Old Old Law - Overseas Income remitted in new tax year = tax free
Old Law (current) - Overseas Income remitted in any year = Taxed at Thai levels
New Law (being processed) - Overseas Income in all forms whether remitted or not taxed at Thai levels.
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Thailand new change - world wide income at Thai tax levels to be taxed
- Thread starter wellington
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Old Law (current) - Overseas Income remitted in any year = Taxed at Thai levels
New Law (being processed) - Overseas Income in all forms whether remitted or not taxed at Thai levels.
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This rule was revised effective from Jan 1, 2024. “
Am i reading this correctly that they are making this effective Jan 1, 2024?
no, it doesnt matter really as its a corrupt and chaotic thrid world country having more coups and prime ministers than some people have t shirts
Think its referring to the current law -> having said that, this below is incorrect.
If you have savings pre-2024 overseas, then remitting currently is tax free, also applies to into the future as its savings...
if you have income in 2024 currently its tax free unless remitted.
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This rule was revised effective from Jan 1, 2024. Tax is now payable on foreign income regardless of when it is brought into the country. To give an example, Mr A sold shares in an overseas company in 2020, realised a capital gain and banked the money in an overseas account. If he brings the proceeds from that capital gain into Thailand in 2024, he must report it as assessable income when filing a tax return.
Please credit and share this article with others using this link: Law to tax income from overseas in the works. View our policies at Bangkok Post - The world’s window on Thailand | Breaking news, Thailand news, Latest news, World news and http://goo.gl/ou6Ip. © Bangkok Post PCL. All rights reserved.
I doubt this current gov will last long.
Already ruffling the feathers of the upper middle income...
If you have savings pre-2024 overseas, then remitting currently is tax free, also applies to into the future as its savings...
if you have income in 2024 currently its tax free unless remitted.
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This rule was revised effective from Jan 1, 2024. Tax is now payable on foreign income regardless of when it is brought into the country. To give an example, Mr A sold shares in an overseas company in 2020, realised a capital gain and banked the money in an overseas account. If he brings the proceeds from that capital gain into Thailand in 2024, he must report it as assessable income when filing a tax return.
Please credit and share this article with others using this link: Law to tax income from overseas in the works. View our policies at Bangkok Post - The world’s window on Thailand | Breaking news, Thailand news, Latest news, World news and http://goo.gl/ou6Ip. © Bangkok Post PCL. All rights reserved.
We just had a soft coupno, it doesnt matter really as its a corrupt and chaotic thrid world country having more coups and prime ministers than some people have t shirts
I doubt this current gov will last long.
Already ruffling the feathers of the upper middle income...
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since taxin left glamourus Dubai and went back to Thailand, its nothing but additional chaos to an already troubled country.
Looks like theres already trouble brewing against him now being the defacto pm.
Im wondering how long it will take until the next coup
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Looks like theres already trouble brewing against him now being the defacto pm.
Im wondering how long it will take until the next coup
.Hmm.. I missed something or ?
If you received dividend/interets / capital gains / salary etc.. BEFORE 01/01/2024 abroad, you cannot bring ANY for free if remitted in TH (as TH resident, if you spend 180days+ a year) ?
I understood i was like :
- Any money you have abroad before 01/01/2024 you can remit in TH for free.
- If INCOME, FROM 01/01/2024 and remitted in TH ( as TH tax resident) = taxed
only if youre tax resident.
Lets say you earn 1B usd this year while in Dubai. Next year you go to sabaisabailand. You can spend these 1B as savings.
This is how it works everywhere.
The best is really if you keep your stay at like 170ish days or so and the rest be elsewhere. That way you can even earn 1B the next year too.
Say you earned 10m in 2021 and then reinvested 7m of that and spent 3m in between and then your 7m turned into 30m
The 7m taken out of the investment is still tax free and can be remitted anytime tax free.
The remaining 23m can be reinvested and one year you can do the old slipper roo by dancing around jurisdictions and the year after you can bring some of that 23m in
Basically the current stance
If the cretins change it to income everywhere then you do dividends in a year doing the slipper roo and bring it in as savingS
It’s essential to document everything OR if crypto have it showing via wallets
The 7m taken out of the investment is still tax free and can be remitted anytime tax free.
The remaining 23m can be reinvested and one year you can do the old slipper roo by dancing around jurisdictions and the year after you can bring some of that 23m in
Basically the current stance
If the cretins change it to income everywhere then you do dividends in a year doing the slipper roo and bring it in as savingS
It’s essential to document everything OR if crypto have it showing via wallets
This.
As long as Thailand doesn't change its tax residence condition, moving to world income tax won't change anything for non-tax residents: they can still remit and spend billions in Thailand tax-free.
id wont be buying anything there. Was thinking about a retirement home or smth like that, but thats out of the cards for now.
Im still unsure about stocks, but a small percentage which is mentally written off to 0, might still be ok.
It truly depends on your income per-se.
i.e certain amount say 100k a year the tax isn't bad with the deductions, its when you earn millions + IMO.
Fortunately the post above i mentioned should safeguard some, as its unlikely most just left the cash sitting there being debased annually.
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What concerns me for now, is perhaps the next stage is an American style taxation.
I am unsure what is driving this because sure following western standards in some sense makes sense, but on the value(s) it doesn't.
You'd need to see the tiers move dramatically up.
Who knows, perhaps a hard coup comes next and rolls it back.
That would affect only citizens and Thai permanent residence holders (and also maybe LTR visa?) who, I assume, are very few among the foreign residents. The majority of foreigners remaining long-term in Thailand holds non-immigrant and tourist assimilated visas/extensions of stay.
that would su©k royally, but Id say its will take quite a long time until it goes to that level of desperation.
Technically it will affect your kids the day they'll start earning their own income. I don't think Thailand will ever tax on passport/permanent residence card like US does.
They are targeting the big fish but it's mostly the small fish that would be affected from it:
Correct me if I'm wrong, but someone who's having most of his capital in some passive ETF which he never sells and takes against it rolled-over lombard loans for his living expenses, won't be affected at all from the new reforms, be it remittance-based or worldwide-based, since there's no ''income'', only ''paper gains'', and he lives off debt.
Did I missed something?
Correct me if I'm wrong, but someone who's having most of his capital in some passive ETF which he never sells and takes against it rolled-over lombard loans for his living expenses, won't be affected at all from the new reforms, be it remittance-based or worldwide-based, since there's no ''income'', only ''paper gains'', and he lives off debt.
Did I missed something?
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