Cudos to you for providing the subscribers information on a professional Thai tax person that will give a 30 minute "Free" consultation. You are the "only" person that I have come across that has access to this complementary service. This is what I have been searching for! Good job Mate!
These tax advisor companies are stirring up a hornets nest by asking the Thai tax authorities how we can pay more tax. If they’d just leave them alone it’d all work out. Jeez. These guys are like the nerdy kid in school “teacher you forgot to give us homework!”
Section 21, paragraph 2 of the U.S.-Thailand DTA clearly states: Any pension paid from the funds of a Contracting State or political subdivision or a local authority thereof to an individual in respect of services rendered to that State or subdivision or authority, shall be taxable only in that State. This contradict what was said at 12:40 minutes of the video, where the claim was made that U.S. Federal government pensions were exempt from being taxed in Thailand, excluding state and local public pensions from the same exemption.
As far as I know, none of this is law and is only in the proposal stage. Until they instruct immigration to demand tax returns it is irrelevant to the average retiree.
@@TheIsaanFarang it isn't a question of law breaking it's " financial advisers "trying to suck an income out of people while at the same time advising from a position of 0 responsibility.
My stay this year is 178 days and doing the same next year,I can earn enough and enjoy to put the 65000 a month into my Thai account and produce a P60 and give these people nothing.
@@FarangNick That is all well and good but in the years that you do not remit any money to Thailand you will still have to register for a TIN and have the compliance cost to show you don't owe any tax. I think that is why a lot of foreigners are going the less than 180 day a year route and stay out of the system.
Hi Kevin, so at least there is a cut-off point (Dec 31, 2023) for remitting funds from off Shore cheque and savings accounts into personal Thai bank accounts in tax year Jan - Dec 2024. Moving forward, funds up to 20 million transferred to girlfriend and wife from a foreign account can be gifted tax-free in a Thai tax year. Interestingly, it's still conjecture until transparency occurs in and around 1st quarter of 2026 due to timing issues with regards to Thai provincial revenue offices getting up to speed on this new foreign tax law. 179 days in Thailand is a good idea until 2027. By then, hopefully, full clarity moving forward, Q1 28. Thanks for the information, Kevin.
The Tax for foreigners was only talked about loosely and has not been approved by The Royal Decree and therefor is not applicable to people working outside of Thailand and living full time here. Also Foreigners can only work generally about foreign tax assets and not work Thai Tax legal system or Tax owed to Thai Tax office.
@@isaanman5399 Yes he also does not know a foreigner cannot be a Thai Tax Lawyer, registered Thai accountant or to advise on Thai Tax matters or do any Thai accountancy matters or gain money from that work.
What a load of rubbish. Nothing set in stone yet. Unfortunately lots of silly Farangs believe this rubbish. Use a Wise card exclusively in Thailand. Easy peasy.
Crystal clear 🙃 Good video to learn the overview lingo. I will hire a lawyer / tax advisor in both countries. I always gound with lawyers to know what you plan and they will advise. If you go to a lawyer and ask what shall I do then you pay extra for explaining. My understanding as some have commented on here is rules are not fully in place yet .... that said it is relatively easy for me as I am fully in savings in my home country 😊
I gifted my life savings to my daughter within the tax threshold of the country the money was held in. She then gave me a loan for exactly the same amount. The money I bring into Thailand is the repayment of a debt. Is that taxable?
@@rufanuf1If you gifted the money to your daughter in Thailand and she has given it back to you as a loan then you can look online and they all say the same that you shouldn’t derive any benefit from gifted assets. One source we’re this is said is - Gift Tax In Thailand 2024 Guide Expats Tax Thailand.
I could be in contact with the Visa office to make sure there’s any requirements needed to renew your Visa regarding the tax they have said there’s nothing they can see you have an agreement Tax anyway
1) The Thai answers/regulations/rules "have not been done." 2) He says that taxpayers have to have proof that it was in a savings account BEFORE Jan 1, 2024--otherwise it IS taxable. Strongly implying that all future post tax income in your home country is subject to tax. 3) You can gift your Thai wife (long term [how long is long enough] girlfriend) huge sums to be put into and left forever in her name. No problem there right.... 4) Now you can use debit and credit cards to avoid the tax but that is likely to change. 5) You can set up a Hong Kong Pension Trust (that sounds cheap right?) to hopefully avoid the unfair tax. Overall this is situation is completely unacceptable and pathetic! Just don't play this losing game. BTW way "tax avoidance" is NOT illegal; "tax evasion" is. As an American he should know that.
Many thanks. In the comments, it appears that many people are confusing two different things: firstly, tax on money brought into Thailand by tax residents (in force from 1 January 2024) and secondly, the tax office proposal to tax residents on their worldwide income (only a proposal, which has not been debated or approved by parliament). From 1 January 2024, for tax residents (180 days or more in Thailand during the calendar year, which is also the tax year here) any money that you bring into Thailand is potentially taxable. That includes money transferred to your Thai bank account (easily checkable by the Thai authorities) but not credit or debit card use, including ATMs (difficult, if not impossible, for the Thai authorities to track). The tax office here have proposed that tax residents in Thailand pay tax on their worldwide income. This is only a proposal, and has not been debated or approved by parliament. We now have a new prime minister in Thailand, and I don't know her opinion on the matter. Some 'experts' think that this proposal will become law in 2026 or 2027, but nobody knows if and when this will happen. However, all tax residents in Thailand should assume that it will happen, and plan accordingly. If and when it does happen, then double taxation agreements will be important, if your home country has one with Thailand.
Hey Kevin, I would like to remind everyone that the LTR visa is exempt from taxation from overseas remittance. It is the only visa in Thailand with a royal decree of such. Scott
I said money remitted to Thailand from overseas. If you work in Thailand with an LTR you will pay 17% taxes on that money. The LTR visa exempts you from taxes on all funds brought into Thailand from overseas. Anyone interested in finding out more can contact the BOI in Bangkok. They are the agency in charge of the LTR visa.
@@TheIsaanFarangas land is under a million and a descent new home is hovering just above a million I would probably just gift her the land and may or may not put my name on house title. Fact is for two million baht its not worth any stress, part to find a good Thai lady as I am not 70 may be the hard part. On a completely separate subject. I stayed in Udhon Thani and found it a bit lonely so heading south of Hua Hin at the moment as may be more foreigner appropriate for me.
Expat Tax Thailand have Vids on their YT channel that go through all the DTA aspects for USA, UK, Australia, Switzerland and they give test case examples. Also you can check what deductibles and allowances you can claim online and one source is - Thailand Personal Tax Deductibles and Allowances SHERRINGS. Local tax offices have people their to answer your queries. I watched the Expat Tax Vid for the UK DTA and checked what allowances I could claim and wrote down all my queries and went the local tax office in Udon Thani City who seen me straight away. The young guy could speak English but his supervisor couldn’t and the young guy seemed a lot more clued up than his supervisor. They got a Thai lady on a Vid call on the mobile who could also speak English and all my queries were answered and the answers I got were exactly what I expected after watching the Expat Tax Vid. Just my opinion but the need for professional help when filing a tax return depends on how simple or complicated your finances are. Tax filing is between 1st January and 31st March. My attitude is I will get my ducks in a row ready but leave it till early March before filing in case the announce anything. For those who are thinking of not filing then they should be aware that there are penalties and it could be viewed as tax evasion (See - Thailand Non Filing Of Tax Returns SHERRINGS) and also note for non filing they can go back 10 years (See - How Long Can A Tax Man Go Back In Time To Assess You BANGKOK POST).
I should have added that the tax office never asked me for any form of ID and when I asked about getting a TIN they said they will give them next year when people come to file. If no TIN then you can’t file so who knows maybe they will decide retirees don’t need a TIN and thus can’t file and this is why I am getting my ducks in row to prepare for filing but not going to file till March as I am hoping for a pass on having to file.
Cudos to you for providing the subscribers information on a professional Thai tax person that will give a 30 minute "Free" consultation. You are the "only" person that I have come across that has access to this complementary service. This is what I have been searching for! Good job Mate!
Our pleasure Woody 🙂
These tax advisor companies are stirring up a hornets nest by asking the Thai tax authorities how we can pay more tax. If they’d just leave them alone it’d all work out. Jeez. These guys are like the nerdy kid in school “teacher you forgot to give us homework!”
They would be professionally negligent if they didn't offer correct advice.
@@brianwood8086
So far it’s only speculation so yes, sadly, they are negligent by not offering correct advice
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Nothing is concrete yet, pure speculation
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Incredible; it's been crystal clear for 12 months.
Government pension is taxable in the Uk guys - it’s counted as income / as part of your tax free allowance
👍
Section 21, paragraph 2 of the U.S.-Thailand DTA clearly states: Any pension paid from the funds of a Contracting State or political subdivision or a local authority thereof to an individual in respect of services rendered to that State or subdivision or authority, shall be taxable only in that State. This contradict what was said at 12:40 minutes of the video, where the claim was made that U.S. Federal government pensions were exempt from being taxed in Thailand, excluding state and local public pensions from the same exemption.
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Brilliant... Thanks for taking the effort to put this together, suits my situation and fears exactly.
You're very welcome Tony
Basically he knows his Job, However he doesnt have a clue about whats going to happen anymore than anyone else does, Until is all been approved
@@micktheleg1049 exactly.
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hello - new subscriber here - grateful for link to live stream you mentioned at the end of this VLOG
Welcome to our community Jackson. Thanks for subbing!
@@TheIsaanFarang do you have the link to the live stream you mentioned at 13:45 ?
As far as I know, none of this is law and is only in the proposal stage. Until they instruct immigration to demand tax returns it is irrelevant to the average retiree.
Exactly.
Correct. There is no new law.
@@mlgneo2855 Correct....but there is a new interpretation of the old law. That interpretation is now the official standard for assessing liability.
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Sick and tired of these people who cannot legally advise on Tax issues in Thailand.
Are you saying Les that someone participating in this video is breaking the law, if so, make a stand and tell us who?
@@TheIsaanFarang it isn't a question of law breaking it's " financial advisers "trying to suck an income out of people while at the same time advising from a position of 0 responsibility.
My stay this year is 178 days and doing the same next year,I can earn enough and enjoy to put the 65000 a month into my Thai account and produce a P60 and give these people nothing.
@@thomasjohnrobinson4658 only need to limit your stay in some years in which you bring in enough money to live for several years.
@@FarangNick That is all well and good but in the years that you do not remit any money to Thailand you will still have to register for a TIN and have the compliance cost to show you don't owe any tax. I think that is why a lot of foreigners are going the less than 180 day a year route and stay out of the system.
Hi Kevin, so at least there is a cut-off point (Dec 31, 2023) for remitting funds from off Shore cheque and savings accounts into personal Thai bank accounts in tax year Jan - Dec 2024.
Moving forward, funds up to 20 million transferred to girlfriend and wife from a foreign account can be gifted tax-free in a Thai tax year.
Interestingly, it's still conjecture until transparency occurs in and around 1st quarter of 2026 due to timing issues with regards to Thai provincial revenue offices getting up to speed on this new foreign tax law.
179 days in Thailand is a good idea until 2027. By then, hopefully, full clarity moving forward, Q1 28.
Thanks for the information, Kevin.
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Thai Government has not concluded on the tax for foreiners yet. Keep worrying.
@@Truthseeker371 as usual,comments and announcements are made with no thoughts on the consequences.
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@@Truthseeker371 do they ever get to conclude on anything.
When do we hear from the Revenue Department and be provided with some clarity ?
I don't know Michael 🤷♂️
You won't hear because theres no change
Thanks for the livestream
Ben from Integrity Legal was grumpy today and mostly directed at Thomas.
Not very professional !
The Tax for foreigners was only talked about loosely and has not been approved by The Royal Decree and therefor is not applicable to people working outside of Thailand and living full time here. Also Foreigners can only work generally about foreign tax assets and not work Thai Tax legal system or Tax owed to Thai Tax office.
All the experts say an existing tax law was a revised/reinterpreted and no Royal Decree was needed as would be the case if they introduce new laws.
@@isaanman5399 Yes he also does not know a foreigner cannot be a Thai Tax Lawyer, registered Thai accountant or to advise on Thai Tax matters or do any Thai accountancy matters or gain money from that work.
What a load of rubbish. Nothing set in stone yet.
Unfortunately lots of silly Farangs believe this rubbish.
Use a Wise card exclusively in Thailand. Easy peasy.
Crystal clear 🙃
Good video to learn the overview lingo. I will hire a lawyer / tax advisor in both countries. I always gound with lawyers to know what you plan and they will advise. If you go to a lawyer and ask what shall I do then you pay extra for explaining.
My understanding as some have commented on here is rules are not fully in place yet .... that said it is relatively easy for me as I am fully in savings in my home country 😊
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I don’t mind paying tax.
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I gifted my life savings to my daughter within the tax threshold of the country the money was held in. She then gave me a loan for exactly the same amount. The money I bring into Thailand is the repayment of a debt. Is that taxable?
Contact Thomas. You'll get a 30 minute Zoom call for free.
@@TheIsaanFarang No. I mean I already sorted it. Thanks. Debt repayments aren't taxable.
@@rufanuf1If you gifted the money to your daughter in Thailand and she has given it back to you as a loan then you can look online and they all say the same that you shouldn’t derive any benefit from gifted assets. One source we’re this is said is - Gift Tax In Thailand 2024 Guide Expats Tax Thailand.
@@isaanman5399 no not in Thailand elsewhere.
You can not benefit from the gift.
I could be in contact with the Visa office to make sure there’s any requirements needed to renew your Visa regarding the tax they have said there’s nothing they can see you have an agreement Tax anyway
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1) The Thai answers/regulations/rules "have not been done." 2) He says that taxpayers have to have proof that it was in a savings account BEFORE Jan 1, 2024--otherwise it IS taxable. Strongly implying that all future post tax income in your home country is subject to tax. 3) You can gift your Thai wife (long term [how long is long enough] girlfriend) huge sums to be put into and left forever in her name. No problem there right.... 4) Now you can use debit and credit cards to avoid the tax but that is likely to change. 5) You can set up a Hong Kong Pension Trust (that sounds cheap right?) to hopefully avoid the unfair tax. Overall this is situation is completely unacceptable and pathetic! Just don't play this losing game. BTW way "tax avoidance" is NOT illegal; "tax evasion" is. As an American he should know that.
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Many thanks. In the comments, it appears that many people are confusing two different things: firstly, tax on money brought into Thailand by tax residents (in force from 1 January 2024) and secondly, the tax office proposal to tax residents on their worldwide income (only a proposal, which has not been debated or approved by parliament).
From 1 January 2024, for tax residents (180 days or more in Thailand during the calendar year, which is also the tax year here) any money that you bring into Thailand is potentially taxable. That includes money transferred to your Thai bank account (easily checkable by the Thai authorities) but not credit or debit card use, including ATMs (difficult, if not impossible, for the Thai authorities to track).
The tax office here have proposed that tax residents in Thailand pay tax on their worldwide income. This is only a proposal, and has not been debated or approved by parliament. We now have a new prime minister in Thailand, and I don't know her opinion on the matter. Some 'experts' think that this proposal will become law in 2026 or 2027, but nobody knows if and when this will happen. However, all tax residents in Thailand should assume that it will happen, and plan accordingly. If and when it does happen, then double taxation agreements will be important, if your home country has one with Thailand.
Calm and rational summary. No histrionics needed. Thank you.
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Hey Kevin, I would like to remind everyone that the LTR visa is exempt from taxation from overseas remittance. It is the only visa in Thailand with a royal decree of such. Scott
Wrong
@@4Serviceplan it is 17 percent
I said money remitted to Thailand from overseas. If you work in Thailand with an LTR you will pay 17% taxes on that money. The LTR visa exempts you from taxes on all funds brought into Thailand from overseas. Anyone interested in finding out more can contact the BOI in Bangkok. They are the agency in charge of the LTR visa.
@4Serviceplan you may want to visit the BOI LTR website before you make rash statements.
@@ChristopherGodsey-m3v That was useful I wondered why those two figures were banded about.
All good 👍🦘🇦🇺
👍
I just put 20 million baht into my girlfriend's bank account. Let's see how that works.
Why bother Daniel 🤷♂️
Sounds like a great plan!
She already disappeared?
lol, yes giving my Thai wife 20mill to avoid tax sounds like a great idea, and they are supposed to be the best tax adviser in Thailand.
@@TheIsaanFarangas land is under a million and a descent new home is hovering just above a million I would probably just gift her the land and may or may not put my name on house title. Fact is for two million baht its not worth any stress, part to find a good Thai lady as I am not 70 may be the hard part.
On a completely separate subject. I stayed in Udhon Thani and found it a bit lonely so heading south of Hua Hin at the moment as may be more foreigner appropriate for me.
Tax agreements remain
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don't bring the money in, just use the credit credit card from your country.
Kinda sucks for when you live here long time. QR code is the standard and very handy.
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Expat Tax Thailand have Vids on their YT channel that go through all the DTA aspects for USA, UK, Australia, Switzerland and they give test case examples. Also you can check what deductibles and allowances you can claim online and one source is - Thailand Personal Tax Deductibles and Allowances SHERRINGS. Local tax offices have people their to answer your queries. I watched the Expat Tax Vid for the UK DTA and checked what allowances I could claim and wrote down all my queries and went the local tax office in Udon Thani City who seen me straight away. The young guy could speak English but his supervisor couldn’t and the young guy seemed a lot more clued up than his supervisor. They got a Thai lady on a Vid call on the mobile who could also speak English and all my queries were answered and the answers I got were exactly what I expected after watching the Expat Tax Vid. Just my opinion but the need for professional help when filing a tax return depends on how simple or complicated your finances are. Tax filing is between 1st January and 31st March. My attitude is I will get my ducks in a row ready but leave it till early March before filing in case the announce anything. For those who are thinking of not filing then they should be aware that there are penalties and it could be viewed as tax evasion (See - Thailand Non Filing Of Tax Returns SHERRINGS) and also note for non filing they can go back 10 years (See - How Long Can A Tax Man Go Back In Time To Assess You BANGKOK POST).
I should have added that the tax office never asked me for any form of ID and when I asked about getting a TIN they said they will give them next year when people come to file. If no TIN then you can’t file so who knows maybe they will decide retirees don’t need a TIN and thus can’t file and this is why I am getting my ducks in row to prepare for filing but not going to file till March as I am hoping for a pass on having to file.
@@isaanman5399 thank you.
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