What are the tax obligations for expats in Thailand regarding money brought into the country and how do tax exemptions work?

Thailand Taxes Tax ID Tax Exemption Double Tax Agreement Tax Return Expats in Thailand Anti Money Laundering Financial Information Requirements

Mar 4, 2024

9 months ago

Robert *********

ORIGINAL POSTER

Thailand Taxes.

It is my understanding that anyone who stays in Thailand a total 180 day (could be multiple times) during the tax year and brings money to Thailand or puts money into at Thai Bank must get a tax ID  and file at Thailand tax return. 

If your country has a double tax agreement with Thailand you can get a tax exemption. 

Does anyone have any idea how the tax exemption will work and what documents you will need to provide? 

Will Thailand charge you a tax if they don't think you paid enough tax on the money you brought into Thailand?

Some money in the US are tax exempt so how will the Thai government decide whether the money I brought into Thailand was taxed or not?

We call the Thailand Revenue Department and we're not able to get any answers.

I'm not willing to provide Thailand all my financial information. At transcript of my US tax return is all I would be willing to provide.

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TLDR : Answer Summary

Expats in Thailand who stay for a total of 180 days in a tax year and bring money into Thailand or deposit funds in a Thai bank are generally required to obtain a tax ID and file a tax return. Those from countries with double tax agreements may be eligible for tax exemptions. However, there are uncertainties regarding the specific regulations, documentation needed for exemptions, and how Thailand will assess whether taxes have been paid on imported funds. Current discussions suggest a government focus on untaxed income and potential changes being driven by anti-money laundering initiatives, but detailed regulations are still pending.

Geoff **********

Since the relavent tax laws/regulations have not been published yet (they just made a statement that they were eliminating the loophole for $ not earned in the same year it was brought into Thailand) there is no real answer yet. Need to wait for th regulations to come. (FWIW an accountant we use is guessing this will be put off and not implemented this year since the regs are not ready yet, but again only time willbtell).

9 months ago

John **********

@Geoff *********

yes they have, a long time ago. The only change is an interpretation of the tax laws which has also been published. Previously only income brought into Thailand in the year it was received was assessable for Thai tax. The new interpretation is that income brought into Thailand whenever it was received is assessable for Thai tax. But they have further clarified that is only income received from 01 January 2024 going forward

9 months ago

Reply to

John **********

Chris *******

Currently there are no real answers.

As it seems to be understood, those from countries with tax treaties and paying tax at source will not likely be affected.

But no one knows for sure yet what the implications really are.

What we do know is they are after untaxed income being brought into Thailand.

They are closing a loophole that wealthy Thais have been exploiting.

All part of the anti money laundering initiative that is a govt priority, I suspect. IMHO

9 months ago

Martin **********

Relax. All too soon. And indeed it a question if you have to fill in a tax declaration as you probably be exempt. Once it is clear you see your answer everywhere on the net.

9 months ago

Ken ***********

@Martin *********

the details of the Thai tax laws should be made clear by now. We are two months into 2024 which are to be included in these new tac schemes.

9 months ago

Mel ******

@Ken ******

agreed! I did my first NonO one year extension using the 800k thb deposit method in 2023 and started doing my year’s worth of 65k thb per month deposits in the hopes of switching methods when I renew but now I am considering stopping the monthly deposits to avoid any risk of owing taxes for 2024 tax year.

I know some people speculate that no issues but I guess I will wait a year or two to see how the taxes play out. Oh well…

9 months ago

Martin **********

@Ken ******

As long no white smoke, no speculations. It will unfold when needed. I not worry about it.

9 months ago

Ken ***********

@Martin *********

Agreed. I don't worry but I am amazed by the lack of clarity by the Thai government.

9 months ago

Martin **********

@Ken ******

I am not surprised by anything. But maybe because also the tax is more aimed at Thais that import non taxed money to Thailand

9 months ago

Robert *********

ORIGINAL POSTER

@Martin *********

Well I don't know of any place that you can make a good return on your money that isn't taxed and the governments all communicate with each other.

The only way a Thai could do it would to bring cash into the country. So I don't see how this helps the government.

9 months ago

Reply to

Robert *********

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What is the overview of Thailand's income tax for foreigners, especially concerning stays over 180 days and double tax issues?

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