises the Thai government might come up with in the future. 

 

Yes, I use agents for just about everything here.  The less I have to deal with Thai officials the better, and all my documents are in order.  As you allude to, I have created the illusion of compliance, which is all the Thai's care about. 

 

Will it all fizzle out, maybe.  Will they tighten the screws, maybe.  Either way, I'm good for this year.  I'll decide next year whether to do the same, or do nothing, but sleeping well knowing they can't bite me on the a**.