Income Tax For Retirees

[maryedmonds]

My spouse and I entered Thailand in Oct 2004 under his retirement visa. It appears that will be no tax on the money we brought in from overseas since our stay for 2004 is less than 180 days.

Would really appreciate if someone could tell me what we should do about our tax situation i.e. do we have to submit our Thai tax form (and declare no taxable income) in any event so that we can prove that we have cleared our taxes for 2004 when we apply to renew our retirement visa in Sept 2005?

[Anon999]

My spouse and I entered Thailand in Oct 2004 under his retirement visa. It appears that will be no tax on the money we brought in from overseas since our stay for 2004 is less than 180 days.

Would really appreciate if someone could tell me what we should do about our tax situation i.e. do we have to submit our Thai tax form (and declare no taxable income) in any event so that we can prove that we have cleared our taxes for 2004 when we apply to renew our retirement visa in Sept 2005?

<{POST_SNAPBACK}>

My understanding is that you can bring money into Thailand from savings without paying tax. So bring in money on i.e. 1st January that is enough to live on until 1st January next year, hence no tax due as it is considered savings. However, if you bring money in once a month or twice a year it is considered to be from earnings and liable to Thai tax.

If you are from a country with a contra tax agreement (UK) then you pay no tax in either country if you just do the once a year trick.

Hope that helps.

[lopburi3]

It is only considered "earnings" if you so declare it. Nobody is out to tax retirees (yet) and most countries have some form of tax treaty with Thailand where the usual routine is the paying country takes the tax bite out. There is no reason you can not bring in money from your savings account a few times each year and that money not be current.

[Steve2UK]

Isn't it also the case that income that can be shown to have been received in the previous year will not be liable to Thai taxation? Might not be possible or even relevant in this case, but I thought I'd raise the point anyhow.........

[lopburi3]

Isn't it also the case that income that can be shown to have been received in the previous year will not be liable to Thai taxation? Might not be possible or even relevant in this case, but I thought I'd raise the point anyhow.........

<{POST_SNAPBACK}>

I believe that is policy rather than law but yes - if the money is savings not earned in the current tax year there should be no trouble from the tax man.