@Nick ***********

Make sure you can demonstrate your savings per /2023. If it was income in 2023 or earlier and you haven’t spent it already, then it’s in your bank.

I assume you haven’t kept large sums under your mattress… 😉

You’ll need to keep track while you’re using it. So if you have 180,000 in your bank and you’re absorbing 18k per year (12 x 1.5k) then you’ll not report income during 10 years and keep documentation in a shoebox or something.

Note: Value of assets doesn’t help unless specific assets. E.g. you owned a building. Once purchased for 200k, per 31 Dec valued at 1 mln.

Tough luck. When you sell it for 1.1 mln and bring in the revenue the whole amount minus original payment (purchase and improvements) will be taxed. That’s 900k income. The value of the property per Dec 31 doesn’t matter.

Obviously this is a simplified example and there are plenty ways to confuse things, but for Facebook readers sake I like to keep things simple. 😉

@Nick ***********

The nuisance being that you still have to report your taxable income brought in from UK and after calculating Thai tax offset whatever you paid in UK.

You’re right, in the end you may not need to pay anything, just like me (income from Netherlands) but the reporting requirement is just a nuisance.

Fun fact: Under the current DTA with Netherlands we can choose in which country we want to pay tax. When you send your Thai tax return to the Dutch tax man they may have to return every penny paid in Netherlands.

A new DTA was established and approval in Dutch parliament, but it hasn’t been signed by Thailand, so in 2024 Dutch people can still chose their ‘tax country’.

@Nick ***********

Value doesn’t matter. Taxes are calculated on cash basis. Owning property doesn’t matter. Selling it, and bringing the money to Thailand makes it matter. You are making things too complicated.

@Radost *************************

Maybe today, maybe tomorrow. Do you know what will happen in the future? Are you clearvoyant? How many years ahead can you predict? If so, go out and buy the winning ticket of the next lottery and when you ever need to pay taxes you simply buy the next winning lottery ticket.

Can I adopt you? (Or you adopt me?). 🤣🤣🤣

@Han *******

1) Being in Thailand 180 days or more in a single calendar year qualifies you as tax resident.

2) Applies to foreigners as well as nationals.

3) The new guidelines are in fact targeting wealthy Thai with foreign income. No difference between Thai and non-Thai. Criterium is not your passport, but 180 or more in Thailand.

4) Only income which is brought to Thailand can qualify as taxable income.

5) This law exists already many years. Nothing new, except the “savings from last year” part is ending after 2024.

6) How checked? Good question. In 2025 or 2026 maybe not, but can you foresee the future? All money is transferred by computers. All transactions are stored somewhere. So… Make your own conclusions.

7) Thailand is entering the OECD, which includes international reporting of transactions. Maybe not today. Maybe not tomorrow…

8 ) A computer doesn’t care whether a payment is small or large, but when they start enforcing, if ever, they will probably start above a certain minimum in the beginning. Nobody knows if or when this will happen. Nobody knows if the threshold will ever exist or not. Think beyond today’s calendar.

9) Bringing in money, whether in bulk or not, was already taxable.

10) Are you searching for ways to commit tax fraud? The revenue department doesn’t have to check anything, *you* are responsible for filing your income taxes.

Whether you want to be on this side of the law or the other side is up to you. Don’t go whining if they might ever catch you committing fraud.

PS Financial transactions are already internationally reported in large parts of the globe. Whether Thailand has access today is really irrelevant. None of us knows what happens in one, five or ten years.

But I know for sure that governments know more than you think. In Netherlands, most of your tax information is already in the system when you fire up your electronic tax from on March 1 or later. All your salary and social income is listed, including withheld taxes. Bank balances, mortgages, loans, interest received and paid, dividends received and taxes paid. it’s already in the forms. Your marital status is listed as well as the value of your house.

Do you really believe Thailand is incapable of getting such systems in the future?

‘1984’ was 40 years ago!

I don’t say you or I will live to see it happen. The only thing I know is that Thailand has a deficit problem and the government is on the hunt. Whether you’ll get caught in the fire or not is an entirely different discussion.

@Nick ***********

Do you have the money in Thailand? Then you are not transferring into Thailand -> no taxed income

Do you have the money in your origin country? Ask a letter from your bank stating the balance per Dec 31, 2023 -> no taxed income

Which part was too difficult to comprehend?

@Nick ***********

You show your bank balance per 31 Dec. How is this a question?

Make sure you have an official letter from the bank, official bank paper, etc.

@Andy ***********

😴

@Andy ***********

Ok. Enough fairy tales. Do what you deem fit.

I give up. Have a great evening, weekend, life.

We are now celebrating bro-in-law birthday so I have better things to do.

People, all, get informed and may the force be with you. Easy it is not.

@Bob *********

Fortunately enough, I am not in little America. 😉