GeorgeCross
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Posts posted by GeorgeCross
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1 hour ago, tomkenet said:
Your bank in your home country will demand to know where you are tax resident. If you still have an address in your home country you will be treated as a tax resident in your home country. If you have changed your address to abroad they will ask you where you are tax resident. You will probably have to prove it with documents or TIN number.
theres generally an extra box you can tick that states something like: "a tax number is not required in my country"
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7 hours ago, MartinBangkok said:This might sound like a stupid thought/question, but since this new tax rule comes into effect 1st January, 2024 (only three months from now) could it be possible that they will demand tax returns from all of us already in 2024 and consequently that we have to pay tax under the new rules for all income for the year we are in: 2023?
possible, and the #1 reason i've pulled future projects. until i know for what and for how much i'll be taxed, i'm keeping it all offshore where its safe and snug and will sell assets here to fund my continued (now temporary) stay.
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11 minutes ago, mokwit said:I can't imagine AN's "good" falangs will have any objection to paying their taxes.
paying taxes isn't a problem, most on here i suppose do or are prepared to pay somewhere.
but getting double taxed, withheld on remittances, buried under piles of paperwork or blackmailed on exit certainly are.
all are currently in the air until shrodingers (srettas?) tax box is opened.
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well those who said it will curb investments in this country.. i can confirm, at least in my case, even the uncertainty will.
after a long talk with my wife we've just shelved 2 property projects worth 15M baht until things are (much) clearer. i know its small beans to some but if we're doing this others are certainly considering it.
now looking at european property instead.
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50 minutes ago, Thaindrew said:
for a while its going to be the case that we will bring the minimum amount of money into Thailand as possible to live to minimise tax exposure based on the statement "the portion of income from foreign sources that is brought into Thailand". Over time how RD apply the rules will become more known in terms of offsets / allowances, how they deal with inbound funds for property purposes etc.
At least, at this stage, they aren't proposing to tax all global income, otherwise there may way be an exodus
wouldn't they just roll the unpaid tax to the following year? nothing states it restarts each year only that it can be collected any year
" you bring 1M baht farang but owe 2M. pay 1M now or no visa.. "
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14 minutes ago, RichardColeman said:Agreed - imagine buying a 4 million baht house, and then having to pay say 8% on top of that as an additional tax for sending the 4 million to Thailand to buy it !
try 35% tax because thats the band 4M is in
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16 minutes ago, vibration said:Many thanks for sharing this as it was something I was not aware of, is it possible that you can document this and many thanks in advance.
google "thai gift tax" loads of resources but its basically up to 20M per year to spouse children or parents - of which i have the full set here.. nice!
wife mentioned unlikely to change for 3 reasons:
1 dowry
2 buy property for spouse (money gift)
3 for thais to send money home to parents while working abroad
now the only question here is:
will they only tax income remitted or demand the full amount payable (to extend visa etc)
will wait for those answers. in the meantime our property projects are on hold.
as is her new car!
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16 minutes ago, Ben Zioner said:
i wonder what would happen if in your case you transferred 845K under the proposed rule or 100K for that matter.
100% claimed as tax or 30% ?
and if in the latter would the balance rollover to the following year?
devil will be in the details.
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4 minutes ago, scorecard said:
Is Section 40 and it's contents applicable to Thai citizens only or all people residing in Thailand?
think it applies to all tax residents, thai or foreign but not sure it was only my take.
here's the link you can try read yourself f you want:
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4 minutes ago, Thorgal said:
That's an incitement to a lot of divorces...
its "up to" not 20M only
send your wife her housekeeping + beer money every week if you want!
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5 minutes ago, Yumthai said:
Those happily married to a Thai national can transfer (in this case from abroad) to their spouse up to THB 20 million in value per calendar year tax free as a gift.
that would solve many problems - do you have a link for infomation about this?
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19 minutes ago, cleopatra2 said:
The issue is the OP is incorrect.
The OP states this includes savings . When if you actually read the notice/instruction it is only refferinng to income from work activities and property whilst being a Thai tax resident
i get that, but if given a choice which do i send? income to be taxed or my savings to buy a condo?
and how would thailand know the difference?
they won't, so the onus will be on me to prove legitimacy and in that case i won't bother, i'll buy an asset in a friendlier state
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39 minutes ago, freeworld said:
No Thailand does not tax savings, only income. Of course there should be a trail which could show that it is savings.
i'm sure they will let you bring in your savings AFTER you have paid your income taxes for every previous year.
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26 minutes ago, jaywalker2 said:
As it stands now, this wouldn't affect retirees, who are not registered with the tax office. But it seems the powers that be are determined to screw farangs as much as possible so it's hard to feel confident.
i believe you are required by law to register with the tax office if you are liable to pay taxes and as pensions are covered under section 40 as an income you will all have to. hope i'm wrong as my local bars will get even lonelier, but thats my reading.
QuoteSection 40 Assessable income is income of the following categories including any amount of tax paid by the payer of income or by any other person on behalf of a taxpayer.
(1) Income derived from employment, whether in the form of salary, wage, per diem, bonus, bounty, gratuity, pension, house rent allowance, monetary value of rent-free residence provided by an employer, payment of debt liability of an employee made by an employer, or any money, property or benefit derived from employment.4
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26 minutes ago, JonnyF said:
Yes I am starting to think this might be aimed at powerful figures who have been sending ill gotten gains overseas since 2014 and now wish to start bringing it back now their time at the trough has been limited.
yeah but thats the dumbest thing ever, 3 months in london and 3 more in dubai and you can recieve a tax free lump sum from your freshly incorporated wealth management company.
it should also be noted that the wealthy generally keep their wealth offshore to protect against rogue governments and capital controls, not to avoid tax. tax is easy to avoid, their companies hold and pay for everything. any tax paid is just a virtue signal or a cost to do business in a high corporate tax jurisdiction.
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15 minutes ago, daveAustin said:For ‘tax residents’. Are retirees/non-employed married folk here considered tax residents? I think not. Whether they make it all encompassing is another thing. Wouldn’t put it past them, but also that it never happens.
your visa status is irrelevent, if you are here more than 180 days in a tax year you are a tax resident of thailand.
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11 minutes ago, Arkady said:
This new interpretation of the Revenue Code to mean ANY previous tax year, rather the apparent intent which was the THE previous tax year, gives rise to exactly that concern, since it appears to set no limit on how long ago that money was earned. Not only that the interest earned on the savings account going back indefinitely could also be deemed as taxable when remitted to Thailand. The Revenue Code doesn't specify income from property or real estate, as many of the translations suggest, but actually says income earned from assets overseas which could be any form of income generating asset. Furthermore there is no separate treatment of capital gains in the Revenue Code. So any capital gains, say from selling a house at any time in the past, could be taxed at progressive rates as income, if remitted to Thailand.
this would mean you would be liable for tax on all income for ALL of the time you have spent in thailand and would have to pay all of it before you could actually get a single $ into your thai bank account!! for some that could be many $100Ks. yikes. that would be madness, all transfers would stop immediately, people would spend down their thai balances, sell up and leave.
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at this point its far cheaper for my wife and my 2 kids to live in the uk (no intl school fees) and only the tax situation balanced it out. if they invoke this or withold on all incoming remittances we'll leave no problem.
if have to pay tax on global financial income i'd rather do it in a modern country with modern infastructure.
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2 hours ago, Metapod said:
Thailand is going to lose A LOT of wealthy expats over this change.
yep if you make $1M in investment income you would need to pay the thai gov $375,000 before you could transfer a single dollar for living expenses lol
caribbean anyone?
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16 hours ago, stevenl said:
There is a vacation in china. Let's see in 2 weeks.
actually a better headline ????
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hope not
the farmer next door left two pineapples on the wall last harvest!
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On 6/15/2023 at 1:26 PM, Kaopad999 said:
Bang on the money. I keep saying this time and time again, yet so many foreigners here remain incredibly delusional and seem to think that most Thai women are going to fall at their feet. It's mostly only the poorer Thai women who want to marry a farang in order to improve their lives. The truth is, the majority of Thai womwen would much rather just date a Thai man, or even the likes of Korean guys which would be far higher up on their list.
<deleted>. it's just when you step out of the bar you have to put the work in again.
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where's Putin with another draft when ya need him??
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proudly brought to you by marijuana decriminilization.
????????
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Kamnan Nok death penalty case leads to a national crackdown on all illegal activity and corruption
in Thailand News
Posted
they'll "just pop down to the Winchester until this all blows over"