Long-stay visa to waive personal income tax

[Nereus]

Must be April 1st already! Just where do these idiots come up with crap like this?
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Long-stay visa to waive personal income tax

https://www.bangkokpost.com/thailand/ge ... income-tax

The cabinet has approved waiving personal income tax for three foreign groups of taxpayers: high-income earners, retirees and those who want to work remotely from Thailand, said Finance Minister Arkhom Termpittayapaisith.

Mr Arkhom said on Tuesday that the beneficiaries would be considered investors in Thailand as required by the government offering them long-term residence (LTR) visas.

The first group must invest at least US$500,000 (16.35 million baht) in government bonds, property or otherwise in the form of foreign direct investment. They must have amassed at least $80,000 in income over the last two years and have $1 million in assets.

Foreign retirees must be 50 years or over, have an annual income of $40,000 or more, and invest $250,000 in government bonds or real estate.

Professionals interested in working remotely from Thailand must prove they have annual income of at least $40,000 a year, a master's degree or higher or rights in intellectual property, and five years of experience in a research field.

However, a fourth group eligible for the visa would be taxed.

Experts in digital services are required to work for SET-listed companies or have worked for at least three years in private companies that earn revenue of $50 million a year or more.

This group is being eyed as highly skilled professionals are required to work in targeted industries or as academic experts in universities or state agencies.

“However, if [the last group] earns any income after they are in Thailand, they are required to pay personal income tax at the normal rate,” Mr Arkhom said.

Traisulee Traisoranakul, deputy government spokeswoman, said the Finance Ministry reported to the cabinet that the government would not lose any revenue from the plan because the three groups are not paying any taxes here at present.

However, the government stands to benefit by levying a 17% personal income tax on certain highly skilled professionals, she said.

Mr Arkhom said the economic and investment stimulus measures will help attract high potential foreigners to Thailand. Wealthy foreigners and experts will be enticed to work in the country.

"(High potential foreigners) will help broaden the personal income tax base, stimulate domestic consumption and investment, and enhance the country's competitiveness, which will contribute to economic growth. It's expected that 1 million foreigners will stay in Thailand," said the finance minister.

The Interior Ministry's proposals provide for LTR visas for up to four family members, including children up to 20 years old.

The visas will be valid for five years and renewable for up to another five years, with a final cap at 10 years. Visa holders will have to pay an annual fee of 10,000 baht and report their residential address once a year.

After receiving the visa, the foreigners can apply for work permits.

The National Economic and Social Development Council (NESDC) projects the policy will draw one million arrivals in five years, generating 1 trillion baht in income.

[handdrummer]

The last group will not only pay 17% income tax in Thailand but will have to pay income tax to their home country.

Another hair-brained scheme from the geniuses who thought up the Covid responses, submarine purchases, aircraft carrier purchase, and whole immigration mess.

Every time they think about wealthy people coming to Thailand they start drooling.

Eventually, when the Chinese wages become too high to produce goods in China, Thailand, with its cheap labor and low educational standards, will become a manufacturing hub for China.

[migrant]

The last group will not only pay 17% income tax in Thailand but will have to pay income tax to their home country.

I'm agreeing that the scheme is not good but most all countries have tax agreements where they would get a home country credit for foreign taxes paid so at least it's not double taxation.

[HHTel]

Thailand has double taxation agreements with a couple of dozen countries.

[Hahuahin]

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Traisulee Traisoranakul, deputy government spokeswoman, said the Finance Ministry reported to the cabinet that the government would not lose any revenue from the plan because the three groups are not paying any taxes here at present.

Thank you government spokesman So even if many of us retireees pay taxes here we are not even recognized. Well great to know then and next weeks planned visit at Rd is out and more capital to travel for this year.
hahuahin