Tax residency in Thailand and taxing overseas income

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buksida
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Re: Tax residency in Thailand and taxing overseas income

Post by buksida »

I don't think anybody needs to be concerned until there is an announcement from immigration stating that aliens must provide proof of their tax status in order to renew annual non-imm visas.

But the wheels are in motion now and the clock is ticking ...
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Re: Tax residency in Thailand and taxing overseas income

Post by Big Boy »

I agree, and I for one, was really panicking when they changed the Retirement Visa rules last time. In reality, they were very lenient for the first 12 months, while we all learned the new system together - AFAIK it all went very smoothly. I'm sure this will be just as painless.
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Gregjam
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Re: Tax residency in Thailand and taxing overseas income

Post by Gregjam »

In an earlier post the 180-day qualifier was mentioned. One wonders how the authorities will apply this aspect as it could be interpreted that until you have more than 180 days then no tax. The snowbirds should easily avoid becoming taxable and those of us working offshore or on ships can by careful counting and a foreign holiday also avoid it.
The next few months will be interesting for sure.
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Re: Tax residency in Thailand and taxing overseas income

Post by joelle »

Might not have read properly therefore I am wondering about the 180 days, would it be 180 consecutive days or 180 days overall in one year ?
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Re: Tax residency in Thailand and taxing overseas income

Post by thecolonel »

joelle wrote:Might not have read properly therefore I am wondering about the 180 days, would it be 180 consecutive days or 180 days overall in one year ?
I would suspect it would be simply more than 180 days in total of the year(but can't confirm)

be that a tax year or a calendar year I'm not sure either

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Re: Tax residency in Thailand and taxing overseas income

Post by joelle »

Very confusing as usual
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Re: Tax residency in Thailand and taxing overseas income

Post by Dannie Boy »

It’s mentioned above in the SteveP post - aggregating 180 days or more in a year (the Thai tax year runs 1/1 to 31/12).


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joelle
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Re: Tax residency in Thailand and taxing overseas income

Post by joelle »

Dannie Boy wrote: Sun Dec 10, 2023 3:34 pm It’s mentioned above in the SteveP post - aggregating 180 days or more in a year (the Thai tax year runs 1/1 to 31/12).


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Re: Tax residency in Thailand and taxing overseas income

Post by Gregjam »

At some point before I go to work mid January I will have to check with the bank to make sure money I send to support my wife and family will not get stuck in the system. Normally it goes to my account and I then have a record of funds coming in but if in any doubt I would have to send it direct to the wife. I don't want to rattle any cages and will wait until nearer the time to check with the bank.
I can see this whole thing becoming a bit of a fiasco.
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Re: Tax residency in Thailand and taxing overseas income

Post by STEVE G »

Gregjam wrote: Sun Dec 10, 2023 5:19 pm At some point before I go to work mid January I will have to check with the bank to make sure money I send to support my wife and family will not get stuck in the system. Normally it goes to my account and I then have a record of funds coming in but if in any doubt I would have to send it direct to the wife. I don't want to rattle any cages and will wait until nearer the time to check with the bank.
I can see this whole thing becoming a bit of a fiasco.
I've been wondering about the situation of those of us supporting family in Thailand.
I see from a post above that you can "gift" up to 20 million baht a year tax free to your spouse so my partner should come somewhat short of that amount.
That also might be a loophole for getting money into Thailand, providing that anyone's wife doesn't tax at a higher rate than the revenue department!
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Re: Tax residency in Thailand and taxing overseas income

Post by Dannie Boy »

For many years now, I’ve been transferring our living costs into my wife’s bank account, so haven’t sent any money from the UK into my account for at least 10 years - it’ll be interesting what they say to me?


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Re: Tax residency in Thailand and taxing overseas income

Post by lomuamart »

Seems to me that Thailand is just following the trend of global taxation.

If you live in the UK for more than 183 days (I think that's it) then you will be liable for UK tax on all your earnings worldwide. Unless you can show that you've paid tax somewhere else.

So, are the monies transferred into Thailand going to be withheld by the bank until I can justify them or do I have to account for them later on?

For me, that's the crux. Money in my account or someone else's.
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Re: Tax residency in Thailand and taxing overseas income

Post by Dannie Boy »

I don’t think there’s been any suggestion that money transferred will get held up - as BB and many others have said, we should wait until 2025, which will be the first year that it impacts anybody, before needing to panic!!
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Re: Tax residency in Thailand and taxing overseas income

Post by lomuamart »

Panic is a big word.

I'd just like clarification of which way it'll go. You know, do I pay first or account for it later? If I owe something.

Pretty simple stuff really.
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Re: Tax residency in Thailand and taxing overseas income

Post by Dannie Boy »

Well this is something new so unless it’s written in black and white, it’ll be anyone’s guess, but from reading in between the lines, I’d guess it will be a once a year retrospective action - until you’ve completed the tax year they won’t know whether you’re liable and/or what might be due!!


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