Thailand 0% tax

[seashare]

I texted you on your profile
Anyone else who living in thailand and want to connect? Im trying to build new community as most of my friends moved out.

I live in Bangkok

 

[wellington]

Update here: Thailand tax update 20/11/23

 

[offsiteguy]

Tax resident of Thailand with an offshore holding company that owns a crypto portfolio.

Tax resident executes occasional trades for the company on offshore exchanges while both in and outside Thailand.

Company earns fiat income from crypto disposals and staking dividends in the form of crypto. Neither are remitted to Thailand.

Is this company at risk of PE/CFC rules?

 

[MagicMatt]

No.

 

[offsiteguy]

No.

Can you kindy provide reasons/sources why this structure is exempt?

 

[MagicMatt]

I have lived in Thailand for over 20 years. Have you actually seen how backward the Thai government are in their handling of tax? Worldwide earnings kept offshore are not subject to income tax or capital gains taxes.

 

[offsiteguy]

I have lived in Thailand for over 20 years. Have you actually seen how backward the Thai government are in their handling of tax? Worldwide earnings kept offshore are not subject to income tax or capital gains taxes.

I understand they may be incompetent, but is the structure I described legally tax exempt? The laws have changed in recent times.

 

[JackieTsan]

Yes it is, and soon this will be clarified. Also Thailand has very strict crypto taxes, your accountant should consult you. Please check the new rules also.

 

[offsiteguy]

Yes it is, and soon this will be clarified. Also Thailand has very strict crypto taxes, your accountant should consult you. Please check the new rules also.

Ive got a Yes and a No.

Can you refer me to a source?

 

[JackieTsan]

Ive got a Yes and a No.

Can you refer me to a source?

I’d suggest to consult big firms like KPMG, BDO, Grand Thorntons etc, all is very tricky, you subject to 35% tax but I’m not sure, please check with serious high level companies.
Also do you have a work permit?
Thank you

 

[unth72]

Yes it is, and soon this will be clarified. Also Thailand has very strict crypto taxes, your accountant should consult you. Please check the new rules also.

I hope there's some kind of clarification soon because when I go looking for information on this all I find is lots of out of date information on new rules which have subsequently been cancelled.

 

[scooterguy]

Capital gains and other investment income are not subject to tax in Thailand if not remitted: Thailand - Individual - Income determination

Capital gains and investment income earned by a resident from sources outside Thailand are not taxable unless remitted to Thailand in the year of receipt.

Soon the "year of receipt" part will be removed though, but the rest will hold true, likely for years to come.

 

[Mercury]

Thailand is not the West. Law is barely enforced and when it is, it's bypassed/mitigated with bribes.

Instead of looking on what is legal/illegal, rather consider what is enforce/unenforced and copy what locals do/don't.

Trading from your laptop can be theoretically considered as working in Thailand. You would need a work permit and pay taxes on your profit/salary even if offshore. But it is never enforced nor enforceable anyway.

 

[JackAlabama]

Yes it is, and soon this will be clarified. Also Thailand has very strict crypto taxes, your accountant should consult you. Please check the new rules also.

that would be about the very first thing being clarified in asia . Its a key feature in asia to selectively enforce stuff against people who stick out while letting everyone else do their thing.

Thailand is not the West. Law is barely enforced and when it is, it's bypassed/mitigated with bribes.

Instead of looking on what is legal/illegal, rather consider what is enforce/unenforced and copy what locals do/don't.

Trading from your laptop can be theoretically considered as working in Thailand. You would need a work permit and pay taxes on your profit/salary even if offshore. But it is never enforced nor enforceable anyway.

the best advice. Asia has its own ruleset of handling "law" and its far from how the western world handles "law".
It can be best noticed on what you can and cannot say in each area.

 

[yngmind]

Tax resident of Thailand with an offshore holding company that owns a crypto portfolio.

Tax resident executes occasional trades for the company on offshore exchanges while both in and outside Thailand.

Company earns fiat income from crypto disposals and staking dividends in the form of crypto. Neither are remitted to Thailand.

Is this company at risk of PE/CFC rules?

Because the company is managed from Thailand, in theory, you're liable for the CT.

If you hire a director from another country, then it's not managed from Thailand; just don't remit the money to Thailand if you're a tax resident, then it's a completely legal tax-free structure.

 

[offsiteguy]

Because the company is managed from Thailand, in theory, you're liable for the CT.

If you hire a director from another country, then it's not managed from Thailand; just don't remit the money to Thailand if you're a tax resident, then it's a completely legal tax-free structure.

Where would you recommend incorporating?

 

[jafo]

Its a key feature in asia to selectively enforce stuff against people who stick out while letting everyone else do their thing.

NGL, I've come to the conclusion (based on personal experiences) that every country is like this to some extent.

 

[JackAlabama]

NGL, I've come to the conclusion (based on personal experiences) that every country is like this to some extent.

yeah indeed, i have no objections to your findings.

 

[yngmind]

Where would you recommend incorporating?

It highly depends on what business you're in and where your customers are, but one of the best places is the US. (It might not work for you. I need more information to give you advice).

 

[offsiteguy]

It highly depends on what business you're in and where your customers are, but one of the best places is the US. (It might not work for you. I need more information to give you advice).

Crypto portfolio