.png.3b3332cc2256ad0edbc2fe9404feeef0.png.8488ab72b8bb2e508209bfe3211b6e08.png)
-
Recently Browsing 0 members
- No registered users viewing this page.
-
Topics
-
-
Popular Contributors
-
1
-
2
-
3
-
4
-
5
-
-
Latest posts...
-
562
60-day visa exemptions are now unlimited at land borders
There's no such thing as a 30 day visa exempt anymore. -
20
Big Joke Files Complaint Against Police Chief Over Alleged Dereliction of Duty
Wow, well well well, no $hit Sherlock Fishyman, any current BS? -
-
30
THAILAND LIVE Thailand Live Thursday 13 February 2025
Major Fire Breaks Out at Ratchaburi Candle Factory, Firefighters Struggled to Contain It A massive fire has engulfed a candle casting factory in Ratchaburi, with firefighters still struggling to bring the blaze under control. Emergency crews were deployed to the site, working all night to prevent the flames from spreading further. Full story:https://aseannow.com/topic/1351642-major-fire-breaks-out-at-ratchaburi-candle-factory-firefighters-struggled-to-contain-it/ -
118
Nightmare at the Prachuap tax office
Anyone who lives in Thailand for more than 180 days in a single tax year will be considered a resident - Tax residents of Thailand who derive assessable income derived from outside Thailand would only be subject to tax if the income is earned in any tax year starting from 1 January 2024 onwards and is remitted to Thailand in the same or a later tax year. Also the remitted amount is greater than the Personal Income Tax (PIT) threshold of 150,001 THB. Assessable income is the basis for calculating your tax liability. Once you determine your assessable income, you can deduct any allowable expenses or allowances to arrive at your taxable income. This taxable income is then subject to the progressive personal income tax rates in Thailand. Anyone who is considered as Thailand Tax resident then a tax return will be required even if no tax will be eventually paid. Many countries have a dual taxation agreement with Thailand to prevent double taxation occurring in both countries. However if what the op says is correct and his DT covers his social security payment then the question being asked is really what is the process for an expat in terms for the order for getting taxation managed and reconciled. Credit Method: Often, the credit method is used. This generally means you would initially calculate your Thai tax liability. Then, when filing your return, you would claim a tax credit for the taxes paid (or payable) in your home country on that same income. The credit would offset your Thai tax liability. The credit amount is usually limited to the lower of the tax paid in your home country or the Thai tax due on that income. So, you might end up paying some Thai tax if the tax rate in Thailand is higher. Practical Application in the First Year: Because it's your first year, gathering the necessary documentation to prove your foreign tax liability might take time. It's possible that you might need to make an estimated payment initially and then adjust it later when you have all the supporting documents for the tax credit. Pre-payment vs. Reconciliation: Whether you pre-pay and reconcile later, or if you can reconcile at the point of filing, will depend on the specific DTA provisions and how efficiently you can gather your own income / Tax / DTA documentation. If you have a consistent income stream and readily available tax information from your home country, you might be able to reconcile at the time of filing. The op needs to contact his home country Tax office and provide the appropriate DTA information to the Thailand tax office to at least educate them (they currently will be unclear of all the DTA's worldwide initially especially when being processed by an administrator who is simply reading a memo that is supposed to cover this, but falls short). However the bottom line is If the DTA covers the op then there will not be any tax to pay, but may need to wait for this decision or may be asked to pre-pay before being reconciled. Any prepayment is likely going to be down to the efficiency of the local Thailand Tax office dealing with an ex-Pat tax affairs and hence it would help the efficiency if the op provides the proof of income with its basis of Tax and the DTA for the Thailand Tax office - By providing this at the same time as the tax return. The key issue for all ex-pats in this same situation is to do the work - Identify their own DTA, understand what has been taxed in their own country from their remittance and if they can show as much saving as possible that has been taxed in a previous tax year and hence is not subject to tax in Thailand if this was in your account before Jan 1st 2024. Unfortunately it will likely come down to each tax return owner to educate the administrator with facts and be in control of the process, rather than expecting the admin tax person to be able to advise you of what you are allowed. -
75
Trump Declares Himself Chairman of Kennedy Center, Immediately Bans Drag Performances
You were an education major, yes?
-
-
Popular in The Pub
-
(1).thumb.png.bbcb267af4aaf1122a444794828169f7.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now