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

[wellington]

So they will generate the tax where they can without being a burden on the voter base

 

[Mercury]

I had 1-1 conversations.

Remitted funds as gift from non Thai to Thai from offshore to onshore is remittance tax charged.

*unless its savings then the appropriate method is offshore your account to onshore your account, onshore your account to onshore your wife.

I advise you to not launder funds after tax evading if you haven't factored that in, and hire a tax advisor and speaking to the revenue department.

Still, there is no official statement quoting that Gift rules are overruled in some way by the (new) remittance rules.
Conversations have no legal grounds and are inconsistent from one authority to another. Tax advisors in Thailand have no better knowledge. TIT.

I'd rather not get in their tax system and continue to gift my wife from offshore legally undeclared as thousands of people do until and if Gift Law is amended or some authority directly asks something.

 

[JackAlabama]

So they will generate the tax where they can without being a burden on the voter base

Seeing the incompetence of them just from some basic newspaper there will be some issues with that, since the non-voters are mobile and will simply leave. Already, its not a welcoming gov either, so many will just look elsewhere.
The attitude of only wanting their cash but not the people can easily backfire.

Further issues are whos gonna pay these inflated falang prices. Its not gonna be somchai with his 400 usd/month salary. So they will loose a lot on the vat front if they go further down their plan. I can easily foresee it even be a net negative.

Still, there is no official statement quoting that Gift rules are overruled in some way by the (new) remittance rules.
Conversations have no legal grounds and are inconsistent from one authority to another. Tax advisors in Thailand have no better knowledge. TIT.

I'd rather not get in their tax system and continue to gift my wife from offshore legally undeclared as thousands of people do until and if Gift Law is amended or some authority directly asks something.

Id can entertain the thought if you go and ask them directly, they will make a special rule just for you .
Just like with the immigration stuff.

 

[wellington]

there is no official statement quoting that Gift rules are overruled in some way by the (new) remittance rules.

There doesn't need to be an explicit statement, it's covered in their existing rules and sub rules.

Like i said, i sat down with RD in person, person to person and discussed.

Essentially not following the law based on it wasn't explicitly explained to me even though its covered in existing rules/law is tantamount to tax evasion, and possibly money laundering.

Further issues are whos gonna pay these inflated falang prices. Its not gonna be somchai with his 400 usd/month salary. So they will loose a lot on the vat front if they go further down their plan. I can easily foresee it even be a net negative.

Not farang, once the baby boomers die out (already are) the boomers kids don't have the same sort of capital, and their kids have none.

Hence the sex industry has shrunk by 90% over the past decade (from my observation every town used to have a pole dancing area - now all family orientated or absorbed by Thai style cafes).

Indonesia just offered a new visa 10m$ i think, 10 yrs, wife balked at that (Bali is one of our favourite haunts) asking who will pay that, which i responded, Thailand, Indonesia kinda have a golden goose in respect of their proximity to China, and the funds that flow from there (illicit or mere capital control violations) but unlike if you break the law and proceeds are passed to a family member they being liable (civil/criminal) when you pay funds to a Company or a State they don't get charged, nor do they get chased for said funds -> thus they welcome it with these outrageous fees as its only an upside for them.

 

[JackAlabama]

Not farang, once the baby boomers die out (already are) the boomers kids don't have the same sort of capital, and their kids have none.

this will simply be inherited.
Plus Thais primary selling point was to be cheap (and it still kinda is cheap, its model would not work with a strong currency), so you don't need an outrageous sort of capital. Its not NY or Singapore.
Today Id say even more euro/us kids are going to Thailand for "these reasons" today then back in the day when I was a horny twen, many can make a few bucks online which is enough to sustain oneself in SEA. Before one could only go with a "career" or being overly ambitious, which was more difficult to to limited access to information.

Id also add theres a steady increase in new retirees due to the price level in europe/usa going up strongly while SEA is cheap measured in these currencies.
Before one could leave and enjoy retirement in SEA whereas today many have to leave to enjoy retirement.

Hence the sex industry has shrunk by 90% over the past decade (from my observation every town used to have a pole dancing area - now all family orientated or absorbed by Thai style cafes).

Looking at internet apps and all of that sort, it just adjust to another demographic which have a very different taste than the boomers , Also the origin country of people coming in hordes changed. They easily offset any fall of the smaller boomer kids demographics.
This is best visible in Pattaya The crowd is not the same at all since I visited its nightlife the first time quite long ago.

So I conclude that industry did not shrink by 90%.

Indonesia just offered a new visa 10m$ i think, 10 yrs, wife balked at that (Bali is one of our favourite haunts) asking who will pay that, which i responded, Thailand, Indonesia kinda have a golden goose in respect of their proximity to China, and the funds that flow from there (illicit or mere capital control violations) but unlike if you break the law and proceeds are passed to a family member they being liable (civil/criminal) when you pay funds to a Company or a State they don't get charged, nor do they get chased for said funds -> thus they welcome it with these outrageous fees as its only an upside for them.

there are many visa options in indonesia. None are straight forward but flexible.

 

[MagicMatt]

6 SEPT 2024

Here we go again... they never learn.

https://www.bangkokpost.com/business/general/2860812/law-to-tax-income-from-overseas-in-the-works

 

[wellington]

6 SEPT 2024

Here we go again... they never learn.

https://www.bangkokpost.com/business/general/2860812/law-to-tax-income-from-overseas-in-the-works

Yeah see that this morning.

 

[Marzio]

Thailand lost definitely its appeal as a place to plant the tax residency flag.

 

[ecool]

They have started. They will do it, they do not care. Millionaires will keep living there without paying taxes doing strategies or paying under the counter, normal people will have to pay

Other countries will also eventually do it under the pressure of Europe and USA

 

[pomo]

I hope it's not enacted for 2025, I spent less than 180 days this year so I can remit a chunk at the end of the year and chill the next.

 

[churumbelo]

Thailand lost definitely its appeal as a place to plant the tax residency flag.

What's the alternative? I do not know if Philippines could be. It is not as good as Thailand.

 

[wellington]

Reading this, it appears owning a overseas company will still be exempt.

It's personal income, which there are numerous loop-holes to overcome (i.e loans etc - its cheaper to pay 6% than 35%).

https://www.thephuketnews.com/law-to-tax-income-from-overseas-in-the-works-93577.php

 

[Marzio]

What's the alternative?

In SEA i'd say probably Malaysia with their MM2H program.

Reading this, it appears owning a overseas company will still be exempt.

Are you suggesting using offshore company's money for daily expenses (rent, food and so on)?

 

[churumbelo]

In SEA i'd say probably Malaysia with their MM2H program.

I've been to Malaysia a couple of times (only KL) and I did not really like it when compared to Bangkok. For me it is not. For others it could be.

 

[Marzio]

I did not really like it when compared to Bangkok.

For me it's the exact opposite, i like KL better

 

[wellington]

Other issue is all the countries appear to be doing ESTAs now increasingly, its becoming friction based just to travel, Thailand itself is introducing

 

[JackAlabama]

For me it's the exact opposite, i like KL better

hard to decide.
But both are unstable corrupt third world countries.
Id might have a slight preference for KL for chill vibes but BKK for party (which becomes rare in my old age .

Other issue is all the countries appear to be doing ESTAs now increasingly, its becoming friction based just to travel, Thailand itself is introducing

its stated in the plans by the usual suspects, the plebs should not travel any more.

But youre exempt from it if you hold a visa.

 

[wellington]

its stated in the plans by the usual suspects, the plebs should not travel any more.

In Thailand they said it was for 'covid' and for 'tracking tourists'.

Covid screening is done on arrival by default, and tracking is done via hotels/accommodation, and mobile + ai cctv.

So utter horseshit, as usual.

 

[JackAlabama]

In Thailand they said it was for 'covid' and for 'tracking tourists'.

Covid screening is done on arrival by default, and tracking is done via hotels/accommodation, and mobile + ai cctv.

So utter horseshit, as usual.

Yeah, seemingly business as usual.
the admin seem quite incompetent and for whatever reason wanna go on hoarding data like theres no more tomorrow. So the more they hoard the messier this is all becoming esp with the sloppy work ethic of the underpaid civil "servants" entering and collecting it.

addentum. More stupidity on the way. The thai condo market is already pretty bad and only braindeads can come up with this.

 

[yngmind]

I would choose Bangkok any day over Kuala Lumpur.

As for the Bangkok Post news, there's nothing new. We've already seen this law.