TAX on Income from Abroad

[pipoz4444]

They have excellent newly constructed and secured ATM outlets, for a number of the different Banks along the Riverside roadway, all issuing nice new USD 100 bills.

The Banking system is really looking quite good, in Phnom Penh

pipoz4444

[glalt]

They have excellent newly constructed and secured ATM outlets, for a number of the different Banks along the Riverside roadway, all issuing nice new USD 100 bills.

The Banking system is really looking quite good, in Phnom Penh

pipoz4444

US hundred dollar bills created a problem for me. Hardly anywhere could or would cash them. I learned over the years that tens and twenties work much better. A pocket of ones and fives work everywhere.

[tamada]

They have excellent newly constructed and secured ATM outlets, for a number of the different Banks along the Riverside roadway, all issuing nice new USD 100 bills.

The Banking system is really looking quite good, in Phnom Penh

pipoz4444

Do you get your change in riel or smaller denomination US bills?

Asking for glalt.

[pipoz4444]

They have excellent newly constructed and secured ATM outlets, for a number of the different Banks along the Riverside roadway, all issuing nice new USD 100 bills.

The Banking system is really looking quite good, in Phnom Penh

pipoz4444

Do you get your change in riel or smaller denomination US bills?

Asking for glalt.

Both if you want

At the SMILE Shops, 7 Elevens and Sports Bars etc. if you give them 100 US to pay for 18 US purchase, they will give you 80 US in change (say a 4 x 20 or a 50 + 20 + 10), then give you the remainder / equivalent of the 2 US in Riel which is pegged at around 4 Riel to the USD.

These places are safe/reliable to exchange US currency as they will also check/scan the US Note that you give them (whatever denomination of note) for tares, cuts, overall condition and counterfeit so that you know when you get the US change back from them, that the Notes are OK for trading, at least in Phnom Penh. They may not always pass (for their condition) back in Thailand, as the Thais seem to be more fussy about the condition and age of the US Note

You can also pay your Bill or Purchase at almost every place in Cambodian Riel if you want to, they will accept with no hassle.

There are a number of small money exchangers that will take your 100 US Note and give you 5 good 20 US Notes back in exchange, if you don't want to carry the 100 US Note around with you. The Fee is 1 USD or 1% to exchange 100 US Notes for smaller denomination Notes.

A little bit off the topic, but if Thailand gets too testy with the way it treats / taxes Expats, this may well be the good place to spend a weekend every now and again. The evenings and nights are not too shabby either.

I can recommend this place for an alterative for an afternoon and a meal

https://www.scorekh.com/

pipoz4444

[tamada]

Great information, many thanks. Quite a few countries get picky on the quality of US dollar bills. Note that c-notes are the most counterfeited overseas while the 20 is the most common fake bill back in 'merica.

The Sunday Roast is still (way) cheaper at Chris's Place.

Phew!

[Kenr6583]

They have excellent newly constructed and secured ATM outlets, for a number of the different Banks along the Riverside roadway, all issuing nice new USD 100 bills.

The Banking system is really looking quite good, in Phnom Penh

pipoz4444

Do you get your change in riel or smaller denomination US bills?

Asking for glalt.

Both if you want

At the SMILE Shops, 7 Elevens and Sports Bars etc. if you give them 100 US to pay for 18 US purchase, they will give you 80 US in change (say a 4 x 20 or a 50 + 20 + 10), then give you the remainder / equivalent of the 2 US in Riel which is pegged at around 4 Riel to the USD.

These places are safe/reliable to exchange US currency as they will also check/scan the US Note that you give them (whatever denomination of note) for tares, cuts, overall condition and counterfeit so that you know when you get the US change back from them, that the Notes are OK for trading, at least in Phnom Penh. They may not always pass (for their condition) back in Thailand, as the Thais seem to be more fussy about the condition and age of the US Note

You can also pay your Bill or Purchase at almost every place in Cambodian Riel if you want to, they will accept with no hassle.

There are a number of small money exchangers that will take your 100 US Note and give you 5 good 20 US Notes back in exchange, if you don't want to carry the 100 US Note around with you. The Fee is 1 USD or 1% to exchange 100 US Notes for smaller denomination Notes.

A little bit off the topic, but if Thailand gets too testy with the way it treats / taxes Expats, this may well be the good place to spend a weekend every now and again. The evenings and nights are not too shabby either.

I can recommend this place for an alterative for an afternoon and a meal

Score Sports Bar (1).png


Score Sports Bar (2).png


Score Sports Bar (3).png


Score Sports Bar (4).png


Score Sports Bar (6).png



https://www.scorekh.com/

pipoz4444

To make things easy, don’t use $100 notes at businesses in Cambodia, exchange for smaller notes at a bank or exchange for riel. Anyone using $100 notes at businesses, no matter how reputable, are asking for trouble. Many horror stories in Cambodia about this. These businesses do get counterfeit bills and pass them along to customers.

[tamada]

https://www.linkedin.com/events/thaiinc ... 707863040/

[pipoz4444]

After 01 January 2024 for those of us that reside in Thailand for 180 Day or more in any one financial year, theoretically we become "Thai Residents for Tax Purpose".

According to several more recent Articles on Google
"Under the previous regulation, only foreign income remitted to Thailand in the year of earning was taxed and the new rule closes this loophole and will so oblige an individual to declare any income earned overseas, even if it wasn’t going to be used in the local economy.

The principle of tax is that you must pay tax on income you earn from abroad no matter how you earn it and regardless of the tax year in which the money is earned.”

It is understood that the new policy was to specifically target Residents trading in foreign stock markets through foreign brokerages, cryptocurrency traders and also Thais with offshore accounts. But it now has been clarified

So, Retired Expats now residing in Thailand for 180 days plus per year, will now become technically defined as "Thai Residents for Tax Purpose" !! NO BIG DEAL, unless you are bringing sh..t loads of money from overseas, from an unknown source, to fund a very expensive lifestyle in Thailand.

For the normal Retired Expat bringing in a modest lifestyle amount into Thailand each month, from
1.That which he has accrued in an off-shore Savings Account over many years (before moving to Thailand) and or
2.Funds derived as a Pension were deposited into his Bank Account back in UK etc and then wired/transferred to him in Thailand.

It will have no financial impact on him.

pipoz4444

[FrazeeDK]

there are no real details on this new program nor how it will be implemented. No answers to diplomatic treaties (around 60 countries) preventing double taxation on earned income.. I figure we'll just have to wait till next year to see how the Treasury Department muddles along with it.. From my perspective, I think it will be "re-thought" to be more specificly focused on those tax dodgers you mention.

[tamada]

In the meantime, I thoroughly recommend that readers who think they may be impacted by this enforcement of an existing regulation, to familiarize themselves with the dual-taxation agreement their homeland (or banking homeland) may have with Thailand.

Forearmed is forewarned... or is it the other way round?

[tamada]

there are no real details on this new program nor how it will be implemented. No answers to diplomatic treaties (around 60 countries) preventing double taxation on earned income.. I figure we'll just have to wait till next year to see how the Treasury Department muddles along with it.. From my perspective, I think it will be "re-thought" to be more specificly focused on those tax dodgers you mention.

Generally agree but with the relative paucity of farangs, the RD may find it easier to bang up the "low-hanging fruit" we present to their inefficient and pedantic bureaucracies. They don't like to break sweat and know we are probably unwilling or unable to pursue the ritual way the locals avoid doing what's required, legally or otherwise.

[tamada]

Since in most instances, the only thing the RD will be checking with regard to a foreigner’s income is his Thai bank account, the married ones can transfer their money from overseas to their spouse's bank accounts, either every second monthly remittance or just bite the bullet and send it all to her, every month. Whatever it takes to remain below the 150,000 baht tax-exempt threshold. If that appears to be suspiciously too low, then send more to yourself to keep it less than 300k and accept the 5% tax rate. Either way, make sure you eschew the Bentley when attending government offices. Using a skylab, albeit uncomfortable and slow, is more acceptable.

Sackcloth and ashes optional.

[newtovillagelife]

Since in most instances, the only thing the RD will be checking with regard to a foreigner’s income is his Thai bank account, the married ones can transfer their money from overseas to their spouse's bank accounts, either every second monthly remittance or just bite the bullet and send it all to her, every month. Whatever it takes to remain below the 150,000 baht tax-exempt threshold. If that appears to be suspiciously too low, then send more to yourself to keep it less than 300k and accept the 5% tax rate. Either way, make sure you eschew the Bentley when attending government offices. Using a skylab, albeit uncomfortable and slow, is more acceptable.

Sackcloth and ashes optional.

Are you talking about the 150,000 baht tax free yearly allowance? How many retirees can get by on 150 thousand baht a year. Even if you are married and give your wife 150 thats 300 thousand baht/year for a married couple tax free, is that feasible.

[FrazeeDK]

on transferring the incoming money into your spouse's account, I'd have to see if Immigration's policy dictates that your money you receive in the bank must wholly or in part come from abroad. Your mandatory 1 year transaction printout from the bank shows where your money came from..

As mentioned before several times, nobody has a clue as to how this is all going to work out. I'm more inclined to think that as of 1 January or shortly thereafter somebody in the Revenue Department will do the usually, "oh.. never mind..."

[newtovillagelife]

Am I correct to assume anything brought to Thailand in 2023 doesn't count.

[Khun Paul]

My understanding is those who are required to pay thai INCOME Tax are at risk. UNLESS you have a work permit and pay tax, you do not have a Tax code / number. NOT ON THE RD radar and as previously stated Tax treaties are sacrosanct. HOWEVER I pointed out in a previous post as LONG as you can prove that you paid Tax in your own country , I forsee no problems. HOWEVER THOSE WHO use offshore accounts and other means to avoid payuinbg tax anywhere MAY have a problem`.

[tamada]

Since in most instances, the only thing the RD will be checking with regard to a foreigner’s income is his Thai bank account, the married ones can transfer their money from overseas to their spouse's bank accounts, either every second monthly remittance or just bite the bullet and send it all to her, every month. Whatever it takes to remain below the 150,000 baht tax-exempt threshold. If that appears to be suspiciously too low, then send more to yourself to keep it less than 300k and accept the 5% tax rate. Either way, make sure you eschew the Bentley when attending government offices. Using a skylab, albeit uncomfortable and slow, is more acceptable.

Sackcloth and ashes optional.

Are you talking about the 150,000 baht tax free yearly allowance? How many retirees can get by on 150 thousand baht a year. Even if you are married and give your wife 150 thats 300 thousand baht/year for a married couple tax free, is that feasible.

I am not suggesting that anyone can try and live on 150k or 300k.

I am suggesting transferring whatever amount of your annual stipend you need, either in part or fully, to your spouse's bank account here instead of solely to your own bank account.

[tamada]

on transferring the incoming money into your spouse's account, I'd have to see if Immigration's policy dictates that your money you receive in the bank must wholly or in part come from abroad. Your mandatory 1 year transaction printout from the bank shows where your money came from..

As mentioned before several times, nobody has a clue as to how this is all going to work out. I'm more inclined to think that as of 1 January or shortly thereafter somebody in the Revenue Department will do the usually, "oh.. never mind..."

Immigration's financial requirements state that funds must come from overseas into the applicants personal bank account. However, this has nothing to do with the RD's determination of one's Thai tax liability.

I think it's pretty clear how it will work: you are either Thailand tax-resident and liable for tax or you aren't. I also think that it is compliance with international banking regulations that is driving this enforcement of existing tax legislation. It isn't some half-baked money grab by the new administration that will disappear in 2024.

[tamada]

Am I correct to assume anything brought to Thailand in 2023 doesn't count.

Correct. The legislation takes effect from 1 January 2024.

[tamada]

My understanding is those who are required to pay thai INCOME Tax are at risk. UNLESS you have a work permit and pay tax, you do not have a Tax code / number. NOT ON THE RD radar and as previously stated Tax treaties are sacrosanct. HOWEVER I pointed out in a previous post as LONG as you can prove that you paid Tax in your own country , I forsee no problems. HOWEVER THOSE WHO use offshore accounts and other means to avoid payuinbg tax anywhere MAY have a problem`.

A good summation there KP. Personal experience with my UK offshore bank is that I had to prove my UK non-domicile status to them by furnishing a tax ID for the country(ies) where I claim domicile.

Per my earlier post:

I thoroughly recommend that readers who think they may be impacted by this enforcement of an existing regulation, to familiarize themselves with the dual-taxation agreement their homeland (or banking homeland) may have with Thailand.

There is a UK/Thai dual taxation agreement. However, it is folly to blindly assume that it will work to one's favor.