@@simonblundell9467je is completely wrong . The tax changes have been put into law and were published in the gazette in November 23. It was not just an interdepartemental notice. “Ben “ knows nothing about Thai taxes . Notpracticing lawyer in Thailand either . An md of a
The tax law has always been the same. Nothing has changed. The revenue department order was merely a direction to the Thai revenue department on how to assess foreign income. No one should run to get a tin unless necessary. Bringing savings into Thailand for example may not require you to get a tin or interact with the revenue department. Get tax advice from Thais not a foreigner or foreigner working with Thais.
@@MikeFoscolos-ch7ms tax law was the same . Not the implementation . Two directives … first mid 80 ies opened the loophole , second, November 2023 , closed the loophole.
Correct in 1986 to be precise. The directive of Sep 2023 changed assessment to when income is imported. A third directive Nov 2023 means income imported will be assessable from 2024. Income imported does not include savings prior to establishing tax residency or prior to 2024 as per a tax ruling in the 1990s, and many sources of funds imported may not be assessable.
I’m ok with tax changes and any additional paperwork. But data sharing with UK banks often leads to Uk account closure. Uk banks don’t like it when you aren’t resident there? Please correct me as I’d like to be wrong🙏🏼
One thing I did notice for the first time in over 23 years with a Thai Bank account was that they did a 15% withholding tax on the bi-annual interest payment. I wasn't too miffed about it, being that it was less than ฿200-, but it did send me the clear signal they they are getting serious about expat tax.
@@alanchase7329 Fair call, The December one was the first I have seen and I checked the previous 3 years I have on my PC. I have always had it on my home country bank account ever since I moved offshore. Maybe different banks or even different branches operate differently in the same way that different immigration offices operate differently.
Bad advice.The TRD will not be looking after your interests. The same as many expat charlatans trying to offer tax advice are not acting in your interest. You need to ask a Thai accountant if you’re worried. You may not even need a TIN or need to interact with TRD (like the majority 80% of Thais) if you are bringing in savings.
If you bought a house/condo or even a new car in 2024, you likely transferred enough money to put you into the highest tax bracket. You likely sold stock or a house and paid tax in your home country for the capital gains. Whether your country has a tax treaty with Thailand or not, if Thailand requires you pay tax on the money transferred into the kingdom, it will effectively kill the real estate market. Why is no one talking about this?
Next week I will log onto the Thai Immigration website to check out the list of documents, income verification and health insurance verification required in order to extend my annual O-A Non Immigrant/Retirement visa in April. Whatever is listed as the required documents on that website I will bring to Immigration when I go there to apply for the extension, which I have done just fine each of the past 12 years, and not one document more than that. If there are some new tax documents, tax filing or tax payment verification I need to bring that is not listed on that site the Immigration Officer will just have to spring it on me that day and I suppose I'll have to scramble like a nut to get it done before my current visa expires. Which will be a first in 12 years really. Any changes in the documents required for a given year are generally going to be stated and listed on that website by the 2nd week in January. And, btw, as of today, January 2nd, there are NO changes in the list of documents and verification needed vs last year. There is NO new mention of anything regarding requiring me to have or produce a Tax I.D., proof of having paid taxes back in my home country or anything else. Not as of this writing anyway. Which is all good, imo. But I will check again next week and the week after that.
this is what I've been asking and not one person has posted information on; if the Thai government is going to tax retired expats how is it going to be enforced, will immigration require a new document proof of paying this 'new' tax to get a retirement visa, will they freeze our bank accounts, or stop up from leaving the country at passport control at the airport, WRF???
You keep mentioning the memorandum. How is it changing the way the current tax law is applied? You say it applies to how income bought into Thailand could be subjected to tax without explaining it. If I bought one million baht of income into Thailand during 2024 and am tax resident how could the memorandum affect me? There is no dual taxation agreement for me to take advantage of.
The point of the video is clear. Stop panicking and do not commit self harm by running into the arms of the TRD. The TRD are not your friends, they are not there for your convenience, and they are not going to protect your interests. The advice offered by unqualified expat tax advisors is to run and get a TIN and enter the Thai tax system, whether you need one or not. When things get messy with your unnecessary interactions they will be there to charge you an arm and a leg and then suggest some schemes to help you. The next thing you know you have been scammed.
Indonesia also implementing these damaging policies that is true. It had decimated its long stay residency programs with the worldwide tax principle. It’s caused mass demonstrations with proposed rises to the VAT, and is ruining its industry with green policies. Malaysia wanted to join and has since wisely backed off, other Asian countries have no interest in joining for obvious reasons.
So please confirm. There is no new tax law that came into affect in July 2024 that states. If you reside within Thailands boarders for 180 days or more in a given year. You are now considered a tax resident of Thailand. Any and all monies derived from income, no matter where in the world it is made will be subjected to Local taxation laws. You will be required to pay 33 % or higher marginal tax rates on any and all income derived from anywhere worldwide. So, please confirm, this is not the case?
Speak to an accountant don’t bring in any income and only savings and you don’t need a tin or to interact with the revenue department. There are also other ways of bringing funds in without needing to go through the headache of going through TRD
They are more likely to give you an answer the particular officer wants to give you. There is likely to be little consistency and even less accountability.
There is absolutely no chance you will get anything in writing from a TRD officer. This does not even happen in developed countries. You can in Thailand get a tax ruling as elsewhere in the world, but you will need a good tax lawyer and it involves legal proceeding that will take months if not years.
Can you be a bit more clear with your language, you say “No changes to Thai tax law” but yet there has been a memorandum released in 2023 which “changes the way certain types of money can be assessed inbound to Thailand” I.e foreign sourced income. Are you saying this is a proposal that’s being talked about or is it a hard change that doesn’t require new laws to be established?
It is a reinterpretation of an existing law and was published in the Royal Gazette on 6th of October last year so I would think it has a bit more bite to it than an internal memo. The law was & is tax resident singles/couples with income more than 120K/220K THB have to file a tax return however in the past if you went and asked for a TIN they would tell you to go away and you can’t file a return without a TIN. Will this continue this year or not. Tax filing season is from now to the end of March and by law you can face penalties if you don’t file. I suppose I will leave it till March and if they tell me I don’t need a TIN and to go away then happy days. If they give me a TIN then I got no excuse not to file and could face penalties if I didn’t.
@@IsaanMan I'll keep my deposits to my Thai bank account less than 120k. I won't be filing a tax return. If this becomes more than just media/expat/vested interest benefactors and TH-camr hype I'll reassess. Do you think the taxman will go chasing all the families of overseas workers who get sent money from abroad to pay tax on it? All the bargirls and instahoes who get sent money from sugar daddy abroad to pay their tax? The locals would look at you like you have four heads. This is a pumped up expat nothing burger right now until I see something more official thats how I will be proceeding.
Find another hobby if you don't like it move on ben gives insight to those that listen to what he says thanks Ben keep the free info coming in 2025 don't pay attention to the trolls like this guy that are angry at life
To be an OECD member Thailand needs to harmonise all its tax policies including but not limited to the worldwide taxation principle, higher and broader VAT, tax on salt fat and sugar, tax on carbon, congestion charges, property taxes and broad based inheritance taxes. Just look at Thai newspapers and you see this seeping in under this government on a daily basis.
Thank-you. It's great having someone helping us make sense out of some of the confusing nonsense.
Was going to comment similar .. a rational voice stands out from the noise!
@@simonblundell9467je is completely wrong . The tax changes have been put into law and were published in the gazette in November 23. It was not just an interdepartemental notice. “Ben “ knows nothing about Thai taxes . Notpracticing lawyer in Thailand either . An md of a
The tax law has always been the same. Nothing has changed. The revenue department order was merely a direction to the Thai revenue department on how to assess foreign income. No one should run to get a tin unless necessary. Bringing savings into Thailand for example may not require you to get a tin or interact with the revenue department. Get tax advice from Thais not a foreigner or foreigner working with Thais.
@@MikeFoscolos-ch7ms tax law was the same . Not the implementation . Two directives … first mid 80 ies opened the loophole , second, November 2023 , closed the loophole.
Correct in 1986 to be precise. The directive of Sep 2023 changed assessment to when income is imported. A third directive Nov 2023 means income imported will be assessable from 2024. Income imported does not include savings prior to establishing tax residency or prior to 2024 as per a tax ruling in the 1990s, and many sources of funds imported may not be assessable.
This is REALLY one of those situations where no news is good news.
I’m ok with tax changes and any additional paperwork. But data sharing with UK banks often leads to Uk account closure. Uk banks don’t like it when you aren’t resident there? Please correct me as I’d like to be wrong🙏🏼
Thank you and a happy New Year. And please keep bringing us all the news and information about Thailand 🙏
One thing I did notice for the first time in over 23 years with a Thai Bank account was that they did a 15% withholding tax on the bi-annual interest payment. I wasn't too miffed about it, being that it was less than ฿200-, but it did send me the clear signal they they are getting serious about expat tax.
They have always done that for the 30 years I have had a Thai bank account. You can claim it back if you want to.
@@alanchase7329 Fair call, The December one was the first I have seen and I checked the previous 3 years I have on my PC. I have always had it on my home country bank account ever since I moved offshore. Maybe different banks or even different branches operate differently in the same way that different immigration offices operate differently.
Happy new year...but more the time pass and less i anderstand the former or New taxes for my future life in Thaïland as retirer....
Well then visit your TRD and ask the tax officer, he will give you concrete answer
Bad advice.The TRD will not be looking after your interests. The same as many expat charlatans trying to offer tax advice are not acting in your interest. You need to ask a Thai accountant if you’re worried. You may not even need a TIN or need to interact with TRD (like the majority 80% of Thais) if you are bringing in savings.
@@susanzimmerli5178 what is TRD?
@@rainmon Tax Revenue Department
Thank you
Happy new year Benjamin 🎉
Thank you 🙏🏻 and a Happy New Year to you 🥳
If you bought a house/condo or even a new car in 2024, you likely transferred enough money to put you into the highest tax bracket.
You likely sold stock or a house and paid tax in your home country for the capital gains. Whether your country has a tax treaty with Thailand or not, if Thailand requires you pay tax on the money transferred into the kingdom, it will effectively kill the real estate market.
Why is no one talking about this?
It’s a disaster and the lack of discussion is deafening.
Thank you for your continual updates on this subject. Calm for the New Year.
Next week I will log onto the Thai Immigration website to check out the list of documents, income verification and health insurance verification required in order to extend my annual O-A Non Immigrant/Retirement visa in April. Whatever is listed as the required documents on that website I will bring to Immigration when I go there to apply for the extension, which I have done just fine each of the past 12 years, and not one document more than that. If there are some new tax documents, tax filing or tax payment verification I need to bring that is not listed on that site the Immigration Officer will just have to spring it on me that day and I suppose I'll have to scramble like a nut to get it done before my current visa expires. Which will be a first in 12 years really. Any changes in the documents required for a given year are generally going to be stated and listed on that website by the 2nd week in January.
And, btw, as of today, January 2nd, there are NO changes in the list of documents and verification needed vs last year. There is NO new mention of anything regarding requiring me to have or produce a Tax I.D., proof of having paid taxes back in my home country or anything else. Not as of this writing anyway. Which is all good, imo. But I will check again next week and the week after that.
this is what I've been asking and not one person has posted information on; if the Thai government is going to tax retired expats how is it going to be enforced, will immigration require a new document proof of paying this 'new' tax to get a retirement visa, will they freeze our bank accounts, or stop up from leaving the country at passport control at the airport, WRF???
Thank you Ben.
Thank you, Benjamin and Sawadee Pee Mai
Thanks Ben.😊
You keep mentioning the memorandum. How is it changing the way the current tax law is applied? You say it applies to how income bought into Thailand could be subjected to tax without explaining it. If I bought one million baht of income into Thailand during 2024 and am tax resident how could the memorandum affect me? There is no dual taxation agreement for me to take advantage of.
You can visit your TRD and ask the same question to one of the tax officers there and they will give you the correct answer.
@susanzimmerli5178 So what is the point of these videos?
@@alanchase7329 entertainment? I don‘t really know. 😉
The point of the video is clear. Stop panicking and do not commit self harm by running into the arms of the TRD. The TRD are not your friends, they are not there for your convenience, and they are not going to protect your interests. The advice offered by unqualified expat tax advisors is to run and get a TIN and enter the Thai tax system, whether you need one or not. When things get messy with your unnecessary interactions they will be there to charge you an arm and a leg and then suggest some schemes to help you. The next thing you know you have been scammed.
OECD on their web site says Both Thailand and Indonesia are joining this group.
Indonesia also implementing these damaging policies that is true. It had decimated its long stay residency programs with the worldwide tax principle. It’s caused mass demonstrations with proposed rises to the VAT, and is ruining its industry with green policies. Malaysia wanted to join and has since wisely backed off, other Asian countries have no interest in joining for obvious reasons.
So please confirm. There is no new tax law that came into affect in July 2024 that states.
If you reside within Thailands boarders for 180 days or more in a given year. You are now considered a tax resident of Thailand.
Any and all monies derived from income, no matter where in the world it is made will be subjected to Local taxation laws.
You will be required to pay 33 % or higher marginal tax rates on any and all income derived from anywhere worldwide.
So, please confirm, this is not the case?
Speak to an accountant don’t bring in any income and only savings and you don’t need a tin or to interact with the revenue department. There are also other ways of bringing funds in without needing to go through the headache of going through TRD
Serious Statement 👍
Am I a tax resident , I live here All the time
bet you're jabbed
Thanks, Ben clear all BULL- SHIT TH-cam
rs gaffling about tax-visa etc etc.
Keep going ,Ben.
Do I have to pay tax on my pension
Go to your TRD and ask the tax officer. They will give you the answer
They are more likely to give you an answer the particular officer wants to give you. There is likely to be little consistency and even less accountability.
@ well then just let him give his answer in written and signed
They are a government department. They will not give you anything in writing as it is not their job to do so.
There is absolutely no chance you will get anything in writing from a TRD officer. This does not even happen in developed countries. You can in Thailand get a tax ruling as elsewhere in the world, but you will need a good tax lawyer and it involves legal proceeding that will take months if not years.
Can you be a bit more clear with your language, you say “No changes to Thai tax law” but yet there has been a memorandum released in 2023 which “changes the way certain types of money can be assessed inbound to Thailand” I.e foreign sourced income. Are you saying this is a proposal that’s being talked about or is it a hard change that doesn’t require new laws to be established?
It is a reinterpretation of an existing law and was published in the Royal Gazette on 6th of October last year so I would think it has a bit more bite to it than an internal memo. The law was & is tax resident singles/couples with income more than 120K/220K THB have to file a tax return however in the past if you went and asked for a TIN they would tell you to go away and you can’t file a return without a TIN. Will this continue this year or not. Tax filing season is from now to the end of March and by law you can face penalties if you don’t file. I suppose I will leave it till March and if they tell me I don’t need a TIN and to go away then happy days. If they give me a TIN then I got no excuse not to file and could face penalties if I didn’t.
@@IsaanMan I'll keep my deposits to my Thai bank account less than 120k. I won't be filing a tax return. If this becomes more than just media/expat/vested interest benefactors and TH-camr hype I'll reassess. Do you think the taxman will go chasing all the families of overseas workers who get sent money from abroad to pay tax on it? All the bargirls and instahoes who get sent money from sugar daddy abroad to pay their tax? The locals would look at you like you have four heads. This is a pumped up expat nothing burger right now until I see something more official thats how I will be proceeding.
Over three minutes, and you said nothing of value which we haven't heard before. The video title is clearly a click bait again....
Find another hobby if you don't like it move on ben gives insight to those that listen to what he says thanks Ben keep the free info coming in 2025 don't pay attention to the trolls like this guy that are angry at life
@BM-zj3hy Bot....
@BM-zj3hy b.o.t.
I disagree with you . He gives great advice and if you were to watch a lot of his other videos, you’d see that .
@aldadragon3464 😉
OECD is only interested in is the multinational corporate tax rate in the Country. They don't care about internal personal income or VAT taxes.
To be an OECD member Thailand needs to harmonise all its tax policies including but not limited to the worldwide taxation principle, higher and broader VAT, tax on salt fat and sugar, tax on carbon, congestion charges, property taxes and broad based inheritance taxes. Just look at Thai newspapers and you see this seeping in under this government on a daily basis.