Tax residency in Thailand and taxing overseas income

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caller
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Re: Tax residency in Thailand and taxing overseas income

Post by caller »

Is anyone here panicking? Are there any Brits who cant understand the UK's double taxation treaty with Thailand? I doubt it. Too much expat media hyperbole in my opinion. I think it's a case of wait and see.
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Re: Tax residency in Thailand and taxing overseas income

Post by PeteC »

The tax/legal companies catering to foreigners here see all of this as money falling from the sky. They're going to ride this wave for as long as they can to attract as many as they can into their offices.
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Re: Tax residency in Thailand and taxing overseas income

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Until somebody says something official regarding a process, I don't see how these guys can be earning their windfall.

This is typical Minister/Civil Service/Scaremonger rhetoric. The Minister has spoken, the Civil Service are desperately trying to put meat on the bone, meanwhile the scare mongers are having a field day.

Trying to plan where you will be living in a few months time based on current information is incredible. Wait for an announcement before making big decisions. Meanwhile, keep a close eye on developments.
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Re: Tax residency in Thailand and taxing overseas income

Post by Dannie Boy »

I don’t see anything wrong with having a “Plan B”, in fact most people would consider it prudent to have something in place just in case “Plan A” does indeed start falling apart - the last thing you would want is to be in panic mode, if you only have a relatively short time in which to make decisions.

But we’re all different so just do whatever works for you.


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STEVE G
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Re: Tax residency in Thailand and taxing overseas income

Post by STEVE G »

Until somebody says something official regarding a process, I don't see how these guys can be earning their windfall.
I suppose there is already an official process to file a tax return for any year that you're resident for tax purposes.
I'm curious how many people will actually do that.
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Re: Tax residency in Thailand and taxing overseas income

Post by Big Boy »

Yes, think about, and I'm sure we'll all file a return if told to do so.

Reading that article, which states, "Foreigners are frantic about Thai income tax blurs," it gives the totally wrong impression. It was most likely written by another scare monger on a slow news day.

We are all aware, but until a directive is issued, together with facts, planning anything is stupid unless trying to justify living in Thailand less than 183 days.
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Re: Tax residency in Thailand and taxing overseas income

Post by dundrillin »

STEVE G wrote: Fri Jun 14, 2024 8:15 pm
Until somebody says something official regarding a process, I don't see how these guys can be earning their windfall.
I suppose there is already an official process to file a tax return for any year that you're resident for tax purposes.
I'm curious how many people will actually do that.
If we are legally required to file a tax return then i'll start doing it. I don't want to provide an excuse for my ejection from the country if there is an upsurge in anti farang sentiment. You could call it plan B ( one of my many plan B's)
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Re: Tax residency in Thailand and taxing overseas income

Post by buksida »

Dannie Boy wrote: Fri Jun 14, 2024 5:34 pm I don’t see anything wrong with having a “Plan B”, in fact most people would consider it prudent to have something in place just in case “Plan A” does indeed start falling apart - the last thing you would want is to be in panic mode, if you only have a relatively short time in which to make decisions.
Agree with that, not all of us are in the "I'm alright Jack" camp on pre-taxed pensions so it makes sense to consider options such as not being based here full-time.

"Wait and see" makes most sense though, Thailand is famous for its u-turns but when filling government coffers are concerned, this would be unlikely.
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Re: Tax residency in Thailand and taxing overseas income

Post by kwajdiver »

I know it is wait and see time, but if adopted what I really dread is the thought of trying to navigate the bureaucracy that would be set-up to enforce this requirement – especially the idea of having to submit sensitive financial documents…… Will Americans be required to provide tax documents that have their social security number on them? This is something I need to think about. For ID thieves, obtaining a person’s SSN is the holy grail.
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Re: Tax residency in Thailand and taxing overseas income

Post by Hahuahin »

Another tax information event.

Business Class Asia is hosting a free event to discuss the most significant changes to Thai tax legislation in decades and their implications for onshore and offshore tax planning.

The event, titled “Income Tax & Estate Planning Briefing for Globally Mobile/Focused Thai Residents,” will be held on June 21, 2024, at 6:00 PM at the Centara Grand Beach Resort & Villas Hua Hin.

The new regulations mark a shift in how foreign income is taxed in Thailand. Previously, foreign income was only taxable if remitted within the same year it was earned. Under the new rules, foreign income will be taxed if an individual has been a resident in Thailand for at least 180 days during the assessment year and if the income earned overseas from January 1, 2024, is brought into Thailand in a year when the individual spends more than 180 days in the country.


https://www.huahintoday.com/local-news/ ... gislation/
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