5 hours ago, smedly said:

the excuse for introducing these new tax rules last year was primarily to tax foreign income earned by Thais - now they are exempt!!!, are they having a laugh

 

By initially saying all foreign-sourced income would be taxed, they didn't account for the likelihood that more people would keep their income overseas and therefore un-taxable.

 

By offering a 2-year window of tax-exempt fund repatriation, they are counting on getting a short-term windfall versus the above scenario where they would get even less. Their logic is explained in the OP.

 

5 hours ago, webfact said:

Pinsai Suraswadi, the director-general of the Revenue Department, emphasised that this move could provide a significant economic boost. Thai individuals collectively hold approximately 2 trillion baht in foreign income. By repatriating these funds, the economy could see a significant lift. The measure aims to reduce the reluctance of Thai investors to move their profits back home due to current tax concerns.

 

1 hour ago, ikke1959 said:

How many common Thais have foreign based incomes?? 

 

Tens of thousands of overseas Thai workers, though probably very few of them pay Thai income tax.

4 hours ago, jayboy said:

Thailand’s personal income tax system is based on residency, not nationality, as outlined in Section 41 of the Revenue Code. A tax resident—defined as anyone, Thai or foreign, residing in Thailand for 180 days or more in a tax year—is subject to the same tax rules on assessable income.

 

I believe that is correct. However, confirmation from the TRD would be appreciated, of course.

5 hours ago, smedly said:

the excuse for introducing these new tax rules last year was primarily to tax foreign income earned by Thais - now they are exempt!!!, are they having a laugh

seems TRD was just sussing us out!

I wouldn’t be in a hurry to send my money back Thailand at the rates they are flouting now.  Why send it back now. No incentive, except for an ever changing policy. 

"Fast-tracking" isn't a done deal, so are we to assume this isn't done until the legislation has been approved, and only after it is printed in the Royal Gazette? Right now it is nothing more than "proposed".

@jcmj What do you mean? Please be much clearer. 

7 minutes ago, lordgrinz said:

"Fast-tracking" isn't a done deal, so are we to assume this isn't done until the legislation has been approved, and only after it is printed in the Royal Gazette? Right now it is nothing more than "proposed".

Is the right way to look at it I believe. Since the previous announcement in May or whenever there has been absolutely zero news on it so wait and see for something more concrete as an earlier poster also mentioned.

7 minutes ago, lordgrinz said:

after it is printed in the Royal Gazette

But nothing on any of these possible tax changes has been gazetted, as yet. Ot has it? 

5 hours ago, webfact said:

For those residing in Thailand for 180 days or more in a tax year, the Resident Rule applies, making them liable for income tax on international earnings.

Taken in isolation this statement is not 100% correct. They are only "liable" if the earnings are remitted into Thailand.

5 minutes ago, Unamerican said:

But nothing on any of these possible tax changes has been gazetted, as yet. Ot has it? 

No

...Is This Insane... (?)

...While Foreigners' Revenues Will Be ... (?)

20 minutes ago, jcmj said:

I wouldn’t be in a hurry to send my money back Thailand at the rates they are flouting now.  Why send it back now. No incentive, except for an ever changing policy. 

 

Exactly. A favorite student of mine is working in a boutique wall st brokerage house. Does he want to keep his money in that game or bring it over here for < 1% ?? 

 

The interest rates in this country are truly criminal. The banks are absolutely awash money at current rates. Lent out at 5-25%. 

Everyone should rush to a tax accountant to get the truth.

5 hours ago, Bangkok Alex said:

It will pressure Thais to rapatriate their money within the next 2 years. I think it is a smart move.

 

The fact that it remains unclear about foreigners sucks obviously and I hope they will extend the same courtesy to us.

the 2nd last paragraph COULD be interpreted as meaning/including foreigners. That will be a wait and see question.

5 hours ago, redwood1 said:

 

Relief from what? 

Most Thais have never paid so much as one baht in taxes in their life......And the very very rich are no slackers when it comes to avoiding paying any taxes....  

As they are in most other countries

11 minutes ago, bkk6060 said:

Everyone should rush to a tax accountant to get the truth.

Even tax accountants are lost 

6 hours ago, webfact said:

The Revenue Department is fast-tracking new legislation that will exempt Thai individuals from income tax on foreign-sourced earnings, which is expected to take effect this year.

 

 

Oh boy.....wait till I tell the rice farmers in my village.........they are going to be cock-a-hoop with this news.

 

 

5 hours ago, redwood1 said:

But But But........ We have spent years arguing in circles on all the countless and pointless tax threads......Now what are we going to argue about? I feel Cheated...

I have yet to see anything official that makes any change to current taxes must be paid on remitted income from overseas.  We continue to see a re-write of the articles but I have yet to see anything different other than "still under discussion".  It you took this article and thought that it spelled out that expats might have to pay taxes on ALL foreign income if they remain in Thailand for more than 180 days, because that is what this article says while Thais will be allowed to bring money in from overseas without having to pay tax.  We ust have to wait until all is published in the gazette when it will then count and be much clearer (I hope).

5 hours ago, jayboy said:

Thailand’s personal income tax system is based on residency, not nationality, as outlined in Section 41 of the Revenue Code. A tax resident—defined as anyone, Thai or foreign, residing in Thailand for 180 days or more in a tax year—is subject to the same tax rules on assessable income.

Yes that is the current rule of law here - who knows what the next version will include?

This is what I expected. If they didn't there would be an influx of Thais from Saudi and the Gulf. No one is going to work in the MIddle East only to be taxed back home.

5 hours ago, redwood1 said:

 

Relief from what? 

Most Thais have never paid so much as one baht in taxes in their life......And the very very rich are no slackers when it comes to avoiding paying any taxes....  

Yeah, usually the rich and powerful in all countries know how to avoid paying out their money.

39 minutes ago, Unamerican said:

But nothing on any of these possible tax changes has been gazetted, as yet. Ot has it? 

nothing has even been approved yet, they are still "under discussions" so who can even predict when something might come out.

51 minutes ago, lordgrinz said:

"Fast-tracking" isn't a done deal, so are we to assume this isn't done until the legislation has been approved, and only after it is printed in the Royal Gazette? Right now it is nothing more than "proposed".

yesd you are correct, still under discussion - same as it was last year when they started talking about it...doesn't seem to have made much progress yet and now the govt might change in the near future without ever passing any legislation on this issue.

I don't think it will work for us foreign Thai tax residents with tax treaties, as most tax treaties and that's it, are actually treaties based on two countries, not one way or more like our method only as it is always presented in the media here. Our method only doesn't work in treaties.

Felt

3 hours ago, madone said:

how is this news?

it was mooted months ago 

Yep - it's pretty much word for word just a reprint of the old article.

 

So I wonder if it is the new PM reiterating that this will still happen, because a lot's changed since they first printed an almost identical article just a couple of months ago, also in the Bangkok Post.

My head hurts

So thais get discounts on hotel bookings and now also about taxes.Thai loves Thai that's it.

They never stop surprise me.

1 hour ago, NanLaew said:

By initially saying all foreign-sourced income would be taxed, they didn't account for the likelihood that more people would keep their income overseas and therefore un-taxable.

 

I'm sure they considered it but figured they knew best, after all they won an election and are now masters of the universe 🤣🙄

 

So it backfired in the exact same way similar things always backfire.

 

Just one example - the UK raises Capital Gains Taxes by massively reducing allowances yet somehow they end up with far less money being paid in tax.

Well duh, people sell in advance and will hold those assets forever. The exact same pattern plays out all over the world, always has.

This time is no different, they're failing to account for the fact that people will control their own money and investments and do anything they can to avoid additional tax - so people are leaving it offshore. Simple really. There's a name for this - it's known as the 'Laffer Curve'

6 hours ago, JoePai said:

Thais are set to enjoy a tax-free advantage on foreign income

 

Why only say 'Thai' - does that mean the rest of us do have to pay ?

 

Why?  Are you investing hundreds of millions of baht into property in London that you plan to sell? 

They aren't talking about Thais investing a few thousand dollars overseas.