Remittance tax on 800,000 baht deposit for retirement?

[XTREME]

Would I have to pay a remittance tax for the required deposit for getting an extension visa based on retirement. I read somewhere about a 37 percent tax when transferring money from another country to a Thai bank . It would be from USA. Tried doing a search and could not find any info.

[lkv]

No, you would not be liable for any tax.

In theory, "An individual who lives in Thailand for 180 days or more in a calendar year is deemed to be a Thai resident for tax purposes". (section 6.1 page 22), - see file attached

However, "Income derived abroad by a resident of Thailand is subject to tax only if the income is brought to Thailand in the year derived (repatriation in later years is exempt from personal income tax" (section 6.2)

Interpret this as:

1. Never mind section 6.1, you are an Alien in Thai people's eyes, not a resident.

2. If you mind section 6.1, then obviously consider the money you want to bring into Thailand has been earned the previous year. Next year repeat the same logic.

dttl-tax-thailandguide-2015.pdf

[XTREME]

Ok thank you.

[chiang mai]

The previous poster is correct in what he writes although it's worth pointing that Thai bank accounts are divided into resident and non-resident accounts, the following explains this in detail:

http://www.tilleke.com/resources/banking-thailand-resident-or-non-resident-account

There is no inbound tax on either type of account, other than as previously stated.

[Pib]

No remittance tax...no tax on wiring/ending money into your Thai bank account.

There are some old links/posts/references/bar stools references/etc., back to around the late 90's financial crash in Thailand where the Thai govt imposed some withholding tax (around 30%) for certain types of inflows---but those inflows were for BIG, BIG money inflows relate to stocks market/currency market; not related to the common man transferring over funds to live on or X-million baht to by a condo, etc.

[elviajero]

Here is a link to the Thai Revenue Department website http://www.rd.go.th/publish/6045.0.html about income tax and another about the duties of a tax payer http://www.rd.go.th/publish/23517.0.html

As said above if you live in Thailand for more than 180 days you are considered resident for tax. A foreigner resident for tax may be liable for tax on income brought in to the country, however, as long as you earned the 800k outside of the tax year you bring it in to Thailand there is no tax liability.

Thailand uses self assessment so it is your obligation, if resident for tax, to submit a tax return and declare any tax. Thailand do not insist that expats submit annual tax returns, and as far as I understand it you are only obligated to submit a tax return if you have a tax liability to declare.

[OJAS]

If an amount being transferred into Thailand has already been taxed in your home country, it should not be liable to any further tax in Thailand in any event if a double taxation treaty exists between Thailand and your home country (as is the UK's case, for example).

[lkv]

If an amount being transferred into Thailand has already been taxed in your home country, it should not be liable to any further tax in Thailand in any event if a double taxation treaty exists between Thailand and your home country (as is the UK's case, for example).

Double taxation agreements are in place to avoid double taxation. However, the money has to come from outside of Thailand, not necessarily one's home country. For example, many expats bank in Singapore.

Proof of it being taxed in your home country is not required for incoming funds into Thailand.