Jump to content

jacob29

Member
  • Posts

    488
  • Joined

  • Last visited

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

jacob29's Achievements

Advanced Member

Advanced Member (6/14)

  • Dedicated Rare
  • 10 Posts
  • First Post
  • 5 Reactions Given
  • Very Popular Rare

Recent Badges

447

Reputation

  1. If you're on a low income, your tax liability will be negligible (along with your audit risk), so it's hard to see why you would be bothered either way. Even if you're audited, and get hit with penalties (e.g. 100% fine), they likely won't be significant. Someone with high income on the other hand. I believe they're the people who are primarily concerned. Agree occasional use of ATM withdrawal being missed, that could be framed as a genuine oversight, is a non issue. I expect a lot of people will rather take your comment to mean funding most to all your expenses with ATM withdrawals is a very low risk venture, and I'm not so sure that will be the case.
  2. Other countries seem to manage just fine, Thailand is not attempting anything new or radical here. It's hard to find details on exactly how other countries that tax worldwide income go about enforcement, so I don't know how it works. As noted in the my previous post, presumably little to nothing is checked until someone gets audited.
  3. It depends on your risk tolerance. If you're hit with an audit, and you're asked how you fund your living expenses - that's when things may get awkward for people who officially have indicated 0 taxable income. Enforcement doesn't happen at scale (in any country), it's the audits you need to concern yourself with. Not sure how in depth Thai audits are, but I know in other countries you don't want to mess around.
  4. Unless foreigners only started doing this in the past few years, which we can be pretty certain isn't the case, it doesn't have anything to do with recent price increases.
  5. They have as much capability as just about any other country with similar tax laws (which is most). I find it highly implausible that such a trivial strategy would work in practice. Anti money laundering checks sometimes request similar information (source of wealth), there is no chance it's as simple as falsifying international tax returns - or crime groups wouldn't need to go to extraordinary lengths to launder money
  6. How long do you plan to stay? If this is your first time to Thailand, you can probably get by on 60 day tourist visas for a year or two, just spend a week or something outside. The people facing problems, have usually been doing this for years. I don't know what the magic number is, and it no doubt varies depending on the immigration officer. In your case, I would go with 60 day visas with short breaks, until you get a warning. I don't know when that warning will come, but I believe most people get a warning or some kind of hint that next trip they may be denied. If you're dead set on staying for many years, Elite visa would be lower hassle/stress though expensive option.
  7. Seems like wishful thinking. I doubt credit cards can even be paid off directly with a cross border or wire transfer. If they could - it's implied that transfer (to a domestic card) is taxable already, since it has to happen in local currency.
  8. I agree there may be enforcement road blocks, but Malaysia has been pretty clear on this. They state cards with foreign financing are included, which seems implied that the card itself is foreign. https://www.ccs-co.com/post/received-in-malaysia Credit card transactions over $10k are almost certainly already tracked under existing rules, the framework is in place. It doesn't seem like a stretch to provide a financial year summary for combined transactions above a threshold, it's more a question of whether they will bother - not that they can't do it.
  9. It's a bit early to jump to that conclusion. Malaysia has similar rules to what Thailand introduced, and they explicitly include all electronic forms, including ATM/debit card payments. Enforcement is another matter, the trouble being that this can be enforced years after the fact.
  10. You still (mostly) need to exchange it at a money changer.. which is not too hard to work around for smaller amounts, but less so for large sums without a trusted third party.
  11. I agree. They don't need access to see remittance coming into the country though, the sender details will be on the transfer. Will they bother to match these up, seems highly unlikely initially, but the information is readily available if they care to follow up.
  12. To where though? Majority of places will still tax you more (tax regardless of remittance). I don't buy that people are by and large living in Thailand purely for the tax perks. The regional exceptions seem to be Philippines and Malaysia, and I think Malaysia is essential adopting the same model as Thailand. If you transfer it to her account abroad, then she remits it into Thailand, yes nobody would be the wiser. Otherwise it remains a remittance, same as if I made a purchase and did a wire transfer straight into the sellers Thai account, and presumably can be tracked - open question as to level of enforcement in practice.
  13. Isn't the key that they wanted to have kids? There is a tremendous number of unplanned births. I've met plenty of men who wouldn't recommend it - and if I had to guess, they probably weren't big on the idea in the first place.
  14. No, I don't get how that relates to your original post. Nobody much cares how you or I personally respond to these changes, that's a personal decision for which there is no right or wrong answer. What I'm addressing is how you seem to be painting Thailand as a now unfavorable destination based on tax status, when it's simply being aligned with most other countries - and what's more, it still has significant advantages over taxation on worldwide income. Not being taxed on money that is left abroad, can be a massive benefit over countries that simply tax regardless of remittance.
  15. Modern smartphone security has evolved dramatically over the last decade or two - whatever you have forgotten in most cases no longer applies. You can't even address the simple examples provided of how (windows) PC based security falls well short of smartphones, instead opting for a confused emoji - fair play at least you were being honest.
×
×
  • Create New...