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Islamic Banking System
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3,011
Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II
We seem to be on a circle jerk, separated by a common language. Take the following, explaining two methods of avoiding double taxation: The highlighted text is the bone of contention -- because when presented by itself, and not in the context of "credit method," it is incorrect. But, in context, yes, certain income can be taxed by both countries. In this situation, one country is the primary taxation authority, while the other country is the secondary. A good example is rental income. The following is from the technical explanation of the US-Thai DTA (I couldn't find an equivalent for the UK-Thai DTA): The highlighted "may be taxed" is OECD Model taxation speak for country in question has primary taxation authority; the other country, secondary. Now, if the language had said: " may ONLY be taxed" -- then, country in question has exclusive taxation authority. But, per the DTA technical explanation, rental income can be taxed by both the US and by Thailand. So, my rental income on a house in the US, which I remit to Thailand, is taxed by the US, which, as primary taxation authority, gets to keep all the collected taxes -- Thailand and credits don't enter into the equation. Now, Thailand can also tax this rental income; but it has to absorb a credit for the US taxes paid. And, as such, I may owe no taxes to Thailand on this rental income, after the credit. But, if the Thai tax exceeds the credit, I owe the difference -- and I now have a higher total tax bill than if the US had exclusive taxation authority, and thus the only country I had to pay taxes to. -
3,011
Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II
It was to ensure that people are paying the correct tax and close a huge loophole in the TRD code just because you are paying tax doesn’t mean that you are paying the correct amount of tax -
3,011
Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II
Sure That is my advice to those that are unsure has always been, take your paperwork to the RD Office and let them guide you. That does not change my belief, that if you rock up with " Assessable Income " that has already been taxed, it will most likely not be subjected to any further taxation in Thailand. -
254
And so the Dictatorship begins....
There was me thinking the American people voted for Trump because they wanted changes. -
164
Best cheap purchase you have made
Plenty of air condition rooms around at around 500Bt for all night. -
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177
Lions and Tigers and Bears Oh My - How will Trump's Fascist Dictatorship Affect You?
The next 4 years will be a roller coaster ride. Trump’s mission has little to do with making America great again and his tenure in office will focus entirely on what he can do to benefit himself and his cronies to enable them to control power for the next xxx years. Putin is his role model for his ambitions and no doubt will be his mentor. The Russian model is a central strongman who surrounds himself with a plethora of oligarchs who are allowed to do anything as long as they remain loyal. This is how Trump’s return to power is going to affect the future of all Americans. There will be more losers than winners by a substantial margin. Look at Russia now and see the future. Good luck. -
284
Thailand goes all in on The Homosexual Movement
Posts using offensive language have been removed.
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