Thailand new change - world wide income at Thai tax levels to be taxed

[wellington]

https://www.thephuketnews.com/new-overseas-income-rules-92533.php
Hit the wire this morning

 

[JackAlabama]

id put that in the same bracket as the 300thb tourist tax. Wont be coming but will be talked up and down.

But its very troublesome they start doing that. Must be reeking of desperation.

 

[wellington]

Apparently it’s just a rule change

So not even a law and they are able to capture people by surprise

id put that in the same bracket as the 300thb tourist tax. Wont be coming but will be talked up and down.

They’ve added that one 3/4 times since I’ve arrived - always gets folded into the flight cost

Fortunately I am on savings - just defer the next dividends in a few years

 

[JackAlabama]

Apparently it’s just a rule change

So not even a law and they are able to capture people by surprise

"The Revenue Department is preparing to amend a law to collect taxes from individuals who have income from abroad, even if that income is not brought into the country. "
idk if they can amend a law just like that. Reminds me of the whole cannabis saga, which should have already been banned again by now.

They’ve added that one 3/4 times since I’ve arrived - always gets folded into the flight cost

Fortunately I am on savings - just defer the next dividends in a few years

well yah banana republics doing banana republic things. No wonder its that cheap .

 

[PiersBlack]

People also thought they wouldn't implement the change of remitted into Thailand regardless of the year... but they did implement it.

Here we are again. I believe this is gonna go through. It's external pressure. I'm not even sure this benefits Thailand.

Some people are, for the first time, seriously considering leaving Thailand or at least spending less than 180 days there. Sad times.

 

[wellington]

People also thought they wouldn't implement the change of remitted into Thailand regardless of the year... but they did implement it.

Here we are again. I believe this is gonna go through. It's external pressure. I'm not even sure this benefits Thailand.

Some people are, for the first time, seriously considering leaving Thailand or at least spending less than 180 days there. Sad times.

It’s still income basically means you are ok if it’s dividends as that year if you defer (which I do for 5-10yrs) is tax free if in that year you don’t live in Thailand and then there’s tax on what you remit from those funds but the beauty is that ultimately if you made money x years ago the principle even if invested is tax free when remitted - more than my life time…

Just need to show all the paperwork

One thing did popup though about requirement to do a tax return

But will suck for anyone living off their dividends annually or income overseas

Fortunately next door (Malaysia) is anti America - OECD currently due to Israel so they will likely retain their territorial tax

I was down in the south a few days ago (father in law in hospital) about 2-3 hrs from Malaysia - always liked the island down there - Penang.

 

[Marzio]

"The Revenue Department is preparing to amend a law to collect taxes from individuals who have income from abroad, even if that income is not brought into the country. "

We all knew they were going to do that.

https://www.offshorecorptalk.com/threads/thailand-tax-update-20-11-23.43416/#post-283532

 

[TheCryptoAnt]

they can rule and regulate all they want lmao I not paying anyway

 

[Marzio]

they can rule and regulate all they want lmao I not paying anyway

https://www.offshorecorptalk.com/th...lary-from-your-own-company.44724/#post-300515

 

[Mercury]

People also thought they wouldn't implement the change of remitted into Thailand regardless of the year... but they did implement it.

they can rule and regulate all they want lmao I not paying anyway

They can announce and implement any law or new rule they fancy... as long as they continue not enforcing anything, either by lack of means or real willingness, I'm fine and not paying either.

 

[TheCryptoAnt]

https://www.offshorecorptalk.com/th...lary-from-your-own-company.44724/#post-300515

brother we talked about this, you have to stop doxing me

They can announce and implement any law or new rule they fancy... as long as they continue not enforcing anything, either by lack of means or real willingness, I'm fine and not paying either.

basically. If someone has spent at least 1 week in TH theyll be able to see how things really work here in the ground...
theres no way im paying

 

[wellington]

Seeing a lot of comments about not complying if it’s enforced couple of issues.

- They will require tax returns filed in 2025 as part of visas and will make a target of people residing in the country that haven’t filed.
- those that don’t file but reside in the country will be under a microscope and that means AML via tax evasion charges

Like mentioned the e one silver lining is if you have investments and liquidate then the principle pre 2024 is tax free if remitted and not income

If living in the country and hand to mouth (earn ~ spend) time to reconsider location I think.

Yes Thailand is absolutely incompetent as a nation - but having dealt with Revenue Department I can assure you it won’t be fun when CIB raid with swat and AMOL.

It’s not worth the experience.

Now - another thing to consider is gifting - laws in Thailand make it tax free per recipient up to 20mTHB for wife’s/children/parents etc

How that is with “offshore” or even “stablecoins” hasn’t been laid out yet.

Otherwise it might be another way to circumnavigate

 

[TheCryptoAnt]

Seeing a lot of comments about not complying if it’s enforced couple of issues.

https://jspaint.app/

They will require tax returns filed in 2025 as part of visas and will make a target of people residing in the country that haven’t filed.

lol
lmao, even

 

[JackAlabama]

They can announce and implement any law or new rule they fancy... as long as they continue not enforcing anything, either by lack of means or real willingness, I'm fine and not paying either.

this is basically summed up the whole place where everything is illegal.

Seeing a lot of comments about not complying if it’s enforced couple of issues.

- They will require tax returns filed in 2025 as part of visas and will make a target of people residing in the country that haven’t filed.
- those that don’t file but reside in the country will be under a microscope and that means AML via tax evasion charges

Like mentioned the e one silver lining is if you have investments and liquidate then the principle pre 2024 is tax free if remitted and not income

If living in the country and hand to mouth (earn ~ spend) time to reconsider location I think.

Yes Thailand is absolutely incompetent as a nation - but having dealt with Revenue Department I can assure you it won’t be fun when CIB raid with swat and AMOL.

It’s not worth the experience.

I bet it wont happening unless you invite them into your affairs. Enough people gonna do this eventually and they cant raid everyone.

Now - another thing to consider is gifting - laws in Thailand make it tax free per recipient up to 20mTHB for wife’s/children/parents etc

How that is with “offshore” or even “stablecoins” hasn’t been laid out yet.

Otherwise it might be another way to circumnavigate

****
https://www.bangkokpost.com/business/general/2805305/new-overseas-income-rules-proposed"It is still in the discussion stage and it is not known when it might take effect. If enacted, it would follow a major change that took effect this year in the way income from foreign sources is treated for tax purposes in Thailand. "

So it looks like they cannot use the same sleazy means they used in 2023 which was not a law change but just a change in interpretation and current application.

So there will be one or a few years before it will take effect even for it being a banana republic, but for sure indicates clearly where things are going in the coming years and keeping it in mind before placing big investments.
I knew a few folks who bet rather bigly on Thailand in terms of asset purchase, would not do so myself.

 

[PiersBlack]

Like mentioned the e one silver lining is if you have investments and liquidate then the principle pre 2024 is tax free if remitted and not income

So any savings that anyone had before 2024 in their bank accounts could potentially be remitted into Thailand tax-free at any time? Doesn't matter if you remit in 2024, 2025, etc. as long as you had them as "savings" before 2024?

 

[wellington]

So any savings that anyone had before 2024 in their bank accounts could potentially be remitted into Thailand tax-free at any time? Doesn't matter if you remit in 2024, 2025, etc. as long as you had them as "savings" before 2024?

That was what was stated....

 

[JackAlabama]

So any savings that anyone had before 2024 in their bank accounts could potentially be remitted into Thailand tax-free at any time? Doesn't matter if you remit in 2024, 2025, etc. as long as you had them as "savings" before 2024?

yes.
Any savings you have before you are tax resident. It works like that everywhere (at least i dont know a country where this is different).

 

[wellington]

yes.
Any savings you have before you are tax resident. It works like that everywhere (at least i dont know a country where this is different).

also grandfathered in if living here prior.

That was what was stated....

And doesn't mean just banked, could have it in the stock market, in stable coins, in real estate, in crypto...

if you liquidate the principle is tax free.

 

[JackAlabama]

also grandfathered in if living here prior.


And doesn't mean just banked, could have it in the stock market, in stable coins, in real estate, in crypto...

if you liquidate the principle is tax free.

indeed, blockchain assets should even simpler to audit.
Price thb @ 31.12.2023 is the capital, everything above that is cap gains.

What is missing is what happens upon liquidation/remittance, and how will they deal with fifo, lifo or 50/50 (gain, principal) until gain is exhausted.

 

[yngmind]

Oh man, you were so quick to start this thread. I have also posted it, but in the "tax section," not an offshore company. Could admins then remove my thread - Thailand New overseas income rules proposed