new tax for all foreigners...

[joepai]

Maybe worth a listen to ?

[Brian Davis]

You're probably right, Tamada. I couldn't see anything on SCB about CRS and I lacked the patience to tackle some new security measure on the 'phone. A question for the Webinar on how 'serious'' that deadline date is to be taken?

It occurs to me it's about a month away from New Year and when you might actually submit a tax return, but no sign of the promised? additional guidance from the Revenue Service yet. I presume, or perhaps that should be assume, they think to have English versions of paperwork translated. Translation of the TIN application form L.P.10.1 would be a start, as I've only found Thai to date. After all, new procedures have been introduced affecting foreigners in particular.

[Barney]

Horses for courses, Barney. I just try to do things for myself IF I can, but I no longer climb on the house roof! Thus, I'm still of the opinion that one SHOULD be able to obtain a TIN quickly at the Udon Revenue Office, armed with the necessary paperwork. No mention of a 'power of attorney' on the guidance I've seen. Told once to apply for the TIN at the same time as submitting the tax return, the need is a bit more pressing if needed on the CRS form.

Yeah, hope you're on the right horse Brian

"Power Of Attorney" is only required in my case to allow another entity to apply for the TIN.
All my tax is sorted by the company who employes me and they pay for all my services to Deloitte the tax agent company in Thailand. I'm only indicating what documents I have to sign for. Tax time soon in Thailand once more at the end of December so a few more signatures required early next year.

I have sent an email to Deloitte for an information package relevant to any future personal tax requirements on retirement in the land of smiles.

[Brian Davis]

Thank you for explaining that.

[joepai]

https://www.youtube.com/watch?v=0lnck-5OSXE

555 at least he makes sense - I would also go further by saying add forum posts on so called 'advice'

[tamada]

https://www.youtube.com/watch?v=0lnck-5OSXE

555 at least he makes sense - I would also go further by saying add forum posts on so called 'advice'

That's 3:37 of my life that I won't get back.

Actually, he lost me at, "I've been doing it as long as I've been doing it and it is what it is.'

And now, back to our regular programming...

[FrazeeDK]

too much talk, not enough solid information. He should do a very brief intro then 1,2,3 on his topics...

[pipoz4444]

Thailand might be slow and unorganized when it comes to finding a way to tax their expats overseas and or even define their rules for Residency for Tax purpose, but you can bet Australia wont be. Not with the system Australia Tax Office has in place to find out where their expats are and what they earn and also how they define a person for Residency for their tax purpose.

45 Days

And for those working in Countries where Australia does not have a tax treaty with that country or they are not paying any tax , watch out

Every Government wants their piece if your Pie



https://www.youtube.com/watch?v=qQcp4FGxbuc




https://www.youtube.com/watch?v=uK1v3-sHv2U

pipoz4444

[jackspratt]

A couple of interesting videos, pipo.

First, let me say I am from the school of "everyone should pay their fair share of tax", wherever they are living. That seems perfectly reasonable, and equitable, to me.

The first YT talks at length about the ambiguity of the laws and rules around tax residence in Oz. It also makes it clear that, as an Australian citizen, once you have left Oz for more than 3 years, that ambiguity will no longer exist ie you will no longer be considered to be a tax resident. You will of course still be subject to tax laws on Oz income.

The second YT is just advertising fluff, and doesn't even address the proposed 45 day/3 year rules. There is also no proposal, as far as I am aware, for Australia to start taxing world-wide income if you are not a tax resident. Nor, despite what the guy is suggesting, would the mooted new rules dictate where you can, or cannot, live.

[pipoz4444]

A couple of interesting videos, pipo.

First, let me say I am from the school of "everyone should pay their fair share of tax", wherever they are living. That seems perfectly reasonable, and equitable, to me.

Regardless of the fluff etc, it or the ATO is coming, not unlike a number of other Governments, after the Expats. Its a "Sign of the times"

I might agree with you Jack, if those who paid their taxes actually got what they deserve in return ,from the Australian Government, later in life, but that is no longer the case and it is only likely to get worse. That along with the fact that their are two sets of rules, one for Mr. Australian and another for the Politicians and certain Government Officials, who make the rules.

For Mr. Australian worker and or family who work for say 45 years, pay their taxes along the way, pay their 2% of AT Salary for Medicare (if they haven't taken out private cover), pay for private schooling (in the hope their children will get a better chance in life), pay off a mortgage over 30 years or so, contribute 9% towards superannuation along the way over those 45 years (only to have the super rules changed when they reach retirement age) - What exactly do they get from the Australian Government, when they turn 67 years old, assuming they can pass the Means Test (assets and income)* ?

I read where only around 60% of Australians over the age of 67 can qualify for the old age pension.

In the days of my father 100 % of Australians over the age of 65 were given a full pension. That to me says, something about the miss management of the Countries finances over the past 50 years.

The other fact is the Hypocrisy the Means Test which is not applied to Politicians and some other Government Officials, who because the make the laws/rules, seem to be immune from those laws/rules which are applied to the Mr. Australian.

My view is, the Mean Test is discriminatory, as it targets an group of people / families, who for the vast majority, have paid more than their share of Taxes over their working life.

So after listening to Kerry Packer in 1991, I decided to take his advice (7.20)

pipz4444

[jackspratt]

I guess it gets back to your personal philosophy on state(s) collecting and using taxes. For me, tax is appropriately collected from people according to their means, and I don't see it as a form savings towards a later age pension. That is what superannuation is for - at least since the early 1990s.

I read where only around 60% of Australians over the age of 67 can qualify for the old age pension.

Yes - but only about 40% get the full age pension.

In the days of my father 100 % of Australians over the age of 65 were given a full pension.

Given that the age pension has been means tested (in one form or another) since 1909, I'm not sure how that can be correct.

The other fact is the Hypocrisy the Means Test which is not applied to Politicians and some other Government Officials, who because the make the laws/rules, seem to be immune from those laws/rules which are applied to the Mr. Australian.

I have seen nothing to suggest that politicians are not subject to means testing if they were to apply for the age pension or other social service payments. And given the very generous parliamentary pensions most receive - which, since 2004 (Federal at least) they have contributed to, similar to superannuation guarantee, they would be unlikely to get through the test.

[Declan MacPherson]

Good news for all Americans

1. Trump pulled the US out of OECD, which means the US is not participating in the global minimum tax nonsense. Even if Thailand opts into it, Thailand would not have access to US banking information.

2. The US-Thailand Treaty of Amity contains wording that US citizens living in Thailand are to be treated as Thai nationals. This means that since Thailand pensions are not taxed, the pensions of US citizens residing in Thailand are not to be taxed no matter what type of pension.

For all Expats in Thailand
If you calculate that you do not owe any taxes based on your deductions, government pension or bringing funds in that were from savings prior to Jan 1, 2024, you don't even have to file.

The savings balance prior to Jan 1, 2024 may be used every year thereafter under current law until the total on Dec 31, 2023 is exhausted. So if you have what is equivalent to 5 million baht in that savings account on Dec 31, 2023, and you only bring in 500,000 baht each year thereafter, that savings account will keep you from paying taxes for about 10 years.

Source: Integrity Legal, Bangkok

Go ahead. Shoot the messenger.

[jackspratt]

If the "messenger" is the ranting boofhead from "Integrity" Legal, it would be a waste of a bullet.

IMO, anyone who takes notice of the advice in his YouTube videos without further investigation is putting themselves at risk.

I have yet to read anywhere - except above - that Trump has

.....pulled the US out of OECD......

[Doodoo]

Will this news article help???

https://www.reuters.com/world/us/trump- ... 025-01-21/

[Declan MacPherson]

As I've said many times, with some on here, there is no cure for contempt.


Everyone should always do what is best for them individually.

[jackspratt]

Will this news article help???

https://www.reuters.com/world/us/trump- ... 025-01-21/

Not really.

Where does it say he has pulled (the US) out of the OECD?

[tamada]

Will this news article help???

https://www.reuters.com/world/us/trump- ... 025-01-21/

Not really.

Where does it say he has pulled (the US) out of the OECD?

It's probably a bit more complicated than a simple EO, but it's old news already from some three or four days ago, depending on your time zone and preferred media sources.

There's a good (paywalled) article on Forbes that focuses on the OECD's pursuit of the corporate tax dodgers rather than Isaan pensioners. Since the permanently cash-strapped squatter in the Oval Office has got Musk's, Bezos's and Zuckerberg's wallets in his back pocket, seems reasonable to assume they appreciate any "asset protection" from OECD that Trump can provide.

[Doodoo]

"After years of stalled negotiations on global tax issues hosted by the Paris based-Organization for Economic Cooperation and Development (OECD) to end competitive reductions in corporate tax rates, former U.S. Treasury Secretary Janet Yellen agreed to the deal in October 2021.
Trump's Treasury nominee Scott Bessent said on Thursday that following through with the global minimum tax deal would be a "grave mistake.""

Following through would be a grace mistake in other words "They aint doin it"

[tamada]

"After years of stalled negotiations on global tax issues hosted by the Paris based-Organization for Economic Cooperation and Development (OECD) to end competitive reductions in corporate tax rates, former U.S. Treasury Secretary Janet Yellen agreed to the deal in October 2021.
Trump's Treasury nominee Scott Bessent said on Thursday that following through with the global minimum tax deal would be a "grave mistake.""

Following through would be a grace mistake in other words "They aint doin it"

There's no Executive Order on this as it has way too may repercussions, interdependencies and consequences. Trump's personal choice of words on this issue is notably lower in bombast and sufficiently vague on content. It infers that it's Trump's wish to pull out but he needs to defer to people who are already filthy rich on whether he can renege on any previous agreements. If it took several years over several administrations to sign up, it's not unreasonable to expect another lengthy period for it to be unravelled.

[Jacksonthai]

Re all this tax talk..on and on!l According to Bengamin Heart from Integrity Legal Bkk. If you watch the latest on the 'Tax Issue you'll find it from the " horses mouth "so to speak. This guy is an Amerian lawyer and a Thai National practising in Bkk for years. For months on on end he has been trying to explain to those that watch his utube that Thailand has not made a single change to any tax laws at all all at all.... Everything is just the same as it has been . If you're interested enough and want to relax a bit dail up Integrity Legal youtube. He has delivered many many speeches on the "Tax Issue " He has great difficulty trying to explain to those that have sought out " advice" from what he says are illegally operating tax consultants/advisers. He is adamant that no person other than a Thai National is permitted to engage as a paid person/firm . It is a restricted occupation in Thailand and it has whipped up unnecessary hysteria.
I have no axe to grind with him in any way but I'm very glad he has his utube available.