Answered2 years ago
Will Thailand's new tax rules on overseas income relieve expats' tax worries?
This might be good news and stop the worry.
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Answer summary
Recent discussions in the expat community indicate potential changes to Thailand's tax rules concerning overseas income, following reports that the government may ease tax liabilities. This follows concerns over a loophole that allowed individuals and corporations to defer tax by relocating income to Thailand. Some community members are speculating on new banking regulations and their implications for retirement visas and account openings. As details emerge, there is cautious optimism among expatriates.
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Werner ************
Trump Administration Opens the Door to Double-Tax-Rate Penalty on Foreign Companies and Individuals
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Wannikea *********
This all stems from a loophole where corporations, businesses, and individuals were sending global income to Thailand not in the year it was earned and thereby avoiding taxes. The closing of that loophole is what has sparked the recent panic of tax liability.
Greg ********
OP@Wannikea ********
That was the change. We need to see detais on what the proposed change above means. My own view is the govt would rather have those funds in Thailand than taxing them. There are a number of good reasons for that.Sean *******
Good find mate.
Greg ********
OP@Sean ******
Then I just saw a post from TikTok saying new banking regulatory rules from Monday means they cannot open any new bank accounts for customers. Looks like something is changing.Sean *******
@Greg *******
That will be a game changer if even the agents can't open them.Greg ********
OP@Marb *******
Sorry - did you mean the changes in the tax? We do not know the details yet, but the only changes they could mean are to have fewer tax requirements on overseas income. Pre-2024, if you kept overseas outcome out of Thailand for a full tax year, it was not taxable. This changed for 2024.Greg ********
OP@Sean ******
Funny you should ask that question. I asked TikTok the exact same question earlier. Asking if I needed to transfer from Krungsri to Bangkok Bank - no need. Any bank will work as long as my account and my fundsGreg ********
OP@Marb *******
Opinion only - the primary reason for it is due to scammers, etc. New Bank accounts will be limited to certain visa tyes only. No idea going forward what will happen to those who currently have accounts outside these visa types. I also think account holders may have to supply a TIN (if not Thai then elsewhere they are tax resident). This is already happening for Singapore and UK accounts. Thailand seems to be aligning on these standards with the CRS etc.
Marb ********
@Greg *******
so in your opinion what do you think that means ?Sean *******
@Greg *******
I've had a krung Thai account for 9 years. Is it possible to use this for retirement visa? I know the agents always use Bangkok bank for new retirement visas.Greg ********
OP@Sean ******
It really will. They cannot facilitate new retirement visas either. HugeGreg ********
OP@Sean ******
Really need to see details but here is hoping it is good news.Andi ***********
The bearer of Good news, Greg..
Greg ********
OP@Andi **********
Not been able to find anything else about it yet. Like the Wizard of Oz we need to look behind the curtain. Who was in power when the changes were made and who is in power now? Who did these changes effect most? As the Chinese say "We love in interesting times".Andi ***********
@Greg *******
There must have been a huge drop in foreign income due to the tax changes from last year. So not too surprised by the possible change. I read Vietnam and Japan are attracting visitors/investors away from Thailand.Steve ********
@Marb *******
That's why over 50% of retirement visas are obtained by agents paying bribes to immigration officers, why prostitution is allowed to flourish, why one whole floor of MBK mall is allowed to sell f*ke reproduction handbags, watches and running shoes, why street stalls along Sukhumvit are allowed to sell illegal vapes. Are you serious? Most expats have tax protection under an international treaty known as a DTA and yet expats are behaving like little sheep 🐑🐑🐑Greg ********
OP@Marb *******
In over 25 years I have not seen many foreigners get in trouble over taxes here. Yes, penalties for crimes are tough and Thao prisons are not a place to be. However, it is other crimes foreigners tend to get involved in.Marb ********
@Steve *******
I think it’s because Thai laws and penalties are known for being brutal, as well as the jails lol, foreigners including myself are just paranoid of getting into legal trouble regarding tax. Can you really blame themGreg ********
OP@Steve *******
Well he has his own skin in the game lol. They probably have the same target market segmentsGreg ********
OP@Steve *******
He was a Financial Advisor before the changes announced I beleive. It is try about the domain registration. I can be OCD about things lolSteve ********
@Greg *******
And it's little wonder that Benjamin Hart loses his cool every few days over these guys.Steve ********
@Greg *******
That wouldn't surprise me one little bitGreg ********
OP@Andi **********
They do but it is a awful bus ride. Aussie lady retirees had been there a long time who I got talking to. She used to fly to Bangkok on Air Asia once a quarter quite cheaplyAndi ***********
@Greg *******
yeah they dot have the long term visa but the 90 day visa runs are no problem , London embassy told me whin i enquired sbout possible moving there for a year. Many do it for years..Greg ********
OP@Steve *******
I looked at his domain name registration way back. It was made not long after the tax change announcements in late 2023.Steve ********
@Greg *******
The sad thing is to some degree they've succeeded. I never realised how naive the expat population in Thailand is, many of them running like frightened little sheep to pay tax, thinking if they don't they're going to get kicked out of the country, just months after the government introduced the DTV which makes things easier for people staying longer in the country, because Thailand desperately wants longer term foreigners here spending money. The mind boggles!Andi ***********
@Steve *******
that is crazy....the use of most popular says it all...Steve ********
@Andi **********
How's this guy's form? This scam is bigger than anything the Phuket Taxi Mafia could ever dream ofGreg ********
OP@Andi **********
I was looking there last Songkran and had almost made my mind up to move. The long term visa is an issue and I was not doing 90 day visa runs. I would stay just outside Hoi An on the Danang sideAndi ***********
@Greg *******
Vietnam, especially Danang is developing really fast.. Cambodia too, some stunning retirement homes there which have seen Thai retirees move to.Greg ********
OP@Andi **********
The investors bit to Vietnam is true but has been for years. I worked on a couple of factory new build or relocation projects in the region. Seen the decision making process too. It is very interesting on why companies choose a location and not just down to simple labour costs as most think. A bit of a name drop but this bloke taught me the subject on my MBA lol ********************************************************
Greg ********
OP@Steve *******
Exactly. The tax changes were aimed at wealthy Thais but those parasite yiu mentioned jumped on it hoping to use FUD to make money out of Expats.Greg ********
OP@Andi **********
I do not think it is the tourist trade. Thailand hit almost preCovid peaks last year and will exceed it this year with 40m+ visitors. I think they want investment for growth. The more money in Thai financial institutions the more money available to lend out for investment.Andi ***********
@Steve *******
Retirees are paying thousands for tax advice? ??? the tax office is not even clear on how to deal with foreigners coming into their office. Why pay advice when even the tax office is unsure.?? Why do they complain about paying the entry fee to a NP ?Steve ********
@Andi **********
I don't think it will. Expats (especially retirees) have been conned by the one of the biggest scams in Thailand (and to think most will complain bitterly about paying 300 baht to enter a national park, but have willingly been scammed out of thousands of baht paying "experts" for "expert advice"!)Andi ***********
@Steve *******
Yes, a lot of misrepresentation has gone on creating unnecessary concern. Not sure if even this news will help reduce the "noise" .Steve ********
@Andi **********
And for that we have only the parasite "tax experts" who have been flooding the internet with their misrepresentations of tax "changes" which didn't affect expats living in ThailandActivity
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