Thailand new change - world wide income at Thai tax levels to be taxed

[yomboloz]

FYI if living in Thailand nip over to Cambodia/laos (still have some privacy there banking wise) and then declare annually for your taxes - that way you don’t violate domestic or international etc.

You mean submit tax return in Cambo/Laos instead?

 

[toums]

You mean submit tax return in Cambo/Laos instead?

Why submit a tax return in Cambodia/Laos if you just have a bank accounts there but no spending time there / no tax resident ?

 

[wellington]

^ no.

 

[toums]

FYI if living in Thailand nip over to Cambodia/laos (still have some privacy there banking wise) and then declare annually for your taxes - that way you don’t violate domestic or international etc.

Are you using your Cambodian account (USD or Riel) to pay in TH (card or QR code)? I haven't tried yet, but the exchange rates seem very close to the interbank rate..

 

[cckuhqilfownnfctux]

Normal they share all information now under CRS to your home nations - will also likely back date it as they are under heavy scrutiny domestically (tax evasion) and internationally (fraudulent use of the banking system for international scams)

I do have an account with them, last transactions made on Friday last week and Tuesday this week.
this seems to be a standard TiT situation.

 

[toums]

Hope everyone in Thailand (especially in BKK, as far as I know) is safe… Today was absolutely crazy.

I was in the shower when the earthquake hit, on the 39th floor… Everything started falling—paint, tiles, a door—and one of my bathrooms is completely destroyed. But I’m safe, and that’s what matters most.

Wishing the same for all TH residents OCT members

 

[wellington]

Hope everyone in Thailand (especially in BKK, as far as I know) is safe… Today was absolutely crazy.

I was in the shower when the earthquake hit, on the 39th floor… Everything started falling—paint, tiles, a door—and one of my bathrooms is completely destroyed. But I’m safe, and that’s what matters most.

Wishing the same for all TH residents OCT members

Thought it was a German on soi six going at it.

All safe down south.

 

[Mercury]

Hope everyone in Thailand (especially in BKK, as far as I know) is safe… Today was absolutely crazy.

I was in the shower when the earthquake hit, on the 39th floor… Everything started falling—paint, tiles, a door—and one of my bathrooms is completely destroyed. But I’m safe, and that’s what matters most.

Wishing the same for all TH residents OCT members

Was at the Queen Sirikit park. Saw the building in construction collapsed on itself then the cloud dust quickly spreading, pushing panicked people deeper into the park. Intense.

 

[unth72]

You mean submit tax return in Cambo/Laos instead?

I heard things are not that simple in Cambodia. They don't have personal tax filings, it's all salary or corporation based.

They do claim to tax residents on world wide income but there doesn't appear to be a way to actually process this.

I'm in Phnom Penh right now and would like additional information myself, does anyone know a reasonable accountant who's not some mega multi national big corporate practice ?

When I've gone looking for accountants in Cambodia in the past they all seem to project an image of being massive companies who handle corporate entities with a long list of household name client logos, I'm just one man with an income and some cash in the US so I need something smaller, like a couple of guys in a small office with a receptionist - small setup type of thing.

 

[Davis123]

I heard things are not that simple in Cambodia. They don't have personal tax filings, it's all salary or corporation based.

They do claim to tax residents on world wide income but there doesn't appear to be a way to actually process this.

I'm in Phnom Penh right now and would like additional information myself, does anyone know a reasonable accountant who's not some mega multi national big corporate practice ?

When I've gone looking for accountants in Cambodia in the past they all seem to project an image of being massive companies who handle corporate entities with a long list of household name client logos, I'm just one man with an income and some cash in the US so I need something smaller, like a couple of guys in a small office with a receptionist - small setup type of thing.

As part of CRS they might get information on your offshore accounts anyways. So where would you go then if they come after you ?

 

[wellington]

As part of CRS they might get information on your offshore accounts anyways. So where would you go then if they come after you ?

Cambodia and Laos don’t do CRS

 

[Davis123]

Cambodia and Laos don’t do CRS

But they do require you to file taxes. Don't they.? If you are getting money from overseas and if it's a crs jurisdiction you are

 

[wellington]

But they do require you to file taxes. Don't they.? If you are getting money from overseas and if it's a crs jurisdiction you are

Only if you live there.

 

[unth72]

Only if you live there.

Do you have any information of this directly?

From my online research which is pretty extensive I can see declarations everywhere about tax on worldwide income in Cambodia is you're there for more than 182 days a year.

Yet it appears the only way to actually pay any tax is if you incorporate inside Cambodia and employ yourself.

If you remain a private citizen I believe there is no mechanism to submit a tax filing outside of PAYE style salary tax.

I can't find anything on this at all except very vague talk about one day personal income tax returns will be introduced and they've been talking about this for a very long time. So it sounds like something they aspire to do but don't yet do.

I know a guy who retired to Thailand about 5 or 6 years ago, he was a senior tax inspector at HMRC in the UK
(40 year career) and he said introducing something like personal income tax returns for millions of people would be a nightmare to implement - they may want it but actually doing it from the point of the revenue department could take a decade or more and that's from when they get started - it would need to be gradually phased in over time bringing more people into the net with each round of changes, presumably based on identifiable income - of which there is none as nobody is sending any data to Cambodia for any purposes.

 

[Davis123]

Do you have any information of this directly?

From my online research which is pretty extensive I can see declarations everywhere about tax on worldwide income in Cambodia is you're there for more than 182 days a year.

Yet it appears the only way to actually pay any tax is if you incorporate inside Cambodia and employ yourself.

If you remain a private citizen I believe there is no mechanism to submit a tax filing outside of PAYE style salary tax.

I can't find anything on this at all except very vague talk about one day personal income tax returns will be introduced and they've been talking about this for a very long time. So it sounds like something they aspire to do but don't yet do.

I know a guy who retired to Thailand about 5 or 6 years ago, he was a senior tax inspector at HMRC in the UK
(40 year career) and he said introducing something like personal income tax returns for millions of people would be a nightmare to implement - they may want it but actually doing it from the point of the revenue department could take a decade or more and that's from when they get started - it would need to be gradually phased in over time bringing more people into the net with each round of changes, presumably based on identifiable income - of which there is none as nobody is sending any data to Cambodia for any purposes.

Thailand was superb tax free for retired offshore income people and many retirees getting money from their retirement accounts. Most of them left or in process of leaving.

 

[unth72]

Most of them left or in process of leaving.

Yeah, I'm one of them but not yet retired. Currently in Cambodia for about half a year and Thailand for a little less than the other 180 days.

 

[toums]

Yeah, I'm one of them but not yet retired. Currently in Cambodia for about half a year and Thailand for a little less than the other 180 days.

I can understand it, but honestly, Cambodia (PP) is boring AF compared to TH/Bangkok. The service is 10 levels lower, food is just okay, and there’s honestly nothing to do. Sure, no CRS, it’s corrupt as hell, and people are nice (and cheap). But what else is there, really, for living?

 

[10101]

I can understand it, but honestly, Cambodia (PP) is boring AF compared to TH/Bangkok. The service is 10 levels lower, food is just okay, and there’s honestly nothing to do. Sure, no CRS, it’s corrupt as hell, and people are nice (and cheap). But what else is there, really, for living?

Nothing. I have been to phnom penh for 5 days, after 3 days I was desperate to leave. I could never live there, but did live happily in Thailand for years. It's only a matter of time until Cambodia will join CRS anyway.

 

[Davis123]

I can understand it, but honestly, Cambodia (PP) is boring AF compared to TH/Bangkok. The service is 10 levels lower, food is just okay, and there’s honestly nothing to do. Sure, no CRS, it’s corrupt as hell, and people are nice (and cheap). But what else is there, really, for living?

Lower cost chicks maybe

 

[Davis123]

Yeah, I'm one of them but not yet retired. Currently in Cambodia for about half a year and Thailand for a little less than the other 180 days.

I envy you. I am thinking of doing same now. Trying to adjust tax free life