Expat Tax Thailand

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@thevagabond5596 5 күн бұрын

So, I can trasfer as much savings as I want to Thailand as long as I stay less than 180 days every year. Only risk is when I become a tax resident in the future and have to pay income tax for any trasferred amount since Jan 1 of 2024. Correct?

@user-xh1pc8nu2i 5 күн бұрын

How do I approach the revenue department in Thailand next year regarding gifting to my Thai wife regarding cash or property.

@josephvikre8328 6 күн бұрын

I was going to get an O visa, will the transfer of the 800,000 baht be taxed???

@jake407 7 күн бұрын

You don’t discuss probably the most important issue or you assume it away. That under the DTA you first need to determine residency before you get to any of this. You mentioned at the outset that the treaty overrides domestic law and then you don’t discuss residency.

@jbranche8024 8 күн бұрын

5:13 has been updated on 21 November 2023 Ref: revenue department order P.162/2023 Section 41 issued 21 November 2023. "The provisions of paragraph one Section 41, shall Not apply to assess able income arising before the date 1 January 2024"

@sebmii393 10 күн бұрын

I thought I understood that gifts or loans from abroad are exempt from taxes in Thailand. But this seems to me to be too good and simple a way to circumvent taxation... What do you think?

@jbranche8024 10 күн бұрын

Are you saying The Thai Revenue Department should note to audit your financial transactions into Thailand? Thailand is Capable of Auditing and enforcing Thai Tax laws. They have agreements with many Major Foreign Countries to provide financial information specific to Thailand and determining sender and receivers of money.

@user-qc8yr2vm8y 10 күн бұрын

Can you recommend any course how to interpret and apply double tax treaties with some practical examples?

@paulchilvers5032 10 күн бұрын

Hasn't tax always been payable on remittances too Thailand of income in the current financial year? The Thai revenue deparment change if 15th September 2023 simply removed a exemption for income earned in prior years which had until then provided a major loop hole for Thai tax residents. Ofmthisnis the case expats who qualify as Thai tax residents have always been liable for Thai taxation on thier pensions and anybother incomes remitted in the year they were earned.

@jake407 7 күн бұрын

Remitted I think. Not earned.

@southpaw1755 10 күн бұрын

Do you notice how they won't answer any question? I wouldn't hire them.

@ExpatTaxThailand 10 күн бұрын

We're sorry we don't have the capacity to answer questions here. We have answered hundreds of questions, which are available on our website www.expattaxthailand.com/your-questions-answered/, and if you cannot find an answer to your question, you are welcome to submit it there.

@cliffordbaines7195 11 күн бұрын

Very informative on a 15 minute chat

@Mark-hf3bb 11 күн бұрын

Unfortunately, Thailand's recent changes make it an undesirable retirement location for most newer generations of Americans wanting to retire without a pension. This is because Thai tax brackets are way way higher than those of the U.S., especially for someone retiring off of capital gains or dividends. So, even with the double tax agreement, you're still paying taxes in America, and then will owe taxes in Thailand as well. Keep in mind that the majority of pensions in America were mostly removed from Gen X and newer generations. Myself and most of the folks I know are in similar situations, where our 401k retirements are so low they can hardly be counted on, Social Security retirement probably won't be around, and unless you're a military or government retiree, you won't have an actual pension. So for many years, my retirement plan has been long term capital gains and dividends and I was seriously considering Thailand. Due to the recent changes, it's now off the table as an available location for me.

@rodhales9536 9 күн бұрын

But under double tax you pay tax in the US on dividends don't you, on capital gains Im not sure on the US but do you pay tax there as well.

@Mark-hf3bb 9 күн бұрын

@rodhales9536 In the U.S., your dividend income is taxed at either 0, 15, or 20%, depending on how much income you make from dividends. Thailand only recognizes your dividend, capital gains, and crypto income as Personal Income Tax (PIT) though. According to the double tax agreement you're going to pay your U.S. taxes first, then pay whatever extra is owed via Thailand tax brackets since they're higher. So, if your dividend income is $500,000/year, you will pay the U.S. $75,000 as that's the 15% dividend tax rate for married filing jointly. That means you will transfer $425,000 to Thailand and are able to prove that you paid 15% in taxes already. $425,000 = THB 15,580,602 Thailand's tax brackets are much smaller and much more aggressive than the U.S. brackets are. So on that ~15.6mil THB, you would owe Thailand THB 4,961,049 ($135,334 in USD). However, since you can show you already paid 15% on that $425,000, you would only owe THB 2,623,959 ($71,582 in USD). This means that instead of only paying the 15% you should be paying, you will instead be paying about ~30% in taxes. Keeping in mind that there are deductions here and there, so these numbers aren't exact. To recap here... As I was saying previously, Thailand's updated tax laws will now ensure the vast majority of Americans will no longer be looking at retiring there because with those extra taxes, it'll just be cheaper to stay in America or look elsewhere. Adding to it... Filing taxes are already a massively stressful event for most individuals. Now imagine filing taxes in multiple countries... Ugh, no thanks!

@jampasurprenant1794 11 күн бұрын

This is an absolutely great program and the lady answered all my questions in the beginning of the video .

@teacherluc8259 11 күн бұрын

I am belgian, I live in Thailnd, my incomes come from a house I give for rent. I pay taxes in Belgium. Do I have to declare it in Thailand?

@tmangeles7575 18 күн бұрын

Thailand solved their currency crisis ingeniously in 1998. This just undid 25 years of ingenuity. Bizarre. TL;DR: Way too complicated. Good luck, Thailand!

@samhavoc1066 18 күн бұрын

All this does is confirm that I won't go live somewhere if I'm going to pay double income tax to do it. I will spend my money somewhere else.

@johnathanlalas4460 20 күн бұрын

Great work Carl and Andrew...

@user-fs8gt4qn7z 20 күн бұрын

Great video 👍🙏

@user-fs8gt4qn7z 19 күн бұрын

Thanks for the guide🙏👍

@Tony-eb5kh 20 күн бұрын

Umm 🤔 I as an Aussie with Thai wife and her children. No good to me as my wife works and claims all benefits not me! I sent 4mil thb last year (good timing) but normally 1mil thb through super which is not taxed being over sixty. Now have to re-evaluate my time here 🤷🏼‍♂️ Why can’t you respond to comments? Is it because of Australian law giving advice outside of Australia? Thanks for the info btw 🙏🏻

@user-ym5km8eq1v 20 күн бұрын

There is no tax on loans. That is what a credit card is. It’s a loan.

@user-ym5km8eq1v 20 күн бұрын

All money paid into superannuation is taxed at a minimum of 15%. Other money put into superannuation may have also been taxed at your marginal rates. While in there it has also had fees paid. This doesn’t include money earned while it was in the super.

@johnblack621 20 күн бұрын

The tax changes appear to be referring to income brought into Thailand. If I have AU$100,000 sitting in an Australian bank, lets say this is savings made over ten years, and I remit all of it into Thailand in 2024, this is NOT remitting income. It is savings. Many Australians have accounts held in super funds which they use as “bank” accounts. We arrange regular withdrawals and sometimes make lump sum withdrawals. In fact, we can withdraw the entire balance if we want and place it in a bank account. Either way, the money held in the account is 90% savings from previous years, not income from the past year. These accounts are different to “pensions” in so far as there is an existing balance made up of very old contributions and earnings. Given the money is savings and not income, surely it is not taxable in Thailand. I think the video fails to make this distinction. Also, the definition of “residence” (for tax purposes) is NOT 180 days residence. There are a number of factors outlined in Article 4 of the DTA which come into consideration in determining a person’s residence. I encourage viewers to read page 8 of the Agreement.

@user-zg1qb9rs8m 20 күн бұрын

Any plans to do a DTA Canada?

@ExpatTaxThailand 20 күн бұрын

Thank you for watching. We're sorry, we are unable to answer questions in the comments. If you have a follow-up question, please use the link on the website www.expattaxthailand.com/ask-a-question/, book a call, or send us an email.

@ExpatTaxThailand 20 күн бұрын

@turtlex5994 20 күн бұрын

At 14:19 he says that, if you received 20K income in the UK and paid 2k UK tax on it and remit the net amount of 8K to Thailand, you will have to declare the gross amount of10K on your Thai tax return and pay tax on that after deducting the UK tax credit. This is not correct because the Thai Revenue Department only considers foreign source income remitted to Thailand as assessable income. Since the 2K paid in UK tax was not remitted to Thailand, it is not assessable and you don't need to declare it, unless you feel particularly generous.

@donnahurst5973 21 күн бұрын

Can the Thai tax filing fee, i.e., B12,000, be deducted on US taxes?

@chrissmall1246 21 күн бұрын

A Thai tax accountant informed me I could make ATM withdrawals and that is not considered a transfer. Can I then deposit that cash into my Thai bank account and again not consider that as a transfer. Between the 220 TB withdrawal charge and the $5 charge from my home bank I pay between 1.6 and 1.8 percent interest on my withdrawals based on a 25K withdrawal. Am I missing something or is this a legal, viable and non taxable strategy?

@thesheperd7567 22 күн бұрын

When everyone wears helmets everyone might pay tax

@waltermeier6344 22 күн бұрын

I visited the local revenue office in Hua Hin this week to apply for a tax number. They had no idea how to proceed or advise. They were not interested in researching for me. However, they said next month they hope to have more information. In the meantime, I documented all my financial information as of 31 December 2023 and will ensure no comingling of future accessible funds with life savings and state, social, military pensions. Thank you for sharing your webinar.

@rw1744 18 күн бұрын

i have done same documenting all my savings and investments accounts as of 31 December 2023. The question i have is how do you separate comingling of future assessible funds with investment accounts containing stock, equity and general growth such as interest when remitting money into Thailand after Jan 1st 2024 ?

@waltermeier6344 18 күн бұрын

@@rw1744 from Jan 1, 2024 ensure you keep separated accounts. And ensure that the account you use to transfer your funds from your home country to Thailand has never contained those assessible funds. And don't feel like it's too late because it is only May. Finally, if you do transfer assessible funds to Thailand, pay the tax and then submit the appropriate form to your home country for a refund iaw the DTA.

@thesheperd7567 24 күн бұрын

What if your money in your home country is below the tax threshold. Surely Thailand can't tax us regardless.

@thesheperd7567 24 күн бұрын

Amazing how we are mere guests on what effectively a tourist visa with permission to stay. No rights no say, nothing. Involve tax and amazingly we become tax residents after 180 days. From that point onwards can we use our tax ID number and enjoy treatment in government hospitals, Thai pricing at tourist locations, discontinue 90 day reporting, open bank accounts as easily as native Thais and have a say like any other tax paying national. Tax isn't a money grab it's a government collection in order to provide services to the population. They can't take (they will) take money from foreigners and leave individuals in the same position as any fly in tourist. If we are entitled to nothing then what's the tax for?

@georgecow2734 25 күн бұрын

Not really a lot of help dame as other I've watch

@georgecow2734 25 күн бұрын

So can give me advice on earn 20.000 in UK from property then pay tax in UK. Will be any to pay in Thailand if I bring money here

@turtlex5994 20 күн бұрын

It depends on how much UK tax you have already paid on it and what your tax rate is in Thailand but, yes, rental or cap gains from overseas property is assessable for Thai tax, if remitted to Thailand. IF you remit rental income at regular intervals of less then one year, you will have to file a mid year PND 94 as well as the year end PND 91 tax return.

@greigfrost290 25 күн бұрын

Good review of the dta. I'm no tax expert but for uk rental income under Article 7 of the DTA it states 'Income from immovable property may be taxed in the Contracting State in which such property is situated'. Seems to imply taxed in the UK to me and not Thailand?

@notker88 26 күн бұрын

If I paid 27.5% capital gains tax and I want to spend over 6 months in Thailand do I have to pay even more taxes just to bring that money in and spend it there?

@jbranche8024 10 күн бұрын

Depends, if Tax Resident you receive all deductions, exemptions under current Thai Revenue Code/Law. Additionally Wages earned and you can prove were earned prior to Jan 1, 2024 are remitted Tax Free 0 tax.

@southpaw1755 26 күн бұрын

When did Thailand change the tax laws?

@MrJenklns 13 күн бұрын

31-2-24 ......

@southpaw1755 13 күн бұрын

@@MrJenklns What was the change? I don't see any.

@teacherluc8259 27 күн бұрын

I live in Thailand, I am from Belgium. My income are house rentals... I have no other income, should I declare it?

@kohchangtai7820 28 күн бұрын

Is there tax levied on the $500,000 remitted into Thailand to buy the bond / condo in support of the LTR visa?

@markanderson5343 28 күн бұрын

This just makes me say no thanks to Thailand

@johnesmer5635 28 күн бұрын

Philippines only tax money earned in Philippines Expats ,,or aliens resident living permanent in Philippines pays NO, world wide income

@sohantanna625 28 күн бұрын

Are you based in Hua Hin? I saw a lot of ads in various shops here

@tomkent4656 28 күн бұрын

Audio is terrible.

@turtlex5994 28 күн бұрын

One thing to take into account is that the Thai Revenue Code has oddly never been amended to take into account the many DTAs since it was promulgated. That means that, not only are there no specific regulations as to how to apply DTAs but that there is a very thin legal basis for applying the DTAs to PIT in domestic law at all. So far there is just one very basic ruling that even suggests DTAs can be applicable in domestic law. I know that international treaties take precedence over domestic statutory law but there should normally be some domestic linkage to confirm that they are applicable and how which is totlly absent in this case. This is likely to result in some bizarre and inconsistent individual interpretations by RD officers, particularly in remote areas where some expat retirees live. Understanding Thai law is more than just reading the English translations and making ones own assumptions based on that.

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