soundman Posted October 19, 2008 Share Posted October 19, 2008 I have a question about this deduction: Life insurance premium paid by taxpayer or spouseAmount actually paid but not exceeding 100,000 baht each I wonder if this includes premiums paid to an insurance company outside Thailand. Soundman, do you have any experience with this? -- Maestro Sorry, I don't have experience with the life insurance deduction. Both the FIL & MIL have premiums with AIA, however, they only put their salaries down at roughly the threshhold where they don't have to pay any income tax & probably wouldn't even know if the deduction was available to them. (Come to think of it, I should point it out to them so they can have higher salary deductions against the family's company's income) AFA international LI companies, sorry wouldn't have a clue. Cheers. Link to comment Share on other sites More sharing options...
NCFC Posted October 20, 2008 Share Posted October 20, 2008 I have a question about this deduction: Life insurance premium paid by taxpayer or spouseAmount actually paid but not exceeding 100,000 baht each I wonder if this includes premiums paid to an insurance company outside Thailand. Soundman, do you have any experience with this? -- Maestro I pay premiums on life insurance outside Thailand and the tax guys did not allow it. They did allow it on my wife's premium's inside Thailand as per the rules. Link to comment Share on other sites More sharing options...
JimGant Posted October 20, 2008 Share Posted October 20, 2008 it is considered assessable income for Thai tax purposes only if the remittances to Thailand are made during the same year as the income is earned. Does anyone have a link to this information? Not an official link. But, the following is from the Tilleke and Gibbins law firm: (See Here) Q: What is the income tax on foreign source income earned by an individual?A: Foreign source income includes income from a post or office held abroad, a business carried on abroad, and a property situated abroad. Foreign source income will be subject to Thai income tax only if the following two conditions are met: (1) An individual is a resident of Thailand for tax purposes, and (2) The income is brought into Thailand in the year that it is earned. If only one of the above conditions is fulfilled, the foreign source income will not be subject to Thai income tax. Kind of a strange law, one that would seemingly be hard to nail down. Would living off the amortization of my estate (not 'earned income,' at least by US law) trigger taxes in Thailand? And, unless you wire all your year's living money on January 1st, how could one tell whether or not money brought into Thailand was 'earned' that year -- or in previous ones? The fungible nature of money would not work to the advantage of the tax folks. Immigration could certainly make things interesting if they shared all the information they derive from annual extensions with the tax folks. But they, at least for now, apparently do not. And, even if they did, for many of us here who still pay taxes to our home country, the treaties against double taxation would suffice. However, it could be a little more interesting for those who don't have to pay income taxes back home -- like the Swiss. If Immigration told the tax folks you just presented a letter from your embassy certifying an annual income of 800k baht, it could get problematic -- should the tax department want it to. But, I doubt it would ever get to this. However, for someone in this situation, it might be better to use the money-in-the-bank route for extensions. This would seemingly provide a little more room for tap dancing around the issue. After all, wasn't that last chunk of money you wired bequeathed to you by your late Aunt Mildred? Link to comment Share on other sites More sharing options...
Maestro Posted October 20, 2008 Share Posted October 20, 2008 Thank you for that link, JimGant. Seeing it on the website of that law firm we can take it for granted that the information is based on an official law or ministerial regulation. It confirms what I have seen mentioned in may posts on ThaiVisa. -- Maestro Link to comment Share on other sites More sharing options...
Lite Beer Posted October 31, 2008 Share Posted October 31, 2008 Duplicate Question Deleted. Link to comment Share on other sites More sharing options...
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