Debunking New Thai Tax Law Fears

[@JettGunther]

Any tax-related questions, schedule a free consultation here 👉 tally.so/r/wv46vQ I will refrain from personally answering any complicated tax-related questions, since this is a very advanced and consequential topic.

[@digbystrong2829]

Certainly not expecting *you* to answer the questions, but I think you did mention that your subject matter expert interviewee would consider follow-up presentations on questions which impacted many people. I'm happy to set up a consultation about this, but it will only result in me publishing the information here

[@JettGunther]

@@digbystrong2829 You're welcome to contact them for a consultation. Whatever you choose to divulge about that consultation is also up to you.

[@joevanstraaten2926]

Hi Jeff saw your Video on KZbin. I am a South African. I have a Tax Consultant in SA. They submit my Tx Return annually. The Tax Return is simply because I contribute to a Medical Fund to look after my health needs only when I make use of Medical Services in SA. I receive a monthly income of about 45 000 to 50 000 Thai Baht per month from doing online work in the UK on a freelance basis. I have been living in Thailand on an O/A Visa for 15 years. It’s a bank-to bank transfer. I have no other assets whatsoever here in Thailand or South Africa. How does the new Tax law effects me?

[@TedRichardson-r5g]

By far the most informative and stress relieving clip I’ve seen on this topic

[@genestone4951]

If I have to file an income tax form of some kind every year in order to get a retirement visa...I will leave. Also, while this threat is going on, I certainly won't be buying a condo here or anything like that.

[@tmb3131]

Absolutely agree

[@PortalToAwakening]

100% I have already paid plenty of taxes on my retirement savings, and I am contributing greatly to the thai people, the culture, and the animals here. In short all the money that I spend is going to support this thai country that I love, but I'll leave and go somewhere else if they push this.

[@anthonyfox5337]

I`m with you mate....I`ll be gone too.

[@LVgamb00ler]

if you are planning on paying for your condo entirely with funds earned and remitted in 2024 and later then you may be subjected to Thai taxation. If your funds were earned before 2024, the Thai Revenue Dept already said those funds would not be taxable now or in future years.

[@LVgamb00ler]

@@PortalToAwakening funds earned prior to 2024 won't be taxed in Thailand. TRD has issued clarification stating that.

[@R-vw3uz]

He messed up the capital gains answer. Thailand doesn't tax personal equity sales captial gains so it wouldn't consider foreign ones either. In Revenue Department Notification No. 202/2551 (2008), the Thai government clarified that capital gains from the sale of shares are not taxable under income tax laws for individuals who are not engaged in trading activities or running a business related to securities. This clarification established that capital gains from occasional or long-term investments in stocks, as opposed to active trading, are not taxable

[@DukeSkinner-fo7tf]

Of all the hundreds of videos on KZbin that purports to explain the ongoing Thai tax chances, this is the first on that actually achieves that target. Thank you very much for that

[@JettGunther]

Really appreciate this feedback. I try to do my best :)

[@rixcnx6531]

Thanks Jeff. People retire here for an easier life after decades of hard work. This stuff is going to backfire and fewer people will come and more people already here will send less money to buy stuff. They will be wary of sending money to buy a condo, car or even a motorbike. Not just because of this new news or even if they think they are ‘safe’ from the upcoming rules but because there is so much uncertainty in Thailand about what’s coming next. As with all the visa agents getting paid to navigate Thai visa protocols this will spawn a new industry of experts to help us sort through the taxation red tape. I already saw a visa agent in Chiang Mai now has a “wealth and tax division” who has a “team of accountants, lawyers and international tax strategists” to help you out. Wow, such a good feeling.

[@JettGunther]

I totally sympathize. I hate bureaucracy too.

[@JustToSay442]

@@rixcnx6531 Simple, do nothing until asked to do so through post or visa extension ... !!

[@MyBelch]

Yep, the slimy attorneys and accountants and agents and consultants, and all the frauds claiming to be experts couldn't be happier.

[@AJV-handlebus]

completely agree. will backfire and compliance will be dismal by majority of people. get ready for the exodus to Mexico, Vietnam, and wherever

[@jk-zm2fs]

And the rules will keep changing every year for least a decade because Thailand hasn't thought through this matter. Foreigners will be tied into a tax consult, paying every year to file another return. Oh, don't forget about 'rogue' employees of tax firms who might sell your personal confidential financial information which could be used to steal your identity and undertake many other activities, like opening credit cards, or taking out loans, resulting in your bankruptcy.

[@jaydeesa]

Thomas personally took the time to attend the free consultation call promised in this video and gave a fair assessment of my complex situation. He gave me the confidence to consult his services in future. Thanks again!

[@jameswest3275]

the problem is not knowing what your tax liability is going to be. there is no way to make a plan for this year or next until they clarify.

[@FrozenSkyy]

Great video gentlemen. Learnt so much from this conversation. So professionally done. 👌

[@JettGunther]

Thank you so much!

[@waltermeier6344]

I visited the หัวหิน​ revenue office to obtain the Thai tax ID number. They had no idea how to proceed.

[@JettGunther]

Not surprised that they don't ☹️

[@pensionandapassport]

@@JettGunther Would be interesting to hear about penalties for not filing. Probably pure speculation at this point but is a good talking point.

[@goodphone156]

But you don't understood that all this gas been done to make this firms earn money! Do you don't understood still ?!!

[@alancurtis9155]

Very strange, I got mine at the Pranburi office a few months ago very easily.

[@hewhoknowsknows]

​@@goodphone156any chance of writing this in English?

[@tg213]

For US recipients of social security, military retired pay, and us civil service retirement the us/thai tax treaty comes into play section 20 specifically. Not taxed by Thailand by treaty. Not 100 percent sure but i don’t think the thrift savings balance withdrawal are Thai taxable as they are sourced from the US government. The US will still tax those sources of income. There are legitimate schemes to avoid all us taxes on TSP by astute use of tax treaties. The guest speaker Tom is an authentic expert on tax treaties. Overall fantastic video. Two thumbs up!

[@tg213]

@@VB-ec6wt i am a recipient of all three. Type in your search engine US Thai text treaty. Cannot put link in comments something like this should show up in a the link irs pub treaty Thailand look for section 20. TSP is not listed but seem similar to the treaty says Pensions and Social Security Payments 1. Subject to the provisions of paragraph 2 of Article 21 (Government Service), pensions and other similar remuneration paid to a resident of a Contracting State in consideration of past employment shall be taxable only in that State. 2. Notwithstanding the provisions of paragraph 1, social security benefits and other similar public pensions paid by a Contracting State to a resident of the other Contracting State or a citizen of the United States shall be taxable only in the first-mentioned State. 3. Annuities derived and beneficially owned by a resident of a Contracting State shall be taxable only in that State. The term “annuities” as used in this paragraph means a stated sum paid periodically at stated times during a specified number of years, under an obligation to make the payments in return for adequate and full consideration (other than services rendered).

[@julialexandra444]

Answered mine as well as a VA disability & SS recipient. Thank you!

[@sydhills3387]

I had a free consultation with Thomas today, through Jetts channel. Thomas was very informative, in regards to my situation. Thankyou to Jett for hosting this and Thomas for your time. Cheers😊

[@JettGunther]

Thank you for sharing! I'm very glad to hear you had a great experience. All the best.

[@up2u162]

I believe one of the most impactful items (for Americans and potentially others) is that the US has a $14.6k standard deduction (2024) for an individual. That takes a fair amount off the table from taxation so when you apply the US credit (via DTA) to the Thai progressive system, it hits a little harder and quicker because Thai has more limited deductions: 60k baht per individual, 60k (wife), 30k (child), 25k (health ins), up to 100k income. 0% tax on the first 150k baht, 5% on the next 150k baht.... So, a single guy may only have about 240k baht/^$7k USD in deductions. That's a big difference and can be even greater if you itemize deductions in the US. I already maintain a visa, drivers licenses, etx...I don't want to get a Thai tax ID, file a 2nd set of taxes and deal with even more bureaucracy. Hard pass. Easier to limit time here to 179 days (and spend more time elsewhere) and remit funds in those years then remit nothing in "tax res" years and avoid filing (until they close that loophole)🤷‍♂️

[@poetic.voyage]

I think this may be my plan for the time being as well.

[@DavidWilliams-qr5yj]

@up2u162 that strategy works only if you're not supporting and loving a Thai wife and child. We need to live here.

[@jbranche8024]

Up to you. It is cheaper to live in Thailand and why some choose to stay. Rent/Condo/House, Yearly condo tax adjusted $16 USD in USA $920 a year for same value condo. Health Insurance, in USA the premium, high deductible, co-pay it is Very Expensive. Food, just had lunch would pay $11.50 in US, paid $2.85 in Thailand. I will spend the 4 hours dealing with taxes in Thailand and pay ? (Never had taxes done in Thailand) Whatever little bit I may pay to support this great country of Thailand I can afford, Not like US

[@jerseyboy1791]

I'm going to spend 0 days in the country.. After I heard about this tax law I decided to move elsewhere... bye Thailand 🇹🇭

[@royporter4232]

The Thai Goverment has agreements with all major countries which stops double taxation

[@sydhills3387]

Great content Jett. I'm glad Tim Newton mentioned this video on his show. I've seen Thomas on a couple of other vids. He comes across as he knows what he is talking about, unlike others. I hope you do, do a follow up later in the year with Thomas, more so to see if it's actually become law or maybe get pushed back. Cheers😊

[@Moonam75]

This was also from an article in the Pattaya Mail on info by Thomas Carden. ““They’re not coming after you,” says expert on taxing foreign cash to Thailand Thomas Carden gave an incisive talk about the proposed taxation of some foreign income in Thailand. Speaking to a packed meeting of Pattaya City Expat Club, Thomas Carden advised worried expats living here on cash already taxed in the home country not to panic. The managing director of the Bangkok-based AITaxAdvisers said the Thai authorities had no intention to punish typical retirees or foreigners married to Thais or bringing up families……….. So this whole article is not relevant anymore? the situation has changed now?

[@1andzero928]

that means as an Australian living in Thailand as a tax resident on a government pension will not have to pay tax on govt pension even though Australia does NOT tax pension

[@shaunperth]

But if you’re outside of Australia and resident somewhere else you won’t be eligible for an Australian government pension, unless it’s a government super pension

[@bangkokdangerous]

This was a great summary. However, no talk on enforcement. What are Thomas’s thoughts on enforcement? How will Thailand enforce this. They never endorsed the 180 day rule before. This rule has always been here. Only accessible income has changed.

[@JettGunther]

We actually had a long discussion on enforcement which I removed in the final edit because it was a bit too lengthy and speculative. But basically, yeah good luck to the Thai govt trying to enforce all these crazy announcements!

[@thailegalprotection4390]

@@JettGuntherthat should be a separate video as it’s really important 🙏 I’m also interested in cooperating with you and Thomas. I’ll reach out by email.

[@JettGunther]

I think there's too many of those opinion/speculation videos out there already. I was aiming for a more factual discussion in this video. In hindsight, I would have wanted to cut out more of his opinions/speculations.

[@bangkokdangerous]

@@JettGunther unfortunately as there is no enforcement currently and never was unless you have a work permit, that only leaves opinions and speculations because why did the Thai government not enforcer the 180 rule before and force people to file??? Just because they changed what is included in accessible income does not change much.

[@meta4kl237]

Anything would be pure speculation

[@SeeyouintheNT]

Australian superannuation is not taxed after aged 60. It was taxed when it went into the account, but is tax free after 60.

[@AntiTheismForever]

And therein lies a key issue that seems to confuse many. Untaxed superannuation income, income in retirement phase, is not a government pension and potentially subject to Thai taxation. A totally unacceptable proposition for many including myself.

[@AussieBob999]

No it is not taxable. Too complicated to detail, but under the Aust-Thai DTA a private pension (Super) is only taxable in that State - meaning in Australia. The guy states that too - 39.20.

[@SeeyouintheNT]

@@AussieBob999 I must admit I was concerned about this whole issue, and despite reading the DTA, I don't know why I missed this bit: Article 18 Pensions and annuities 1. Subject to the provisions of Article 19, pensions and annuities paid to a resident of one of the Contracting States shall be taxable only in that State.. Article 19 doesn't really apply to super, so all is OK in that regard. I suppose the only question unanswered is, is what you draw from super an annuity, and I would say yes, as in a retirement pension the government has mandated that a certain amount must be withdrawn every year, so given that I now believe super is completely covered by the DTA, phew!

[@brianbrown9512]

​@@AussieBob999 It will be subject to tax. Guaranteed. If your income has not been taxed in your home country, it is liable here. This is all part of the CRS and Global Taxation.

[@eicisback]

@@AntiTheismForever Not taxable, he even says it in the video.

[@thestaffrockband]

Just made an appointment with the CPA for Friday the 13th! LOL! Great and informative video; love your style!

[@chilled-out-on-lantau]

Thank you! Had a VC with the team today- very clear and concise advice, a real relief to find a reputable company and finally get clarity. Catriona

[@JettGunther]

Glad to hear that! Best of luck in these confusing times.

[@michaelbarmby9105]

A little point missed for Brits, the Thai talked about tax credits. UK pension aren't taxed until over £12,500 is reached. How can you prove you have paid taxes, none has been paid. The DTA doesn't cover QROPS.

[@dprocter7430]

I'd imagine if the UK state pension is your only income and you do not submit a tax return, wouldn't you get some kind of pension statement from the DWP? I don't know just a thought.

[@somaximus333]

QROPS aren't UK pensions so they wouldn't be covered. You'd need to refer to the jurisdiction of the QROPS and any DTA they may have with Thailand

[@paulcowin233]

Yeah, this is confusing. I know a few simple things: My property rentals will be taxed My pensions will be taxed, but will my government pension be taxed? How does the tax free allowance work? If we all get 12,500 (roughly) tax free how will they incorporate that? Thai government are giving us about 660,000 tax free, about the same amount, so that will nor be a saving...will it. All so confusing

[@hermanvisser4034]

The best video on the subject I have seen. Well done.

[@JettGunther]

Glad it helped

[@jduncan48]

When immigration starts asking for my Thai tax return before they will extend me then I will worry. As for my ATM withdrawals? Good luck with that !

[@Ryan-ys2bq]

This is my perspective I renew in December, use an agent anyways, so if there's a ton of horror stories in 2025 then I'll plan my move before the visa is done and so long Thailand

[@AJV-handlebus]

@@Ryan-ys2bq agree with that!

[@daangs3161]

Assessability and liability are not the same thing. If you’re living off a US government pension there’s no tax liability in Thailand but do you still need to submit a Thai tax return for this to be assessed/confirmed?

[@Yong-Travel]

thank you so much for all your effort. this help a lot

[@JettGunther]

Glad it helped!

[@TokyoTim5]

Jeff and Thomas, thank you for a fantastic program. Well done and informative. Really appreciate your time and support. Cheers, Tim 😎

[@JettGunther]

My pleasure! Glad you found it valuable.

[@DavidSimmen]

44:23 I have an LTR. According to my correspondence with BOI I am not only exempt from taxes but DO NOT have to file a return. Your expert should not make guesses.

[@Androgen321]

The Uk tax year runs to April 5th. How do you reconcile income with the Thai tax year to December 31sr?

[@digbystrong2829]

Thanks for the video. Here are a couple of questions where I think the answer might benefit the majority of the audience... so, if you do follow-up videos, or answers here, that woud be great. 1. Government Pension vs State Retirement Pension (benefit) Can we have a more general clarification on the meaning of the expression, used throughout the video, of "Government Pension"? I think we need the distinction between a "Government Pension", paid by a government to someone who has been an employee, eg in civil service, military, police etc VERSUS what in the UK is referred to as "State Pension", which is a *benefit* provided by the government to people in their late 60's and older. I think this may apply for countries other than the UK, but I'm not sure. So far, all I have seen is no distinction between the Thai Revenue treatment of a "State" Pension (benefit) and Private Pensions, in that both are taxable by the Thai Revenue, but you can claim credit for income tax already paid on them in your own country. Is this correct? 2. Country of Origin Income Tax Allowances /Exemptions ("Floors"), Taxable in Thailand A number of countries have a minimum amount ("floor"), below which no income tax is payable. In the UK, this is approx GBP12,500 (at today's exchange rates, approx THB 550k), whereas Thai income tax starts at THB 150K, but that amount may be bumped up with certain Thai allowances (eg marriage, dependent relatives, etc), but you may well be paying 10-15% in Thai tax, which you can't offset against a "credit" from your own (income-receiving) country, because no tax was paid on it. Could we see a bit more detail on both the Thai allowances and the impact of home country tax exemptions on lower incomes, in future coverage?

[@meta4kl237]

Yes, this is absolutely a crucial question which supercedes much of the other topics

[@charlesrichardson-eh3so]

Hello Jett, I really enjoyed listening to this very informed discussion with you and Tom. I will be retiring very soon and I want to plan a consultation with Tom"s tax firm. I do plan on retiring in Thailand.

[@MU-s8r]

That was a really helpful video Jeff. However, I think it would have been even better had there been more clarity and a summary of what was being said. There was too much over talk between you. There were no captions to summarise the things said. Your guest was speaking fast and wondering around and throwing in lots of antidotes. The follow up video needs to be very clear, precise and factual. Cut out the conversation on how difficult it is to deal with tax authorities. What they may or may not do about existing loopholes etc. Clearly the guy knew what he was talking about and a follow up that slows things down and doesn’t conflate topics would be super helpful. Despite my criticism. this was very much the most helpful video in this topic I’ve seen. So congratualtions 👍🏻

[@pebblepicassos]

Well conducted interview. Well done both and thank you 👍

[@JettGunther]

Glad you found it valuable!

[@gymratt17]

As a US resident I pay my taxes in US then can take any payment as a credit towards my Thai taxes. However the Thai tax due date is earlier than the US tax due date. Common sense would say file US taxes early however some tax forms (LP's) are not available until very late. How would this work?

[@SnoopyChef2500]

As beneficiary to my father's will, I stand to inherit a sum of money that will not be affected by UK inheritance tax. Would it be taxable in Thailand if I was to transfer this to my Thai bank account?

[@tmb3131]

I believe all repatriated funds are subject to the Thai tax.

[@pensionandapassport]

He said Federal Government USA pensions are not taxed. What about USA State government pensions? Also what about County or Municipal Government Pension in the USA?

[@jduncan48]

It says “government pensions” in the treaty.

[@GapBahnDirk]

As a non resident Canadian, none of my dividend income (From US equities and held overseas) is taxed in my home country. It sounds as though the current interpretation maybe that that this dividend income is not taxed in Thailand either.

Thank you for this good information. There are currently many companies online that are selling seminars on the subject. For me, they are charlatans. I have had a work permit for more than 10 years now. So of course I also have a tax number and pay taxes. I also transfer money from abroad to Thailand, which is currently tax-free. I asked my accounting firm about the new tax rules. The answer was short: nobody currently knows how this new law will be applied (if at all). So there are no implementing regulations and clear rules about which income is taxed and which is not. It is about pensions, for example.

[@siddharthadam8949]

Thank you 👍🏻

[@richardwolter2368]

WOW! That was a real enlightenment. Thank you both.

[@JettGunther]

Our pleasure!

[@marcophuket2182]

The savings you had before end December 2023 can be brought in Thailand till used up even if that goes for the next 10 years or is there a time frame to send this savings to Thailand and not be taxed ?

[@jbranche8024]

PLEASE share this video with your friends and others who will benefit. Thank You Thomas and Jett for showing what a well prepared, thorough, experienced, and knowledgeable professional can produce that will be hard to match

[@JettGunther]

My pleasure!

[@jonathanagarwal9756]

Could Jeff or Thomas please clarify this - Is the Thai expat taxation laws based only on Inward Remittance, meaning any and all remittances brought into Thailand becomes assessable to Tax, whether remitted through bank or wire transfer, or ATM & credit cards (not now but soon this loophole will close). If so, then what is the need to classify whether remittance was from federal pension, or interests, or capital gains from house sale, or just plain past savings? Such classification will be required only if there is DTA credit available in tax return, not otherwise. Is this understanding correct?

[@tombloom99]

The current tax form (Eng) does not mention remittances and the officer at the CM revenue department said remittances don't matter, only our earnings. Serious problem.

[@GraceWang-o5u]

Thank you so much for updating us. So much appreciated. Just a quick question about the case the two DTA countries have different tax years. Australia, for instance, has a tax year from 1 July to 30 June (with the tax filing deadline on 31 Oct), while Thailand has a tax year from 1 Jan to 31 Dec (with the tax filing deadline on Mar 31). If we earn some Australian income e.g., in July 2025, we will need to report this foreign income to Thai tax authorities in Q1 2026, because the tax year ends earlier in Thailand. But we will not know the exact amount of tax on this income to pay to Australian Taxation Office (ATO) till after we file the tax return to ATO in Q3 2026. The DTA mentions that tax paid to ATO can be used as a tax credit to offset the tax owed in Thailand. But how can we claim the tax paid to ATO as a tax credit in accordance with the DTA if we need to file the tax return in Thailand in March 2026 even before we know the exact amount and pay tax to ATO? Thai tax authorities keep saying that there will not be double taxation, but I doubt how it would work in practice in this case.

[@hewhoknowsknows]

I bring in about 95,000 bhat per month and have done a quick calculation and less UK tax credit I would be liable for about 20,000 bhat Thai income tax for this tax year. So not as bad as I thought. And I could probably get this down to pretty much zero by transferring some money to my wife's account (and use her 150,000 bhat tax allowance) But if I sell my UK property eventually, will definitely consider living outside of Thailand for over 6 months. Thanks for the info.

[@paulbadenoch-jones]

not income

[@Terryscoble]

Interesting to hear that he talks about people on the internet charging B41,000 to obtain a tax number and calling it a scam and then offering the same service for B7,000. I did it myself in Pattaya, cost me nothing and in and out in 20 minutes. Easy to do!!

[@JettGunther]

Anyone is welcome to do it themselves. He is only saying that IF he needs to send out one of his associates for a day in Chaengwattana, then that's what he'll need to charge for being down one productive person at the office.

[@Terryscoble]

@@JettGunther Yes, I understand that. What I was alluding to was his suggestion that it would take 2 days for someone to do it themselves or they could pay his company B7,000 as opposed to B41,000 from other people advertising the service. My point is that I found it very easy to do for free. Although I found the video interesting, it was clearly an advertising ploy.

[@JettGunther]

I humbly disagree about things being "ploys". It's very straightforward and expected that any professional who's taking the time out of his day to create content would also want to get paid somehow. I also didn't start my channel for charity. In my humble opinion, people who are upfront about selling something are the most clean to deal with. It's the people who claim to be doing things out of altruism and generosity who are more suspicious. Maybe I'm jaded haha.

[@markhall2405]

Its really the same thing as using a Visa agent to do the back and forth for you at renewal time. Some are happy to pay for an agent (less time and hassles) while many don't. Same for the Thai tax ID service.

[@JettGunther]

Exactly. Thank you for seeing that. I also want to add that 7k was just a number he threw out IF it requires sending one of his associates to Changwattana for a full day PER tax ID number. Some people also seem to overlook his very next sentence which said that if he could do it in a mass batch, that it would be less.

[@magnustjohansen124]

so my question is should i go to the Thai revenue office beginning of next year at all when i'm on disability pension??all answers highly appreciated

[@chickengod9184]

What about rental property income from the US, would this be text if I already paid taxes in the US?

[@xCr0nus]

If I’m living in Thailand long term, and strictly use my American credit card to make purchases, and pay it off with funds from my American bank account, will it still be subject to Thai taxation? Is this a realistic approach to avoid taxes if so?

[@JettGunther]

Watch at 13:42

[@markmielke5283]

Excellent content Jett. Much appreciated.

[@JettGunther]

Much appreciated!

[@jimjames5612]

great video thank, QUESTION; HOW MANY MONTHS CAN YOU LIVE IN THAILAND WITHOUT FILING TAX RETURNS ? SIX MONTHS ? TWELVE MONTHS ?

[@JettGunther]

6

[@gezeers]

Hi Jett, that was a good video opening up into a few things i wanted to know. Im British and fully retired and living in Bkk with my Thai girlfriend . Thanks for sharing this video.👍🙏🙏🇹🇭🇹🇭🇹🇭

[@RoyinThailand]

Very helpful, Jett. Thanks for this

[@JettGunther]

Very welcome!

[@cajohn2411]

Is moving money from the US to a US dollar account (foreign currency account) in Thailand and not transferring it to a Thai Baht account considered remittance

[@alancurtis9155]

If it is a foreign currency account in Thailand, YES.

[@armunro]

Brilliant video. Thank you for making it and sharing. Thomas sounds very knowledgeable. The HK pension setup, and ways to protect your pension to love ones so they get a regular income over a long period of time rather than a large pot of money they may blow in a short period of time. Lots to think of.

[@sflxn]

Best video on the new tax rule. I’m applying for the LTR to avoid the whole tax filing headache.

[@BadApana]

Which begs the question: does an LTR individual not file a thai return at all?

[@mactravel112]

I'm amazed people haven't already. Whack. It's the best visa ever offered in Thailand

[@marcophuket2182]

Not every one has a 80 K $ yearly income , or 40 K + House 😅 but in case than it is probably the best ...

[@ssuwandi3240]

RFOL y'all will file even earning 1 Bath😊

[@nomadic-mind]

@@mactravel112 The LTR requires too much of a capital commitment if you're under 50. They want 500,000 USD worth of investments.

[@pommejabukamanzan]

Wow, clearest explanations so far, thank you so much! Please do another video for other countries. How about disability pensions (in my case from France)? Will they be taxed?

[@JettGunther]

Thank you for watching. I'll gather all the comments into a draft for the next video.

[@RowdyTrain4472]

@@JettGunther I'm in the same boat as an Aussie on a disability pension where do I stand in all of this My understanding is onlt the Aged Pension is covered by the DTA between the Australian Goverment and the Thai Goverment and does not cover People on disability pensions

[@tipskulhiso6763]

With federal taxes and state taxes in California. I already have little left. I'm Thai who live in California and I'm planning to retire and go back home to Thailand. Does it mean I have to pay another taxes in Thailand 😳😬🙄

[@jaideedave]

@ 42:12 he states that Canadian pensions,both govt and private are only taxable in the Canada.I therefore declare my Cdn pension income as not taxable in LOS or non assess able and won.t be filing for a tax # unless requested. He's reading an excerpt from the Cdn/Thai DTA which I've also read. Any other Canucks out there have any input?

[@kp5833]

I collect both and it sounds like we may be clear

[@al.abroad]

Question, how is this going to be administered. For example I won’t have to pay tax as I’m an Australian on a government pension, if I don’t register for a tax id, are they going to require you to do so at immigration when you apply for extension of stay or thru your Thai bank account

[@travelingman3129]

What about if you got 20yrs worth of money in a Thai bank account before this tax date came in can you still stay here for 12 months a year on your retirement visa until that money is finished.

[@Dave2170]

Does the USA - Thailand tax treaty give credit for US Federal and State taxes paid? I pay about 12% to federal and 5% to state income taxes.

[@mackmoulin]

How do you think the revenue department will enforce this law? Will it be a visa renewal requirement to show your taxes have been paid, when the visa has to be renewed?

[@JettGunther]

No idea. I don't think the rev dept knows either lol

[@henrysevers7030]

Thanks, Jett. I think you may need to do an updated video following the TRD Director General's announcement last week of the proposed amendment to Section 41 of the Revenue Code to tax all foreign sourced income, whether remitted into Thailand or not

[@JettGunther]

We'll wait for the dust to really settle and then we'll probably do an update for sure.

[@simonsimon5765]

If I own a condo in Thailand and left it empty a few years , then decide to rent it out . I do not live in Thailand I'm in Australia what happens with rental income that would go into a Thai bank , what happens with Thai tax ?

[@Thailand-Wanderer]

Excellent video, great job clarifying this situation.

[@marcquireyns8139]

What happens if I go to my home country twice a year and each time take let's say 4000 euros in cash to Thailand and exchange money there in exchange offices, they always ask for your passport when you exchange money, can they find out about this and be taxed on it? Or can they not check this?

[@wm3138]

Everything in Thailand comes with the word “maybe”.

[@SometimeWoodworker]

At 35 minutes regrettably for the vast majority of U.K. pension recipients who are state pensioners NOT government pensioners the impression was given that the had no Thai taxation liability on the state pension. This is not correct if you read the Thai U.K. DTC(DTA) the U.K. state pension IS taxable in Thailand as are all private pensions, ONLY U.K. government pensions are exempt.

[@somaximus333]

Spot on, it's a big problem that no one seems to understand. I've asked the British Embassy Thailand, the British Foreign office and HMRC and no one has replied.

[@johnwest3615]

@@somaximus333 You really surprised and as usual the British Authorities do not want to know and want us dead asap and so nothing new there then is it!!!

[@MalcolmONeill-my1kt]

Agree and he was wrong about capital gains on residence as there is no such thing in UK for primary residence. So even with his little spreadsheet he managed to cock up two significant issues in under a minute.

[@HubertJean]

Dear , sure the most interresting video about tax in thailand , basicaly turn to anglosaxons , any information about swiss people ? can we get the spreadsheet we see in the video ?

[@tg213]

Specifically, the Hong Kong pension fund in conjunction with the us Thai treaty will save me over 500K USD Life changing.

[@The_Blueyonder]

Am I correct in hearing that I don't have to pay tax on my uk state pension?

[@jfsantos33]

Great video, surely will contact you guys in the future!

[@howardstern666]

Thomas is great. I'll be using him for my taxes.

[@richardjones9007]

If 100% of your income is based upon state sponsored retirement programs, as in a 401(k) or rollover IRA in the United States, will I even need to file a tax return since I have no reportable/taxable income?

[@dkithore]

Excellent interview!

[@twizzler3b]

Maybe a dumb question, but... If I transfer funds directly from my foreign bank account to the seller of a car/boat in Thailand, is that considered "remitting"? Not a huge amount, say 300k baht, for example.

[@BarentSpringsted]

What is the situation for an American retired and earning no local income and having a "Permanent resident status" for about 15 years? Will my periodic remittances from my USA bank account to Thailand be subject to tax. Not income but purely funds in my personal bank account in the USA. I look forward to your response.

[@Eric666-l7x]

Theoretically with the double taxation rules between US and Thailand no tax on pension earned in USA

[@jk-zm2fs]

As was stated at the beginning of the video, the advice is very high level and the devil is in the details. Basically, if you stay in Thailand for 180 days or more in one calendar year, you will have to file a Thai tax return, even if none of your funds qualify for taxation. In Canada, a Canadian gets a dividend tax credit for dividends received from Canadian companies. Thailand doesn't give or allow such credits. There are many other situations that Canada allows a deduction/discount against income but Thailand does not allow the deduction. Next, Canada has TFSAs (tax free savings accounts) and all sources of income earned in those accounts is tax free. USA does tax Canadian TFSA account income before the income leaves USA, but Canada does not recognize or credit Canadians for such taxes paid. Finally, capital gains on principle residences in Canada are not taxable in Canada. Thailand doesn't allow such an exclusion in capital gains. Lots of places to get screwed by Thai tax authorities. The biggest screw comes in terms of privacy. Thai government computer data is regularly sold to who ever wants it. So now your tax details, social insurance number, asset holdings, home country address etc.,from other countries will make you vulnerable for identity theft, kidnapping, extortion and various other unpleasant matters to extract your funds/assets. Think very carefully before sharing valuable financial information with anyone in Thailand including the government or a tax consultant.

[@JettGunther]

The only thing I'd add is we still don't know for certain whether foreigners will indeed be required to file a Thai tax return. This video always phrased it as "you'll likely have to" based on info at the time. However, there's since been a fresh new government that may see the whole ordeal as not worth the time and effort.

[@jk-zm2fs]

@@JettGunther Why take the risk of having to file tax return in Thailand? One can get screwed BIG time by Thai tax authorities based on"you''ll likely have to" based on current rules and understanding. Even if one doesn't have to pay taxes, the huge risk of identity theft and exposure to other financial crimes, from filing a Thai return can be devastating. This is why many people who can qualify for a LTR visa don't apply. Proof of income and assets has to be provided, which reveals sums and locations of funds to a corrupt immigration administration system.

[@JettGunther]

Totally agree. All kinds of data sharing risks privacy vulnerabilities. But as it stands, the Thai government hasn’t required all expats to file a tax return.

[@JodyTenBrock-m7l]

I've see the tax table showing levels of income and associated tax rates. Are those marginal rates? That is, if an individual brings into Thailand, say for example, 2 million฿. Is the first 150K฿ tax exempt, the next 150K to 300K฿ taxed at 5%,etc. up to 1 million to 2 million ฿ taxed at 25%? Or is the entire 2 million ฿ taxed at 25%?

[@JettGunther]

Thailand has a progressive tax system.

[@mspanebianco1]

Australian house primary residence is not taxed at all in Australia.. not yet anyway

[@Andrewp696]

Your comment about UK state pension was not correct. You mentioned being a 'government employee' would not pay tax ... that is a different aspect. A normal UK expat bringing in their state pension will be taxed.

[@Sprocket9000]

UK State Pensions are taxed at source if I recall, so DTA would have that amount credited toward any liability here. Wouldn't it?

[@Tachaland-Hunter]

Great info video Jet and Tom thanks

[@JettGunther]

Our pleasure!

[@johnoxley1946]

So if I'm understang this correctly does that mean that my Australian Govt aged pension which is NOT taxed in Australia would be tax free here in Thailand when it's the Australian Govt that remits those funds to my Thai account. Would I still need to report this as assessable income & identify it as a govt pension?

[@Ekami67]

26:45 It's the first time I hear about this. Any sources on this? My country of residency does not tax my income, so if I can be tax free in Thailand at the same time, that would be fantastic. Sounds too good to be true tho

[@JettGunther]

It's not too good to be true. It's entirely possible for some situations and tax treaties. Contact Thomas in this video for a free consultation to figure out your situation 👉 tally.so/r/wv46vQ

[@Ekami67]

​@@JettGunther Thanks Jett, I'm saying it sounds too good to be true because of all the CPAs I consulted with as well as various CPA interviews, it's the first time I’ve heard about this. I'm well aware of tax credits or remittance loopholes, but I've never heard before that you could be tax-free in Thailand if your previous country of residence does not levy income tax on its citizens. I'm not saying it's impossible, just asking for the materials supporting that claim.

[@Ryan-ys2bq]

Quick question, im on an Ed visa, are students taxed?

[@stanwu6267]

Another very informative video, Jeff. I like how you are always "on top" of current trends and ex-pats' major concerns/issues. As an American living here for the majority of the year, it sounds like the key for me is whether I am bringing in income OR savings into Thailand every year. If it is a reasonable amount of savings to live on, it appears that I do NOT need to be overly concerned with filing a Tax return of obtaining a Tax ID number (which may just flag the authorities?). I will schedule the free consult to clarify. And by the way, I sent you a message via your website with a real estate-related question. Thanks.

[@MikeyInThailand]

Hi Jeff, how did you calculate your viewers ? Thai could be expats as I changed my address to Thailand as with KZbin premium is cheaper here. I’m Australia expat living in Bangkok.

[@JettGunther]

Yeah around 12% of my audience are in Thailand. That percentage most likely includes expats living in Thailand but, believe it or not, Thai people actually do watch my content.

[@MikeyInThailand]

@@JettGunther yes Jeff have many Thai friends follow you

[@spiritedguy2]

​Handsome man 555 ​@@JettGunther

[@CIOXYZ-c6i]

What about interest made on a Canadian and US Bank account.

[@RichardBond5566]

Malyasia Vietnam Philippines and Cambodia look better every day

[@susanzimmerli5178]

Just move there, no one will mourn you

[@BarentSpringsted]

I am a retired American businessman with a Thai "permanent residence permit". My permanent residence card has a digital number starting with an 8 which I believe is my number for Thai tax filings. Is this correct? As I have absolutely NO income in Thailand, I do not file a Thai tax return.

[@cakleiss]

Ok, I didn't understand the statement on US private pensions. I'm referring to one from a previous employer such as IBM in my case. I replayed it multiple times. It sounded like my private pension isn't taxable in the US per the tax treaty. What does that mean? My private pension IS taxed in the US. Please clarify here if possible. Thanks.

[@trueanywaymusic]

Thank you. He was totally inaccurate with that statement. As a tax professional he should know that Private Pensions are TAXED in the US. Now I wonder how accurate his analysis is regarding other case studies he spoke about. It's sad, because of all the YTers talking about the new Thai tax law, I had come to trust that he was one of the experts. That was a major error. How could he not know that. Perhaps it was a misstatement and he can clarify here.

[@9jzq1y3c]

@@trueanywaymusic I think that what he meant to say is that Thailand has first dibbs on taxing private pensions. Presumably you'd be able to take a credit on your US taxes for whatever amount of tax on your pensions that you paid to the Thais.

[@AzerPaul]

Lots of good info. Thanks.

[@JettGunther]

Glad it was helpful!

[@jbranche8024]

10:06 To expand on the Gift Tax to girlfriend, spouse. I believe the Revenue Department defines Gift = The transfer of something (Immovable, Movable Property, Real Estate, Money) Without compensation. How strictly the RD (Revenue Department) wants to enforce this may Not be consistent. Gift without compensation May also be interpreted as a Gift without benefit to the Giver. Additionally as mentioned if the Gift Receiver is paying something in the Receivers name (Home, Car, Motorbike, furnishings in the home, jewelry, travel) it should be acceptable

[@davidalf5159]

Section 3.2 under Separate Taxation, it states ‘taxpayer shall not include income from sales of immovable property acquired by bequest or by way of gift’, but not for a commercial purpose. So one would anticipate that the day to day expenses are exempt.

[@kimberlytrading2344]

In Uk tax free allowance is 12,000 GBP if all your pensions private and government if all your pensions are under 12,000p/a will we have to pay any tax in Thailand

[@AntiTheismForever]

My reading of the wording of the Australia and Thailand DTA Articles 18 & 19 suggests the statement at 39.20 is misleading. Article 18 states "Subject to the provisions of Article 19, pensions and annuities paid to a resident of one of the Contracting States shall be taxable only in that State." If you are a tax resident of Thailand and receive private pension income in that "state" (does not suggest this income must originate inside Thailand) it's subject to taxation in that state. If you remit such untaxed income into Thailand and you're a tax resident, tax appears to be payable on that income. Hopefully that is not the case but the wording of the DTA suggests otherwise. Comes down to a legal interpretation but this aligns with the intention of the tax free status of the LTR visa. Only a "wealthy pensioner" on an LTR visa is exempted from taxation on their passive income and a private pension is classified as passive income.

[@Diogenes515]

Thank you. This was really very helpful. A different question, which may be of interest to your property audience, is whether funds brought into Thailand to buy a condo will be subject to Thai tax. Thai tax on several million baht could be quite substantial and could represent a significant disincentive to buying a Thai condo.

[@JettGunther]

That entirely depends on where those funds came from. If it was from income made prior to Dec 31, 2023, see 6:28 on how it may be completely tax free.

[@chrisjcunningham1580]

My thoughts after watching this video. I doubt whether Thailand has the manpower to manage complex filings from thousands of people across multiple countries. It will take years. I also felt disappointment that the video turned into one giant plug for the tax advisors firm .

[@MyBelch]

"Most people will have no tax liability" -- but a $400 tax preparation bill. F me dead.

[@AJV-handlebus]

Aree with that sentiment. One giant sales pitch my the young snappy guy

[@JettGunther]

Sorry, but I must strongly pushback against people being offended that we're selling something. We both spent time and resources making this video that people can watch for free, with information and takeaways that people can go implement by themselves for free. Of course we're going to want to sell something. You can file your taxes by yourself for nothing, or you can hire a tax professional. You can find a condo by yourself, or you can use an agent (my team). What's so abnormal about this?

[@AJV-handlebus]

@@JettGunther Yes thats partially true. Would recommend advertising it as a sales pitch for your services and for tax services.

[@vijay10la50]

This guy, Thomas, unlike some other youtube dudes, is very informative..for eg: No taxes on social security of any western country. I saw a video from a Canadian dude who was talking to an Italian lawyer who literally scared the pants off me! On the other hand, all i need to do is get a thai id and file taxes to show zero non- govt-pension income. Besides that, there're other ways to avoid paying taxes altogether!!!

[@keyjae]

Jett, I have to agree with you that this is the best video on this particular topic I've seen. Thank you!

[@JettGunther]

Glad it was helpful!

[@stepkycopky9354]

So, 6 months and a day…. 183 days per calendar year, can I take that to be the actual case, or will the Thai revenue service make a determination on you if you did say 180 days in a calendar year, and you have spent almost 6 months in a calendar year for several years, and you are married to a Thai that resides in Thailand??? (My personal situation)…

[@RickLingle-q7x]

Bottom line for 90% of retires is if you get a pension and social security check each month and have no other source of income , do you pay tax on that as you already paid tax on it in your home state.

[@JettGunther]

See 22:58 in the video that talks about using tax treaties to minimize or even eliminate your tax burdens