Thank you for watching. We're sorry, we are unable to answer questions in the comments. If you have a follow-up question, please use the link on the website www.expattaxthailand.com/ask-a-question/, book a call, or send us an email.
I visited the local revenue office in Hua Hin this week to apply for a tax number. They had no idea how to proceed or advise. They were not interested in researching for me. However, they said next month they hope to have more information. In the meantime, I documented all my financial information as of 31 December 2023 and will ensure no comingling of future accessible funds with life savings and state, social, military pensions. Thank you for sharing your webinar.
i have done same documenting all my savings and investments accounts as of 31 December 2023. The question i have is how do you separate comingling of future assessible funds with investment accounts containing stock, equity and general growth such as interest when remitting money into Thailand after Jan 1st 2024 ?
@@rw1744 from Jan 1, 2024 ensure you keep separated accounts. And ensure that the account you use to transfer your funds from your home country to Thailand has never contained those assessible funds. And don't feel like it's too late because it is only May. Finally, if you do transfer assessible funds to Thailand, pay the tax and then submit the appropriate form to your home country for a refund iaw the DTA.
At 17:40 of the video, reference the U.S. - Thai DTA: You misspoke while explaining Article 20. It appears that you deliberately failed to include all government (public) pensions . . . not just federal. ARTICLE 21 (Government Service): Any pension paid from the funds of a Contracting State or political subdivision or a local authority thereof to an individual in respect of services rendered to that State or subdivision or authority, shall be taxable only in that State. Government pensions are not limited to U.S. Federal Pensions.
i have question regarding ROTH distributions in US after 5 year rule are tax free (taxes previously paid ) Does this mean ROTH distributions after Jan 1st, 2024 are subject to Thai taxes if remitted into Thailand? Wouldn't US DTA imply taxes paid for ROTH IRA accounts would serve as Tax Credits for any applicable Thai Taxes owed in 2024 or thereafter?
19:27 - 20:06 1. So if I take a distribution from my 401K AND remit it to Thailand, then I'll pay tax on that distribution to the Thai revenue department, and just claim that tax paid (meaning it won't be taxed in the U.S. because of the DTA) when filing my U.S. income tax return, right? 2. Assuming the SAME true for ROTH distributions (Meaning Thai revenue department will tax ROTH distributions even though they're tax free in the U.S. since all contributions to ROTHs are made with post-taxed income), right?
My interpretation but I am Not a tax specialist. Roth IRA money contributed before Jan 1, 2024 and brought into Thailand is Zero 0 tax. Ref: revenue department order P.162/2023 Section 41 issued 21 November 2023. "The provisions of paragraph one Section 41, shall Not apply to assess able income arising before the date 1 January 2024"
My advice to EVERY Foreigner is keep clear, proof, documentation so you can Not be taxed unjustly. Showing balances before and after January 1st, and source (pension, Social Security, investment, wages, etc.
5:13 has been updated on 21 November 2023 Ref: revenue department order P.162/2023 Section 41 issued 21 November 2023. "The provisions of paragraph one Section 41, shall Not apply to assess able income arising before the date 1 January 2024"
Your suggestion for maintaining separate accounts for different assessable and non assessable funding source transfers into Thailand is not at all practical. The Thai remittance based tax is ridiculously complex from a book keeping perspective, including the fact that amounts “earned” prior to 12/31/23 are not assessable when remitted into Thailand in future years. I have pre 2024 savings and investments “earned” that will be sufficient to fund my life in Thailand for many years. Do I really need to keep 10-15 years of detailed bank statements and records and somehow prove the funds transferred are not assessable? This system is a complete debacle.
Questions: Assuming I'm a U.S. citizen but a Thai Tax resident 26:06 based on the presentation of the slide and the monologue I'm interpreting remitted "gains" to include interest and dividend income. Is that correct? Interest & dividends are synonymous with "gains"? 27:19 - 27:50 seems like filing the U.S. tax return BEFORE filing the Thai tax return is the correct sequence of filing, because taxes paid to the U.S. on "gains" need to be known in order to determine what--if any--amount would be owed to the Thai revenue department. Is that correct? File U.S. BEFORE filing Thai return? Or are there circumstances where a U.S. citizen who's a Thai Tax resident would need to file a Thai tax return first?
@@davidabushnell We apologise for not addressing your question, David. With hundreds of questions to handle, we can only answer a limited number during the webinar. We are processing questions as quickly as we can and have already posted two hundred answers on our website. We'll keep updating with more.
@ExpatTaxThailand Do you have a way some may donate or contribute for your time and efforts to help guide us through these tax changes for Foreign Sourced Income remitted to Thailand?
I have SS from the USA. Can I total up one year of this income and wire transfer it to Thailand? A wire transfer cost US $45 so I only transfer once a year to save the wire transfer cost. How do I guarantee the Thai government that the money is totally from my SS pension.
Thank you for watching. We're sorry, we are unable to answer questions in the comments. If you have a follow-up question, please use the link on the website www.expattaxthailand.com/ask-a-question/, book a call, or send us an email.
Liked and subbed, thank you!
Great Video, very informative. Being retired military collecting social security and the military pension Im off the hook, for now.
I visited the local revenue office in Hua Hin this week to apply for a tax number. They had no idea how to proceed or advise. They were not interested in researching for me. However, they said next month they hope to have more information. In the meantime, I documented all my financial information as of 31 December 2023 and will ensure no comingling of future accessible funds with life savings and state, social, military pensions. Thank you for sharing your webinar.
i have done same documenting all my savings and investments accounts as of 31 December 2023. The question i have is how do you separate comingling of future assessible funds with investment accounts containing stock, equity and general growth such as interest when remitting money into Thailand after Jan 1st 2024 ?
@@rw1744 from Jan 1, 2024 ensure you keep separated accounts. And ensure that the account you use to transfer your funds from your home country to Thailand has never contained those assessible funds. And don't feel like it's too late because it is only May. Finally, if you do transfer assessible funds to Thailand, pay the tax and then submit the appropriate form to your home country for a refund iaw the DTA.
Hopefully, in 6 or 7 years, when I'm ready to make the move, they'll have this cluster F. figured out/changed back to something easier to navigate.
It would be great if you did a similar vlog for Canada / Thai DTA
Can the Thai tax filing fee, i.e., B12,000, be deducted on US taxes?
At 17:40 of the video, reference the U.S. - Thai DTA: You misspoke while explaining Article 20. It appears that you deliberately failed to include all government (public) pensions . . . not just federal. ARTICLE 21 (Government Service): Any pension paid from the funds of a Contracting State or political subdivision or a local authority thereof to an individual in respect of services rendered to that State or subdivision or authority, shall be taxable only in that State. Government pensions are not limited to U.S. Federal Pensions.
i have question regarding ROTH distributions in US after 5 year rule are tax free (taxes previously paid ) Does this mean ROTH distributions after Jan 1st, 2024 are subject to Thai taxes if remitted into Thailand? Wouldn't US DTA imply taxes paid for ROTH IRA accounts would serve as Tax Credits for any applicable Thai Taxes owed in 2024 or thereafter?
ROTH is not included in the US-DTA. It is assessable income to Thailand.
19:27 - 20:06 1. So if I take a distribution from my 401K AND remit it to Thailand, then I'll pay tax on that distribution to the Thai revenue department, and just claim that tax paid (meaning it won't be taxed in the U.S. because of the DTA) when filing my U.S. income tax return, right? 2. Assuming the SAME true for ROTH distributions (Meaning Thai revenue department will tax ROTH distributions even though they're tax free in the U.S. since all contributions to ROTHs are made with post-taxed income), right?
My interpretation but I am Not a tax specialist. Roth IRA money contributed before Jan 1, 2024 and brought into Thailand is Zero 0 tax. Ref: revenue department order P.162/2023 Section 41 issued 21 November 2023. "The provisions of paragraph one Section 41, shall Not apply to assess able income arising before the date 1 January 2024"
My advice to EVERY Foreigner is keep clear, proof, documentation so you can Not be taxed unjustly. Showing balances before and after January 1st, and source (pension, Social Security, investment, wages, etc.
5:13 has been updated on 21 November 2023 Ref: revenue department order P.162/2023 Section 41 issued 21 November 2023. "The provisions of paragraph one Section 41, shall Not apply to assess able income arising before the date 1 January 2024"
Your suggestion for maintaining separate accounts for different assessable and non assessable funding source transfers into Thailand is not at all practical. The Thai remittance based tax is ridiculously complex from a book keeping perspective, including the fact that amounts “earned” prior to 12/31/23 are not assessable when remitted into Thailand in future years. I have pre 2024 savings and investments “earned” that will be sufficient to fund my life in Thailand for many years. Do I really need to keep 10-15 years of detailed bank statements and records and somehow prove the funds transferred are not assessable? This system is a complete debacle.
Can you recommend a reputable Thai accounting firm that will process tax returns for Canadian xpats?
Questions: Assuming I'm a U.S. citizen but a Thai Tax resident
26:06 based on the presentation of the slide and the monologue I'm interpreting remitted "gains" to include interest and dividend income. Is that correct? Interest & dividends are synonymous with "gains"?
27:19 - 27:50 seems like filing the U.S. tax return BEFORE filing the Thai tax return is the correct sequence of filing, because taxes paid to the U.S. on "gains" need to be known in order to determine what--if any--amount would be owed to the Thai revenue department. Is that correct? File U.S. BEFORE filing Thai return?
Or are there circumstances where a U.S. citizen who's a Thai Tax resident would need to file a Thai tax return first?
@@davidabushnell We apologise for not addressing your question, David. With hundreds of questions to handle, we can only answer a limited number during the webinar. We are processing questions as quickly as we can and have already posted two hundred answers on our website. We'll keep updating with more.
@ExpatTaxThailand Do you have a way some may donate or contribute for your time and efforts to help guide us through these tax changes for Foreign Sourced Income remitted to Thailand?
I have SS from the USA. Can I total up one year of this income and wire transfer it to Thailand? A wire transfer cost US $45 so I only transfer once a year to save the wire transfer cost. How do I guarantee the Thai government that the money is totally from my SS pension.