Thai Revenue Department's "Faulty Identification" Of "Tax Residents"?
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- เผยแพร่เมื่อ 30 ก.ย. 2024
- #Thailand #Tax #Residence
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Hi.. I'm watching your video from Angeles City in the Philippines. Of course..repeat of course... I would rather be in Thailand.... But being in the Philippines beats filling in tax forms in Thailand in early 2025. Let's wait & see how the situation develops in July 2024! I am currently a retired farang. Thailand will now miss out on 6 months of my spending + Vat...but it's their choice! Thailand is free to devise whatever it decides to do.... but so too are farangs! Unfortunately, the fact of the matter is that Thailand is missing out on my spending for 6 months of the year.
By the way, I wonder if condo prices in Pattaya are going to drop sharply in the coming months? Let's wait and see! Gudnite from The Philippines
If Thailand introduces taxation, I will take my money and run.
Well I will never pay tax unless the country gives me a passeport and all the same rights privileges as it’s citizen have end of it
You can get the passport when you become the citizen, and to apply for citizen you have to pay income tax for certain time, speak their language, past test etc. this is the same in any countries.
Honestly, I will leave Thailand
Dudes you dont send money and dont put money may be bitcoin and gold. Also dont stay in thailand more than 180 days if you cant do that then pay your taxes?
Come for the law advice, stay for the dad jokes.
Many ways around this. Many people have more than one passport, so there they will have problems knowing how long you were there. And then there is the problem about the nature of the monies you use. In reality, this tax is purely voluntary.
Great video
There is far too much scare mongering out there.
Taxes are always an interesting discussion.
I've had to interact with the Thai Revenue on a number of occassions - phone calls - all very cordial and helpful and even apologetic for the high are of taxes I was paying - one year was over a million baht! Far higher tax rate than I ever paid in the states where my worst year was 11% due to the large number of deductions I was allowed there. (And I have been audited by the IRS three times - won each handily...) Thailand is a different story - their tax code is basically a couple pages with crazy few deductions....that I as a foreigner am denied in some cases....I can't deducte a mortgage for example.....But with the 25% tax rate I am paying now, when I retire in a few years, and my income drastically decreases as I am starting to pull on a pension and SS from the states, if they tax that similarly I am probably screwed. I wonder if the USA has a double taxation agreement - will research. Thanks again for you info!
They do, my American pension is exempt, I pay 0 in taxes because of the treaty
Controlling peoples money
nice it is a complicated subject and certainly individually specific and it is relatively new to try to tax foreign retiree remitted funds ... the poor local revenue department is gonna have lines out the door on tax reporting day and will each individual have to have 14 pages of documentation to back their exemption or deduction claims ... those local departments are not set up for this level or foreign documentation review ... 3-5 years or begin to get it sorted out is my estimate , worked for New York State revenue collections and any change on this level was lots of getting processors trained to deal with all the telephone and online and in person classifications ... lost of fun to be had certainly
1) You only talked about Foreign sourced income but what about Thai sourced income which is defined as Any Income Created As A Result Of An Activity Taking Place In Thailand Is Deemed Taxable In Thailand, Regardless Of Where It Is Paid And The Recipient’s Tax Resident Status. How is this going to impact the likes of YTers?
2) Thailand is now a CRS (Common Reporting Standard) Country. To find out what information CRS Countries share just look it up on Wikipedia.
Bla bla bla, bla bla bla ...
In England we refer to the revenue system as HMRC . ( His majesty's revenue and customs. )
HMRC is the merger of the former Inland Revenue and HM Customs and Excise. The colloquial term “the Revenue” dates from the old days.
Thumbs up 👍 Khun Benjamin
Will the RD announce & clarify these new taxation rules in July as indicated in earlier 2024?
There are no new tax rules only a change to an existing rule that no longer allows you to bring in money generated in previous tax years tax free. Expat Tax Thailand have recently put up some Vids that go through everything & include case study scenario examples for Thailand DTA’s with UK, USA, Australia.
They should of announced and clarified the new tax rules before 2024 for it to be valid for remittances from this year.
@user-mf2fd6dq8x Correct, I agree it was announced in 3rd quarter of 2023. There is to be announcement in July of 2024 to clarify details further. That’s what I want …
@user-mf2fd6dq8x every detail has to be known before the tax year starts so you can strategize which way you want (or don't want) to deal with the system, July is too late to find out, especially if you have been in Thailand the whole year , you are already in the tax net.
@@mikeylikethailand yes, regardless of what some are saying, the Thai revenue department has just announced further amendments to the tax "change", apparently they want to tax all Thailand tax residents on all foreign income regardless of whether you bring it into the country or not, but it may only apply to those over a certain income every year.
I thought that the taxation on funds from abroad had not been finalized.....My Thai bank account where I have my lump sum deposited and from where I pay my rent and electricity has a line item recently posted that shows an interest deposit and a line item that shows "Withholding Tax Payable". I was under the impression that I would receive no interest on my account because the bank did not want to report back to the states, I am not complaining. Maybe I just missed the info. And the taxes are about the price of a Happy Meal. So overall it is no big deal. Just a line item or two on my spreadsheet. If you want I can email a picture....
😂 tax office should be 711
From personal experience:
Thailand revenue offices are located in different jurisdictions within Thailand. To gain a (TIN) one must visit a revenue office. However not all revenue offices seems forthcoming with providing 13 digit number to a foreigner unless one uses the revenue office as a one stop accountant too. Freedom of choice in Thailand, was not allowed or a breakdown in misunderstanding from Thai revenue office clerks. There's ramifications for foreigners with their tax liabilities, remittance, double taxation treatys. Hence that's why hiring a professional accountant's is freedom of choice!
Sticky situation moving forward!?
My personal experience at Jomtien is that they wouldn't give me a TIN and asked me to come back at the end of the year with a bank statement.This is a shambles!
Yeah, for me, I will have my lawyer present later on in the year when I go back to the revenue office to apply for my (TIN), best way forward to gain understanding.
Also, (DTT) applies if one remit money to Thailand within your host country financial year, eg. UK between January and March is exempt for Thai tax year.
Stated by Plizz acc firm Bangkok.
@@peterpower7840 TIT no consistency..
Stop using the fiat system except for the necessities of life...problem solved. In addition, just use the multi-flag strategy...who says you need to be in Thailand for half the year?
People if you think you will have a tax liability in thailand go and see a tax professional. Better safe then sorry.