Yes they always change.. but you say it exactly opposite. There are two announcements. The one says for remittance and the second one (Sept. 19th) says for worldwide income. Unless you are seeing something different than what i see.
Thailand 0% tax
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To be fair, neither do they. The law fantasizers are grifters who "never had to hunt their lunch during breakfast"***
PS. It's an adage I overheard many hardworking workaholic businessmen in New York utter discreetly during the early 80s.
The concept of nominee is not available in civil law jurisdictions.
In Cyprus you have nominees, but they are pointless for tax purposes and actually reduce your banking options.
If somebody is director at 500 companies, dont think that Bank of Cyprus will open account for all of these companies.
In both jurisdictions you have dedicated service providers who can provide you with part-time officers at very reasonable price.
You can, yes.
Board member fee and employment are not same, and each should be applicable based on the nature of the activities.
Last edited: Sep 22, 2023
AI can detect a person with a mask on yes.
All about the specific training capabilities of the system, and where/how its analysing.
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One of the systems we have, detects sweat beads and calculates amongst other parts of the multi-agent system whether there's fear during questioning, or other things (think interrogation, or interviews use cases).
As AI is able to look not just at a macro vantage point but micro and derive from a larger flow of information, compared to a human at a much faster speed.
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Covid ironically was what sped off modules for masks, hats etc training.
Where you have issues is black people (not so much asian) for bias (false positives) but as business in Africa etc wasn't of interest there wasn't much interest in creating training/classification modules.
Quite a lot changed over the past few years so false positives have come down dramatically.
But in respect of countries like Thailand from a immigration point they've been collecting information from at least 2014 (facial) + biometrics, so it was just a case of training their modules on such, and it's not hard to find a needle (farang) in a haystack due to the minimal traffic into Thailand (40m tourists which can be condensed to active people in country at any given time).
Much harder to do for the native population... 66m of-which bulk are in the country at any given time.
So the only way you could probably get around it is foil... scarf would likely still have a shape of the head, hat likewise, mask, and from there it can be narrowed down against biometric captured data and face pics when entering/exiting immigration.
country of origin as a tax credit, following the provisions outlined in the respective Double Tax Agreement.
***THAT***
is what needs to be looked into, my Swiss neighbours were buoyant saying it won't impact them as they paid their taxes in Swiss...
Thing is it's a 'credit' based on Swiss/EU/WEST taxes (or similar). Thailand has a VERY LOW BAR for tax commencement.
150,000 THB ish
business activities abroad = translation needed for that.
20m THB can be 'gifted' to your spouse (possibly 20mTHB also to each kid) per year tax free.....
Unsure if thats offshore -> onshore, by what means it can be done (Cash, Bank, Wire, Stables, Shells etc.).
Last edited: Sep 22, 2023
Local asset/cash gifted are meant to have presumably been taxed in Thailand.
Question is: As a Thai tax resident, if you send/give offshore money/asset directly to another Thai tax resident, is there a remittance so tax should be paid prior gifting?
Thais transfer money all the time between each other (gift, loan, ...), sometimes significant amounts remitted in cash at the bank. I've never heard of any control, audit or tax on these transactions.
This is the question really... Before not an eye would be battered, the reason the banks are kicking off, is they don't have the surveillance apparatus i suppose like in the West...
Will get to a point transactions will be queried etc.
Fortunately Thailand is still very much a cash based economy so there will be push back against a lot of Western style misery.. perhaps for another couple of years..
Just to put things in perspective with this Nov. 2020 article:
https://www.bangkokpost.com/busines...nt-plan-intends-to-add-some-500-000-taxpayers
There were 9.55 million people in the tax system for fiscal 2020 that ended on Sept 30, up slightly by 250,000 people from fiscal 2019.
Thailand has a population of almost 70 million people.
Out of 9.55 million taxpayers, there were 3.3 million people who had a monthly income of 25,000 baht, the minimum threshold to file tax forms, while the remaining 6.25 million earn less than the threshold.
3.3 million taxpayers earning enough to pay tax / 70 million residents = 4.71% people (most probably in the low tier tax rates) who effectively pay some tax in Thailand.
Noted that among 70 million people need to remove those not being able to be taxed (mainly younger generations).
That says it all.
Speculating and over-planning about tax/tax enforcement in Thailand is ridiculous.
Last edited: Sep 24, 2023
https://www.bangkokpost.com/busines...nt-plan-intends-to-add-some-500-000-taxpayers
There were 9.55 million people in the tax system for fiscal 2020 that ended on Sept 30, up slightly by 250,000 people from fiscal 2019.
Thailand has a population of almost 70 million people.
Out of 9.55 million taxpayers, there were 3.3 million people who had a monthly income of 25,000 baht, the minimum threshold to file tax forms, while the remaining 6.25 million earn less than the threshold.
3.3 million taxpayers earning enough to pay tax / 70 million residents = 4.71% people (most probably in the low tier tax rates) who effectively pay some tax in Thailand.
Noted that among 70 million people need to remove those not being able to be taxed (mainly younger generations).
That says it all.
Speculating and over-planning about tax/tax enforcement in Thailand is ridiculous.
Last edited: Sep 24, 2023
It depends on the particular situation of each person.
Someone who spends 180+ days and transfers millions of baht into Thailand every year in order to invest or due to high costs of living (children in international schools, etc.) will need to plan accordingly.
A single guy who plans to live in a studio for 7 months, eat mostly street food and overall just chill, will probably not even hit the tax thresholds, or barely do it, resulting in insignificant amounts of tax due.
Poors will always be ok.
Having said that, there's ways to get money without being taxed.. but if you have assets or a centre of life (family) its just not worth the risk.
Gonna be chaos when people do try and get around it and end up in photo ops pointing at stuff.
One good thing i think (i heard) is overseas non remitted remains tax free -so basically generate overseas, log it, and later if move somewhere else, for all intense purposes you adhered to the tax laws and that income, dividends etc is free to be spent.
The Thai Revenue department be talking like this matters lmao they can get fucked I aint paying nothing
Have you ever dealt with the Revenue Department?
They like customs, give you a price, you choose to fight it, they give you double the price...
Only way you can get around is take yourself out of the catchment.
I doubt that, they'd have to re-write a few laws there which i'd imagine would be shut down, as that's not just a revenue dep change...
On another note... not likely - Seriously.
Just look at the sheer amount of old farts, sexpats, etc sending funds behind their wives noses in Europe to Asia to provide for their favourite girl who's grinding her a*s on the poles for other men daily...
It's an entire economy in itself... -> all of these are "RED SHIRT VOTERS REGIONS" which is Thaksins party, which the new PM is aligned to....
Last edited: Sep 25, 2023
Sure, what I meant is Thailand considers local gifts having already been taxed, even if not.
Yeah thats what I mean; you want to tax what I 'remit' to TH? ok then np, I aint remitting nothing.
lll rather use ATMs with foreign cards or exchange crypto for THB.
How will you deal with CRS? Don't keep any bank accounts under thai tax residency? In that case what tax residency do you declare to the bank?
UAE sounds great but has anyone ever really looked at the tax side if you are a resident for a company overseas (without substance) 9% ish, and for the tax free aspect for yourself if its not a overseas company is really small also.
UAE does comply with CRS i believe..
UAE does comply with CRS i believe..
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