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GeorgeCross

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Posts posted by GeorgeCross

  1. 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"

    • Thanks 1
  2. 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.. "

  3. 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

    • Like 2
  4. 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.

     

    Quote

    Section 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

     

  5. 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.

     

  6. 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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  7. 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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