Heres a quite thorough article about the amendment: The Revenue︀ Department Closes Loopholes, Tightening Tax Collection on Foreign Income - MPG
Thailand 0% tax
- Thread starter yngmind
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https://learn.e-resident.gov.ee/hc/en-us/articles/360001761658-Dividends-salary-and-directors-fee
As director/board member, can you︀ take "normal salary" from Estonian company without paying director's fee?
As director/board member, can you︀ take "normal salary" from Estonian company without paying director's fee?
This was already known, but now you have the issue of being a 'elite visa holder' and money you bring in charged between 25-35% (lets be realistic you won't bring in less than those tax brackets).
One thing to take from that, is the tax amount in the UK as︁ an example against the %, compared to Thailand.
In Thailand at around 5,000$ you start︂ paying taxes.... at 100-120,000$ you are at 35%...
You will have a credit carried forth...︃ so you still end up paying high taxes.
One thing to consider for cryptobros.. they consider crypto wherever it is, to be in︈ Thailand if you are in Thailand, and resident (tax) in Thailand...
This is the conundrum i have, also a friend.
He was a engineer, operated world︌ wide but under the tax requirement for tax, PR in HK... his entire income world︍ wide was tax free over the decades he worked.
If he brings it in (savings)︎ he will have to pay Income tax.
---
Likewise I work usually 5-10 yrs and️ get dividends not taking a salary... I usually do that whilst in Middle East or like.
Bringing those savings in now would be a taxable income.
Whats in common?
No recorded tax structure back in those days, as no reporting requirement.
One thing to take from that, is the tax amount in the UK as︁ an example against the %, compared to Thailand.
In Thailand at around 5,000$ you start︂ paying taxes.... at 100-120,000$ you are at 35%...
You will have a credit carried forth...︃ so you still end up paying high taxes.
One thing to consider for cryptobros.. they consider crypto wherever it is, to be in︈ Thailand if you are in Thailand, and resident (tax) in Thailand...
This is the conundrum i have, also a friend.
He was a engineer, operated world︌ wide but under the tax requirement for tax, PR in HK... his entire income world︍ wide was tax free over the decades he worked.
If he brings it in (savings)︎ he will have to pay Income tax.
---
Likewise I work usually 5-10 yrs and️ get dividends not taking a salary... I usually do that whilst in Middle East or like.
Bringing those savings in now would be a taxable income.
Whats in common?
No recorded tax structure back in those days, as no reporting requirement.
Not everybody needs to spend US$10K a month in Thailand (23% average tax rate remitted with new rules) for a good quality of life.
A retiree needs to show THB800K (US$22K, 6% average tax rate remitted with new rules) for 5 months to renew his yearly retirement extension of stay.
A retiree needs to show THB800K (US$22K, 6% average tax rate remitted with new rules) for 5 months to renew his yearly retirement extension of stay.
Ref Elite:
Last year, the Thai government estimated that each Elite holder spent an average of US$28,320 per person on personal consumption, Mr Ansari said. Participation in the Elite Card programme has climbed sharply over the past three years. In 2022, net membership grew by 5,582, the largest one-year increase ever.
That naturally doesn't include big ticket purchases (Condo's/Villas) or rent of them, Cars, etc.
Average expat in Thailand spends 150,000 THB a month for comfortable living, that's into the 20-25% tax bracket.
Ref Dividends, have they relabeled those as 'income' also?
Last year, the Thai government estimated that each Elite holder spent an average of US$28,320 per person on personal consumption, Mr Ansari said. Participation in the Elite Card programme has climbed sharply over the past three years. In 2022, net membership grew by 5,582, the largest one-year increase ever.
That naturally doesn't include big ticket purchases (Condo's/Villas) or rent of them, Cars, etc.
Average expat in Thailand spends 150,000 THB a month for comfortable living, that's into the 20-25% tax bracket.
Ref Dividends, have they relabeled those as 'income' also?
Factor in medical and big ticket items on top.
As for Deductions they are unique to each tax payer, I am going on pre-deductions.
Now factor in Retirement/Marriage Monkeys and their 800k + 400k brought into service their visa renewal + living costs of 150k THB month.
+ Medical expenses, Insurances (my kids insurance costs 100k THB a year alone) + car + home (Maintenance/Rent/Purchase).
Etc.
As for Deductions they are unique to each tax payer, I am going on pre-deductions.
| Taxable income (Baht) | Tax rate % |
| 1-150,000 | Exempt |
| 150,001-300,000 | 5% |
| 300,001-500,000 | 10% |
| 500,001-750,000 | 15% |
| 750,001-1,000,000 | 20% |
| 1,000,001-2,000,000 | 25% |
| 2,000,001-5,000,000 | 30% |
| 5,000,001 and over | 35% |
Now factor in Retirement/Marriage Monkeys and their 800k + 400k brought into service their visa renewal + living costs of 150k THB month.
+ Medical expenses, Insurances (my kids insurance costs 100k THB a year alone) + car + home (Maintenance/Rent/Purchase).
Etc.
https://kpmg.com/us/en/home/insight...n-sourced-income-thailand-tax-residents1.html*
The Thai Revenue︀ Department on 15 September 2023 issued guidance,Departmental Instruction No. Por 161/2566 (DI No. 161/2566),to assist︁ tax officers in determining the individual (personal) income tax implications for foreign-sourced income brought into︂ Thailand by Thai tax residents.
DI No. 161/2566 provides a new interpretation of Section 41︃ Paragraph 2 of the Thai Revenue Code,the assessable income under Section 40 of the Revenue︄ Code derived by a resident of Thailand in the previous tax year (from employment, a︅ business carried on overseas, or property situated overseas) that is brought into Thailand is to︆ be subject to individual income tax in the tax year that the said assessable income︇ is brought into Thailand. This rule will apply to assessable income that would be brought︈ into Thailand from 1 January 2024 onwards.
A resident of Thailand is defined as an︉ individual who stays in Thailand for a period or periods aggregating 180 days or more︊ in any tax year.
Any rules, regulations, instructions, rulings, or practices that contradict DI. No.︋ 161/2566 will be repealed.
If the assessable income is subject to tax in the source︌ country, the tax paid in the source country can be credited against the personal income︍ tax liabilities in Thailand per rules prescribed in the applicable double tax treaties.
*
KPMG does not think so... regarding dividends.
The Thai Revenue︀ Department on 15 September 2023 issued guidance,Departmental Instruction No. Por 161/2566 (DI No. 161/2566),to assist︁ tax officers in determining the individual (personal) income tax implications for foreign-sourced income brought into︂ Thailand by Thai tax residents.
DI No. 161/2566 provides a new interpretation of Section 41︃ Paragraph 2 of the Thai Revenue Code,the assessable income under Section 40 of the Revenue︄ Code derived by a resident of Thailand in the previous tax year (from employment, a︅ business carried on overseas, or property situated overseas) that is brought into Thailand is to︆ be subject to individual income tax in the tax year that the said assessable income︇ is brought into Thailand. This rule will apply to assessable income that would be brought︈ into Thailand from 1 January 2024 onwards.
A resident of Thailand is defined as an︉ individual who stays in Thailand for a period or periods aggregating 180 days or more︊ in any tax year.
Any rules, regulations, instructions, rulings, or practices that contradict DI. No.︋ 161/2566 will be repealed.
If the assessable income is subject to tax in the source︌ country, the tax paid in the source country can be credited against the personal income︍ tax liabilities in Thailand per rules prescribed in the applicable double tax treaties.
*
KPMG does not think so... regarding dividends.
We're talking about tax on declared income.
You can use this convenient below calculator: for 1.8M THB declared you will pay 275K THB so 15.3%.
You could pay even less say you deduct your spouse/dependants/insurance allowances.
https://www.uobam.co.th/en/tax-calculation
You can use this convenient below calculator: for 1.8M THB declared you will pay 275K THB so 15.3%.
You could pay even less say you deduct your spouse/dependants/insurance allowances.
https://www.uobam.co.th/en/tax-calculation
You need to live from something so if you don't wanna touch this money you'll need to bring more (and be taxed) for your living expenses.
Alternative is cash, up to $US20K in/out of Thailand without declaring it (plenty of options for cash in neighbouring countries).
https://singapore.thaiembassy.org/en/page/bringing-cash-in-and-out-of-thailand
Crypto for cash in HK: USDT => USD 0.99 (max120K HKD)
https://www.cryptocurrencyhongkong.com/en/liveprice
Alternative is cash, up to $US20K in/out of Thailand without declaring it (plenty of options for cash in neighbouring countries).
https://singapore.thaiembassy.org/en/page/bringing-cash-in-and-out-of-thailand
Crypto for cash in HK: USDT => USD 0.99 (max120K HKD)
https://www.cryptocurrencyhongkong.com/en/liveprice
Yes, I don't think personal income tax is a big problem. It's aggregated, and not that bad. The problem is that will the tax department add pressure on offshore coporate income part, given CRS (information exchange), given new rules (attitude to target this)
Hello,
Anyone is really aware of the new instruction in Thailand? Its not clear; are they going to completely tax the worldwide income? Or only the income that is getting into the country?
In any case and in my opinion this will create a nightmare to the country. Real estate market will die. Who is going to buy condo having to pay 25% + tax in the incoming amount?
And which wealthy resident will stay if the wordwide income will be taxed? I don't want to extend more, but I really believe that this situation will bring money with several illegal ways etc..
From my︀ aspect, I am not into these things at all. So, I'm waiting to see what︁ they will finally announce. If they will tax the worldwide income at all, or only︂ each and every income that will be getting into Thailand any time.
I am talking︃ about the tax residents of thailand without any DTA from other country etc.
Anyone knows?︄
thank you
Anyone is really aware of the new instruction in Thailand? Its not clear; are they going to completely tax the worldwide income? Or only the income that is getting into the country?
In any case and in my opinion this will create a nightmare to the country. Real estate market will die. Who is going to buy condo having to pay 25% + tax in the incoming amount?
And which wealthy resident will stay if the wordwide income will be taxed? I don't want to extend more, but I really believe that this situation will bring money with several illegal ways etc..
From my︀ aspect, I am not into these things at all. So, I'm waiting to see what︁ they will finally announce. If they will tax the worldwide income at all, or only︂ each and every income that will be getting into Thailand any time.
I am talking︃ about the tax residents of thailand without any DTA from other country etc.
Anyone knows?︄
thank you
Remittance only, but since you have to live︄ somehow, you will also have to file and pay taxes if you want to be︅ tax resident in TH. Bringing cash or using someone elses card is tax evasion, I︆ guess.
One solution is to buy condo in a year when you spend less than︇ 180 days in TH.
One solution is to buy condo in a year when you spend less than︇ 180 days in TH.
Hey zzzz thank you! i am paying taxes for the income i have inside. But my big income is in 0% regions. and I don't need to get it in at all. I live with the income i have here. I don't need to get it in. The concern is if they will tax the worldwide income if will stay outside. I don't mind to get it in, i mind to keep it outside without paying any tax. In the future i might move somewhere else, who knows. Remittance means when you move it inside Thailand, correct?
thank you! i heared that the latest update is a full taxation in the worldwide income. so it's not true? (even if you don't bring inside any time).
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