TAX on Income from Abroad

[newtovillagelife]

They will get the information from your
home country, if it's a member of the OECD.

They are going after all foreigners residing in Thailand for 180 days or more.

This has totally upended my retirement plans.

And if you have already paid home country tax why would Thailand think it can tax again if they are in the OECD.
What if you earn outwith your home country.

So I guess you aren't going to file a Thai tax return then.

[Doodoo]

'
'"They will get the information from your
home country, if it's a member of the OECD"
.Thailand is not a member of OECD , but an applicant. I would assume they cant request information from the OECD. But could be wrong

[AlexO]

They will get the information from your
home country, if it's a member of the OECD.

They are going after all foreigners residing in Thailand for 180 days or more.

This has totally upended my retirement plans.

And if you have already paid home country tax why would Thailand think it can tax again if they are in the OECD.
What if you earn outwith your home country.

So I guess you aren't going to file a Thai tax return then.

Not going to answer that on an open forum, but you may be close to the truth or not.

[tamada]

They will get the information from your
home country, if it's a member of the OECD.

They are going after all foreigners residing in Thailand for 180 days or more.

This has totally upended my retirement plans.

They are primarily going after the Thai diaspora, not foreigners. I doubt they'll be upsetting my retirement plan anytime soon or even before it's time to cash in all my chips.

[tamada]

They will get the information from your
home country, if it's a member of the OECD.

They are going after all foreigners residing in Thailand for 180 days or more.

This has totally upended my retirement plans.

And if you have already paid home country tax why would Thailand think it can tax again if they are in the OECD.
What if you earn outwith your home country.

So I guess you aren't going to file a Thai tax return then.

There's no need to file a Thai tax return. Why attract attention when it's not mandatory or compulsory?

[tamada]

'
'"They will get the information from your
home country, if it's a member of the OECD"
.Thailand is not a member of OECD , but an applicant. I would assume they cant request information from the OECD. But could be wrong

The activation of the existing taxcode on foreign remittances was probably part of Thailand's OECD "application" process. They needed to exhibit that they have a mature tax collection regimen. These amendments are either something they've implemented or are considering and not necessarily required by the OECD.

FWIW, the OECD invited Thailand to start accession discussions last June so it's status at the moment is a candidate country.

[sometimewoodworker]

They will get the information from your
home country, if it's a member of the OECD.

They are going after all foreigners residing in Thailand for 180 days or more.

This has totally upended my retirement plans.

And if you have already paid home country tax why would Thailand think it can tax again if they are in the OECD.
What if you earn outwith your home country.

You seem not to understand that the tax law doesn’t work the way you seem to think it should.

DTAs/DTCs do not stop you being taxed in more than 1 country.

What they do is stop you being charged more tax than the maximum in either country if there is a DTA/DTC.

They do this by allowing you to claim a credit of the tax paid outside Thailand against the tax due in Thailand. If the Thai tax bill is higher you pay the difference if the Thai tax is lower you pay nothing.

If you have a trusted partner you can structure your remittances so unless you have a really really extravagant lifestyle you pay no tax on remittances.

[sometimewoodworker]

This has totally upended my retirement plans.

Then you don’t have a trusted friend, you haven’t actually researched the tax law or you are spending in excess of 10.5~20.5 million baht per year

[sometimewoodworker]

There's no need to file a Thai tax return. Why attract attention when it's not mandatory or compulsory?

Unless you are due to pay tax and want to evade taxation, or you want to reclaim withholding tax paid.

[tamada]

Unless you are due to pay tax, or you want to reclaim withholding tax paid.

Ta
tam

[newtovillagelife]

This has totally upended my retirement plans.

Then you don’t have a trusted friend, you haven’t actually researched the tax law or you are spending in excess of 10.5~20.5 million baht per year

My concern is the planned taxation on worldwide income. I can control the amount of remittance to limit my tax liability, that isn't a problem.

[sometimewoodworker]

This has totally upended my retirement plans.

Then you don’t have a trusted friend, you haven’t actually researched the tax law or you are spending in excess of 10.5~20.5 million baht per year

My concern is the planned taxation on worldwide income. I can control the amount of remittance to limit my tax liability, that isn't a problem.

Planning for a possible change is prudent.

Making significant changes in what you are doing now because of proposals that, in the opinion of many, are just wishful thinking is rather less sensible.

But of course you are free to believe and act in any manner you like.

[Chriss]

Thailand did ‘sign up’ for CRS as of August 2023. CRS, in a nutshell, is the automated exchange of financial records on a global scale between tax authorities…

So if you use a foreign credit or debit card in Thailand the details of the transaction will automatically be sent to the RD.. I believe the OECD devised and implemented CRS

Don’t shoot the messenger, this is what a BKK Thai tax lawyer told me.

[tamada]

Thailand did ‘sign up’ for CRS as of August 2023. CRS, in a nutshell, is the automated exchange of financial records on a global scale between tax authorities…

So if you use a foreign credit or debit card in Thailand the details of the transaction will automatically be sent to the RD.. I believe the OECD devised and implemented CRS

Don’t shoot the messenger, this is what a BKK Thai tax lawyer told me.

Tracking all foreign credit and debit card transactions is maybe part of the OECD member's deliverables so, if not already being done by the RD, which I doubt, it will be an inevitability once full membership is attained. I'm wondering how many of these directives are what government's are coming up with and the OECD is simply endorsing, versus how many the OECD is coming up with and imposing on governments?

This OECD does appear to have enormous clout and to me, appears to have morphed into something else with this idea that it supports or facilitates the idea of "global taxation". A bit like how the "trade-only" EEC morphed into the invasively politicised (and fill your boots while you're at it) EU.

Their wiki states that "OECD nations have strong social security systems; their average social welfare spending stood at roughly 21% of GDP." Does Thailand come close to qualifying in that regard?

[sometimewoodworker]

Their wiki states that "OECD nations have strong social security systems; their average social welfare spending stood at roughly 21% of GDP." Does Thailand come close to qualifying in that regard?

Clearly Thailand’s social security systems are well under the 21%
Is that a requirement for membership? Or is just a report of an observation of the actual situation.

[tamada]

Their wiki states that "OECD nations have strong social security systems; their average social welfare spending stood at roughly 21% of GDP." Does Thailand come close to qualifying in that regard?

Clearly Thailand’s social security systems are well under the 21%
Is that a requirement for membership? Or is just a report of an observation of the actual situation.

I have no idea. Maybe the Thai government thinks the "digital wallet" maarkey will somehow boost their percentage?

I quoted that "21% of GDP" criteria from the OECD wiki. Feel free to search further on their own oecd.org website or elsewhere.

[Chriss]

Thailand did ‘sign up’ for CRS as of August 2023. CRS, in a nutshell, is the automated exchange of financial records on a global scale between tax authorities…

So if you use a foreign credit or debit card in Thailand the details of the transaction will automatically be sent to the RD.. I believe the OECD devised and implemented CRS

Don’t shoot the messenger, this is what a BKK Thai tax lawyer told me.

Tracking all foreign credit and debit card transactions is maybe part of the OECD member's deliverables so, if not already being done by the RD, which I doubt, it will be an inevitability once full membership is attained. I'm wondering how many of these directives are what government's are coming up with and the OECD is simply endorsing, versus how many the OECD is coming up with and imposing on governments?

This OECD does appear to have enormous clout and to me, appears to have morphed into something else with this idea that it supports or facilitates the idea of "global taxation". A bit like how the "trade-only" EEC morphed into the invasively politicised (and fill your boots while you're at it) EU.

Their wiki states that "OECD nations have strong social security systems; their average social welfare spending stood at roughly 21% of GDP." Does Thailand come close to qualifying in that regard?

The way it was explained to me the Thai RD doesn't need to carry out any tracking themselves, CRS is a totally automatic process and the transaction records are sent directly to them, monthly I believe.

Yes there will be tens or hundreds of thousands of transactions given the number of tourists p.a. but it wouldn't take much computing power to pull the records for just those 'tax residents' from these monthly reports. Monthly analysis, the click of a mouse...

[tamada]

The linked, acronym-rich news item may shine a more understanding light on what has been called Thailand's "tax grab". Interesting to read that for the most part, nothing new is required as Thailand has already agreed to the rules and regulations for membership of these disparate entities. Like the RD income tax regulations, they just need to implement them.

The way I see it, businesses and businessmen need to clean up their acts whereas government appointed regulatory bodies just have to be seen to be cleaning up theirs.


https://www.bangkokpost.com/opinion/opi ... r-business

[joepai]

Calm down team :

https://www.youtube.com/watch?v=646AJMmhbkY

[Bandung_Dero]

Thanks for that, I don't usually open links to social media and youtube but will pass the link onto a friend who calls me every other week having a panic attack, over the past 9 months, caused by miss information.

Hello Les!!