.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Announcements
-
Topics
-
-
Latest posts...
-
4
Top 10 Thai Universities Ranked Globally, Chulalongkorn Leads
To think I spent a lot of money on sending two kids from the family to university. -
2,620
Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II
Do you agree with this? 1 - the person must be Thai tax resident 2 - the transaction must benefit the cardholder for personal income tax rules to apply (as opposed to any Gift Tax aspect). 3 - the merchant/payee must be based in Thailand, unless overseas goods or services are acquired that are shipped to or have their end point in Thailand. 4 - the funds used (to pay the bill) must be Thai assessable and not exempt Where the rules may diverge is if a credit card liability is converted to another form of loan. A credit card transaction is variable limit, revolving credit agreement whereas personal loans are fixed and for a specific purpose, typically of a fixed duration. But that aspect is downstream and not really part of the today discussion about credit card transactions. Also, I think the fact the purchase is made using revolving credit is a red herring. Subject to the above rules, the contract is formed in Thailand, there is offer, acceptance and consideration in Thailand, the merchant is paid here and the CC card holder receives delivery of their product or services here. This differs significantly from a foreign bank loan, to say purchase a condominium in Thailand where there is a fixed loan agreement and the purchase is for a specific item and there is a dedicated loan agreement. Some Examples A Thai tax resident uses his UK bank CC to buy a sports car which is then shipped to Thailand. Depending on the nature of the funds used to pay the CC bill, the funds used to make the purchase may be assessable to Thai tax. A Thai tax resident uses his foreign CC to pay his rent in Thailand every month. Depending on the nature of the etc etc etc (as above). A Thai tax resident uses his foreign CC to purchase an overseas package holiday, via a Thai based travel agent. Depending on.... (as above) Same as above but the travel agent is located in the UK. Those funds are never remitted to Thailand so cannot be regarded as Thai tax assessable. A Thai tax resident uses his foreign CC to purchase a Gift from overseas, for his Thai resident spouse. which is then shipped directly to his partner here. The present can be considered under Thai Gift Tax rules which means the partner has no potential tax liability. But the purchaser of the Gift still needs to consider the nature of the funds used to pay the CC bill. If they are Thai tax assessable, he is liable to tax on that purchase, in the same way that he would had he remitted assessable income to his spouse. Same as above but the overseas spouse is now just an overseas "anyone" and the gift, purchased overseas, is shipped directly to them overseas. Neither the gift nor any funds are remitted directly to Thailand plus there is no personal consideration, ergo, the cost of the gift is neither tax assessable in Thailand nor applicable under Thai Gift Tax rules. -
2,620
Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II
How do you know this is very common? The question whether this is common has come up many times in the tax threads, i never saw an answer. I don't doubt what you say, just interested how you know.- 1
-
-
174
Are You A Sexpat Or Do You Ride The Backwards Morality Train?
of course you do -
17
Porked & busted: Thai woman nabbed for telling ‘pork’ pies 208 times
Eating some animals is disgusting....but I am even less keen on eating insects. I ate a fried locust once, about what you would think, pretty bland and awful. I also ate a rat, which was totally ok, nice actually. -
58
Causes of High Electricity Bills in Thai Apartments
My man charges 2500 to fit and fill with gas, 500 to clean. The one arriving today was 7250 ! -
174
Are You A Sexpat Or Do You Ride The Backwards Morality Train?
I also know people who, after suffering a loss, came to Thailand, found themselves a woman, took them back to the country and live happily ever after. I would not call such a person a sex tourist. They have good and honest intentions. I refer to the folk who are barely one step above rapists and proud of it. -
965
Its Happening - Law to Tax Overseas Income Now in Progress
That is with in 2 (two) weeks very quick and easy to get documentation from my own computer only! -
174
Are You A Sexpat Or Do You Ride The Backwards Morality Train?
The term "sexpat" was almost certainly coined by a man hating bull dyke of a western feminist. It applies to anybody travelling abroad for the purpose of having sex with a foreign woman The "distinguishing features" you mention were not part of the original description. those adjectives have been added by other sexpats ( like @NowNow) in a pathetic attempt to set themselves up on their moralising soapbox . and distance themselves from others who actually have more in common with him than he cares to admit -
8
US Charges Leaders of White Supremacist Group for Plotting Global Attacks via Telegram
Durov arrest underscores the need for stricter content moderation on Telegram. Apologizing and improving policies could restore trust. -
39
Thaksin and Pheu Thai Party face constitutional showdown
Political parties here. Often feels like organized crimes themselves. -
2,620
Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II
Yeah, I lived and worked around the world, many countries and kept a log on the good and bad things in each place. Thailand ranked at the top as retirement came along and PI was a close 2nd, I spent 6 years there too, loved it especially since I am a scuba diver did advanced open water there near the old US naval base. But although warm weather only, i didn't like the number of typhoons, earthquakes (big ones), volcanic eruptions - there during Pinatubo, near Manila), and the food was not a whole lot to my liking unlike that here. I plan to spend my final years here and have thought the same since I arrived. I did live at first in BKK but the traffic got to me so moved to CM due to schools for daughter. Not a fan of pollution but we own a house there in a 100 house mooban and are renting a house in BKK where our daughter is going to college. WIfe has indicated that we might have to travel on those worse months - daughter may be in Seoul for graduate study so might check that out during the worse months. Anyway, you won't won't read many negative notes about Thailand from me. Hope you get to stay as long as you want. Maybe when the go to worldwide income taxation (if they do) they might do as the PI and not taxes on retirees unless working in country. Good luck and have a good one. -
42
Famous Singer Tik Shiro Involved in Fatal Bangkok Car Accident, Two Dead
Some off topic posts have been removed, please discuss the topic -
2,620
Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II
To suggest that this might be under the auspices of Thailand is ridiculous and no-one has suggested it would be and continued discussion on this outlier would be fruitless. A (perhaps) better example and one that is much more likely to be widespread is as follows: 1. I transfer money from my UK Bank account to my Tha account. I then buy a widget using cash I have withdrawn. 2. I buy a widget and pay for it using my UK Credit Card. Later I clear my UK CC account unsing my UK Bank account. (I do this myself a lot when buying on Lazada) In both cases, money has been transferred to Thailand and the relevant information as far as tax liability is concerned is the source of the funds in the bank account. That's it. PH -
39
Thaksin and Pheu Thai Party face constitutional showdown
My perception of this country. Pre-modern society with 20-21th century gadgets...
-
'Strong Interest' In Thai Airasia IPO
-
Recently Browsing 0 members
- No registered users viewing this page.
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