What are the implications of the new Thai tax policy for retirees bringing money from their home country?

Thai tax policy retirement in Thailand tax residency dual tax agreements income tax expat finances financial planning for retirees Australian expats in Thailand

Jul 29, 2024

5 months ago

Angela ***********

ORIGINAL POSTER

Concern's about new taxes imposed on imcoming proceeds from my country THAT I HAVE ALREADY PAID TAX ON & 

worked hard all my life to earn.

Hi to all, Angela here , i am a brand new group member.  I am a semi retired middle aged Australian trades-woman. I am not wealthy but what little means i have i worked very very hard for. Indeed no man ever gave me a razoo cent nor did i ever ask.

Having been to Thailand 3 times over the last 15 yrs i have often considered retiring there.

Now i am not so sure 🤔. I have recently learned that the Thai Gov have audaciously proclaimed they will tax the income &/ or in my case incoming disbursements of my own hard earned money into a Thai bank account.

I have already paid tax on my own money 🤷‍♀️in Australia.  There is no way i am going to abide supporting such a Yak hyde of a policy. Ned Kelly wore a helmet when he rorted ya but they intend to so so with a straight face 😮.

I would really value some honest opinions on the new tax policy for retiree's before i consider Thailand as a retirement destination, 🤔🤔 Kind regards Angela

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TLDR : Answer Summary

Angela, an Australian trades-woman considering retirement in Thailand, expresses concerns about a new tax policy proposed by the Thai government that aims to tax incoming remittances, questioning its fairness since she has already paid taxes on her income in Australia. The discussion reveals differing opinions on the tax implications for retirees, with some reassuring that the bilateral tax agreement between Australia and Thailand should prevent double taxation, while others caution about the potential complexities of tax residency and the need to file tax returns. The conversation underscores the importance of understanding the tax laws relevant to expats and the community's mixed reactions to the proposed changes.

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Peter **********

Any money you owned in the year prior to becoming a Thai tax resident remains untaxed now and in any subsequent year - under current law. You are, like many, worried about something which isn’t \ won’t be a problem at all.

Chill, relax, come to Thailand and enjoy a well deserved retirement. I wish you peace and happiness.

We have a special interest group on facebook for those who want to discuss immigrant related tax issues:

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4 months ago

Todd *********

@Peter *********

that's an incorrect interpretation. Any money you bring into the country as a tax resident is subject to taxation in Thailand. Consider also, your nations tax treaty with Thailand.

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4 months ago

Peter **********

@Todd ********

No it isn’t. None of the money which you owed in the year prior to becoming a tax resident is taxable income.

Read my comment again and once you understood what I wrote, repeat your fable about old income from ancient history being taxed.

Do you really think Thailand is going to tax you for money earned in 2020? Geez!!! 🙄

4 months ago

Todd *********

@Peter *********

yes, i do. The minute you bring it into thailand. It makes no difference when you earned it. And just to bring you up to speed, read where my link is from. That should offer you some clarity. If not, you will be for some fun surprises. The only ones exempt with be LTR holders

4 months ago

Peter **********

@Todd ********

There you are wrong. Income from prior years, aka savings from before you became tax resident, are never taxed. Not now, not tomorrow, not next year.

If you have 500 million baht in your foreign bank account on dec 31st, and you become tax resident in the next year, you can bring this money to Thailand tax free. No tax is charged on old income from years before you became tax resident. Nothing, zero, zip, zilch.

4 months ago

Todd *********

@Peter *********

best of luck with your amateur assessment of the tax situation.

4 months ago

Reply to

Todd *********

Mike ******

You payed tax.

Really