Incoming monies tax update. Health insurance for tourists… again. April 4
ฝัง
- เผยแพร่เมื่อ 4 มิ.ย. 2024
- Thailand news - An update on the new incoming monies tax for Thais and foreigners. Here's the link to the original story...
www.pattayamail.com/latestnew...
Also Chiang Mai AGAIN registered as No.1 in the world for the city with the worst air pollution, update on the Taiwan earthquake, another attempt at providing insurance for tourists who have accidents or die in Thailand, a British man dies near Pattaya in a horrifying domestic accident.
An alcohol-free Songkran? Really?! The dangers of vaping, and the rise of vaping students at Thai schools.
Tim Newton Today is daily news commentary about Thai and the region, including issues of interest to expats and travellers to Thailand.
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Read an article in the Bangkok Post today saying that Chiangmai is upbeat about air pollution.Why do they make statements that just expose how far removed they are from reality.
I 🤔 the Prime Minister told Air Pollution to go away.... problem solved ... 😂
@@ChupraCumbra that's about right.
My guess is that many of those rental shops doesn't have a clue of what a driving license is 😁
By law if you have a serious accident all hospitals must accept you. As we all know some hospitals don't abide by the law." Oh it's just a farang , who cares!! "
Thumbs up 👍 Tim Newton & Kev in Thailand
When I was younger, I planned to retire in Thailand. However, with foreign earned income being taxed (social security), Visa restrictions, quarterly reporting, reporting when you leave the province, required health care insurance, required to keep $800,000 baht in the bank, etc., I will just visit Thailand less than 6 months a year. There are many countries I can visit the other months.
Having to keep $800000 in the bank, is indeed a bit steep.
Yes, there are many other country's you can visit for sure. But they are not Thailand are they.
The cost of roaming around other countries is likely going to far outweigh what you may pay in tax.
Panic is not your friend.
That's the best way to do it, Thailands a wonderful place to spend retirement time , but is not ideal to retire to (more so now). Dad has done
Thanks Tim!
NZ covers tourists with its AccidentCompensation System,and that works out fine for injured tourist requiring treatment or hospital care
The main thing about the tax regulation is Will the Thai Government honour its no double tax agreements on pensions and savings
Sorry but that's not the main thing
if you're talking about savings and investments then they already have clarified the situation (DI Paw 162) but if you think a DTA affects tax residency then you're mistaken. If you're tax resident in Thailand and have already paid UK tax on pension income (I'm guessing that you're a Brit like me) the way it works is that you have to pay Thai tax and reclaim the UK tax. That's consistent with the DTA - a DTA doesn't affect the fundamental basis of tax residency it will only protect you from paying UK tax not give you a reason not to pay legitimate Thai income tax. In any case you will possibly find it to your advantage to be in the Thai tax system (I have).
But about savings, how is that defined and how do you prove it is savings according to that definition? And what if you both have earnings and savings in your home country that goes into your bank account, then you transfer money to Thailand, did you then transfer savings or income? Or what if you earned money 10 years ago and put in a bank account, then you transfer it into Thailand, how do you 10 years later prove this is money that has been taxed already?
This is so unclear.
@@fredhogg4361 For me as a Swede there is no advantage to be taxed by another country. My tax can never become lower because of that.
Whether or not my income is taxable by Sweden is not affected by if I am taxed in another country,. However, if two countries claim tax from me I will have to pay the highest tax any of the countries request.
Therefore my tax can never become lower if I become tax resident in another country. If UK have the same laws I have no clue about though.
@@magnuszakrisson tricky questions but looking at two Departmental Instructions DI Paw 161 and DI Paw 162 might make it clearer for you (especially DI Paw 162). Here's a link for you > . Two important points for you to consider (1) if you become tax resident in Thailand by virtue of being here for more than 6 months then it's proper to exit your home countries tax system and join the Thai tax system by obtaining a TIN (Tax ID No) and submitting tax returns. You should obviously also order your affairs to be as tax efficient in Thailand as you can as no one like paying more tax than you have to right ! As I understand it DI Paws 161 & 162 makes it clearer that any overseas income you get that you remit into Thailand now gets taxed in accordance with Thai Tax law. Personal income tax is on a progressive sliding scale that is (in my case as a Brit) lower than my home country rates and also has more allowances than my home country .. so I'm better off being in the Thai Tax system but you'll have to do your own arithmetic. So I hope that's clear about current income. In respect of past income that you hold as savings or investments I am led to believe that all you have to show is that you had these savings prior to 1/1/2024 (that is if you enter the Thai tax system for tax year 2024). So when you do your 2024 Thai tax return in early 2025 you'll have to separate income (what you earned and remitted in 2024) from savings transfers (that you possessed prior to 2024). I don't think it'll be that hard to demonstrate it to the Revenue department if they ask for it (they did ask me for some evidence and my explanation was accepted without any hassle). In my case I do have investments and savings from a variety of sources such as house sales, savings and investments and my accountant tells me that I don't have to have too much detailed evidence on it's origin as it's automatic ally not income according to DI Paw 162. I trust her advice and it seems sound - if I can show the entirety of my pension income is 'X' and I bring in more than 'X" then I'm bringing it in from savings etc so it couldn't possibly qualify as taxable income. Helpful to bear in mind that we're subject to INCOME tax not a savings or investment tax. Hope this helps - don't overly worry about this and please bear in mind I'm only speaking from personal experience and I'm not a tax specialist (even though I might occasionally seem like one).
What the heck is going on? Seems like the whole area is on fire
The photo Tim showed is very deceptive because if you reduce the scale, the red areas decrease.
Well, don’t assume that glass doors or windows are tempered as would be in developed countries today. In the 1970s sliding patio doors were still plate glass, folks I know walked through them getting severely lacerated.
How many folks you know were prone to walking thru glass doors?
Barry would be a good addition to the show 👍
Keep in mind that there are many deductions for things such as medical insurance premiums, life insurance premiums and house mortgage interest, just to mention a few. There's also the personal allowances of 60,000 Baht for yourself, and your spouse. 30,000 Baht for each child and even a deduction for parent care. And you aren't taxed on the first 150,000 Baht AFTER the deductions are applied. If you're married with no children, you and your spouse together won't be taxed for the first 270,000 Baht. Of course you should consult a knowlegeable tax preparer for all your details.
I do not have taxible income because I am disabled 100% in the USA. I havnt had to file taxes since 2008. If Thailand forces me to pay taxes. GOODBYE THAILAND !!!!
same boat
If you bring foreign monies into Thailand is a big enough amount, you'll likely be liable to pay taxes on it. Thailand is shooting themselves in the foot with this money grab.
Bye.
If you owe you owe. File bro😂😂😂😂
Thanks as always Tim
Storm in a tea cup this Tax thing !!
In all likelihood yes.
I have been paying tax on remitted foreign income for 6 years now. This last tax year i paid a little over 2,000 baht in tax. Unless you are in the super rich spenders bracket, it's not worth getting all steamed up over. "Relax, pay your income tax!"
Agreed.
Thanks
Can you kindly share how much foreign income you sent over for only 2k in tax. If not, it’s ok as not really my business?
@@Tony-eb5kharound 366,000 baht.
@@ewooll thank you 🙏🏻
Can I ask, how much of a paperwork nightmare was it?
Thank you Tim 🙏🏼
Thanks for the analysis.
Thanks Tim
LOL trolling Kev is fun
Make it compulsory for tourist to have at least accident insurance
The same as compulsory drivers licences!!!! 555
Personally I think if everyone entering Thailand on a tourist visa was changed a small fee of BAHT 1000 to provide emergency medical care I would be up for that. I always have travel insurance but that doesn't mean I'm covered, insurance companies are out to not pay and will find any excuse not to do so
I do not disagree with you when it comes to insurance companies, but why do you have faith in the Thai government when it comes to honoring payouts for emergency medical care?
@@thesteveman if implemented correctly would be great, I do fully understand what you say ( f the tourist and line my greedy Thai pockets)😫
Travel insurance is fine as long as you don’t just pick the cheapest one, most people have problems when they hire motorbikes in Asian country’s without a valid motorbike licence and ride around drunk with no helmet and inevitably end up in hospital. You can’t blame the insurance company’s for not paying out in situations like this.
@@testicool013For every person that deserves to be denied cover the insurance companies deny 100 legitimate cases due to the smallest of technicalities deep in the fine print. They are in the business of paying for their shareholders’ next super yacht not in the business of looking out for their customers.
Yikes, they must not use safety glass in their doors in Thailand. Nice to know.
Exactly what I was thinking. Wouldn't happen in the US unless the door was pre 1977.
Haha! Tell Kev that I want to keep seeing the air quality issues! 👍
By what I understand if you brought in any money before 31st Dec 2023 then you won't pay any tax on it, so at least that makes it very easy for the future because you only need to work out if you need to pay tax on what is taxable after that date and not everything is taxable that you bring in. I think it's mostly targeting earnings, so if you get money from investments, a business, crypto etc and you are here for 180 days or more then theoretically you would need to pay tax. But by what I read there is no tax on pensions/savings of yours that you bring in.
If you are in Thailand less than 180 days in an income year you should not be taxed from money you transfer TO Thailand that year as far as I can read.
Nothing is taxable what you bring in to Thailand if you only live here 180 days and then go back or stay our of the country for the rest of the year. But thats normally not the aim for an expat living here who has no other options. Where should he spend the other 6 months? Just to get rid of being taxed?
No tax on state pensions.
@@thethailandlife who says that? I was told that if you have not payed tax on your state pension in your homecountry then you pay tax in Thailand on the yearly sum you transfer from the pension if you stay more than 180 days in Los. I have state pension + the pension from my former employer, as I am living here in Thailand and have no residence in my homecountry I am no more tax resident there and I don‘t pay tax there anymore. Now I am tax resident in Thailand. If I was stoll (tax) resident in my home country, had an adress etc. I would have to pay tax even on my entire state and private pension in my homecountry.
@@thethailandlife It's incorrect to say that there's no tax on state pensions - it's income and subject to Thai tax rules.
Especially for you kevinthailand 😂😂😂 Love it, keep it up lol
I don't think the polution is from forest fires only. There is a huge industry in Asia that produces charcoal. Then there is the general burning of leaves, wood, and trash. It's going take an enormous cultural shift to end this.
Great point
There is no industry to speak of around Chiangrai and yesterday the pm2.5 was 0.1 lower than Chiangmai.When it rains any industry will still be around but the air quality becomes good because the fires go out.Doesnt take any working out does it.
Singapore had it's smoke/haze issue due to fires in Indonesia. Governmental cooperation between Singapore, Malaysia and Indonesia with funds, incentives and legislation for farmers have solved the issue. We have no more smoke/haze for the last 10yrs.
e-smoke NOT have healt problem, normal cicarette have lot more problem to healt, why not banned cicarette, why only safe E-vape need banned, this all case have only cicarette corporation loppers made corrupted idiot bann.
The article could be more accurate (again). There is clarity about the precise status of double taxation treaties. Over 67 international agreements addressing local laws and regulations, called treaties! Ignoring them doesn't make them invalid.
Yes but you have to understand a few things about DTA's and how they operate as you're unfortunately making some incorrect assumptions about DTA's. (1) Yes they protect you from being double taxed (2) however that protection arises out of your tax residency status. (3) if you're in Thailand for more than 6 months you automatically become tax resident here and become subject to Thai tax law. (4) Thai tax law doesn't tax you on foreign earnings like some regimes do (hello USA), (5) the DTA actually protects you from home country double taxation not Thai taxation, (6) As a Thai tax resident you enter the Thai tax system and pay the correct amount of personal income tax then obtain a Thai Tax Residency Certificate and submit it to your home countries tax authority who will then reimburse you and zero rate you for tax this ensuring that you're no longer taxed at source on income earned in your home country whilst subject to Thai tax law by virtue of your tax residency here. (7) the better question to ask is whether your home country abide by the DTA not Thailand.
Was in Thailand less than 180 days last year and transfered a bunch of money into Thailand. I will do the same (less than 180 days and transfer money) this year for another couple year's living expenses. I get taxed on my savings account interest but that's way, way less than getting taxed on everything brought in. My wife and I can live comfortably on 500,000-600,000 Baht per year.
300k each / 365 = 822 Baht a day. Ok if all the big ticket items are paid for. Retirement is great. Everyone should try it at least once in their life.
If you only live in Thailand for 6 months then 600‘000 should really be enough this is 3300 baht / day
2:44...that crane's never going to hold up that building!😁
Consulting tax experts will not help when no one really knows, if you consult several you will get several different answers and several bills for the services but no clarity. I have an LTR visa though and are exempt for tax on foreign incomes.
The proposed law mention residents of Thailand most long termers are on non immigrant visa’s for retirement or marriage which offer no legal residency so I doubt they could tax anyone on these visas
Yep.
@@testicool013 Of course they can tax people who live in Thailand at least 180 days per year. But there are a ot of uncertainties about the details of what incomes and in what way. Most people with just a pension will likely to be quite safe but for other people there are no clarity and that is the problem.
@@testicool013 Of course they can tax people who live in Thailand at least 180 days per year. But there are a lot of uncertainties about the details of what incomes and in what way. Most people with just a pension will likely to be quite safe (due to double tax agreements) but for other people there are no clarity and that is the problem. The only visa that protects you is the LTR visa.
@@magnuszakrisson but if they class people who stay longer than 180 days a years as residents that has a lot of implications for people on 12 month non-immigrant extensions, I’d pay tax why would we have to keep money in a bank to renew visas for instance, if I pay tax here I want free medical like thais get
Really I think Thais always wear helmets all the time 24/7. I have never seen a Thai without a helmet in fact. (Sarcasm)
It's good Thailand is concerned with reducing smoking. I wonder if they have talked to the Thai Tobacco Monopoly about the issue...
I have notice that tobacco growing seems to have increased this year in my area.
Thanks Tim. Yep agreed get Barry on the show! 🎉🎉
Thanks Tim for tax updates
not help anythink what need do new idiot income tax system. what papers need how take papers you old homecountry if has live 10 year in thailand and no any contact to homecountry, or what papers need homeC and Thaialnd and what need do thailand tax office or what if not want pension salary go tax double tax idiot sysytem
6:10 I just got stopped at a checkpoint in Pattaya on my bike with a helmet on, but I forgot all my papers (passport, license, etc) at home. One cop said leave 500 baht under the seat, then walk over there, and come back. The 500 was gone and he said go on your way.😮😮😮
😀😀😀
Should have told him no, but there will be 200 Baht under the seat. If he complains, tell him to write you a ticket. It's a lot of work for them and they would receive really nothing from the ticket. It's basically a take 200 or nothing proposal for them.
@molonlabe9602 They tried to scare me with 1,000, .....but I know it's better for THEM to get 500 without doing any work than go through the work and get nothing for their POCKETS. The cop I talked to was white and from England 🇬🇧
Funny thing is 15 years ago it was 20 baht, inflations a bitch
Why did you not have your papers?
Thailand's economy is falling behind other Southeastern Asian countries
As we reported yesterday
Notice air quality went backwards in northeast along the Mekong around nongkhai area,over in Loas much worse.
Tim, a lot to unpack here. Tempered glass is not the standard in TH. Should be and certainly the more modern construction specifies that. It really is a life saver. In terms of tax, I think that it would absolutely apply from a tax treaty, if any. You give good advice. Don't take a wait and see attitude as that might work against you, especially if you have put down roots in TH. And anyone that does not seek out proper (and not online) advice from an accredited and legitimate accounting firm, well, its at their own peril. Great and informative video. Thanks!
How much tax will be levied at what levels? At what level will taxes start? At what levels will the tax percentages rise. My goodness, there is really no information available at all. If I am not taxed in my home country UK, then will I be taxed in Thailand? Will people be able to bring g in wads of cash from the UK and avoid transfer taxes?
A disaster waiting to happen!
The tax rates are published and easy to find. Not difficult
Yes, if you havent been taxed in the UK, and live here over 6 months, then you would be expected to pay tax, as you would be deemed a tax resident of Thailand, to contribute towards things like roads, pavements etc etc. If you leave the UK with more than £1500 cash, UK customs can ask for evidence on how you earned the money (as you are departing the UK), and if you cannot proved the evidence, they can seize your "wads of cash"
There is a massive amount of real factual information available. Where have you been looking? Try Sherings or the Thai Revenue (english language) pages just for starters.
What about if you have an Aussie Gov pension, surely they cant touch that !
there is no money to be made stopping fires otherwise there would be no fires - pretty simple
I love the air quality update. Thanks Mr Tim you may have saved my life I suffer breathing problems sk stated away ftom bad locations.
I have already started planning my exit from Thailand. Not gonna pay Thailand any taxes. Gone by end of month. Will visit often for shopping and partying but will take my monthly spending to another country.
You pay taxes in Thailand every time you rent a room, a car, buy a drink and a meal, or a bottle of water at 7/11. So stop complaining.
I've already cut down. No more than 180 days per year.
I'm only worth $10,000,000....
That's the way to do it! Stick it to The Man! 💪 🤣
Whinge whinge 😂
@@ChupraCumbra No one plans to fail, but many fail to make plans. Some of these brokies (pensioners and lowly paid expats) think we are doing this to somehow spite Thailand when we're just protecting our assets. I guess they have no assets to protect so they will never understand. They're very likely living on very tight budgets and have no medical insurance. Thailand on a shoestring as always. Sad. These are not the types that Thailand wanted to keep. They are chasing away the very people they want to attract (high net worth people).
Obviously thailand does not always use safety glass in showers.
😂😂😂
Survey says.......
US tax laws are incredibly complicated. The Thai government needs to publish a simplified set of rules for taxing foreign income.
Will Social Security payments or pensions payments sent to Thailand be taxed?
Yes if they haven’t already been taxed in your homecountry
Can't call that Pattaya Mail article an update in any way.
I just got my Thai Tax ID Card. Reason is simple. My foreign income has not been taxed prior. So, since January I have to pay taxes here on all money I send to myself in Thailand. Quite clear, actually.
If the money you transfer was earned in a year you were not tax resident in Thailand, no tax has to be paid on those remitted funds. But the burden of proof is on you for this... and when funds have been comingled in the same account good luck with that...
There are also other exemptions to income tax, so perhaps before one simply starts paying, perhaps see if either the source funds are eligible for exemption or you have a method of reducing you tax by for example using a gift to direct family members.
Each case is different, thus there is no blanket advice that covers everyone.
@@mikes7415 Your comments are all correct. I will of course use all possible reductions, exemptions etc. when I file for my first Thai taxes, next January. All I did now was getting the Tax ID.
So you just handed over a bunch of cash to the Thai government for nothing in return...How generous of you.
How does it affect money taken out of a ATM from a foreign(UK) account?
It doesn't ..... but if you're tax resident here and are in the UK tax system it's to your advantage to come into the Thai tax system. See the other posts below about the advantages of doing this.
If you get drunk, it helps to splash water in your face. Seems to me alcohol and Songkran are a match made in heaven…😉
No fires in China on that NASA Firms satelite image ... very impressiv
The tax issue needs to be settled. You advise people to go see some accountants. This may seem the thing to do, but the simple truth is that people have mostly no time for such hassle or bureaucratic adventures. Besides having to arrange affairs in Thailand, it may also have to be done in the ‘home’ country. Maybe for some business-oriented persons this all is part of life, but certainly most retirees can do without. On a side note, it would have been a good idea for people to have transferred money for a few years in 2023 to delay confronting this issue.
Don’t waste your money, neither accountants nor attorneys know the answers at this point in time it’s all as clear as mud.
I have met with two different tax accountants in Bangkok and the 'reality' is that they themselves dont really know exactly what is going on or going to happen. Luckily (as you pointed out) I played safe and made transfers at the end of last year. But, as I see it, the 'safe' option now is not to bring monies into Thailand for the time being.
I did the side note last year, while not being in the country for 180 days. I'll do the same this year as family matters will have me out of the country for a few months, plus I take about 6-7 weeks of vacation out of the country each year. The only "gotcha" is that you'll likely reach an amount of interest level in your accounts in Thailand that triggers automatic tax withholdings on the interest earned in all accounts. I think at 2,000(?) Baht interest, they automatically withhold 10-15% of the interest.
128 DEATHS Already on Thai Roads WOW!!
I was watching this live and thought you were talking about me as my channel is called Kev in Thailand 😂 only just realized its not from reading the comments on your latest vid. Bit sad now 🤣🤣🤣
Ha ha. Oh I’ll troll you if you ask nicely.
Yes I agree, no beer, lol. I'm tea total, and so are the rest of the people not 😅😅
Hahahahahaha, Thanks Kevin……………
What if you worked in Saudi Arabia, Bahrain, UAE etc which are tax free work locations - are the Thai Tax Authorities looking to tx these earnings when you transfer into your Thai bank account ?
I’m not sure and nobody does but if you don’t get taxed on this income then I think the rest of us can all just sit back and relax🤣🤣
No they're not - Google 'DI Paw 162' - previously earned income in other jurisdictions (regardless of the levels of personal income tax paid) aren't subject to Thai taxation ditto savings and investments.
Good question. I'm working in saudi and trying to find out also
@@chrisstyles7095 Hi mate I think I already tried to point folks at the answer to this question. Just Google 'DI Paw 162' if you want some info on the subject (DI is Thai Revenue Dept Instruction). The online guidance documents that Mazars tax professionals in Thailand make available on their website are very good. In a nutshell savings brought in from other jurisdictions (regardless of the levels of personal income tax paid) aren't generally subject to Thai taxation. Having said that income on the other hand is taxable when it is remitted into Thailand if you are tax resident here. I came in a few years ago after working in Bahrain/KSA/UAE/Qatar and am now in the Thai tax system with no probs and having made full financial declarations to them my savings weren't of interest to them .... they were however very interested in my pension income.
Farangtax ❤
Free Money. Why not! A few might leave but there's plenty more coming right behind them. Did you hear that sound just now? Another Boeing 777 just landed at Swampy .
Here in Krabi only little plastic smell by night otherwise perfect 🤩
What if it's simply not income? In my case, my money is all from inheritances (not taxed in the US) and I have some investments from an IRA distribution from a company I worked at until 2018 (already taxed long ago). I have no income. I am having trouble believing that they want to tax the money that I bring in as a retired guy just to live, money that is not "income" in any way.
Savings and investments aren't income - but interest on them and gains from increases in share values might be depending on your personal circumstances. If you're a US citizen then you'll already know that the reach of the IRS is long and that you can't escape their clutches as as for but bringing in savings to Thailand worry ye not. It doesn't create a tax liability in Thailand providing you can show that you got it prior to the 2024 tax year which should be a simple thing to do - providing of course that you decide to enter the Thai tax system or you reveal your existence to them but you have no incentive to do that and they have no reason to bring you in. If you're still bothered you could try Mazars online for Thai tax advisories or go google 'DI Paw 192' which is a Tax Dept Instruction issued by Thai Revenue in November last year on this subject or get some professional help ..... possibly a better strategy than asking random blokes on TH-cam ;-) Best of luck.
Until the tax treaty is renounced and reworked nothing will change and the tax experts are talking out of their hats.
unless your next EoS application at IO will not been granted because you can‘t show your Thai tax ID 😉
Yes, because us "Tax Experts" usually get new clients when HMRC and the like have caught up with the tax avoider, and we see the "heavy" fines that HMRC and the like can impose, but no, were talking out of our hat.
@@susanzimmerli5178 Has that happened to you?
@@Paul_in_Thailand Tax avoiders have nothing to do with new taxes. How many hats do you have?
@@southpaw1755 Well I don't really know much about tax compared to you, I mean, what does a qualified Accountant with his own practice know about tax? We just talk out of our hats. We never have to deal with HMRC inspectors and see the impact they can have on peoples lives, we just talk out of our hats for the sake of it.
I guess, if the tax burden in which a person had to pay, was higher than a credit card transaction/cash withdrawal, your not technically bringing money in??? Not that I have a credit card....555 Just a thought
How about no ice in the water ban? This is water that is being thrown on Songkran participants banned
Being careful and sensibel in the traffic is obviously good advice, but I can't help thinking about the numbers here.. How many of these injured or dead tourists were actually driving themselves?
There is a bus accident reported almost every week with tourists involved. And, recently there was a conference addressing marine safety - not without reason I suppose. What are the proportions?
Nearly every week? Exaggerate much?
It is probably less than 2% of the body count. Might have to change those Depends. They are probably soaked.
I would like to visit northern Thailand, when does the air pollution clear up?
April
Visibility Less 200 meters
Can't wait for the 'Austrian x taxi driver' report tomorrow!
vaping, smoking, air pollution. thailand got a smoke problem. where is the fresh air?
South
Everything here one should just use common sense. Please respect Thailand, its citizens, customs, laws, and the environment. Thank you, Tim, for your overview and commentary. 5-Star Marine, great experience. 👍
I worked very hard to get my pension. It’s taxed in America 🇺🇸 and is put into my American bank account
Thanks for that information.👍 What did you have for breakfast?
@@jeffbeck8993 😂 Since Gill is American, I'm guessing fried eggs, bacon, hashbrowns, toast, and pancakes with lots of butter and maple syrup. The healthy choice!
@TheNorse01 Yes, we do.
@@jeffbeck8993He's an American, so I would guess lots and lots of food.
With each news story on this tax thing I continue to be confident that my pensioner LTR visa will shield me from Thai taxes. I’m still waiting though to see if I need a TIN and whether I need to file anything only to not pay anything. I would think not but still . . .
'can dissipate a lot more easily' pray tell what magic exists in the the Philippines.
Wind
philippines have totally worst country live than thailand.
Don’t declare the money and keep as much as you can in overseas accounts. Not difficult 🤷♂️
Not difficult but risky and quite unnecessary
Like they say formal tax law didn't change on 1 January 2024, there was simply a closing of a tax loophole regarding when you bring money into Thailand. Expats have always had to declare their overseas income, after all most of us were bringing in pensions in the same year as earned, but most of us didn't file tax returns and the tax dept never chased us up. Why will they now? The tax dept haven't mentioned anything about us filing tax returns because maybe the status quo will be allowed to continue and thats why they're not saying anything because there is nothing to say. What I do know is its been great click bait for TH-camrs and been great business for tax accountants scaring us all into us seeking advice.
What I have found out is if you have money earned before 2024 in savings in overseas countries you are exempt from paying taxes on that when you bring it in after January 2024. I thought that'd mean showing all the money you bring it on your tax return then proving it was earned before 2024, but it seems you just don't need to declare it at all. I guess if the tax people came at you you'd need your proof then. I know from Australia that income tax is still a basic honesty issue, your are responsible to declare your income and if you say thats it they believe you until they have reason to doubt you....its then your'e in deep shit.
I'm taking a wait and see approach, don't go wasting money with western/expat tax accountants who will only say if you're classed as a resident in Thailand then you have to file a tax return and you are and you bring your pension in but you have this double tax treaty so for 8000 baht (which is what they're quoting) we will do your tax and there will be little if nothing to pay. Of course they'll tell you this, it's a huge windfall for them!
Indeed, nice one. For those working here/business visas, etc., they're already in the system.
Looking at the low number of foreigners on long-term visas/extensions of stay, never mind what their economic status is, as the saying goes, government drones aren't going to chase up OAPs for a paltry amount of tax revenue a year. Not to mention dual taxation treaties Thailand is party to excludes many as it is, reducing the potential pool of tax revenue even further. Thailand can't be bothered. "The juice isn't worth the squeeze".
You may want to read the double tax treaty Thailand has with whatever country your income is coming from if you’re tax resident in Thailand…
I would support an alcohol-free Songkran for sure.
willy-nilly
i bet the local 7/11's well be stocking up with cases of beer. its all about $$. i walk softly but carry a big stick mostly for the farangs
Do Australia really write monies😂
Alcohol bans are so dumb. People just stock up with more, before the ban takes effect. Still get drunk. Still do dumb things. Alcohol can be bought very easily, everywhere. So it's not as if it is a difficult thing to buy in advance. Also, all those tourists they are seeking to entice for the water festival, who I assume weren't here when they asked the question for the survey, would be very upset to find their once a year big blow-out vacation is going to be dry.
During the COVID alcohol bans I never went without
Yes. I bought alcohol 7am this morning. 😂
Tax;- clarification in July? But have to leave before 27th June 2024, not to be tax resident, if you've been here since 1st Jan. Or not come at all until July 7th 😊 That's clear already!
If you are considering to retire in Thailand now or in the future you need to transfer your savings BEFORE you reach the "Residen in Thailand" status of +180 days in Thailand for an income year.
Many need to bring savings for a house or like.....so if you transfer before you get the status of taxable in Thailand it seems you should have less troubles.
Or do I read wrong?
You read Right bro.
if you're going to transfer hundreds of thousands of dollars in, maybe go and live in Vietnam for 7 months and save 1000s of $$$ in tax.
I am in Hanoi now finishing up my 90 day stay. I am working my plan to stay out of Thailand 6.5 months. I stayed in 7 cities in VN in 90 days... loved it! Off to Malaysia soon and then USA...for business and family. Will do this for 2 years.. and probably leave Thailand for good... My American accountant agreed with my plan after I explained what LOS is doing. So glad I didn't build a house or have a wife/ kids there!
@@desertsky4899 fire your Accountant.... Thailand has not said what it is doing yet.. hahaha 🤣
So lets be clear: If a Thai who lives abroad sends money from his income to his family living in Isaan every month (what is and always was usual for decades) the family now has to pay taxes?
If that money wasn’t taxed before it was sent, which it most likely is
@@timnewtontoday I agree of course, but now it has to be proven to the tax authorities in Thailand through a copy of the tax statement from abroad?
@@susanzimmerli5178 Yes but via a Tax Residence Certificate (TRC) from the country where the Thai worker is tax resident in. TRC's are internationally recognized documents relied on by Tax Authorities all over the world.
@@fredhogg4361 well good if you live in a english speaking country all other get their TRC in the „homelanguage“ so those have to be translated from embassy and certified for thai tax office… just saying
@@susanzimmerli5178 I'm not sure what you're trying to say. Let's suppose the Thai worker is in the UK then they'll get an English language TRC. If the Thai Revenue dept only accepts Thai language TRC's then yes that would be true. The same applies in reverse for Thai TRC's though doesn't it ? My TRC was in Thai and I had to get it notarised and translated by a public notary to submit to my home country Tax authority. The only difference is whether the home country tax allow for TRC submission in another language and the cost of getting a notarised translation in different countries.
I was told by locals that nobody pays taxes in Thailand, no local worker, no farmer, no employee . Out of the 70 Mio Thais perhaps 1% pays oncome tax 😮 Is that really true? All other taxes only come from foreigners (Investors etc.)
Could not be true. Absurd exaggeration. Why are Thailands roads so good? Why is the rubbish collected? Why are new freeways built? Because people pay taxes.
Well, why do you think they’re coming after foreigners? Because we are the biggest suckers around. Tim is having to pay his tax on his little bungalows. The girls in Nana are pulling down 200,000 a month tax free🤣 oh yeah, they have a tax ID number🤣🤣
Not true. Lot of office workers in those skyscrapers in Bangkok, Bank employees, workers in malls, chain restaurant workers, etc. Most, if not all of those pay taxes. Lots of people don’t also, like fresh market sellers, day laborours, etc.
Everyone pays VAT. Probably a bigger earner for the Gov than income tax.
Nobody in the entertainment business pays taxes. Police included. Tea money? Well that’s a different story.🤣
Why not go to the tax office and ask them
Chiang Mai - San Sai
05.042024
09:00
Rename kev in thailand report.
i was going to purchase as air purifier this morning but they would not promise a money back guarantee? what's up with this here? in America its satisfaction guaranteed.. its impossible to return anything here. shows no confidence in the products they sell
Warranties and customer respect are different in Thailand. Try buying at a big company such as Power Buy or a Robinsons. They usually give a 7 days return policy. Places like DIY give a 7 day exchange policy. I bought a Philips (3,500 Baht) purifier at PowerBuy and it works good. I watched reviews on TH-cam and decided upon the Philips.
Not much is guaranteed in America even when they say it is. I spent a decade running a retail store. We had 1000 ways to say no.
The AQI updates are so informative. I wish there was an app for my phone, if I was so inclined to get my daily number and to see a map of red. Please update us everyday until the burning season ends. Maybe save this fascinating info for the grand finale, end of the show.
There are a few apps. The one I use here in the USA (plume) covers the whole world, except where they don't have access to the data.
So we need to ban glass doors and alcohol!
No, that would be America.
and income TAX need too ban
✌
Go to speak to tel or three accountants? I think all that will achieve is two or three bills and two or three different opinions
Well there’s that. But I wouldn’t rely on one opinion if this has the potential to upset your Applecart.
I agree with you, that would just be a waste o money…what we need is for it to be made clear the process & procedures & who it actually affects by the Thai Government
No go to the revenue department and register, I’ve done it, and it’s just that simple, yes I’m liable for taxation, as a UK resident I’m also eligible to obtain double taxation relief, do I pay additional tax here in Thailand, I’ll not say how much, but yes, the revenue are taxing my transferred income. Do it now and save yourself fees from the lawyers and accountants 😮
I couldn't agree more Richard - I've had the same experience (see above - we simposted on it)
Why should you pay tax in Thailand when your income comes from a cou try with double tax agreement? I guess tax in GB is higher than in Thailand.
@@JensMichaelCramer Hi Jens you're misunderstanding what DTA's do like a lot of people (me included up to about a month ago). They prevent you from being double taxed but they also make it clear that the way the protection works is that (1) you are expected to be subject to the taxation regime of your country of tax residency and (2) your home country should not levy double tax on you for this income and should refund you on demand (I'm paraphrasing a bit). You can avoid tax at source in your home country by obtaining a Thai TRC and sending it to your home country tax authority. Yes tax in UK is higher than in Thailand (and you get more Thai tax allowances than in UK as well) so I'm better off ..... I suspect that any European would be the same but Americans might not be so lucky.
@@JensMichaelCramer it’s best for you to visit your local tax office, with a translator, present your income and the tax office will be able to explain to you your estimated income tax, each of us has a different country from which we derive income from. They are incredibly helpful so don’t worry, you’ll come out in control of your future taxation. Tim is well meaning, but he has a professional team behind him to do the job for him. I simply wanted to establish my own personal income tax and that is why I sought the tax office explanation
You may be able to beat the tax this way by using a Wise account. Your Thai wise account has no bank number so put money in your wise account and use your wise card for purchases in Thailand. Use cash only when you have to.
You can but the law says any monies brought into Thailand by bank transfer or digital means needs to be declared which is what a Wise transfer is. But its correct its not going through a bank account you own in Thailand so how could they know, but it is tax evasion which is a serious offence be warned. You could pay your rent to your landlords bank account direct by Wise and unless they audited them then traced every tenants payment to find out who it came from which is highly unlikely they'd never know. I heard others say use Wise to transfer into your GFs account as she probably pays no tax.
If you have a Thai spouse you can legitimately gift her up to several million Baht each year as it is not deemed to be income by the Thai tax authorities - it's not that she isn't a tax payer it's genuinely tax exempt.
@@fredhogg4361 Useful info thx
@@fredhogg4361Yeah, great idea, give a Thai girl a few million Baht, that will end well😂
@@Redcouriercat maybe not everyone got hitched to a bar girl like you mate 555
Your crazy to not have insurance and omg farangs on bikes 😂😂
No shirt no shoes no helmet 🤦🏾♀️
Don’t forget the belly full of booze from the drinking session they’ve just been on before driving home 🤦🏼♂️
@@addamr2052😂😂I’d get a shot for that bumpy helmet 😂
Hi Tim. You kindly advised to go to motor show can stop at don Mueang airport via red line train, update can take the pink line to Si Rat PL09 and they have shuttle van for 15 thb there hope someone finds useful
Thank you
You need to be drunk to truly enjoy SongKran 🍻 💦 🥳
songran NOT need drunk, need be law NO ALCOHOL all songran time 1-2 week all closed better.
buy the bed allready ..hihi