Recent content by whatspat

I don’t know what you’re quoting, but it’s wrong. See the definitions here https://rd.go.th/english/6045.html under 2.1, or here https://taxsummaries.pwc.com/thailand/individual/income-determination which states it more directly. Assessable income such as from an employer or business doesn’t...

There is no interpretation here, the law is unambiguous and nearly identical in effect to many other countries. What happens in practice due to ignorance, lack of enforcement or other reasons is as you say, but it’s not correct legally. TRD isn’t preventing people from getting bank accounts...

Read it again very carefully and you’ll discover it applies to foreign source income, which is a very well defined term in tax law. Active income (which includes accruing income by exerting personal effort) is not foreign source income with respect to the territory in which it is performed.

You’re wrong, and confusing enforcement with the law. There are no exemptions from income tax associated with the DTV. Active income earned while in Thailand is not foreign source income, no matter how or where it’s received, and remittance doesn’t matter (remittance rules only apply to foreign...

That’s a common misconception (although as stated, enforcement is lax). Working in Thailand as a foreigner almost always requires a work permit, and there were no changes to tax regulations coinciding with the DTV (unlike with LTR). It’s not the first time the MFA has made misleading claims...

Assuming you're talking about after this new rule is implemented (and if it's implemented as most recently described), then foreign rental income remitted to Thailand in the year it's earned or the following year would be exempt from income tax in Thailand. If it's never remitted at all, or...

Wait, what? This article says they're going to change the rules such that foreign income remitted within the year it's earned (or the following year) will not be taxable? We started with foreign income remitted within the calendar year it was earned being taxable, then foreign income remitted...

Aren't predation and parasitism simply forms of competition? Are they permitted in this community which has no central authority? Where is the return on defending the weak, sick and poor?

Yes, that's exactly what I meant. In comparison, dissolving one of the branch/representative/regional registrations seems much simpler and quicker (although again, that's "on paper" and actual practice could deviate significantly).

Appreciate the responses from both of you, great community! Not sure I am smart enough to read between your lines @JackAlabama, so please be patient with me. @wellington I can certainly believe the challenges you faced, but from this and your prior comments, you're operating a business multiple...

I've been doing a lot of study recently trying to find an efficient way to improve my setup in Thailand and paying a lot of attention to the rules regarding foreign-owned companies. One of the historical challenges with foreign-owned entities in Thailand has been the requirement to obtain a...

Note that US LLC's don't have a board or directors, they only have members (owners) and a manager (who may be, but is not required to be a member). I assume the equivalent to the corporation concept here would be to have a manager who is not resident in the UAE, but this is not the same as the...

Edit: sorry, I was thinking only about taxation with my answer below, this has no impact on your actual question about asset protection; sorry I can't comment on that part. You have to evaluate the CFC/PE rules in the other jurisdiction to figure it out, and it might not be very black and...

It was clarified in an update later the same day that this was being discussed, and apparently promoted by the new head of the TRD. I think this would require actual legislation to be passed to become effective, so can't be done through sleight-of-hand like the previous change. It could still...

I can't work in Thailand, but I'm certainly not the only one who works outside Thailand and lives here when not working (e.g., many offshore oil & gas workers). Or do you mean from the point of view of the type of income I report on my local tax form should not be "from employment"? I'll check...