The confusion about tax changes has cratered foreign demand for condos. Also, many retirees are rethinking plans to move to Thailand. The government needs to get its act together.
@@southpaw1755 I am referring to the ‘proposals’ by the government/government departments to introduce tax on worldwide income for those who are tax resident in Thailand.
Based on this, if I just came into Thailand in February to retire and transferred a lot of savings in the first 2-3 months, not being a tax resident yet, since having just moved here, will I be subjected to paying taxes on that money after I be one a tax resident once 180 days pass. I ask because of the following statement I found online. If you bring money into Thailand before you become a tax resident, it generally won’t be subject to Thai income tax under the new 2024 regulations. The key factor is your tax residency status at the time the money is brought into the country.
In my opinion it’s better . Why would you be taxed on money that you made when not being a tax resident in Thailand . Savings aren’t income . So if you were not a tax resident when you earned the money , such money is essentially a saving . Why would another country tax savings when repatriated ? Makes no sense . Not sure if the tax man has. The same opinion . But read article 40 of the Thai tax law . It defines what is considered income . That definitely does not include savings . Second point … check double tax agreement between Thailand your country . That defines what is taxable and where .
Read the agreement. Essentially I would have to prove the funds I transferred was savings. This is a bit tricky for me. Nothing illegal about the money but long story. And rather not divulge my personal info on the web.
Well, I feel better coming to your channel for info, I'm two weeks out from returning to Bangkok not sure if I what to give up my condo here in Makati Philippines though, I'm not willing to set up shop in Thailand until they show their hand being a man that plans and understands, those who spit into the wind will see it again!
@@AndrewThompson-x1othat's my plan. Seems like half of the foreigners here either never heard of enforcing the 180 days rule or they just don't care! So what will happen to those people? Will they be forced to pay a penalty fee & declare/pay taxes retrospectively next year?
@@ayebo15who knows. things havent settled. the only rule that is clear is how to avoid being a tax resident at all. which is dont stay 180 days. that is the safe choice if you have done the math to see what the worst case is for your personal situation. which is generally that you have a reasonable income by western standards that comes from a source that is not deductible in thailand.
why stop at retroactively taxing farangs from 2023? Why not tax them from 1956 onwards? If you can choose a random date for your retroactive taxation period. Go all out, steal everything from 1956 onwards.
Not true! Bangkok Post posted the article. Plus all this huff and puff is our only way to get representation. If we scream loud enough, we may be heard!
it's not retroactive. the announcement was made in the last quarter of 2023. the problem is you don't get to know what the tax laws are yet. you can only guess.
@@ulhans9583 2023 was about making transfers of funds into thailand "accessible" to Thai tax. What is being discussed now is Thai tax on worldwide income regardless if brought into Thailand or not. For example, America has a worldwide tax system which means as American you have potential tax liabilities on income earned anywhere and regardless of your residency.
Six minutes of meaningless drivel . This guy constantly criticizes internet channels for posting news on Thai tax laws . And yet here he is with no advise whatsoever . Understand he wants to generate business but why go to him ? Seems to know nothing . It’s true that many things are still vague and true that there is no fits all solution when it comes to taxes . But his website tells me this is a one man show . No other lawyers seem to be present . He specializes in visa , not in tax . Find advice at specialist tax advisors .
From $37K to $65K that's the minimum range of profit return every month I think it's not a bad one for me, now I have enough to pay bills and take care of my family.
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The confusion about tax changes has cratered foreign demand for condos. Also, many retirees are rethinking plans to move to Thailand. The government needs to get its act together.
I've only seen video's by tax lawyers and accountants spreading misinformation but nothing from the government so what are you referring to?
@@southpaw1755 I am referring to the ‘proposals’ by the government/government departments to introduce tax on worldwide income for those who are tax resident in Thailand.
@@jamesbarr2357 There'[s n o new tax law.
Such crystal clear policy ... Thailand government always delivers!
Just live 6 months and give them nothing, they give you nothing, same same 😛
Lose lose...I want to be in Thailand....😂😂😂😂😂
If they did that what's to then stop them back dating to 2020, or even before, This is getting more F'ed up and scary.
I'm on the same page as you
Start more rumors.
Thailand keeps passing laws to keep the Farangs out.
Thank you for addressing this point as it was very topical at the present time
Based on this, if I just came into Thailand in February to retire and transferred a lot of savings in the first 2-3 months, not being a tax resident yet, since having just moved here, will I be subjected to paying taxes on that money after I be one a tax resident once 180 days pass.
I ask because of the following statement I found online.
If you bring money into Thailand before you become a tax resident, it generally won’t be subject to Thai income tax under the new 2024 regulations. The key factor is your tax residency status at the time the money is brought into the country.
In my opinion it’s better . Why would you be taxed on money that you made when not being a tax resident in Thailand . Savings aren’t income . So if you were not a tax resident when you earned the money , such money is essentially a saving . Why would another country tax savings when repatriated ? Makes no sense . Not sure if the tax man has. The same opinion . But read article 40 of the Thai tax law . It defines what is considered income . That definitely does not include savings . Second point … check double tax agreement between Thailand your country . That defines what is taxable and where .
Read the agreement. Essentially I would have to prove the funds I transferred was savings. This is a bit tricky for me. Nothing illegal about the money but long story. And rather not divulge my personal info on the web.
Be smarter and come in July.
Rather not give Thai authorities a chance to target your hard earned money.
Based on what? He just told you that there's no new tax law.
Well, I feel better coming to your channel for info, I'm two weeks out from returning to Bangkok not sure if I what to give up my condo here in Makati Philippines though, I'm not willing to set up shop in Thailand until they show their hand being a man that plans and understands, those who spit into the wind will see it again!
So the only sure thing atm is that you will have to declare your taxes if you stay longer then 180 days, right?
yep. get out and let things settle.
@@AndrewThompson-x1othat's my plan. Seems like half of the foreigners here either never heard of enforcing the 180 days rule or they just don't care! So what will happen to those people? Will they be forced to pay a penalty fee & declare/pay taxes retrospectively next year?
@@ayebo15who knows. things havent settled. the only rule that is clear is how to avoid being a tax resident at all. which is dont stay 180 days. that is the safe choice if you have done the math to see what the worst case is for your personal situation. which is generally that you have a reasonable income by western standards that comes from a source that is not deductible in thailand.
Just file.
why stop at retroactively taxing farangs from 2023? Why not tax them from 1956 onwards? If you can choose a random date for your retroactive taxation period. Go all out, steal everything from 1956 onwards.
Is the Tax Treaty between Thailand and the US still in tact?
Not true! Bangkok Post posted the article. Plus all this huff and puff is our only way to get representation. If we scream loud enough, we may be heard!
Lol. Nobody's listening to expats. They mean nothing to the Thai government. Bangkok Post doesn't make Thai laws.
it's not retroactive. the announcement was made in the last quarter of 2023. the problem is you don't get to know what the tax laws are yet. you can only guess.
If there was an official announcement by the tax authorities it would be on their website but it is not.
that was on a different tax issue than the one he is discussing here.
@@tedosmond413 Ok, what was the different issue
@@ulhans9583 2023 was about making transfers of funds into thailand "accessible" to Thai tax. What is being discussed now is Thai tax on worldwide income regardless if brought into Thailand or not. For example, America has a worldwide tax system which means as American you have potential tax liabilities on income earned anywhere and regardless of your residency.
@@ulhans9583 th-cam.com/video/646AJMmhbkY/w-d-xo.html
I've said this before.Thailand will interpretate even double taxation to their advantage
When were you right?
@@southpaw1755 98% of Americans don't have a passport.Button your mouth you know F/ all
@@southpaw1755 Who gives a big F what an American thinks
@@ราตรีวิชาดี You must be so jealous.
First 45 secs you just described 95% of internet commenters 😃
Six minutes of meaningless drivel . This guy constantly criticizes internet channels for posting news on Thai tax laws . And yet here he is with no advise whatsoever . Understand he wants to generate business but why go to him ? Seems to know nothing . It’s true that many things are still vague and true that there is no fits all solution when it comes to taxes . But his website tells me this is a one man show . No other lawyers seem to be present . He specializes in visa , not in tax . Find advice at specialist tax advisors .
Don't like it, don't watch it 🤷♂️
He gave correct info. There's no new tax law. What do you specialize in?
This guy is as clueless as the rest of the TH-cam “ Lawyers”!
His pajamas vids are Disrespectful 😂😂😂😂
I don’t care if he is naked as long as he has some clue about the subject matter! A lot of Bla Bla Bla for nothing!
Short answer, NO.
Yes.
Thanks for this information.
Already joined the 179 day club this year…half the year has terrible air anyhow….
Why? What are you afraid of?
Good points Benjamin. Thanks.
To much BULL-SHIT by foringers who think they knows!
Thank you. Ben for accurate report on everything daily.
Barstool barristers been at it again
From $37K to $65K that's the minimum range of profit return every month I think it's not a bad one for me, now I have enough to pay bills and take care of my family.
Wow that's huge, how do you make that much monthly?
I'm 37 and have been looking for ways to be successful, please how??
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