Thailand new change - world wide income at Thai tax levels to be taxed
- Thread starter Wellington
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Normal they share all information now under CRS to your home nations - will also likely back date it as they are under heavy scrutiny domestically (tax evasion) and internationally (fraudulent use of the banking system for international scams)
FYI if living in Thailand nip over to Cambodia/laos (still have some privacy there banking wise) and then declare annually for your taxes - that way you don’t violate domestic or international etc.
I do have an account with them, last transactions made on Friday last week and Tuesday this week.
this seems to be a standard TiT situation.
this seems to be a standard TiT situation.
Hope everyone in Thailand (especially in BKK, as far as I know) is safe… Today was absolutely crazy.
I was in the shower when the earthquake hit, on the 39th floor… Everything started falling,paint, tiles, a door,and one of my bathrooms is completely destroyed. But I’m safe, and that’s what matters most.
Wishing the same for all TH residents OCT members
I was in the shower when the earthquake hit, on the 39th floor… Everything started falling,paint, tiles, a door,and one of my bathrooms is completely destroyed. But I’m safe, and that’s what matters most.
Wishing the same for all TH residents OCT members
I heard things are not that simple in Cambodia. They don't have personal tax filings, it's all salary or corporation based.
They do claim to tax residents on world wide income but there doesn't appear to be a way to actually process this.
I'm in Phnom Penh right now and would like additional information myself, does anyone know a reasonable accountant who's not some mega multi national big corporate practice ?
When I've gone looking for accountants in Cambodia in the past they all seem to project an image of being massive︀ companies who handle corporate entities with a long list of household name client logos, I'm︁ just one man with an income and some cash in the US so I need︂ something smaller, like a couple of guys in a small office with a receptionist -︃ small setup type of thing.
They do claim to tax residents on world wide income but there doesn't appear to be a way to actually process this.
I'm in Phnom Penh right now and would like additional information myself, does anyone know a reasonable accountant who's not some mega multi national big corporate practice ?
When I've gone looking for accountants in Cambodia in the past they all seem to project an image of being massive︀ companies who handle corporate entities with a long list of household name client logos, I'm︁ just one man with an income and some cash in the US so I need︂ something smaller, like a couple of guys in a small office with a receptionist -︃ small setup type of thing.
Do you have any information of this directly?
From my online research which is pretty extensive I can see declarations everywhere about tax on worldwide income in Cambodia is you're there for more than 182 days a year.
Yet it appears the only way to actually pay any tax is if you incorporate inside Cambodia and employ yourself.
If you remain a private citizen I believe there is no mechanism to submit a tax filing outside of PAYE style salary tax.
I can't find anything on this at all except very vague talk about one︀ day personal income tax returns will be introduced and they've been talking about this for︁ a very long time. So it sounds like something they aspire to do but don't︂ yet do.
I know a guy who retired to Thailand about 5 or 6 years︃ ago, he was a senior tax inspector at HMRC in the UK
(40 year career)︄ and he said introducing something like personal income tax returns for millions of people would︅ be a nightmare to implement - they may want it but actually doing it from︆ the point of the revenue department could take a decade or more and that's from︇ when they get started - it would need to be gradually phased in over time︈ bringing more people into the net with each round of changes, presumably based on identifiable︉ income - of which there is none as nobody is sending any data to Cambodia︊ for any purposes.
From my online research which is pretty extensive I can see declarations everywhere about tax on worldwide income in Cambodia is you're there for more than 182 days a year.
Yet it appears the only way to actually pay any tax is if you incorporate inside Cambodia and employ yourself.
If you remain a private citizen I believe there is no mechanism to submit a tax filing outside of PAYE style salary tax.
I can't find anything on this at all except very vague talk about one︀ day personal income tax returns will be introduced and they've been talking about this for︁ a very long time. So it sounds like something they aspire to do but don't︂ yet do.
I know a guy who retired to Thailand about 5 or 6 years︃ ago, he was a senior tax inspector at HMRC in the UK
(40 year career)︄ and he said introducing something like personal income tax returns for millions of people would︅ be a nightmare to implement - they may want it but actually doing it from︆ the point of the revenue department could take a decade or more and that's from︇ when they get started - it would need to be gradually phased in over time︈ bringing more people into the net with each round of changes, presumably based on identifiable︉ income - of which there is none as nobody is sending any data to Cambodia︊ for any purposes.
I can understand it, but honestly, Cambodia (PP) is boring AF compared to TH/Bangkok. The service is 10 levels lower, food is just okay, and there’s honestly nothing to do. Sure, no CRS, it’s corrupt as hell, and people are nice (and cheap). But what else is there, really, for living?
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