Income not remitted into Thailand is NOT taxed. Anyone telling you otherwise is an idiot.
My Thai tax advisor is telling me the same.
Income not remitted into Thailand is NOT taxed. Anyone telling you otherwise is an idiot.
#Bingo!Any lawyer or accountant who says otherwise is fleecing you.
fallacy
Germany is anything but efficient, noble or moral, my friend! That's a huge fallacy in and of itself!Germany
You have a setup like that ?After 20 years in Thailand I can confidently say the Thai government have no ability in any way to tax your overseas companies if they do not trade in Thailand. Any lawyer or accountant who says otherwise is fleecing you.
According to what the tax advisor said, as the company is mine, can be considered that the company (in offshore) is operated through Thailand therefore the company (as company) can be asked to be taxed in Thailand as a Thai company (despite it's NOT doing any business in Thailand, NOR remitting amounts in Thailand), but the tax advisor said that as I'm the owner it can be considered managing from Thailand therefore be taxed as a Thai company (The company, not me). as it might be considered tax resident of Thailand as I am. Clear? Thank you!!Income not remitted into Thailand is NOT taxed. Anyone telling you otherwise is an idiot.
So, what happens if you run a WORLDWIDE NOT-FOR-PROFIT organization in Thailand and you receive NO money and use your own savings to improve the not-for-profit?According to what the tax advisor said, as the company is mine, can be considered that the company (in offshore) is operated through Thailand therefore the company (as company) can be asked to be taxed in Thailand as a Thai company (despite it's NOT doing any business in Thailand, NOR remitting amounts in Thailand), but the tax advisor said that as I'm the owner it can be considered managing from Thailand therefore be taxed as a Thai company (The company, not me). as it might be considered tax resident of Thailand as I am. Clear? Thank you!!
Yes but this has not base, my company is profitable and there sticks the question..So, what happens if you run a WORLDWIDE NOT-FOR-PROFIT organization in Thailand and you receive NO money and use your own savings to improve the not-for-profit?
What are they going to tax you in Thailand?
OK, help me understand your mindset...Yes but this has not base, my company is profitable and there sticks the question..
According to what the tax advisor said, as the company is mine, can be considered that the company (in offshore) is operated through Thailand therefore the company (as company) can be asked to be taxed in Thailand as a Thai company (despite it's NOT doing any business in Thailand, NOR remitting amounts in Thailand), but the tax advisor said that as I'm the owner it can be considered managing from Thailand therefore be taxed as a Thai company (The company, not me). as it might be considered tax resident of Thailand as I am. Clear? Thank you!!
Because the other one says something different.. and the other one something different too…OK, help me understand your mindset...
You 100% believe and trust your advisor, as you mentioned here...
What's the point of asking further questions if you are 100% cemented to what your Thai tax advisor licensed to provide tax advice by Thailand asserts?
What am I missing here?
The real situation is Thai authority does not care about your offshore business and there is no PE nor CFC enforcement.So, I’m trying to understand what is the real situation..
No way, I’m a citizen of one of them and left, and been typical I left and gave up retirements, health care etc so I can go far from this $h1t ..The real situation is Thai authority does not care about your offshore business and there is no PE nor CFC enforcement.
If you need certainty and strict enforced rules in order to sleep well I suggest you settle down in any well-managed high tax country.
And to add: 1) yes, you really feel me, 2) there is PE law in Thailand but this is not exactly PE (as it doesn’t do any business inside Thailand), but can be considered that the company is managed/work is done/bank transfers from the tax resident been in Thailand. Correct?No way, I’m a citizen of one of them and left, and been typical I left and gave up retirements, health care etc so I can go far from this $h1t ..
Ok.... now I understand you 100%! It truly is confusing! You are right!Because the other one says something different.. and the other one something different too…
So, I’m trying to understand what is the real situation..
And to add.. another one suggests I link the offshore company with the Thai company with contracts that the Thai company is getting paid to provide me to the offshore in order to provide services. So with this way, according to the other advisor, it’s safer and does not establish PE. But on the contrary, as I read, it will be establish pe in this situation..
So you understand why I am so confused and asking
I would also like to know because I will probably have to do the same.@wellington
@JackAlabama
I am actually looking to update my address/tax residency on Interactive Brokers for the 2025 tax year, as I quit few months ago Portugal (under NHR) and now living in Bangkok.
Is there anything to know/ be careful by switching the address ? (still IB ireland). Is there WHT of fiat interest (till now I have 15% WHT on my USD cash interest, with Portuguese address).
To justify for now, I have 1year lease agreement + utility bill (home internet) under my own name (+ DTV visa, for now).
Thanks
Is there WHT on fiat currencies interest
From what I recall the Withholding is also 15% for Thailand on USD interest and dividends.
Hmmm ok, and for all ETFs (listed in UK / Ireland), still no WHT ? (for dividend/interest distribution)
I can't tell you for sure, I don't invest in UK/Ireland ETFs.
I would switch my account to IBKR US. Maybe I’m paranoid but I don’t want one of the most corrupt countries in the world having access to how much money I have plus my address when they report it through CRS.@wellington
@JackAlabama
I am actually looking to update my address/tax residency on Interactive Brokers for the 2025 tax year, as I quit few months ago Portugal (under NHR) and now living in Bangkok.
Is there anything to know/ be careful by switching the address ? (still IB Ireland? ). Is there WHT on fiat currencies interest (till now I have 15% WHT on my USD cash interest, with my Portuguese address).
To justify the upgrade of my address, for now, I have 1year lease agreement + utility bill (home internet) under my own name (+ DTV visa actually). However I dont have any TIN (thai) number.
Thanks