RupertIII

The above link goes to the top of this page and not to pwc.com

Yes, so my wife tells me, it is assessable income less allowances, including the 150K 0%.

A couple of points:- 1) My wife has spoken again to our previous book keeper who in turn spoke with the accountant/auditor for our previous company who confirmed that if personal income is below the taxable threshold it is not a requirement to submit a tax return and no TIN will therefore be issued. 2) As I have an ATM card with BKK Bank becoming due for renewal my wife telephoned the bank who confirmed that they definitely do not require a TIN for ATM renewal, only a/c passbook and passport. It would seem, as is typical in Thailand, that different branches will make up their own requirements as they see fit!

Unless they charge us for it!

Not seen this one before. Does this mean that the first THB100k pa of overseas pension rec'd is exempt from tax in addition to the various other allowances? Thanks.

I would imagine that the onus will be on us to prove that the remittance was not into Thailand and no doubt, as someone earlier on in this or another thread mentioned had happened to him in the past, the tax man will request (demand) statements from all bank a/cs inside and outside Thailand.

To avoid confusion this could be referred to as a certificate of residential address. Nothing to do with permanent Thai Residency.

My understanding is that income earned prior to 1 Jan 24, e.g. in the current year, will not be taxed if remitted into Thailand in 24, or thereafter I assume. Income earned in 24 and thereafter will be taxed regardless of when remitted into Thailand.

According to the chart below you would appear to fit into Scenario No. 1, although how they would be able to collect tax if you are not here is a different matter.

So they will not be taxing unrealised capital gains, that's a relief - excuse the pun!

Interesting. The Prachachart Thurakit article refers solely to income (รายได้) as opposed to also capital gains. As Thailand has no CGT as such and taxes capital gains as income I would be interested in knowing if the RD's proposed amendment is purely in respect of global income or would also likely encompass global capital gains, e.g. equities, investment funds, etc. If so if that would be only in respect of realized gains or also unrealized?

This is even more worrying - https://www.prachachat.net/finance/news-1443480 Google translation of the last paragraph, immediately above the copy of the official order:- In the future, the Revenue Department will amend Section 41 of the Revenue Code by immediately calculating tax in the year in which income is earned abroad. Regardless of whether money is brought into the country or not, however, it may take 1-2 years to amend the law.

Thanks Cyclist. There has been so much on different threads it is becoming difficult know what is fact and what is wishful thinking or fear mongering at times. I have found the link to the other thread - https://aseannow.com/topic/1311285-change-in-the-tax-law-does-target-expats-living-in-thailand-and-extends-reporting-obligations/page/19/ which reads, at the start, An article in yesterday's Prachachart Thurakit suggests the RD is starting to walk this back a bit but not giving up on it https://www.prachachat.net/finance/news-1432180?fbclid=IwAR0FtCbDVifNc-atDT8uHGklrCLP5PNOva3VrsaHFX9W_kjEm-bKQBnqEKc . It sounds like they are planning to exempt all foreign source income earned before 1 January 2024. The link also provides a Google translation of the Prachachart Thurakit article which would appear to confirm as does the MS Word translation below and also My Thai wife's reading of it. However, as you point out it is not directly from either the Government or the RD. My wife will be speaking to the accounts lady from our previous company but I rather suspect she is none the wiser! readsStart charging from 2024 However, the latest A report from the Revenue Department has concluded that in the first phase, it will be relieved in the case of income generated abroad before 2024, which, if not imported within the same tax year as the year in which the income was generated, will not be subject to audits as it will be difficult to find evidence. " Income born before 2024 will use the old rule, that is, if it is not imported in the same tax year, the department will not collect it. In the future, Section 41 of the Revenue Code will be amended to charge tax in the year in which income occurs abroad immediately. Whether or not the money is brought into the country. however It could take 1-2 years to amend the law."

According to a post on one of the other threads this has now been deferred by 1 year. i.e. Funds earned in 2023 can now be brought into Thailand in 2024 without tax liability. Can anyone else confirm this as I intend moving some cash from an off-shore investment into a bank a/c outside Thailand and then into Thailand in Jan 2024?

They must have seen my post yesterday, approval arrived 8.03 this morning!

Submitted mine on 3rd in the morning, rec'd automated confirmation and nothing else so far, still pending on the online system! Previous report no approval by the due date, wife went to CW to do manually, they promised her at the time it wouldn't happen again. Can't say I believe a word they say!!

From the link you quoted: Mutual fund means a body of persons who participate in a fund that is established and operated by an investment management company for a project under the law governing the control of trading activities that affect public safety and welfare. It would seem that this would exclude the vast majority of mutual funds. Also, I think I read somewhere that it was suggested that only mutual funds in Thailand would fall under this exemption.

Thanks stat. My confusion (hope!) arose due to the OP quoting are not taxable unless remitted to Thailand in the year of receipt, inferring that cap gains and investment income would still be excluded (from tax) if remitted the year after receipt. I think he must have meant unless remitted to Thailand.

Would this not change come 1st Jan 2024?

Thanks, I wasn't aware of that. I have a Wise a/c where all my overseas monies are paid into. My wife also now has a Wise a/c into which I have been paying part of my UK pension into, really to keep her a/c active for the future, which she then transfers into her Thai a/c. I assume that if I pay into her Wise a/c an additional amount at the end of each year to bring the total to an annual equivalent of THB210k (60k allowance + 150K at 0%) she can then transfer to her Thai a/c and we can then elect for separate filing, or might the taxman consider that evasion rather than legitimate avoidance, bearing in mind the transfers will show on her Wise statement as originating from my a/c?

Sherrings also mention the 190k on their website. The following, which I have copied from the RD's website (https://www.rd.go.th/fileadmin/download/english_form/220364guide91.pdf) for the tax year 2020, appears to confirm the 190K allowance regardless of employment status, at least for spouse so I assume also for the taxpayer. Page 1 of ภ.ง.ด.91 – Taxpayer’s Details Taxpayer’s Details In the Taxpayer Identification section, fill in the following information:  Your 13-digit Taxpayer Identification Number  Your date of birth.  Your title and first name (in capital letters)  Your surname (in capital letters)  Your trade name/company name  Your current mailing address  Your business web address (if applicable)  Check the ‘Regular Filing’ box if this form is your first filing in this tax year, or check the ‘Additional Filing’ box if this form is an adjustment or a supplement filing. Spouse’s Details If you have a spouse, please provide your spouse’s details in this part of the form:  Spouse’s 13-digit Taxpayer Identification Number  Spouse’s date of birth (If your spouse is 65 years of age or older, attach the “Income Exemption Entitlement Form” for income exemption up to 190,000 baht), title and first name (in capital letters)  Spouse’s surname (in capital letters)  Check the box that is applicable to your spouse under ‘Marital Status’  Check the box that is applicable to your spouse under ‘Filing Status’: 1. If your spouse has income and is filing jointly, check box (1). 2. If your spouse has income and is filing separately, check box (2). 3. If your spouse has no income, check box (3)

The Inheritance Tax Act B.E. 2558 (2015) (“ITA”) took effect on 1st of February 2016. It stipulates the following: 1. Inheritance Tax a. Tax Base The inheritance tax base shall be calculated from the inheritance, which an inheritor received from each testator, whether it is received once or several times, above 100 Million THB. (Section 12, ITA). The value of the inheritance subject to tax means the value of the asset received as an inheritance offset by the liabilities inherited. The tax is levied on inheritors who are: 1. Thai individuals or Thai juristic persons or foreign individuals who are resident in Thailand according to the immigration law, which inheriting assets located in Thailand and outside the country. 2. Foreign individuals or foreign juristic persons, which inherit assets located in Thailand. (Section 11, ITA) The spouse of the testator is exempted from inheritance tax. (Section 3(2), ITA) Foreigners who are resident in Thailand, shall be liable to pay Inheritance Tax in the portion which exceed 100 million THB, calculated from the inherited assets in Thailand and foreign countries. Foreigner who are non-resident in Thailand, shall be liable to pay Inheritance Tax in the portion which exceed 100 million THB, calculated from only inheriting asset in Thailand. The inheritance tax applies to registered assets, including residential properties, land, vehicles, bonds, equities, and deposits at financial institutions. (Section 14, ITA) Source: https://franklegaltax.com/inheritance-tax-in-thailand/

I was under the impression that only income/capital gains etc. were liable to tax if remitted into Thailand, as below. Order of the Revenue Department Number 161/2566 Subject: Payment of Income Tax under Section 41 (2) of the Revenue Code In order for revenue officers to use as a guideline in inspecting and advising persons residing in Thailand who have assessable income under Section 40 of the Revenue Code in the past tax year due to duties or business performed overseas or due to assets located overseas under Section 43 (2) of the Revenue Code, the Revenue Department hereby issues the following order: Section 1: A person who is a resident of Thailand under Section 41 (3) of the Revenue Code and has assessable income due to duties or business performed overseas or due to assets located overseas under Section 41 (2) of the Revenue Code in the said tax year and has brought such assessable income into Thailand in any tax year, shall be required to combine such assessable income for the purpose of paying income tax under Section 48 of the Revenue Code in the tax year in which such assessable income is brought into Thailand. Section 2: Any regulations, rules, orders, letters in response to inquiries, or practices that are inconsistent with this order shall be repealed. Section 3: This order shall come into force for assessable income brought into Thailand from 1 January 2024 onwards. Dated 15 September 2023 (Mr. Suwon Sangsanit) Director-General of the Revenue Department

Thank you Dogmatix. In light of MartinL's comment below would you mind advising if your previous claim(s) were in respect of income from employment or otherwise? My interest in this is based on pension and offshore investment income. Thank you Martin, a handy booklet for reference.

Can anyone confirm that the 190k tax exemption for those aged 65+ is in addition to the 60k personal allowance or is it instead of? Thanks.