Thailand to amend tax on foreign income remittance

[TheCryptoAnt]

Thailand's tax residency was mainly useful if you needed papers while still holding significant assets in the West, so if authorities started asking questions, you could show them the papers.

You can still get this and simultaneously not report anything like even I have a Thai tax ID (which Ive never used)

 

[10101]

One day this, one day that. As soon as you relocate, they change the laws again. Typically Thailand.

 

[toums]

You can still get this and simultaneously not report anything like even I have a Thai tax ID (which Ive never used)

Basically, no need Thai TIN in most cases.

 

[TheCryptoAnt]

Basically, no need Thai TIN in most cases.

Not at all.
I opened an IBKR account some time ago and said 'Ive got no ITIN because I live here but have no taxable income' and went through np. Withholding tax applies correctly at 15% etc

 

[toums]

Not at all.
I opened an IBKR account some time ago and said 'Ive got no ITIN because I live here but have no taxable income' and went through np. Withholding tax applies correctly at 15% etc

Yep same. I updated with my TH address with some brokers / banks (IBKR included), without TIN. No problem too.

 

[xhomer2020]

If we dont have to declare taxes this year for remittance, how can we get tax residence certificate for DTA and for our original country?

 

[JackAlabama]

If we dont have to declare taxes this year for remittance, how can we get tax residence certificate for DTA and for our original country?

by length of stay, ask an agent.

 

[Davis123]

Just chipping in to FYI yall that you can gift 20M thb to your spouse tax free per year.

Just dont do it to this Ploy girl you met in Pattaya, go find yourself a nice northern girl

It's same everywhere. I met many Thai girls who had Farang bfs paying their monthly stipends to remain faithful to them. While all these girls were hmm

 

[Davis123]

by length of stay, ask an agent.

So stay less than 6 months in Thailand every year. That's all

 

[blastah]

https://www.bangkokpost.com/busines...roach-to-overseas-income-aims-to-spur-inflows

 

[JackAlabama]

In that sense, the rest of the world isn't much different. There are lots of other income types that if you don't report in Eastern-Europe nobody will care.
Problems usually only arise if an ex-girlfriend or a jealous neighbor decides to report you.

Thailand's tax residency was mainly useful if you needed papers while still holding significant assets in the West, so if authorities started asking questions, you could show them the papers.

indeed, its quite good for a western perspective, but inside asia as well (mainly sing and hk).

 

[Marzio]

https://www.bangkokpost.com/busines...roach-to-overseas-income-aims-to-spur-inflows

A two-year period is to be allowed: the year in which the income was earned and the following year.

 

[Davis123]

A two-year period is to be allowed: the year in which the income was earned and the following year.

That means all the money has to be transferred to Thailand and no more overseas income or you will be taxed. Doesnt get any better.

 

[blastah]

That means all the money has to be transferred to Thailand and no more overseas income or you will be taxed. Doesnt get any better.

That's a misunderstanding of the new rule I think. The tax only applies to the money you actually bring into Thailand, not to all of your overseas income. You are not required to transfer all your funds. You can make partial remittances, and only the amount you bring in is considered for tax. And the improtant thing, if the money you remit was earned in the current year or the previous year, you wouldn't pay any tax on it

 

[toums]

Yep same. I updated with my TH address with some brokers / banks (IBKR included), without TIN. No problem too.

UPDATE: IBKR just emailed me asking to update my TIN. I explained that I can't provide a Thai TIN, as I have no local income and don't remit any income to Thailand , therefore, I'm not required to file a tax return there.

Let's see how they respond.

 

[Davis123]

UPDATE: IBKR just emailed me asking to update my TIN. I explained that I can't provide a Thai TIN, as I have no local income and don't remit any income to Thailand , therefore, I'm not required to file a tax return there.

Let's see how they respond.

If you don't remit any money how do you pay your expenses ? ATM machine?

 

[Davis123]

That's a misunderstanding of the new rule I think. The tax only applies to the money you actually bring into Thailand, not to all of your overseas income. You are not required to transfer all your funds. You can make partial remittances, and only the amount you bring in is considered for tax. And the improtant thing, if the money you remit was earned in the current year or the previous year, you wouldn't pay any tax on it

Well CRS would report to them in case of any income overseas. Thailand is not a territorial taxation jurisdiction unlike Malaysia and countless others.

 

[toums]

If you don't remit any money how do you pay your expenses ? ATM machine?

You mix 2 points. Remit money and remit income.

Well CRS would report to them in case of any income overseas. Thailand is not a territorial taxation jurisdiction unlike Malaysia and countless others.

Basically, in that situation, CRS doesn’t really matter. What matters is remitted income , Thailand can know whatever they want, but that doesn’t change how it’s taxed. Also, if you have multiple bases around the world, you can provide them with a different address (in another country), adding an extra layer of privacy depending on where you actually reside.

 

[Davis123]

You mix 2 points. Remit money and remit income.



Basically, in that situation, CRS doesn’t really matter. What matters is remitted income , Thailand can know whatever they want, but that doesn’t change how it’s taxed. Also, if you have multiple bases around the world, you can provide them with a different address (in another country), adding an extra layer of privacy depending on where you actually reside.

Basically if you are getting money from somewhere even an ATM it's accountable. I can see if you have multiple bases or layering it's doable but not everyone can do this unfortunately.

 

[Davis123]

You mix 2 points. Remit money and remit income.



Basically, in that situation, CRS doesn’t really matter. What matters is remitted income , Thailand can know whatever they want, but that doesn’t change how it’s taxed. Also, if you have multiple bases around the world, you can provide them with a different address (in another country), adding an extra layer of privacy depending on where you actually reside.

Just found out Thailand stopped Carribean CBI country citizens an on arrival visa.