TAX on Income from Abroad

[newtovillagelife]

Hi STW, could you please explain what you mean by the term "bed and breakfasted", and how it pertains to the current Thai tax situation. Thanks.

[Declan MacPherson]

According to the representative at the Udon TRD with whom I spoke yesterday, foreigners are expected to file a return whether they think they owe tax or not.

My form has already been completed and is awaiting submission. If the the tax code requirements and/or deductions change between now and my filing date, I'll just transfer the information to whatever will be the "form of the day."

TIT. So expect anything.

Being an American has its advantages. Free and clear.

Good luck to all.

NOTE: I will not be surprised if this tax paperwork becomes part of the immigration visa renewal process every year. Just a guess.

[Declan MacPherson]

I have also heard rumblings of the tax extending BEYOND what expats bring into the country. A global tax on all of your assets whether you bring those assets into the country or not.

Rumors flying everywhere, but nothing would surprise me at this point.

[Udon Map]

A global tax on all of your assets whether you bring those assets into the country or not.

I've heard the rumor, as well. It will never happen. Thailand has no mechanism for identifying and valuing all of onoe's assets globally.

[sometimewoodworker]

Hi STW, could you please explain what you mean by the term "bed and breakfasted", and how it pertains to the current Thai tax situation. Thanks.

https://www.gov.uk/hmrc-internal-manual ... al/cg13350

Is an example of its use.
It is a far to complex process to explain without considerable tying, but the concept is remarkably simple and applies to many financial situations

[Declan MacPherson]

Newton's Third Law
For every action, there is an equal and opposite reaction.

People will change their behavior as the tax rates are changed.

Foreigners are "not inert blocks of wood or chess pieces that can be moved around on a chess board." There will be a reaction; and it's been tested before in other places. The spending behavior of foreigners will change (and are already changing).

e.g. Foreigners will leave . Foreigners will spend less than 180 days in Thailand and spend less . Foreigners who stay will bring less money to Thailand . Foreigners who stay will make cuts and spend less money in Thailand (VAT tax revenues for the government will go down) . Foreigners will avoid it through various methods

It will be interesting to see how it plays out.

The Great former Marxist (admitted) Thomas Sowell always gets it right.



“Some ideas are so stupid that only intellectuals believe them.”



I am not anticipating any issue for myself personally. All looking very good. Good luck to all.