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Pete ******
This is a summary of
Pete ******
's contributions to the platform. They have posed 5 questions and added 2053 comments.

QUESTIONS

COMMENTS

Pete *******
@Axel ******
Thai Revenue Code sections 40, 41 and 56 apply. In all cases it refers only to “assessable” income and section 56 gives the minimum filing thresholds below which there is no filing requirements.
Pete *******
@Axel ******
please go and read the Revenue Code, you must qualify to be required to file taxes. Tax residency does not in itself lead to a filing obligation.
Pete *******
@Axel ******
what is and what is not assessable income is determined by the applicable Thai tax law. In this case section 40 of the Revenue Code. Savings are not listed as assessable income therefore when remitted do not attract a tax liability.
Pete *******
@Axel ******
false statement, only assessable income is declared. No assessable income = no declaration.
Pete *******
@Axel ******
nope I am actually following Thai tax law to the letter. Only assessable income as defined under section 40 of the Revenue Code is reportable. Many live long term in Thailand completely legally without ever having an interaction with the taxman.
Pete *******
@Ralph ******
interest on the 800k is income and will be subject to withholding tax. Taxation on the original transfer is dependent on circumstances, it may or may not be taxable.
Pete *******
1) Correct if in a tax year.

2) False, only assessable income is taxed.

3) Correct, you claim a tax credit against Thai tax liability.

4) False, only assessable income above minimum thresholds is reportable.
Pete *******
@Albert *******
nope, withholding tax on interest is liable from day one as it is domestic income, residency doesn’t come in to it.
Pete *******
@William **********
“assessable” foreign sourced income, on remittance, whilst tax resident, above minimum thresholds is subject to Thai taxation.