"Clarification" For Foreign Retirees Regarding Taxation And "Paradise"?
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- เผยแพร่เมื่อ 25 พ.ค. 2024
- #Retirement #Thailand #Tax
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Talk about the infrastructure here and the retiree is not paying into it. You speak of the road between Bangkok and pattaya.. That's a toll road. I pay for that every time I use it. You talk about the airport. Every time I fly in and out of there I pay a tax on my ticket that goes to support the airport. My water bill has a 7% VAT tax. So I pay into the infrastructure of the water. Also my electric bill has that. So I am paying into the infrastructure here. My 150,000 baht monthly budget supports countless thai people.. I spend more than 5 typical Thai families every month... I had intended to transfer money here and purchase an acre or two of land and build a house. Which would in turn support construction workers and such. Because of the uncertainty I am not transferring any money into the country except for exactly what my expenditures are... You are working here you should be paying taxes. Those of us that have retired and are not producing any income so to speak should not be paying income taxes here...
you left the bulk of your capital investment of past tax in infrastructure back in your home country, and there you would still pay ALL the fees you mention , for the ongoing use of that same infrastructure, now you want to go somewhere else and just enjoy the fruits of other peoples capital contribution to their own countries infrastructure and only pay the minimal use fees ? Does not work that way if I emigrate to the US or UK, why should the Thai government treat you better your own country did ?
I don't produce any income now. So I do not pay any taxes in my home country. Here I pay a use tax. VAT. That goes for infrastructure and government expenditures. income tax is exactly what it is. Income. I have no more income. I only have money in the bank that I am sending here incrementally. That is not income. And should not be taxed by Thailand.
I was going to write a long comment but you pretty much covered what I was going to say. Thank you. I won't be paying taxes on money that has already been taxed at home. I don't care if the Thai army comes and tries to collect it.Thai families could be the biggest losers here if they want to push this too far. Paying the tax for an airline ticket out of the country will be the last money grab they ever get from me.
@@bluedogozwoofer6737I would of thought the $500 or so per year in residence visa fees would cover the infrastructure that foreigners actually use there, not sure the average Thai would be paying more than that per year in income tax.
I paid taxes to earn my money. I then pay the US because I get too much retirement. I pay a tax to consume products. Everyone is looking for the sucker at the card table. But I still can avoid taxes. And so I will.
Retirees spent money in Thailand to pay for their services they enjoy. We help the economy more than the average Thai. We spend a lot more than them. Most Thais do not even pay Tax and they have jobs. For those services we enjoy we pay VAT. Thailand should spent the time fixing there own tax issues with getting their own people to pay tax on their income rather than go after retirees.
Given that almost half of the year is over and we have no clarification on the tax changes, I am waiting for a U-turn or at least a delay on implementation until next year. No one can do any tax planning when there is no information.
There is information. Tax planning can be done, as stated in the video. People like you have just unilaterally decided there is no information. There is, but everyone's case is different and gaining the necessary insight often requires the advice of those who deal with these issues constantly.
--BWH
@@IntegrityLegalThailand Indeed, I've done my planning which is why I'm sitting in Phnom Penh as I write this post.
The legislation should be clear, precise and enacted before 2024, otherwise it's just speculative and retroactive BS, it would also be unconstitutional in the real world. It's pretty clear they didn't have their "ducks in a row" when they announced it last year.
@@letseat3553 spent a month there to see how I liked it and honestly I could see myself living there half the year. Really enjoyed it there.
6 months only a year in Thailand from now on.
Sorry, but you are just flat out wrong when you say that Thailand has the best, most affordable retirement visa. I don’t know where you get your facts, but you’re wrong.
Here in the Philippines, my SRRV expanded courtesy retirement visa cost $1400 for the application, I had to deposit $1500 in a Philippine bank, the annual renewal cost is $10, and I can remain here until the end. The minimum income required was $800. And most importantly, the Philippines DOES NOT TAX FOREIGN INCOME. The Philippine Retirement Authority’s view is that retirees, whether using savings or foreign income streams, pump a considerable amount of capital into the country, which helps employ people and provides sales tax for the governments.
So, with the visa and deposit costs being comparatively very low and by not taxing foreign income, I would say the Philippines hands down beats Thailand.
Isn't Cambodia a lot easier than the Phils? At age 55, it's a piece of cake
You are 100% correct, thanks for the reminder.
@@juliohan5985is cambodia ok for law and order? i m not familar
yes, philippines seems most affordable and easy and no reporting requirement of TM30 and 90 days, also english widely used, how about law and order compared to thailand?
Seriously? Cambodia's retirement visa is MUCH cheaper and hassle free. It's 290 bucks and is multi-entry. No reporting every 90 days and Siem Reap reminds me of what Chiang Mai might have looked like 25 years ago.
How dare you make a common sense point!
You didn't touch on any factors that worry me. I probably won't be liable to pay tax. BUT: I read that we must get a TIN, Tax ID number... at the local inland revenue office, otherwise we will be fined. I want to know how to go about this.
Just telling people to "contact a professional" isn't what I call helpful information. I read through the latest 'clarification' and still don't know what to do.
The Philippines has a great retirement for US veterans
As a farang I pay farang prices (not Thai prices) to enter National Parks and islands, (some) temples, palaces and other "tourist attractions", along with farang prices for certain public transport like trains on Thai national holidays, as well as having been known to be charged farang prices at hotels or condominium accommodation...isn't that a from of taxation already, that goes towards maintaining the 'infrastructure'?
What about the money that each expat retiree brings into Thailand ?
This is spent through out Thailand.
The money costs Thailand nothing to produce.
It comes from the expats own country.
Expat retiree money all goes to help with roading, health etc.
Yes we are paying taxes that are added to our electricity and phone and internet bills and consumer goods we buy along with some restaurants Charging vat to the bill. Along with getting no bank interest on any money we need to keep to renew visa, Thailand is benefiting from us as well
@@Mikeydawsonthat's a bug bear of mine - zero interest on savings. A massive disincentive to lodge money into Thai accounts when in Australia I can get 5.1%.
Exactly. This point is never addressed. This is no small thing.
Another video with lots of words, but NO clarification. Just more click bait.
People want answers for the prime minister, because nobody else responds.
for or from the PM?
Yes. No clarification. As I watch more of this video the guys does not understand economic development when he talks about taxes. I hope he's a better lawyer than an economist. I doubt it. And by the way none of the services he's referred to are free. Toll roads. Railways. Medical care.
YOU did a vid 8 months ago saying not to worry, since then you have posted nothing but clickbait on POSSIBLE issue with taxes. Typical lawyer today, how about some concrete examples i.e. Americans and tax treaty, Brits and tax treaty, what is exempt what is taxable? You just keep recording BS with no new or hard info, so why do YOU keep bringing it up, you are part of the problem. And that BS on what taxes provide, effective police, really? How much of that infrastructure is paid for by sales taxes and other fees we do pay? Done with your stuff, too bad could have been a useful channel.
Airport: Paid by Airplanes and Passengers
Roads: Paid by Road Tax, Tax on Cars, Fuel
Parks: Paid by expensive access cost for Foreigners and half cost for Thai’s
What are you talking about???
A long commercial for his company.
Tourists Pay for everything they buy, places living, Health Insurance
Phuket is certainly not paradise anymore. It has been totally butchered by over development. I live very close to where the good King used to always have his holidays. The road out here has been vastly improved, however, the water has been cut off for the last 2 months. God bless 10,000 litre water trucks. Too many Russians taking showers. Every month I pay taxes, but you can be damn sure it will be always be cheaper than the Communist Australian/Chinese Labor Government. There are a lot of Thai National Thai run Thai Businesses who just do not pay any Thai Tax at all. Get a quote to have some work done, then ask for their Thai Tax ID & they freak out. Maybe its about time that the Thai Government target their own nationals for taxes owing & that way they wouldn't have to rely on screwing the expat community for their foreign national taxation gravy train so much.
Well I don't agree with you that as a retiree I don't pay in for service's.
I bring into Thailand approximately $40-50k USD every year and deposit that into the economy.
A local business is circulating money within the system mostly unless they are exporting.
Just my feeling on it in whatever foreign nations I either live or travel, I'm definitely putting something in.
Everyone pays tax in Thailand. Every time you buy something you are paying tax. Let's be honest about that.
Almost everything our hands or feet touch here has a tax component to it. I'm not going to make a list. Those that live here know this. Tourist also pay fees and taxes on almost anything they touch. These taxes do go or should go towards the infrastructure of Thailand.Taxes for retires is a hot topic.
Have a guess how much the local farmers, truck drivers, labourers etc pay in personal income tax each year to the Thai government in the village where I live?
They drive on the same roads as me.
How about this..... You work here or make money by living here you PAY YOUR TAX'S...... If your money is from outside Thailand and you can show it is...... Thailand should have NO RIGHTS TO ANY OF IT........... We paid our tax in the country we made it in..... Now we live here and you charge us extra for everything you can ....... want to go to a show extra you want to go to a park extra you want to see a live band or show extra........ So you get your money........ You should be happy we want to live here and spend our money here but you just want to gouge the H3LL out of anyone that is not THAI............. We see it every day........... So my advice to Thailand is....... Look to china..... SEE WHAT THE WORLD IS DOING TO THAT COUNTRY....... As they pulled the same thing to anyone not chinese.......... SO WE LEFT THE COUNTRY....... Look at it now....... Thailand NEEDS OUTSIDE MONEY..... If they did not have it they would be right back to where they were before we all came...... ANYONE THINKING THIS IS WRONG....... LOOK AT HISTORY OF THIS COUNTRY AND LOOK WHEN IT STARTED TO GROW UP......
preach brother!
latter part of this video was about an attorney who practices in Thailand delivering a self preservation speech..so obvious
We pay tax on our goods we purchase
Lmao we pay TOLLs for those PRIVATE highways
If retirees pay tax into Thailand would that give us the right to vote and the 30b government health treatment,,thats a good deal
Will not happen. They just want the money with no benefits.
555
Of course not, don't be silly. Any foreign workers can't vote either. We are guest anyway you look at it.
I know it was just a pun I get fed up with all the rumours and talk about this subject . lets just wait and see what happens when we go for a new visa . regards to all
Lol, good luck with that "proposal"
Think i already pay tax for services,v.a.t on my shoping and utilities,ie electricity,gas and water,i pay tax on the intrest earned on my 800,000 dead money in the bank,i pay porabor,road tax for our car,are these taxes not for paying the services i enjoy,need to have a beer and a cigarette now,more tax,thanks ben for getting me started again,regards.
Best not to sink capital into anything until things are clarified. No rush, just wait.
Absolutely no ‘clarification’ on retiree taxation in this video. SAD clickbait
Yes it did. Lol. Don't be upset if you can't connect the dots
What part of this video is difficult to understand? There is no "one size fits all" analysis for tax liability. There never will be. Every case is different. Why is this such a difficult concept to grasp?
--BWH
Lol. Even the tax advisors can't clarify for you
@@user-zg1qb9rs8m if you can post up your entire financial situation, im certain you will get clarification right here for your circumstances, but perhaps you would prefer to receive that advice privately ?
Uh, that’s why he put it in quotes lol. He’s saying there ISN’T a cookie-cutter answer.
Keep your head on a swivel with this. Consequences similar to not having the 800K or 65K/mo thing when renewing your Ret Visa will no doubt be there.
Hi there
If we have to pay tax then do be it , pay or leave that’s the options basically, but I wonder how many street vendors , roadside restaurants, builders labourers , bar workers , massage workers etc etc the list goes on are paying tax I’m guessing none of them , it’s only fair when everyone is doing it
I agree with the community. I keep hearing your videos point out foreigners are not happy about taxes yet are enjoying the infrastructure for free. This is totally off the mark. For starters, as pointed out and I thought about, people are bringing money from overseas. This is money instead of working in the foreigner's home country is now working in the Thai economy. That is huge! Second we do pay many taxes. I pay my Thai water bill, my Thai electric bill, I buy gas, buy food at Lotus's, Makro, etc, etc, etc. There are taxes in there that my money is going to help the government pay for services. I know many other Farangs that also own their own homes and have bought cars. They, too, are paying for infrastructure. We are not just skating by getting services for nothing. I recently had a family member go to the hospital and we paid way more into the system than Thais. We are taxed. Now of course it is up to the Thai government but going after foreigners who aren't working in Thailand is a huge mistake. We are bringing in money all the time from our home countries to buy goods and services and some of that is going to support the government while most is going into the Thailand private economy.
What I've noticed is that there is "never" a response from legal entity when one enumerates the number of taxes immigrants pay, where we pay them, and no one will acknowledge approximately money is being paid to The Revenue Department from all these sources. Please, Intregity Leagal comment on some ballpark figures. I have a feeling the numbers are huge, and if they are not, why is being dodged at every turn? How can anyone even think we're not contributing a decent share to this economy? And yes, I would like a reply.
So what’s the number? Still 35%? I’d rather move to a Greek island if I’m being taxed that much.
well if you consider to bring over 2 million baht for living then yes, but do you need to spend that much here in Thailand every year?
Perhaps you shouldn't have mentioned that those retirees/expats livinig in Thailand you worked with don't have to pay any taxes after planing it wisely... How can somebody plan wisely if he has to transfer money from his pensions from abroad (not taxed) for living in Thailand, which is 1500 US$ minimum? This is a total of 720'000 baht/year, deduction 150'000 baht, remains the 570'000 baht which means at least 15% tax according to the official taxation list, so why those retirees you know of don't have to pay tax?
What about Cambodia? I got a retirement visa there in 2019 for about $300, multi entry, no reporting required? It took 24 hours.
I am concerned about the taxation issues, but I'm waiting to see how it plays out. I'm also an old man and really don't want lots of additional paperwork, particularly complex paperwork.
The practicality of actually filing is perhaps the unknown, will they ask for documentation that is not available due to tax year mismatch and alike.
Having followed your 'tax videos' for a while, you have maintained that you don't have any clear guidance to be able to advise how this change will impact individuals, so are you now in a position to advise on how this policy change is going to impact on an individual basis?
If not then the lack of clarity can only lead to innuendo and assumptions. Fear of the unknown is natural. So I can understand why expats are considering their options.
For US Expat retirees living in Thailand on Social Security and US-taxed savings - isn't the simple truth that this income is NOT subject to Thai tax, NOT subject to double taxation, as per US/Thai tax law? Is it possible to give a clear and concise answer for this scenario?
Clear as mud after a Mississippi rainstorm…555
Mate! When I pay registration of my vehicle part of this payment going toward building of the roads The government not subsidies hospitals for foreign residents We all pay health insurance and get treatment at private hospitals which are not charity's .What about those foreign residents which living in country side Those people hardly using infrastructure of big city's .Your informations are worthless
If you give away more in tips on holiday, then the average Thai pays in taxes per year why would subject yourself to being taxed on money that's already been taxed in your home country? People vote with their feet, govt greed will make retirees rethink where to spend their remaining years.
Taxes may go towards the health sector, but expat retired group perhaps excluded. If there were some element of hybrid certainty of cover, the tax maybe less bitter.
This is one of the most redonculous videos I've ever wasted my time watching, and you said nothing to sway my opinion of lawyers. I've tried watching at least 3 of your videos and they are all just as non-comital as this one. Sure, the governments and tax authorities can always use the excuse that their advice is not legally binding, but you are supposed to be able to answer these questions with some authority. If you don't want to answer for free, then just say that. Otherwise, your video is useless.
Pay tax for broken infrastructures and bad services in Thailand.. Bof
Dude, you got this one wrong, just check the comment section.
Paradise? not really but it's ok. I hope to find another country that is more US person friendly.
Glwt, Us maybe ? 555
@@daddy9267 Southern Mexico
@@thecork6047 kewl story, total fiction, ask a mexican ;)
Must say it seems that Thailand is more efficient with its spending than the US is. New rail lines and highway infrastructure seems to be improving across the Country.
That is because they are not hellbent on privatising everything. Infrastructure should be built by government, but in the US the Republicans have a hard on for private enterprise doing it, with the result it simply is not done where it needs to be done.
Conservatives should never run a country, they are incapable of doing it, they are always blinded by greed and self interest rather than doing the right thing.
Interesting discussion and comments.
800,000 TBh not collecting atleast 5% in a high yield savings account elsewhere, is gonna cost 40,000 TBh per year, in addition for the smaller fee for renewal every year.
go to the philippines 😀
Any tax resident (180 days etc) who are in employment should pay tax in Country of residence accordingly, I don't think anyone has a problem with that.
Game changer is the recent article stating Thailand is looking at imposing tax on worldwide income even if you do not remit those funds to Thailand. That will especially affect UK retirees in that their (already frozen) state pension will be taxed even if they do NOT send their state pension funds to Thailand.
If that policy comes to fruition then it will definitely have negative effect on decision making for British retirees considering coming here along with those already here who would surely leave.
I don't see how that can be good for Thai economy.
If I pay no taxes in Canada due to how I am invested via my TFSA etc then WHY should I pay any taxes in Thailand when I get nothing from it?
You forget that we bring a lot of money tk Thailand.And we already paid taxes on our money back in US. If you have information, give it to ud. Instead of posting empty promotions of your own services.
Yes I agree to some point about paying taxes, however, lets not forget as a expat living here I pay double and sometimes triple here for medical services, government and private park entry fees, and massive government taxes for imported western food. And lets not forget Thais up pricing products when you enter a shop.
I would pay taxes here if it was implemented fairly and not rip us off.
A fair assessment, since this news dropped last year the best play has been observe, take notes, start planning and wait, feeling hard done by is not gonna change the reality and anyone with any sense can see 'global taxation' is coming whether we like it or not. Always ways and means to minimize exposure by smart planning and yes, the use of tax professionals. Appreciate the vid, not sure about the 'efficient law enforcement' comment tho!
What part of taxation is dependent upon your unique situation to people not understand ???
One size does not fit all
So you basically saying, a retired person living in Thailand needs to pay taxes on his income because he living there ? It is not sufficient all the money he is bringing in to the economy .. Which is 18% of the GDP !! .
but he also said that the majority of retirees will not have to pay taxes at all if they plan it the right way 😉
@@susanzimmerli5178I think he's a moron !! He keeps contradicting himself.He's telling you should go see a Thai accountant .. So why should he be telling you to plan he not Thai
@@susanzimmerli5178 How to plan what?
So the pension tax is based on a work or business pension, not a government pension.
What if the best type of VISA for my wife and a 14 years old girl to stay long term in Thailand ? I am a Thai has us citizens and Thai passport also. I am retire next month and just start drawing SSN benifit. Also is it better for me to use US passport to leave US and use Thai passport to enter Thailand. We plan to come in July. Both are us citizens. Thanks
If you have Thai citizenship then your wife can get the marriage visa which is alot easier for the foreigner female than foreigner male. If your daughter goes to an international school your wife could get a guardian visa. If your wife is over 50 she can get the retirement visa. But the first option would be the best bet.
The requirement for having 800k baht in the bank for a retirement visa means you effectively lose this money because you cannot use it ever while living in Thailand. You can draw it down temporarily to 400k baht but need to bring it back up to 800k baht for a number of months to renew your visa. It is dead money unless you stop living in Thailand. It makes getting a retirement visa very expensive.
I already spoke with one expat tax accountant to try and get some clarity and they wanted $600 for a consultation! I don’t have that kind of money to throw around!
My impression is the taxation subject has generated more paranoia than the weed debate!
and rightly so, you can choose to do dope, you can't choose to not pay an unnecessary tax.
It's all the BS and backflipping around the new "tax grab" that is the issue, it appears to be driven by forces outside Thailand because the right hand doesn't know what the left hand is doing within the Thai tax authorities, it was pretty much the same in Malaysia, then they delayed for another few years, coincidence or "other authorities" meddling?
How about if someone send money to their spouse instead?
Does that fall under the gift tax?
What I can find online:
What gifts are exempted from tax?
Gifts that are exempted from personal income tax are as follows:
Income from the transfer of immovable property received by a lawful child not exceeding THB 20 million in a tax year.
Maintenance income or gifts received by ascendants, descendants or a spouse in the amount not exceeding THB 20 million throughout a tax year.
Thumbs up 👍 Benjamin
I don't know what channel on TH-cam I was watching at the time but one said Thailand would not tax social security income. I hope they were right but its insane we are almost half way through this year and we don't really know. One thing for sure we expats who are living in Thailand long enough to be considered a Tax Resident will have to file some type of income tax forms for Thailand next year.
I agree with Pattaya Mail.
I agree with you completely. This is driven by OECD compliance and the need to say the write thing. Just keep your head below the radar and wait and see.
If you live in Thailand more than 6 months a year and you move large amounts of cash into Thailand, you will be taxed now. If it wasn't taxed in your country you will pay it in Thailand. Tax writeoffs will be taxed.
The old saying of "beware of that which you ask for" comes to mind with regards to this whole "tax" thing. I am going to wait until Dec (when I go for my next 1-year extension) and I am going to ask the Immigration Officer what they will require of me in the following year as my visa status is the most important thing to me here.
Oh God! Save me! I own and run two businesses in my own home country and the bumblings of tax accountants resulting in my businesses paying more tax than they should is a given if I'm not questioning and watch them all the time. I can only imagine what it's going to be like using a Thai tax accountant who's cultural up-bring comes with a mind set that Farung should always pay more!
The Philippines 🇵🇭 is considerably easier for retirees and expats in general. The only problem there is you have to put up with the Philippines 🇵🇭. Cambodia 🇰🇭 is also much easier.
It's the old adage "Be careful what you ask for... You may just get it"
Uk has reciprocal tax understanding with Thailand
That's sounds like the Sound of Music, I am 16 going on 17.
Victor Thai Law Firm
Pattaya Mail ~ Update
As regards retirees who live here on already-taxed income, such as pensions, (DTT) Peerasan believed they had nothing to fear. IMHO, maybe engage a lawyer to gain a (TIN) from Thai Revenue Office.
"Law enforcement costs money" - let me correct that for you: "Law enforcement costs TEA money" 😂
What one have to take into account is that everything does have a price, even "paradise" is not free. That is just the way the world works.
Ambulance chaser.
I've watched your vids for a while but after this one now I'll be calling in for a consultation. Your vids are always so informative. Thank you!
Not sure saying POKING AROUND was the best terminology 😂😂😂😂
Get to the point, Will Thailand tax retirement money like pension's or my USA social security?
That's gonna be the first income they tax.
The US and Thailand have a double tax treaty. So it’s likely you won’t have any additional taxes.
not if it's directly deposited in a u.s bank.
I found the answer on Expat Tax Thailand channel. The Double tax agreement between USA and Thailand states US Social Security income is not taxable by Thailand.
The government not announcing their policy on tax on retiree income as yet is absurd and is indefensible.Retirees need to know what their tax liabilities are well before the end of the financial year.Retirees in Thailand get minimal usage of infrastructure for free ,in public hospitals the standard of care is abysmal and cost is first for world for foreigners and which is not the same pricing structure as applied to Thais.The highway you mentioned is a toll road and user pays as is any half decent road in Thailand.The big picture is foreigners get SFA for free in Thailand.
Regards....
I was under the impression that infrastructure was funded via money printing and taxes were burnt. I thought that the purpose of taxes was just a demand driver for the currency.
You tink too mut falang.
In countries which are in the "basket of currencies" which make up the SDR that is largely a correct statement, in my opinion. Nations not in that club have to fend for themselves as Thailand learned in '97. I look at it as analogous to Newtonian physics versus Quantum physics. Thailand has to deal with a standard economic and monetary paradigm. Countries like the USA, Japan, UK, the EU, and China are in the gang that can do things like print money without the same consequences.
--BWH
@@IntegrityLegalThailand Thanks for the clarification :)
Just get wealthy pensioner LTR = 0% tax
An excellent rendition of all the important points related to taxation in Thailand.
*Having a Attn make's everything retirement in paradise easier:* I am old, I am American, I am lazy and I am I am the perfect client to have other people take care of my Sht. Integrity Legal earned my business. Older and crazier is on the horizon for some like me and It's inevitable that my Thai-educated-Thai-Wife will have to deal with "all of this" for me some day. Integrity Legal earned my business and will be right by her side making that part of our life easy, because there's no way my wife will ever understand the American tax system and that's a realistic long term life plan.
Good advice 👍
There is a fine line between dazzling with brilliance and baffling with bullshit. You crossed over the line a long time ago.
@@bobblum999 Yes and it's not going to get better with age. When pieces fly off, you may never notice them gone, rearranged or changed. Age is not kind with civility.
Benjamin. First, I am a US retired American citizen living off his SSI retirement. I agree with you, as Farangs we are using the Thai infrastructure the Thai population is taxed for. Just the medical social security available in Khon Kaen is of very good quality and affordable. Not in the US.
We will be taxed on the revenue transferred to Thailand. The question is, are we going to be double-taxed? No, the Thai Tax Revenue Administration will not double tax Americans living in Thailand on their US Social Security Retirement. The US tax will be deducted from the Thai Tax. This is what the IRS is doing to all revenues not made in the US.
The US tax 1099 I submitted to the US IRS shows, after all, US deductions, my revenue is below the minimum taxable revenue.
The US revenue transferred to Thailand will go through the Thai Tax Revenue Administration's deductions and regulations. With all the available deductions, which in my case would be more than half a million baths, my tax would be 10% if I transfer 1/3 of my Social Security Revenue, or practically $100 per year. If I transfer the total SSI retirement, even with the available deductions, my tax is 25% or $ 2,600 per year.
There will be no double taxation because the amount of US tax will be deducted from the Thai tax. In my case there are no US taxes to be deducted, so I pay $2,600 per year to the Thai Tax Revenue Administration. The Thai Tax Revenue Administration is copying the US IRS.
vat I thought that was tax
Wow! This guy is really something. I'll let you decide what that something is. Block this one.
Excellent content. Love your sharp and clear words. Everybody - including all Thais - should pay taxes, especially these people who are earning huge money from social media
good vid as always.
We all have to pay taxes. We may not want to pay tax more than what we owe - but we also want to pay tax and share fairly. We do not want to pay tax twice on our income (pensions as well) if we have paid already... at the same time, we want to contribute to the society we live in... I concur with Ben - and I appreciate his passion for educating/informing us on the Thailand tax systems. Always, very well balanced and solid. Thanks for being there!
You pay already on your electricity phone internet bills as a start
You already pay with the money you bring in and spend in Thailand.
Free money for Thailand.
Please stop saying "if you will". It's old and tired, and completely unnecessary.
You can lead a horse to water Ben, but you cannot make them drink. While the retirees in Thailand might not think twice about consulting a tax specialist in their own countries when the code changes, for some reason doing this "simple" thing in another country (where they have decided to live) makes them run around like chicken little. If the sky really is falling, they will move. If it is not, they will find something else to get emotional over. Rules are constantly changing in all government structures (mostly because politicians need to justify their insane incomes). When we look at the cost to benefit ratio, Thailand will still be where most of them will want to live. For others, they will find their new "paradise."
Thank you for all your wonderful information over the years…helps many of us to update as we plan for retirement in a few years time!
It’s 800K/65K for one person…can I ask what it is for a couple combined please?
Regards from 🏴
there is no combination for foreign couples, we had to deposit each the full 800‘000 each woth an own bank account
Thank you 🙏
Standard O here, Thailand is my paradise. Money in savings in US, taxes paid there, so far, no tax liability in Thailand. Each retiree has different circumstances and so clarification is not practical until it all gets worked out. If Thailand wishes to tax incoming money, fine, the bank takes a cut and a cut for Thailand's amazing infrastructure is well worth the cost.
Good points as usual--especially about us (retirees) benefiting from the infrastructure in place that we use and the police protection.
Use and protection,was that a typo?
By far one of the best videos. I also hate paying taxes however I could not agree more that a fair share needs to be paid regardless of who you are. Social infrastructure does not come for free and requires a steady flow of tax revenue.
Id rather pay taxes in Thailand than farangland.
This is Thailand's way of washing out all the cheap Charlie's. Gone are the days of living off of 1600 dollars a month social security as your only income.
Efficient Police Force?😂😂😂