Will my pension income be taxed in Thailand if I retire and have it paid into a Thai bank account?

Nobody knows until next year but I would say if it’s your pension no there after the big fish don’t think they have the staff to mess with every expats pension

maybe you should consult a tax advisor or sccountant,

some one interpret as below:

those people

from countries which have

a double tax agreement

with Thailand could still need to pay new

tax in Thailand,

double tax means that you

will receive tax credit for

taxes paid outside of

Thailand. So, if you are

assed as having to pay

usd200 in USA and usd300

in Thailand, In Thailand you

would pay 300-200=100

dollars in Thailand.

anyway the risk is that one still likely to fill a tax report form with income and asset and let authority decide which is taxable and which be exempt. Filling the form could be a tedious process, depending on how it is designed, and whether there is english translation, or chinese? if not, hopefully no.need to seek professional help. And how can one prove whether the remitted income already taxed in other jurisdiction?(for example you have multiple income sources, and some sources already taxed but some exempted due to different tax law in another country )

does double tax exemption imply blanket tax exemption without need for exemption on an item by item basis (income source item/category) or need comparison of individual category, eg investment income, rental collected or simply pensions

If you are over the legal retirement age in your home country, and receiving your pensions you will not be taxed on those funds in Thailand. On the other hand if you are under the legal retirement age in your home country, but 50+ and on a retirement visa extension in Thailand, then Thailand will want to know if you have paid tax on any money you regularly bring into Thailand to live on, as you are too young to receive normal pensions. The regulation that changed is simply that wages earned outside Thailand used to be able to be brought into Thailand tax free if they had been held in an offshore bank for more than a year since they were earned as wages/salary. That loophole is what ended, meaning any wages earned are taxable in Thailand no matter how long they were held outside Thailand. If taxes were paid on those wages in another country, then the tax treaties with Thailand come into play, but it is not known yet how Thailand will enforce this new change, but again, pensions will not be affected, as taxes have been paid on that already, and Thailand has tax treaties with almost every country Thailand exports to, and trades with. It is also not known yet how Wise transfers are treated, as there is no designation if the money used in a Wise transfer came from a pension, only that it came from an overseas source. This will be interesting how they view Wise transfers, as there are no details about where the money came from, a pension or wages, only that it came from overseas.

Section 41,makes this answer very confusing!

If you move to Thailand on a permanent basis and don’t have residency in the UK then your state pension will be frozen at the rate when you become resident in Thailand.

If you can't afford any new taxes, just go back home. Then you can stop worrying and whinging.

For the best Tax information for Americans talk with

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Looks like you are from the UK, so whether you will be due tax on them if you get them paid into a Thai bank is one question, but an equally important question is no matter how you bring them into Thailand will you be due tax on them. As of this year any income brought into Thailand is now assessable for tax in Thailand. The way it normally works is that any income you have from the UK is first assessed for tax in the UK, then if that income is brought into Thailand it is also assessable for tax in Thailand. When you know both your UK tax and your Thai tax you can claim a credit against Thai tax for any tax already paid in the UK

First step will be to fill your Annual Personal Income Tax Form (PND90/PND91)

and submit it to the RD.

Then 'they' will let you know.

No you won't be taxed on pension

Nobody really knows.

No advantage in having it here. It's better to bring it in as you need it, like Mike suggested. That way, you have more control and probably less liability. How the new tax laws will affect us is still unknown at this point.

Disclaimer: As is always said, 'we are not financial advisors or tax attorneys. Free advice is like asking a mechanic what’s wrong with your car without looking at it; he might have an idea, but he’ll need to look under the hood. 🙂 I.E ”your personal financial situation"

I still have my funds in my US bank and investment firms. I do a monthly transfer as I need. I just feel my funds are better protected and have easier access there. The banks here operate a little odd. Maybe it’s just a trust issue. 🤷‍♂️

First, it depends on your country of passport. If you paid tax on that pension in your home counrty and that country has a dual tax agreement with Thailand (like USA, Great Britain, Australia, New ZSealand and many other countries) then it will not be subject to Taxation by Thailand.