TAX on Income from Abroad

[Doodoo]

https://aseannow.com/topic/1306896-thai ... ting-2024/

Its coming

[jackspratt]

I reckon the Dero hit the nail on the head very early in that AN/TV thread.

I'm thinking a lot of you have your "nickers in a twist" over an item that will not effect you!

[deankham]

I can hear the bar stools rustling from here; Time to pack up and leave grumble, grumble....

[jackspratt]

Hopefully those who live here but are still working offshore, ie the fly-in/fly-out people, have their tax ducks in a row.

[Khun Paul]

I agree JS, information as usual short on the details , one assumes he means all income however Thailand does have reciprocal agreements with 69 countries and all of the EU and NorthAmerican continent as well as Australasia are included

Like many statements from the Thai Government the devil is in the details and as yet NO DETAILS ar4e forthcoming

[ladda3904]

https://www.belaws.com/thailand/double-tax-agreements/

[tamada]

Hopefully those who live here but are still working offshore, ie the fly-in/fly-out people, have their tax ducks in a row.

And the retired squatters who never go anywhere?

Since this planned legislation depends on one being determined as legally "resident" in Thailand, a lot of FiFo and the more mobile farang have less to worry about.

[tamada]

I can hear the bar stools rustling from here; Time to pack up and leave grumble, grumble....

off to Cambodia mumble, mumble...long bank holiday weekend in Blackpool...

[Doodoo]

"And the retired squatters who never go anywhere?"

Alright Tim Tam I will bite

[newtovillagelife]

So does this mean we get free government healthcare also?

[tamada]

"And the retired squatters who never go anywhere?"

Alright Tim Tam I will bite

Here ya go. The definition of a tax payer as it CURRENTLY stands.

1.Taxable Person

Taxpayers are classified into “resident” and “non-resident”. “Resident” means any person residing in Thailand for a period or periods aggregating more than 180 days in any tax (calendar) year. A resident of Thailand is liable to pay tax on income from sources in Thailand as well as on the portion of income from foreign sources that is brought into Thailand. A non-resident is, however, subject to tax only on income from sources in Thailand.

https://www.rd.go.th/english/6045.html

[tamada]

So does this mean we get free government healthcare also?

There's no equivalent of the UK's National Health Service here but even if there was, paying Thai taxes doesn't automatically confer the right to claim free healthcare.

[FrazeeDK]

no details in any of that article. Lots of complicated wheels spinning if they think they're going to make it effective by 01 January 2024. Here's what I gleaned as important according to the article:

According to legal experts, the policy appears to have three specific targets: residents trading in foreign stock markets through foreign brokerages, cryptocurrency traders, and Thais who have been exploiting. a loophole that allowed them to bring foreign earnings into the country tax-free after keeping it in an offshore account for more than a calendar year.

[Whistler]

It has also been reported that nationals from a country which has a reciprocal income tax agreement, will be exempt. UK, USA, Canada & Australia all have such agreements

[Khun Paul]

Yes to all the last two posts I concur . Initially the wording was vague, something we have all become used to, but regarding residency as we are NOT considered RESIDENTS except by definition of a Resident under Thai Law concerning residency we are not subject as others have confirmed, although according to my accountant, those who engage in work and receiving payment TAX FREE could be at risk . So ensure you keep papers which shows your current Tax payments to your home country .

[Doodoo]

The usual question arises Where is the supporting article for your statement ?

[Whistler]

There was an article on Asean news a few days ago citing a Thaiger post, cannot find it now. The whole thing is quite ill-defined at present, a lot of speculation but few hard facts.

[noosard]

I can hear the bar stools rustling from here; Time to pack up and leave grumble, grumble....

Empty bar stools that is handy
Where is it

[Whistler]

It will be interesting to see how they differentiate money coming from pension, superannuation, savings and income. The other challege will be drawing income from an ATM on a foreign account.

[FrazeeDK]

here's the US-Thai tax treaty link: https://www.irs.gov/pub/irs-trty/thailand.pdf

Now "Resident" as outlined higher up the string as defined by the Thai Tax authorities is if you live here 180 days or more.

Resident as defined by the US-Thai Tax treaty has a number of interpretations in Article 4..

US Pensions and Social Security are not taxable in Thailand:

ARTICLE 20
Pensions and Social Security Payments
1. Subject to the provisions of paragraph 2 of Article 21 (Government Service), pensions and other
similar remuneration paid to a resident of a Contracting State in consideration of past employment shall
be taxable only in that State.
2. Notwithstanding the provisions of paragraph 1, social security benefits and other similar public
pensions paid by a Contracting State to a resident of the other Contracting State or a citizen of the
United States shall be taxable only in the first-mentioned State.
3. Annuities derived and beneficially owned by a resident of a Contracting State shall be taxable
only in that State. The term “annuities” as used in this paragraph means a stated sum paid periodically at
stated times during a specified number of years, under an obligation to make the payments in return for
adequate and full consideration (other than services rendered).
4. Alimony paid to a resident of a Contracting State shall be taxable only in that State. The term
"alimony" as used in this paragraph means periodic payments made pursuant to a written separation
agreement or a decree of divorce, separate maintenance, or compulsory support, which payments are
taxable to the recipient under the laws of the State of which he is a resident.
5. Periodic payments, not dealt with in paragraph 4, for the support of a child made pursuant to a
written separation agreement or a decree of divorce, separate maintenance, or compulsory support,
paid by a resident of a Contracting State to a resident of the other Contracting State, shall be taxable
only in the first-mentioned State.
ARTI