Thailand new change - world wide income at Thai tax levels to be taxed
- Thread starter Wellington
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True, however another problem could be that it is not clear if a) all remitted income is tax free or b) only remitted income for the mandatory deposit. If you for example look at this - Revised MM2H Guidelines: Categories, Requirements, and Benefits -, then it says only:
"Tax exemption is provided on funds brought in as fixed deposits"
In the previous link I quoted it did not have this restriction, but they might just have omitted this for simplification. I do not know.
Not sure on the extent of non-taxation of remitted foreign income. See my︂ post I just made one above
"Tax exemption is provided on funds brought in as fixed deposits"
In the previous link I quoted it did not have this restriction, but they might just have omitted this for simplification. I do not know.
Not sure on the extent of non-taxation of remitted foreign income. See my︂ post I just made one above
That refers to tax exemptions on income inside of Malaysia, such as interest from the local fixed deposits.
Foreign income is not taxable.
Foreign income is not taxable.
Here you can find this official document released by the ministry.
It states the following: "Pengecualian cukai ke atas dana yang dibawa masuk seperti FD," which, according to Google Translate, means "Tax exemption on funds brought in, such as FD."
Most, if not all, news outlets interpret it as "Foreign-sourced income keeps being tax-free." Obviously, everything is open to interpretation, and things can change at any moment in SE Asia.
But if we change the wording to something like "Entrance fee exemption for people from Western countries, such as France," it's clear that this means that all people from Western countries are exempt from︀ the entrance fee. France as an example.
It states the following: "Pengecualian cukai ke atas dana yang dibawa masuk seperti FD," which, according to Google Translate, means "Tax exemption on funds brought in, such as FD."
Most, if not all, news outlets interpret it as "Foreign-sourced income keeps being tax-free." Obviously, everything is open to interpretation, and things can change at any moment in SE Asia.
But if we change the wording to something like "Entrance fee exemption for people from Western countries, such as France," it's clear that this means that all people from Western countries are exempt from︀ the entrance fee. France as an example.
Where does it say that for MM2H visa holders in its latest incarnation foreign income in general is not taxable, regardless of if it is remitted or not, please?
That would then need to be a special exemption for MM2H holders because, subject to various mostly temporary exceptions, this is not the case for non-MM2H tax residents (https://www.hasil.gov.my/media/fzof...-received-from-abroad-amendment-june-2024.pdf).
So where does it say that for MM2H visa holders in its latest incarnation foreign income in general is not taxable, regardless of if it is remitted or not, please?
That would then need to be a special exemption for MM2H holders because, subject to various mostly temporary exceptions, this is not the case for non-MM2H tax residents (https://www.hasil.gov.my/media/fzof...-received-from-abroad-amendment-june-2024.pdf).
So where does it say that for MM2H visa holders in its latest incarnation foreign income in general is not taxable, regardless of if it is remitted or not, please?
since they want to tax like the west, they should offer a clear 5y to citizenship path and all kind of social benefits to the expats and widespread rights like owning land, buying a house/condo without restriction, invest in the stockmarket without any quota or other workarounds and open a company with 100% ownership.
Thank you for︀ this. Yes, having now had a chance to look at it, the full text sounds︁ even more promising:
KELEBIHAN PROGRAM
Pengecualian cukai ke atas pendapatanpesisiran (offshore income) dan dana yangdibawa︂ masuk seperti FD.
which translates to something like:
ADVANTAGES OF THE PROGRAM
Tax exemption on︃ income (offshore income) and funds that brought in like FD.
Thank you.
KELEBIHAN PROGRAM
Pengecualian cukai ke atas pendapatanpesisiran (offshore income) dan dana yangdibawa︂ masuk seperti FD.
which translates to something like:
ADVANTAGES OF THE PROGRAM
Tax exemption on︃ income (offshore income) and funds that brought in like FD.
Thank you.
yes, otherwise id never be in southeast asia, not even as tourist. 😉
no.
But in the end it doesnt matter much 😉 since you gotta be flexible and dont let you root down there at only one place.
As a bloody foreigner, you can be gone within︀ a week for whatever reason they come up with.
no.
But in the end it doesnt matter much 😉 since you gotta be flexible and dont let you root down there at only one place.
As a bloody foreigner, you can be gone within︀ a week for whatever reason they come up with.
So, correct me if I am wrong...
An intelligent person would then adopt a Modus Operandi like this:
They basically rent, keep their funds out of the local grasp, milk it all they can, and enjoy the local fruit while it lasts.
Would this be correct, or did I miss something? 🙄
An intelligent person would then adopt a Modus Operandi like this:
They basically rent, keep their funds out of the local grasp, milk it all they can, and enjoy the local fruit while it lasts.
Would this be correct, or did I miss something? 🙄
I was in criminal court earlier this week
The Goverment sent an immigration officer along - there was two cases (separate, one being trialed) they were insisting on seeing the criminal charges applied.
For the perp I’d seen his records at CIB previously - marked as dangerous, in another country a friend has friends who are FEDs and as he had a case against an associate there they also informed him off the record the perp in my case︀ was flagged for narcotics, when the perp was arrested he was taken down by the︁ Thai narcotics division.
I don’t actually know what’s going on outside of my cases but︂ I know for a fact with an off record discussion with the immigration officer -︃ they want the guy - or someone else wants the guy - but their inlet︄ is weak - my case being a round about way for a inlet.
In Thailand︅ if you keep your head down you are ok - but the moment you run︆ into an issue - they dig around to try and get some avenue to hook︇ on to.
You can do investor visa for less and︋ own half a rai
The Goverment sent an immigration officer along - there was two cases (separate, one being trialed) they were insisting on seeing the criminal charges applied.
For the perp I’d seen his records at CIB previously - marked as dangerous, in another country a friend has friends who are FEDs and as he had a case against an associate there they also informed him off the record the perp in my case︀ was flagged for narcotics, when the perp was arrested he was taken down by the︁ Thai narcotics division.
I don’t actually know what’s going on outside of my cases but︂ I know for a fact with an off record discussion with the immigration officer -︃ they want the guy - or someone else wants the guy - but their inlet︄ is weak - my case being a round about way for a inlet.
In Thailand︅ if you keep your head down you are ok - but the moment you run︆ into an issue - they dig around to try and get some avenue to hook︇ on to.
You can do investor visa for less and︋ own half a rai
Trust me when i say -> that's not always the case, and increasingly isn't -> my wife’s uncle is chief of police for one division, he won't do anything that would jeopardize his retirement -> in 2014 a new youthful lot came into the system and a lot of the older corrupt have been retiring... its a natural cleansing.
In addition theres stiff penalties/prison terms for corruption these days.
To be frank - to live in a “Thailand like country of old” -> Cambodia
In addition theres stiff penalties/prison terms for corruption these days.
To be frank - to live in a “Thailand like country of old” -> Cambodia
Correct me if I understand this wrong.
Today: basically as long as I trade stock/crypto etc on foreign exchanges, being a tax resident only in Thailand (moved out of my country 20+years ago) I could send any profits to my bank account in my home country without paying any tax? Legally?
Tomorrow (considered law change): no matter where I send the profits, I would need to pay tax in Thailand?
Anytime: Any savings before 2024 can always be brought into Thailand tax-free
Today: basically as long as I trade stock/crypto etc on foreign exchanges, being a tax resident only in Thailand (moved out of my country 20+years ago) I could send any profits to my bank account in my home country without paying any tax? Legally?
Tomorrow (considered law change): no matter where I send the profits, I would need to pay tax in Thailand?
Anytime: Any savings before 2024 can always be brought into Thailand tax-free
yes wherever except Thailand.
yes
yes
But keep in mind, its a lawless jungle like anywhere in southeast asia (ex︀ Singapore) plus you have 0 rights as a foreigner. So you need to adopt to︁ this reality and interpreting written codes might not yield the outcome what it would in︂ your western home.
yes
yes
But keep in mind, its a lawless jungle like anywhere in southeast asia (ex︀ Singapore) plus you have 0 rights as a foreigner. So you need to adopt to︁ this reality and interpreting written codes might not yield the outcome what it would in︂ your western home.
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