As DTV visa holders, owning a small business in UK, we spent nearly 6 months this year filing taxes in the UK on our income and corporation tax and VAT filings! The stress this prospect and ambiguity of whether we'll have to sign up and calculate and file Thai taxes too is causing, is tremendous. That, coupled with the awful Air Pollution for over half the year, and the needing to declare our residency every 3 months, on top of the other travel admin, just gave us so much admin, we barely have time to do our work as Digital Nomads! It's just brought so much stress, that we'd left. We think we'll not be able to utilise the visa, as it effectively forces you to stay 6 months and then hop around random countries or do a long haul flight back home for another 6 months. No, thank you - that's not kind. Thailand is just not a workcation with all these rules, ambiguity, needing to sign up to taxes as a "tourist", and obligations. Just not worth it for us sadly, as we can't work like that. :( Other DN visas either make you file tax, but give you full benefits leading to citizenship e.g. Spain, Portugal, or tell you that you don't have to pay tax, but just don't get the citizenship etc benefits e.g. Barbados, Costa Rica, Croatia, Mauritius. In Thailand, you file tax, declare residency like someone with PR, be scared that you are an idiot for wasting your time and money filing thai taxes, AND get no benefits!
Yes, absolutely agree. I am married to a Thai so I will be staying in Thailand for the next 5 years while I am still working outside of Thailand for at least 6 months per year, after that I will assess it then.
If you're living in thailand you're certainly receiving benefits. They buidroads, hospitals, jails, airports, and provid services, police, ambiance, and other infrastructure. Your a bitter person
The better question is What percentage of Thai Citizens who work and earn enough and are required to file and pay taxes do file? I’ve asked and Not found One Thai person files a tax return or payes taxes. Why should a foreigner be held to a different standard. If the Revenue Department wants tax money go after ALL the many many Thai people who are required but Don't pay taxes
How many bars and bar owners pay tax for their own income and for the income they give to their staff? zero tax in majority of cases would be my answer.
My advice is to follow the rules like a High Net Worth person. Use every tax deduction, exemption, loophole and strategy to pay the minimum tax allowed. Use POR 162, ALL Double Tax Agreement deductions, All Tax credits. This is what Every Foreign and Thai High Networth person is doing, All Legal.
My son files a tax return for his employment and for a small businesses he is a partner in. Numerous people have their tax returns handled by their employer.
@@MyOwnPremium do you need help moving? Full-time farang are a giant drag on the Thai economy. Wealthy part time residents help, not cheap Charlie's hanging out at Walking Street.
Uk citizens have a personal allowance threshold of £12,570 meaning we don't pay tax until we earn above that figure. As there's a double tax agreement in place do we have to still pay the difference in tax in Thailand on our pension which is often below that personal threshold (circa £10,000) ?
In Australia our private pensions (derived from our Superannuation funds) are tax exempt. Also our government old age pensions are tax exempt. I am worried about remitting money into Thailand if it means my pension will be taxed. The only pensions that appear to be tax exempt are military and certain government employee pensions. The rest of us don't seem to have any tax exemption if remitted to Thailand. Also, if selling a property in Australia, if it is our main residence, it is exempt from capital gains tax. If it is an investment property it is only taxed for 50% of the capital gains and the other 50% is tax exempt. It appears that Thailand may therefore tax incoming remittances that are capital gains from Australia that haven't been taxed in Australia. Also, Franking credits from share dividend income, it appears that may also not be recognised. It is a significant source of tax income forany retirees. Also, our Australian tax year ends 30 June and many of us as retirees do not prepay taxes until we have lodged our tax returns in Australia, meaning Australian taxable income sources (rent, dividends, capital gains, etc) are not taxed until the tax office has assessed our total income, minus the many different allowable deductions and other tax credits that our Australian tax system allows (often putting us into tax credit). What happens therefore with remitted funds from Australia that have not yet been tax assessed/taxed in Australia? This is yet another quandary. Does it mean getting a half yearly tax report from an accountant in Australia and perhaps prepaying tax in Australia as well for any funds intended to be remitted into Thailand? If yes, that would cause significant financial losses in reduced interest earned, as well as doubling up on accountant fees as well as a Thai accountant as well. Does it also mean having to get documents notarised from Australia and translated into Thai too? This would also be very costly. Many expats are talking of leaving Thailand because of all of this and the immense stress and extra costs of living in Thailand. The one-year rule before at least allowed you to hold funds out of Thailand in a savings account and remit it tax-free. It created a fair system for all, considering some benefit from their types of pensions that are exempted from Thai tax under Dual Taxation Agreements, but others are not exempted. Many DTAs are outdated, created decades before. I don't believe Thailand is after pensioners and retirees, rather perhaps mainly wealthy Thai individuals and wealthy foreigners who keep funds offshore to avoid tax. Many of us have avoided buying condos, cars or any other expensive item as a result as the risk of extreme taxes makes it not worth it. Sad state of affairs.
@@tyvid you are conflating terms. Remittance is not income. Remittance is taxable, income is not for 2024. Hire a Thai tax attorney, don't listen to an immigration attorney.
@@neilblondell4235 In 2024, for farang Thai tax residents, remittance. Going forward, unknown but likely to tax worldwide income soon. Hire a Thai tax professional for strategically allocating funds.
@Johan654-s1f taxpayer has to prove the remittance is not income. Must file a return to prove the remittance is from saved cash. Hire a Thai tax professional. Learn the basics of CRS, which Thailand just joined.
Still many things remained unclear, what about mixed funds, what methods should be used FIFO versus LIFO ? An income mixed with capital, will this be considered as tainted ?
Yes this is a nightmare. Will you even be able to calculate the average cost for mutual funds you have bought and sold over a long time period? Will you be able to get documents that can be used as proof? Do you need to use a credible translation service to get these documents into Thai etc.
Regarding U.S. Social Security benefits being non-assessable income in Thailand, it’s NOT because it was already subject to possible taxation in USA, but rather because it is explicitly exempt from Thai taxation by treaty: ARTICLE 20 Pensions and Social Security Payments 1. Subject to the provisions of paragraph 2 of Article 21 (Government Service), pensions and 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. Pensions are different and appear to only be taxable in Thailand!
Read Section 21 (government Pensions)! Public pensions (federal, state, county, municipal are taxable only in the U.S. and are considered non assessable in Thailand; private pensions are assessable in Thailand for the difference between the U.S. and the Thailand tax rate, if the latter tax rate is higher.
What if I settle in Thailand on august 1st with a non oa visa (retiree) and transfert money on a bank account during the month of august with the purpose of purchasing a condo or a car or both. Will that money be subject to taxation ? I would be in Thailand for less than 180 days The money would have been acquiered while in residing in my home country
Less than 180 days in total in a calendar year and you can transfer money without tax. But do you really want to buy a condo, with these these new tax rules less people want to do it and the prices may go down a lot.
@Johan654-s1f thank you for your reply. which new tax rules ? Are you talking about the new rules in Place since Jan 1st 2024 ? Are there specific new taxes rules for property-sales ? Do You believe that the condo market will go down ?
@@patrickdeloddere2783 Yes this what applies both pre and post 2024. But during 2024 they also suggested new tax laws from 2025 that will tax all your income, even if you keep it outside Thailand. Since that law has not come yet I assume it will not come during 2025 but perhaps next year. It's very clear they want to tax us much more and it's likely driven by OECD. I would never buy a condo with these winds. People who already live here will get an extra tax if they buy a condo, since income they transfer to pay it will be taxed as income. Of course this will affect the prices. Wealthy foreigners are the ones that also want to leave Thailand and sell their condos, but who will buy?
@@patrickdeloddere2783 I am one of the wealthy ones and have an LTR visa that is supposed to give tax exempt. But this this information from BOI is wrong as I wrote in another post here. BOI gives out false information.
@@Johan654-s1f waouh if indeed they plan to tax all my revenus including those left in France then it changes everything ! It would make things even worst for me. France is today the #1 taxe country in Europe, but thailand would tax me more. In this case i cannot settle in thailand. I have to in a nomad status, or find another country. I must abandon definitly the purchase of property and even a simple car. Do you think the thai government realize what will happen with this change ??
Also my earnings and pension I make are exempt in the country I am from and worked and therefor not taxable in Thailand due to the double tax agreement. In the country I work and get pension I receive from the Tax office a document on yearly earnings which the Tax code is Tax exempt code.
There are also thresholds with rising percentages however there are also deductables such as health insurance, money for dependents education and more which takes the taxable amount down and can lower the threshold level and percentage. In some cases the amount could be lower than 150,000 baht and non taxable.
Most would come under the Tax Exemptions euther 500 ir 560K and on old forms these are not marked except 190K age and the first 100K pensions but there are other exemptions and nowhere is there a box for these unless these so-called new forms PND90 and Exemption forms come out very soon!!!
@@w3s77Ben is putting his name and company's reputation on the line. You, like everything are making sweeping statements are hiding behind an anonymous user name. See the difference. Everyone who is telling expats to file tax returns are just trying to sell you a service.
having to pay taxes when using a credit card does not make any sense. If I am purchasing something with my credit card, I am not paying for that purchase at that very moment, I am getting a loan from my credit card company and have to pay it back over time.
@@w3s77 I still disagree with this. In Thailand I am already paying 7% VAT on my purchases and now having to pay another tax for my credit card loan? I am better off paying in cash then, but retailers will be missing out on sales. Not everybody carries a lot of cash with them. Funds are coming into Thailand via ATM withdraws but are not taxed, so why are funds via credit cards?
@@nycgent50 All remittance will be subject to taxes. ATM, CC, everything is considered remittance. Thailand will shortly transition to taxing worldwide income, 2024 was just the firs step.
No that is not accurate. The LTR only give tax exempt on income generated previous year. So if you transfer your pension the same year as it is paid out to you, it is not exempt from tax. The DTA between your country and Thailand may however say otherwise.
@@johnnielson4341 Don't trust BOI, on their web you can find the legal document Royal Decree Issued under the Revenue Code Governing Reduction of Tax Rates and Exemption of Taxes (No. 743). Read Section 5.
My reply gets censored. Don't trust BOI, read Section 5 in the document Royal Decree Issued under the Revenue Code Governing Reduction of Tax Rates and Exemption of Taxes (No. 743). Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work-from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand.
Depends if you hit the minimum amount to be taxed. Thai rushed new tax law in as general language without specific details. Like immigration, it is up to a tax employee to decide. I expect in the next year, as with marijuana law, to be refined with specifics instead of generalities.
@@jbviefree Besides these 150k with 0% tax we also get an exempt for 60k, so 0% for the first 210k. If you are married or older than 65 (not sure about the exact criteria) you get even a higher exempt than 60k.
Hello sir We re planning to buy a condo and use it only 3 month a year and the rest of rhe time rent it . what will be our situation best regards Candice
Best is not to buy until the condo market crashes when many farangs wants to sell and leave Thailand due to all new and coming tax changes. They have already said they will tax income you don't even transfer into Thailand.
I want to see the written law, not opinions or policies etc., that say you must file tax. Pensioners on retirement visas have had enough of this tax BS!
I got my tax number and filed a tax form under the 180 day residency law. I was surprised to be told I owed no taxes on my Social Security and pensions transfers as I did not meet the income amounts for taxation.
Regarding LTR VISA tax exempt. The information from BOI is incorrect, only income derived from previous year is tax exempt, Read Royal Decree Issued under the Revenue Code Governing Reduction of Tax Rates and Exemption of Taxes (No. 743), Section 5.
You can find this document on thr BOI web and it say: Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work-from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand.
I am self funded meaning I don't work and I don't have any income. I don't recieve any pension. I also don't have any shares or investments. So bringing in my Saving surely can not be taxable.
I am not a tax expert here so you may want to confirm that but bringing in income that was acquired before 2024 is not taxable, you may however need to prove it’s older than 2024 I guess
@w3s77 not correct remittance of income is Taxable. I don't have a income. My savings can be verified by bankstatement from before 2023 and 2024. So my remittance of personal savings is not income so how can they claim income tax on it. Remittance alone is not Taxable. Income tax can only be assessed on income. Savings are not income. This is what I am seeking clarification on.
@ Example. Bank statement December 2023 = $100,000 USD. During tax year statement balance is always $100,000USD, until $10,000 USD remitted into Thailand by any method (ATM, CC, bank wire) the $10,000 USD remitted into Thailand would not be taxable for a Thai tax resident. No additional deposits are made into the account of any kind for the remainder of 2024. But one has to prove the account did not earn one dollar, 100% non-interest bearing cash which is not easy to do and still file a return to prove this. Due to common reporting standards, remittance of any kid CC, ATM are easily found, but proof that there was no income in the account falls on the Thai tax resident. Hire a Thai tax attorney to go over the specifics of your situation as above is just an example.
And then you get taxed on the additional funds you brought to pay the tax on the funds you initially brought and so forth ad infinitum. The Thais really thought this through didn’t they?
Hi , In 2025, I deposited 2,000,000 bht into my bank account and stayed in the country for 179 days. Will I declare this in 2026? If yes, I stay 179 days in 2026! what will happen now?
If you make sure not to stay 180 days or more in a calendar year you will not be a tax resident and there will be no tax. But don't gamble on 179 day, use margins. Your flight may be cancelled, airport closed for some emergency, you can become sick or in a traffic accident, anything could happen that keeps you here for a few extra days.
@@Johan654-s1f Yes , its meaning ( or l understandt like that too ) it will evaluate in every single calendar year so just u will load one time high value and then every travel u will carry and keep in private safe ,, ok , reg.
Regarding the requirement for Tax ID #, you stated that "according to an announcement of some director general of tax payer numbers, one is required to get a tax ID if living for 181 days or more but you DIDN'T SAY that it was law. Another attorney youtuber has said that this has NOT been promulgated and there is no such law at this time. Thanks to Benjamin Hart.
I am planning to retire in Thailand and want to comply with all sensible regulations. I have been told by a local tax attorney that the need to obtain a TIN is not codified in law for either Thai nationals or tax residents. This may be a technicality that can be quickly remedied with the stroke of a pen to close this "loophole", but it exists at the moment. Will legislation be updated soon to make it law? Part of my wealth is (after tax) savings which I would want to spend in Thailand to pay for my living expenses but it is no longer "income" regardless of how I spend it. Will this be considered taxable because that would be a serious over reach? It seems that the current government is being influenced by globalists to their detriment which will kill the goose that lays golden eggs.
Only if you are a resident for more than 180 days and have accessible (taxable) income. Read your country's DTA, if there is one, and if you don't understand it, it would be wise to consult with a professional. The DTA will state what is and is not classified as accessible income.
@@StuF-r2l Read your country's DTA, it supersedes Thailand's tax laws! Any revenue source that is identified as "only" taxable in the U.S, is classified as being not accessible income and is exempt from taxation in Thailand. Do you understand this simple explanation, Diddly?
So simple. More than 180 days in Thailand, you must file a Thai tax return. Use an ATM or CC to remit funds into Thailand, you have to file a Thai tax return. What about this can't farang understand?
@consulthai if you live in Thailand more than 180 days in a calendar year, all remittance is taxable. Try to prove an account had zero income for an entire calender year. One would have to hold all non interest bearing cash and not make a single deposit to avoid an ATM transaction from being taxes.
@@w3s77your savings aren't income . You don't transfer interest,you transfer principal. You pay withholding tax on interest back home. Leave it and compound it. Basically since you self assess in Thailand , you know the nature of the funds you transferred. You even have to declare that during the transference action . You declare savings or maybe a loan from a child of you or a support to your Thai wife which is exempt to a certain limit . I suggest you read the Revenue Departments website which details comprehensively what constitutes income and what is exempt. Furthermore there are some granted deductions in the Thai tax system which ,subject to progressive tax rates,may not put you into any assessable income. In any case,the presentation was about filing for income remitted. Not filing for non-income.
@@Johan654-s1f Have to file a return to prove the income was from another year or taxed and does not meet the threshold in Thailand. Still have to file. Only non interest bearing cash in an account at end of December 2023 and left in an account with no activity can be remitted without incurring taxes. Can only prove this with a return and correct documentation.
As DTV visa holders, owning a small business in UK, we spent nearly 6 months this year filing taxes in the UK on our income and corporation tax and VAT filings!
The stress this prospect and ambiguity of whether we'll have to sign up and calculate and file Thai taxes too is causing, is tremendous.
That, coupled with the awful Air Pollution for over half the year, and the needing to declare our residency every 3 months, on top of the other travel admin, just gave us so much admin, we barely have time to do our work as Digital Nomads!
It's just brought so much stress, that we'd left.
We think we'll not be able to utilise the visa, as it effectively forces you to stay 6 months and then hop around random countries or do a long haul flight back home for another 6 months. No, thank you - that's not kind.
Thailand is just not a workcation with all these rules, ambiguity, needing to sign up to taxes as a "tourist", and obligations. Just not worth it for us sadly, as we can't work like that. :(
Other DN visas either make you file tax, but give you full benefits leading to citizenship e.g. Spain, Portugal, or tell you that you don't have to pay tax, but just don't get the citizenship etc benefits e.g. Barbados, Costa Rica, Croatia, Mauritius.
In Thailand, you file tax, declare residency like someone with PR, be scared that you are an idiot for wasting your time and money filing thai taxes, AND get no benefits!
Yes, absolutely agree. I am married to a Thai so I will be staying in Thailand for the next 5 years while I am still working outside of Thailand for at least 6 months per year, after that I will assess it then.
179 days or less, that is my plan. I will NOT pay tax to a country where I receive zero benefits from that taxation.
If you're living in thailand you're certainly receiving benefits. They buidroads, hospitals, jails, airports, and provid services, police, ambiance, and other infrastructure. Your a bitter person
The better question is What percentage of Thai Citizens who work and earn enough and are required to file and pay taxes do file? I’ve asked and Not found One Thai person files a tax return or payes taxes. Why should a foreigner be held to a different standard. If the Revenue Department wants tax money go after ALL the many many Thai people who are required but Don't pay taxes
How many bars and bar owners pay tax for their own income and for the income they give to their staff? zero tax in majority of cases would be my answer.
They say they come under the same rules as foreigners really???
My advice is to follow the rules like a High Net Worth person. Use every tax deduction, exemption, loophole and strategy to pay the minimum tax allowed. Use POR 162, ALL Double Tax Agreement deductions, All Tax credits. This is what Every Foreign and Thai High Networth person is doing, All Legal.
My son files a tax return for his employment and for a small businesses he is a partner in. Numerous people have their tax returns handled by their employer.
The moment the foreigners get a tax bill they will all leave and then we will find out how much of the economy was propped up by farang money
@@MyOwnPremium do you need help moving? Full-time farang are a giant drag on the Thai economy. Wealthy part time residents help, not cheap Charlie's hanging out at Walking Street.
90% of tourists spend in one week what most expats spend in a month.
Uk citizens have a personal allowance threshold of £12,570 meaning we don't pay tax until we earn above that figure. As there's a double tax agreement in place do we have to still pay the difference in tax in Thailand on our pension which is often below that personal threshold (circa £10,000) ?
In Australia our private pensions (derived from our Superannuation funds) are tax exempt. Also our government old age pensions are tax exempt. I am worried about remitting money into Thailand if it means my pension will be taxed. The only pensions that appear to be tax exempt are military and certain government employee pensions. The rest of us don't seem to have any tax exemption if remitted to Thailand.
Also, if selling a property in Australia, if it is our main residence, it is exempt from capital gains tax. If it is an investment property it is only taxed for 50% of the capital gains and the other 50% is tax exempt.
It appears that Thailand may therefore tax incoming remittances that are capital gains from Australia that haven't been taxed in Australia.
Also, Franking credits from share dividend income, it appears that may also not be recognised. It is a significant source of tax income forany retirees.
Also, our Australian tax year ends 30 June and many of us as retirees do not prepay taxes until we have lodged our tax returns in Australia, meaning Australian taxable income sources (rent, dividends, capital gains, etc) are not taxed until the tax office has assessed our total income, minus the many different allowable deductions and other tax credits that our Australian tax system allows (often putting us into tax credit). What happens therefore with remitted funds from Australia that have not yet been tax assessed/taxed in Australia? This is yet another quandary. Does it mean getting a half yearly tax report from an accountant in Australia and perhaps prepaying tax in Australia as well for any funds intended to be remitted into Thailand? If yes, that would cause significant financial losses in reduced interest earned, as well as doubling up on accountant fees as well as a Thai accountant as well. Does it also mean having to get documents notarised from Australia and translated into Thai too? This would also be very costly. Many expats are talking of leaving Thailand because of all of this and the immense stress and extra costs of living in Thailand. The one-year rule before at least allowed you to hold funds out of Thailand in a savings account and remit it tax-free. It created a fair system for all, considering some benefit from their types of pensions that are exempted from Thai tax under Dual Taxation Agreements, but others are not exempted. Many DTAs are outdated, created decades before. I don't believe Thailand is after pensioners and retirees, rather perhaps mainly wealthy Thai individuals and wealthy foreigners who keep funds offshore to avoid tax. Many of us have avoided buying condos, cars or any other expensive item as a result as the risk of extreme taxes makes it not worth it. Sad state of affairs.
@@tyvid you are conflating terms. Remittance is not income. Remittance is taxable, income is not for 2024. Hire a Thai tax attorney, don't listen to an immigration attorney.
@@w3s77 is it clear if the tax is a pure remittance tax or a global income/capital gains tax?
@@neilblondell4235 In 2024, for farang Thai tax residents, remittance. Going forward, unknown but likely to tax worldwide income soon. Hire a Thai tax professional for strategically allocating funds.
@@w3s77 You make many incorrect statements. Remittance in it self is not taxable, it's only remitted income that is.
@Johan654-s1f taxpayer has to prove the remittance is not income. Must file a return to prove the remittance is from saved cash. Hire a Thai tax professional. Learn the basics of CRS, which Thailand just joined.
Still many things remained unclear, what about mixed funds, what methods should be used FIFO versus LIFO ? An income mixed with capital, will this be considered as tainted ?
Yes this is a nightmare. Will you even be able to calculate the average cost for mutual funds you have bought and sold over a long time period? Will you be able to get documents that can be used as proof? Do you need to use a credible translation service to get these documents into Thai etc.
Puts to rest ambiguity. Very well explained ❤
Not really, there are so much ambiguity. For example, what is income and what is savings. What kind of document is needed to prove it is savings.
Thank you very much 👍
I have a pink ID card, is the numbers on that card also my tax id?
Appears to have the correct amount of numbers.
are you content to have that pink card ? .....did that give you any benefits in combination with paying and get absolutely nothing in return ? ....
@ l am covered under the civil servant health benefit scheme which requires a pink card!
Regarding U.S. Social Security benefits being non-assessable income in Thailand, it’s NOT because it was already subject to possible taxation in USA, but rather because it is explicitly exempt from Thai taxation by treaty:
ARTICLE 20
Pensions and Social Security Payments
1. Subject to the provisions of paragraph 2 of Article 21 (Government Service), pensions and 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.
Pensions are different and appear to only be taxable in Thailand!
Read Section 21 (government Pensions)! Public pensions (federal, state, county, municipal are taxable only in the U.S. and are considered non assessable in Thailand; private pensions are assessable in Thailand for the difference between the U.S. and the Thailand tax rate, if the latter tax rate is higher.
What if I settle in Thailand on august 1st with a non oa visa (retiree) and transfert money on a bank account during the month of august with the purpose of purchasing a condo or a car or both. Will that money be subject to taxation ?
I would be in Thailand for less than 180 days
The money would have been acquiered while in residing in my home country
Less than 180 days in total in a calendar year and you can transfer money without tax. But do you really want to buy a condo, with these these new tax rules less people want to do it and the prices may go down a lot.
@Johan654-s1f thank you for your reply.
which new tax rules ? Are you talking about the new rules in Place since Jan 1st 2024 ? Are there specific new taxes rules for property-sales ?
Do You believe that the condo market will go down ?
@@patrickdeloddere2783 Yes this what applies both pre and post 2024. But during 2024 they also suggested new tax laws from 2025 that will tax all your income, even if you keep it outside Thailand. Since that law has not come yet I assume it will not come during 2025 but perhaps next year.
It's very clear they want to tax us much more and it's likely driven by OECD. I would never buy a condo with these winds. People who already live here will get an extra tax if they buy a condo, since income they transfer to pay it will be taxed as income. Of course this will affect the prices. Wealthy foreigners are the ones that also want to leave Thailand and sell their condos, but who will buy?
@@patrickdeloddere2783 I am one of the wealthy ones and have an LTR visa that is supposed to give tax exempt. But this this information from BOI is wrong as I wrote in another post here. BOI gives out false information.
@@Johan654-s1f waouh if indeed they plan to tax all my revenus including those left in France then it changes everything ! It would make things even worst for me. France is today the #1 taxe country in Europe, but thailand would tax me more.
In this case i cannot settle in thailand. I have to in a nomad status, or find another country.
I must abandon definitly the purchase of property and even a simple car.
Do you think the thai government realize what will happen with this change ??
Also my earnings and pension I make are exempt in the country I am from and worked and therefor not taxable in Thailand due to the double tax agreement. In the country I work and get pension I receive from the Tax office a document on yearly earnings which the Tax code is Tax exempt code.
There are also thresholds with rising percentages however there are also deductables such as health insurance, money for dependents education and more which takes the taxable amount down and can lower the threshold level and percentage. In some cases the amount could be lower than 150,000 baht and non taxable.
Most would come under the Tax Exemptions euther 500 ir 560K and on old forms these are not marked except 190K age and the first 100K pensions but there are other exemptions and nowhere is there a box for these unless these so-called new forms PND90 and Exemption forms come out very soon!!!
NO!
You do NOT need to pay taxes in Thailand
Integrity Legal ( Thailand) has a very thorough take on all this ,,
@@Brado-s7h Ben is clueless, an immigration attorney, ignore his tax rants.
@@w3s77Ben is putting his name and company's reputation on the line. You, like everything are making sweeping statements are hiding behind an anonymous user name. See the difference. Everyone who is telling expats to file tax returns are just trying to sell you a service.
Ben is an American attorney (he state that in all his videos), you can not rely on him on Thai legal issues. I.e. not qualified.
@@Johan654-s1f Ben is an American attorney with Thai citizenship
@@w3s77 Clueless is the person making claims with no basis or facts
having to pay taxes when using a credit card does not make any sense. If I am purchasing something with my credit card, I am not paying for that purchase at that very moment, I am getting a loan from my credit card company and have to pay it back over time.
It's a money grab....Thailand is not usa. They do what they want.
@@nycgent50 remittance. Funds are coming into Thailand by credit card and therefore taxable.
@@w3s77 I still disagree with this. In Thailand I am already paying 7% VAT on my purchases and now having to pay another tax for my credit card loan? I am better off paying in cash then, but retailers will be missing out on sales. Not everybody carries a lot of cash with them. Funds are coming into Thailand via ATM withdraws but are not taxed, so why are funds via credit cards?
@@nycgent50 All remittance will be subject to taxes. ATM, CC, everything is considered remittance. Thailand will shortly transition to taxing worldwide income, 2024 was just the firs step.
@@w3s77 can you please show me where it says that, maybe provide a link to a Government website?
What about those of us on an LTR? Foreign pensions are explicitly exempt from Thai taxes.
@@johnnielson4341 read the fine print. Earned income and pension income treated differently.
No that is not accurate. The LTR only give tax exempt on income generated previous year. So if you transfer your pension the same year as it is paid out to you, it is not exempt from tax. The DTA between your country and Thailand may however say otherwise.
@@Johan654-s1f The BOI says otherwise. All unearned income is exempt
@@johnnielson4341 Don't trust BOI, on their web you can find the legal document Royal Decree
Issued under the Revenue Code Governing Reduction of Tax Rates and Exemption of Taxes (No. 743). Read Section 5.
My reply gets censored. Don't trust BOI, read Section 5 in the document Royal Decree Issued under the Revenue Code Governing Reduction of Tax Rates and Exemption of Taxes (No. 743).
Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work-from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand.
Depends if you hit the minimum amount to be taxed. Thai rushed new tax law in as general language without specific details. Like immigration, it is up to a tax employee to decide. I expect in the next year, as with marijuana law, to be refined with specifics instead of generalities.
What is the minimum to be taxed?
@@BangkokSlayer 150k
@@jbviefree Besides these 150k with 0% tax we also get an exempt for 60k, so 0% for the first 210k. If you are married or older than 65 (not sure about the exact criteria) you get even a higher exempt than 60k.
Hello sir
We re planning to buy a condo and use it only 3 month a year and the rest of rhe time rent it .
what will be our situation best regards Candice
Best is not to buy until the condo market crashes when many farangs wants to sell and leave Thailand due to all new and coming tax changes. They have already said they will tax income you don't even transfer into Thailand.
The word income dose these mean income as earned or bringing cash money from savings
I want to see the written law, not opinions or policies etc., that say you must file tax. Pensioners on retirement visas have had enough of this tax BS!
Why not cover pension income for retired people living in Thailand
I got my tax number and filed a tax form under the 180 day residency law. I was surprised to be told I owed no taxes on my Social Security and pensions transfers as I did not meet the income amounts for taxation.
It's not a simple answer. It depends from which country you get the pension and what type of pension it is. Determined byt your DTA.
@@indiandaeng Who was your Thai Tax attorney?
Regarding LTR VISA tax exempt. The information from BOI is incorrect, only income derived from previous year is tax exempt, Read Royal Decree Issued under the Revenue Code Governing Reduction of Tax Rates and Exemption of Taxes (No. 743), Section 5.
You can find this document on thr BOI web and it say:
Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work-from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand.
I am self funded meaning I don't work and I don't have any income. I don't recieve any pension. I also don't have any shares or investments. So bringing in my Saving surely can not be taxable.
I am not a tax expert here so you may want to confirm that but bringing in income that was acquired before 2024 is not taxable, you may however need to prove it’s older than 2024 I guess
@@gregorymcleod remittance in 2024 is taxable for Thai tax residents.
@w3s77 not correct remittance of income is Taxable. I don't have a income. My savings can be verified by bankstatement from before 2023 and 2024. So my remittance of personal savings is not income so how can they claim income tax on it. Remittance alone is not Taxable. Income tax can only be assessed on income. Savings are not income. This is what I am seeking clarification on.
@ Example. Bank statement December 2023 = $100,000 USD. During tax year statement balance is always $100,000USD, until $10,000 USD remitted into Thailand by any method (ATM, CC, bank wire) the $10,000 USD remitted into Thailand would not be taxable for a Thai tax resident. No additional deposits are made into the account of any kind for the remainder of 2024. But one has to prove the account did not earn one dollar, 100% non-interest bearing cash which is not easy to do and still file a return to prove this. Due to common reporting standards, remittance of any kid CC, ATM are easily found, but proof that there was no income in the account falls on the Thai tax resident. Hire a Thai tax attorney to go over the specifics of your situation as above is just an example.
If I bring foreign income into Thailand to pay Thai taxes, am I taxed on that too?😂
1:00 you become a tax resident if you stay more than 180 days in Thailand.
@kokey10100 Thanks, but that wasn't my question.
@@warrpedd yes for that question.
No answer yet bro.....
And then you get taxed on the additional funds you brought to pay the tax on the funds you initially brought and so forth ad infinitum. The Thais really thought this through didn’t they?
Hi , In 2025, I deposited 2,000,000 bht into my bank account and stayed in the country for 179 days. Will I declare this in 2026? If yes, I stay 179 days in 2026! what will happen now?
If you make sure not to stay 180 days or more in a calendar year you will not be a tax resident and there will be no tax. But don't gamble on 179 day, use margins. Your flight may be cancelled, airport closed for some emergency, you can become sick or in a traffic accident, anything could happen that keeps you here for a few extra days.
@@Johan654-s1f Yes , its meaning ( or l understandt like that too ) it will evaluate in every single calendar year so just u will load one time high value and then every travel u will carry and keep in private safe ,, ok , reg.
Regarding the requirement for Tax ID #, you stated that "according to an announcement of some director general of tax payer numbers, one is required to get a tax ID if living for 181 days or more but you DIDN'T SAY that it was law. Another attorney youtuber has said that this has NOT been promulgated and there is no such law at this time. Thanks to Benjamin Hart.
This was very informative. Thank you!
Cheers! ❤🧡
I am planning to retire in Thailand and want to comply with all sensible regulations. I have been told by a local tax attorney that the need to obtain a TIN is not codified in law for either Thai nationals or tax residents. This may be a technicality that can be quickly remedied with the stroke of a pen to close this "loophole", but it exists at the moment. Will legislation be updated soon to make it law?
Part of my wealth is (after tax) savings which I would want to spend in Thailand to pay for my living expenses but it is no longer "income" regardless of how I spend it. Will this be considered taxable because that would be a serious over reach?
It seems that the current government is being influenced by globalists to their detriment which will kill the goose that lays golden eggs.
The question should be do i need to file...
If in Thailand cumulatively for 180 days in 2024, then yes you are obligated to get a Thai tax number and file.
Only if you are a resident for more than 180 days and have accessible (taxable) income. Read your country's DTA, if there is one, and if you don't understand it, it would be wise to consult with a professional. The DTA will state what is and is not classified as accessible income.
@davidlinscheid2618 you diddly...the issue is Thai won't say what is assesable income....lol.hahaha
@@StuF-r2l Read your country's DTA, it supersedes Thailand's tax laws! Any revenue source that is identified as "only" taxable in the U.S, is classified as being not accessible income and is exempt from taxation in Thailand. Do you understand this simple explanation, Diddly?
@@indiandaengonly if you have income remitted to Thailand ,you didn't listen properly.
So simple. More than 180 days in Thailand, you must file a Thai tax return. Use an ATM or CC to remit funds into Thailand, you have to file a Thai tax return. What about this can't farang understand?
Incorrect ,you too like many others.
If you didn't transfer income you don't have to get a TIN and file, what do you want to file ,a nil return?
@consulthai if you live in Thailand more than 180 days in a calendar year, all remittance is taxable. Try to prove an account had zero income for an entire calender year. One would have to hold all non interest bearing cash and not make a single deposit to avoid an ATM transaction from being taxes.
@@w3s77your savings aren't income .
You don't transfer interest,you transfer principal. You pay withholding tax on interest back home.
Leave it and compound it.
Basically since you self assess in Thailand , you know the nature of the funds you transferred.
You even have to declare that during the transference action .
You declare savings or maybe a loan from a child of you or a support to your Thai wife which is exempt to a certain limit . I suggest you read the Revenue Departments website which details comprehensively what constitutes income and what is exempt.
Furthermore there are some granted deductions in the Thai tax system which ,subject to progressive tax rates,may not put you into any assessable income.
In any case,the presentation was about filing for income remitted. Not filing for non-income.
@@w3s77 All money is not income but only income is taxable. If you didn't transfer income you. don't need to file a tax report.
@@Johan654-s1f Have to file a return to prove the income was from another year or taxed and does not meet the threshold in Thailand. Still have to file. Only non interest bearing cash in an account at end of December 2023 and left in an account with no activity can be remitted without incurring taxes. Can only prove this with a return and correct documentation.