Thailand new change - world wide income at Thai tax levels to be taxed
- Thread starter Wellington
- Start date
- Status
I'm going on what was informed to me, It can't be caused by buying a boat/yacht as the transactions for purchase have tax deducted at point of sale.
So i believe there's a bit of lying going on.
What it could be is work un-reported and un-taxed, this would in theory make sense.
It could also be commissions for yacht sales he was involved in the middle off, and un-taxed, un-reported.
What i do know is that it shows that those involved in︀ services industries (yachting as an example) are being observed.
So i believe there's a bit of lying going on.
What it could be is work un-reported and un-taxed, this would in theory make sense.
It could also be commissions for yacht sales he was involved in the middle off, and un-taxed, un-reported.
What i do know is that it shows that those involved in︀ services industries (yachting as an example) are being observed.
Well, overall makes sense to me bc its︀ like 100x easier to locally police compared to sophisticated international setups. Just looking at the︁ average foreign language skill (barely existent even regarding English).
I have been told smth similar︂ by a chick I sometimes meet for tea whose friend ran one of these small︃ lazada-like/run on the side shops. Apparently some alert went off at the bank and she︄ had to pay tax on these sales including a penalty thereafter, no biggie after all︅ just like 15k thb or smth but nevertheless smth went off.
But always hard to︆ say with stories from a friend of a friend, but that one could have easily︇ triggered the banking transaction count threshold which made an alarm go off.
I have been told smth similar︂ by a chick I sometimes meet for tea whose friend ran one of these small︃ lazada-like/run on the side shops. Apparently some alert went off at the bank and she︄ had to pay tax on these sales including a penalty thereafter, no biggie after all︅ just like 15k thb or smth but nevertheless smth went off.
But always hard to︆ say with stories from a friend of a friend, but that one could have easily︇ triggered the banking transaction count threshold which made an alarm go off.
My wife pays taxes for︂ funds she shouldn't (gift from me to her for household costs) her argument is that︃ its better to pay than have to deal with revenue department, haven dealt with them︄ ref a company i agree....
The value(s) i put above are the warning siren levels.︅
Sure i think i have messages (never checked)
The value(s) i put above are the warning siren levels.︅
Sure i think i have messages (never checked)
If she pays she's already dealing with them.
In the improbable case your wife gets audited how will she justify this gift income? If she replies "it's a gift from my husband" then that could raise digging questions from TRD wondering why paying tax on legally exempted income...
If you mean she declares your gift as her own business income that's called money laundering.
In the improbable case your wife gets audited how will she justify this gift income? If she replies "it's a gift from my husband" then that could raise digging questions from TRD wondering why paying tax on legally exempted income...
If you mean she declares your gift as her own business income that's called money laundering.
no its not. Because for ml, money has to come from known criminal activity.
what would they ask if every incoming bank transfer is declared as income? They should issue a︀ refund then, and thats why they will never ask.
what would they ask if every incoming bank transfer is declared as income? They should issue a︀ refund then, and thats why they will never ask.
This is PLAIN wrong, and I wrote about it here: Re-introduce crypto gains to brick and mortar fiat bank
To make matters easier, I asked ChatGPT to make it easier for the layman. Even Chatgpt has issues with reality, but I had a great teacher. May he RIP!
Here we go....
(1)
(2)
We are getting somewhere,︁ but since I pounced on TWO Supreme Court justices over this and they realized the︂ errors of their way...we take it one step further with chatgpt which is UNEMOTIONAL and︃ has ZERO EGO.... something humans can't and won't do...
(3)
#Bingooooooooooooooo!!!!!!!!!!!!!!!!!!!! We have a WINNER!︄ smi(&% rof/%
PS. There is NO way cops, regular lawyers, or tax agents have enough brain cells︅ to comprehend this...let alone the willingness to cut off their "money supply."
PSS. If you︆ want further reading on this, this is the case:
Source: United States v. Santos, 553︇ U.S. 507 (2008)
And here are the sophistry, casuistry, and the mental gymnastics the clowns︈ in the legal world are using to stay relevant:
😉
You are︊ smart AF! Did you have any legal training? Or did you study this book or︋ under this judge?
Because it is EXTREMELY rare for even trained and seasoned lawyers to︌ figure this out (in my experience...of course, I could be surrounded by idiots, and since︍ I am one, I don't notice the others rof/% )
Here is the answer I wrote:︎ Thailand new change - world wide income at Thai tax levels to be taxed
Cheers!
To make matters easier, I asked ChatGPT to make it easier for the layman. Even Chatgpt has issues with reality, but I had a great teacher. May he RIP!
Here we go....
(1)
(2)
We are getting somewhere,︁ but since I pounced on TWO Supreme Court justices over this and they realized the︂ errors of their way...we take it one step further with chatgpt which is UNEMOTIONAL and︃ has ZERO EGO.... something humans can't and won't do...
(3)
#Bingooooooooooooooo!!!!!!!!!!!!!!!!!!!! We have a WINNER!︄ smi(&% rof/%
PS. There is NO way cops, regular lawyers, or tax agents have enough brain cells︅ to comprehend this...let alone the willingness to cut off their "money supply."
PSS. If you︆ want further reading on this, this is the case:
Source: United States v. Santos, 553︇ U.S. 507 (2008)
And here are the sophistry, casuistry, and the mental gymnastics the clowns︈ in the legal world are using to stay relevant:
😉
You are︊ smart AF! Did you have any legal training? Or did you study this book or︋ under this judge?
Because it is EXTREMELY rare for even trained and seasoned lawyers to︌ figure this out (in my experience...of course, I could be surrounded by idiots, and since︍ I am one, I don't notice the others rof/% )
Here is the answer I wrote:︎ Thailand new change - world wide income at Thai tax levels to be taxed
Cheers!
No, its personal, pays the cost of the staff etc household costs.
She declares it because its better to declare and pay than sit there and argue with the Revenue department -> i've just gone through︀ 3/4 yrs of that.
My funds come from dividends paid every 5-10 yrs, as these︁ are (were) tax free in Thailand, but bringing funds in is now taxable a gift︂ from me to her is technically tax free, but as its income to me (overseas)︃ its remitted as a payment thus gray area for tax as its technically income, but︄ also a gift, in addition its old income thus savings.
Better to pay tax on︅ it (we've done so for 5+ yrs) than have to deal with the revenue department,︆ with all her deductions its not much and really not worth arguing about.
----
Not sure where the post went from paying taxes to money laundering lol...
Or what Thailand︇ has to do with US Statutes on Money Laundering.
Revenue already been dealing with the︋ company side for 3/4 yrs.
As for 'reason' = simple answer, old income that is︌ gifted to cover the cost of the overheads of the household.
Unsure whether tax is︍ owed, paid tax anyway.
Obviously aware no tax owed but better to pay tax than︎ have to deal with the revenue department, i think its only 300-500k THB a year️
She declares it because its better to declare and pay than sit there and argue with the Revenue department -> i've just gone through︀ 3/4 yrs of that.
My funds come from dividends paid every 5-10 yrs, as these︁ are (were) tax free in Thailand, but bringing funds in is now taxable a gift︂ from me to her is technically tax free, but as its income to me (overseas)︃ its remitted as a payment thus gray area for tax as its technically income, but︄ also a gift, in addition its old income thus savings.
Better to pay tax on︅ it (we've done so for 5+ yrs) than have to deal with the revenue department,︆ with all her deductions its not much and really not worth arguing about.
----
Not sure where the post went from paying taxes to money laundering lol...
Or what Thailand︇ has to do with US Statutes on Money Laundering.
Revenue already been dealing with the︋ company side for 3/4 yrs.
As for 'reason' = simple answer, old income that is︌ gifted to cover the cost of the overheads of the household.
Unsure whether tax is︍ owed, paid tax anyway.
Obviously aware no tax owed but better to pay tax than︎ have to deal with the revenue department, i think its only 300-500k THB a year️
I just gave an example, as most (if not all) jurisdictions follow the US lead on this due to US dollars and international transfers. Same with Europe.
But you are 100% correct! It's NOT money laundering AT ALL!
We all know what money laundering is (or some of us know), and it's the proceeds of a crime! Your gift is straight legal money gifted to your wife. Whether she conceals it or not has NO bearing. Of course, she is very smart and knows the obduration of her own people (I'm assuming she is Asian) and doesn't want to lose opportunity cost arguing with a low-IQ public servant hellbent on robbing the fruits of her labor.
As my US sparring partner says, "Outside the squared circle, you win EVERY fight you avoid!"︀ 😉
But you are 100% correct! It's NOT money laundering AT ALL!
We all know what money laundering is (or some of us know), and it's the proceeds of a crime! Your gift is straight legal money gifted to your wife. Whether she conceals it or not has NO bearing. Of course, she is very smart and knows the obduration of her own people (I'm assuming she is Asian) and doesn't want to lose opportunity cost arguing with a low-IQ public servant hellbent on robbing the fruits of her labor.
As my US sparring partner says, "Outside the squared circle, you win EVERY fight you avoid!"︀ 😉
No it's a simple online form every year - calculates taxes post deductions and she pays via QR
Just seen this part of your response.
No, it's from my savings to my wife (offshore to onshore).
She pays tax, simple as that, one way to look at it is 'gift' another way to look at it is 'income'.
With the new remittance tax that creates another 'grey area'.
To be on the safe side, she pays tax on it.
Simple as that, person (husband) to person︀ (wife) but offshore to onshore.
As we (she predominately) have considerable assets (family came over︁ and bought chunks of land after coming down from China generations ago) - thus hers︂ (inheritance) + ours (-+xxm) in Thailand we'd rather not f**k around and find out, so︃ pay taxes for funds that are remitted to cover the cost of the household(s) overheads.︄
I realise a lot of the discussions on here have been on avoiding tax in︅ Thailand, i've always been clear I have interest in avoiding tax from dividends in Thailand︆ (as per the law) but when it comes to remittance tax (if i owe i︇ will pay and if its a large amount i will spend time overseas) - i︈ also outlined in great detail how to legally avoid remitting utilising overseas companies opposed to︉ domestic from insurances through to other costs.
If you have family or connections, or assets︊ its sometimes the price you pay for peace, i.e i pay 0.5% of my net︋ worth to Switzerland annually and haven't visited in 5 yrs and am not a citizen,︌ why, property, i could debate and argue net-worth and so on but for peace of︍ mind i just pay.
All the time Thailand doesn't enforce overseas tax in Thailand (for︎ dividends when i get paid next) i am content.
Just seen this part of your response.
No, it's from my savings to my wife (offshore to onshore).
She pays tax, simple as that, one way to look at it is 'gift' another way to look at it is 'income'.
With the new remittance tax that creates another 'grey area'.
To be on the safe side, she pays tax on it.
Simple as that, person (husband) to person︀ (wife) but offshore to onshore.
As we (she predominately) have considerable assets (family came over︁ and bought chunks of land after coming down from China generations ago) - thus hers︂ (inheritance) + ours (-+xxm) in Thailand we'd rather not f**k around and find out, so︃ pay taxes for funds that are remitted to cover the cost of the household(s) overheads.︄
I realise a lot of the discussions on here have been on avoiding tax in︅ Thailand, i've always been clear I have interest in avoiding tax from dividends in Thailand︆ (as per the law) but when it comes to remittance tax (if i owe i︇ will pay and if its a large amount i will spend time overseas) - i︈ also outlined in great detail how to legally avoid remitting utilising overseas companies opposed to︉ domestic from insurances through to other costs.
If you have family or connections, or assets︊ its sometimes the price you pay for peace, i.e i pay 0.5% of my net︋ worth to Switzerland annually and haven't visited in 5 yrs and am not a citizen,︌ why, property, i could debate and argue net-worth and so on but for peace of︍ mind i just pay.
All the time Thailand doesn't enforce overseas tax in Thailand (for︎ dividends when i get paid next) i am content.
OK, I will rephrase: money could be view as ML until his wife can explain legal funds provenance.
Your wife declares as personal income what is actually︀ a gift (5% tax is triggered from THB20M/year and beyond).
I'm not sure it will︁ avoid more questioning to reply to TRD: "This income is actually a gift from my︂ husband but I prefer to declare it as personal income and pay tax to be︃ on the safe side".
Safe side of what/who?
If full tax is anyway paid on︄ this gift remittance why not wiring directly to yourself?
Your wife declares as personal income what is actually︀ a gift (5% tax is triggered from THB20M/year and beyond).
I'm not sure it will︁ avoid more questioning to reply to TRD: "This income is actually a gift from my︂ husband but I prefer to declare it as personal income and pay tax to be︃ on the safe side".
Safe side of what/who?
If full tax is anyway paid on︄ this gift remittance why not wiring directly to yourself?
We don't avoid any︀ questions, we avoid any claims of tax avoidance/evasion.
Revenue department we contact annually, hence i︁ was the most clued up on the changes in Thailand.
---
Not sure where M/L︂ is coming from (not sure why you are implying).
I keep very little in fiat liquid.
No, (simpleton) i pay my wife, you know what many people do (gift their︇ wife money).
And 20m is ONLY TAX FREE ONSHORE NOW. Not OFFSHORE to ONSHORE. UNLESS︈ SAVINGS and the process for that is x account overseas to x account onshore, then︉ transfer onshore.
You will also note throughout my posts I’ve always stated the same thing︊ - my wife is a firm believer in paying tax on funds because it’s less︋ hassle than dealing with in the event you are accused of tax evasion - I’ve︌ often pointed out to people they should pay their tax in Thailand instead of trying︍ to find loop holes to evade or avoid it because the Thai revenue department do︎ not f**k around, I’ve also gone into great detail the dealings I’ve had with them️ commercially and the experience of such.
Ergo do not f**k around and find out because finding out ain’t pretty
Revenue department we contact annually, hence i︁ was the most clued up on the changes in Thailand.
---
Not sure where M/L︂ is coming from (not sure why you are implying).
I keep very little in fiat liquid.
No, (simpleton) i pay my wife, you know what many people do (gift their︇ wife money).
And 20m is ONLY TAX FREE ONSHORE NOW. Not OFFSHORE to ONSHORE. UNLESS︈ SAVINGS and the process for that is x account overseas to x account onshore, then︉ transfer onshore.
You will also note throughout my posts I’ve always stated the same thing︊ - my wife is a firm believer in paying tax on funds because it’s less︋ hassle than dealing with in the event you are accused of tax evasion - I’ve︌ often pointed out to people they should pay their tax in Thailand instead of trying︍ to find loop holes to evade or avoid it because the Thai revenue department do︎ not f**k around, I’ve also gone into great detail the dealings I’ve had with them️ commercially and the experience of such.
Ergo do not f**k around and find out because finding out ain’t pretty
Your wife is smart AF! If I were in her situation and had generational wealth, I would have done EXACTLY the same thing! coo-:!y
For me, the reality is that I am the first person in our family or relatives who has earned any money.︀ My family is literally poor as sh1t. Mostly farmers or blue-collar workers! Hence, why I︁ was able to set up in Monaco in the 90s when NOBODY was asking ANY︂ questions! And compliance officers did NOT even exist back then...or at least I had never︃ heard of them. 😉
For me, the reality is that I am the first person in our family or relatives who has earned any money.︀ My family is literally poor as sh1t. Mostly farmers or blue-collar workers! Hence, why I︁ was able to set up in Monaco in the 90s when NOBODY was asking ANY︂ questions! And compliance officers did NOT even exist back then...or at least I had never︃ heard of them. 😉
Only 4% of the population in Thailand pay︀ taxes.
She Studied in Switzerland and then worked for corporate (Central Group) as a future︁ leader (future Director)
When she had kids she left the working we had a hike︂ in living costs, As i don't work, and don't have a income in Thailand, it︃ has to be remitted from dividends savings (every 5-10yrs i am paid), speaking with my︄ accountant (HLB Int) and lawyers with the funds allocated earning yield the best approach was︅ not remittance based but a gift or a income - she opted as a income︆ (declared her end) and with all the deductions its not something we worry about.
With the new rules that came in the cost of Three children etc, we moved to︇ reduce costs (thus taxes) by offsetting local costs with international providers, and the staff paying︈ tax (previously not one of them seemed to declare it even though we declared it).︉
Now its simpler her end, simpler h/h staff end, and less stressful my end.
But as mentioned a few times, in her words, best to pay something than have trouble.︊
And as i mentioned a day or so ago 'trouble is freezing of assets/funds' as︋ the boat repairman just found out after fucking around.
I had 1-1 conversations.
Remitted funds as gift from non Thai to Thai from offshore to onshore is remittance tax︎ charged.
*unless its savings then the appropriate method is offshore your account to onshore your️ account, onshore your account to onshore your wife.
I advise you to not launder funds after tax evading if you haven't factored that in, and hire a tax advisor and speaking to the revenue department.
She Studied in Switzerland and then worked for corporate (Central Group) as a future︁ leader (future Director)
When she had kids she left the working we had a hike︂ in living costs, As i don't work, and don't have a income in Thailand, it︃ has to be remitted from dividends savings (every 5-10yrs i am paid), speaking with my︄ accountant (HLB Int) and lawyers with the funds allocated earning yield the best approach was︅ not remittance based but a gift or a income - she opted as a income︆ (declared her end) and with all the deductions its not something we worry about.
With the new rules that came in the cost of Three children etc, we moved to︇ reduce costs (thus taxes) by offsetting local costs with international providers, and the staff paying︈ tax (previously not one of them seemed to declare it even though we declared it).︉
Now its simpler her end, simpler h/h staff end, and less stressful my end.
But as mentioned a few times, in her words, best to pay something than have trouble.︊
And as i mentioned a day or so ago 'trouble is freezing of assets/funds' as︋ the boat repairman just found out after fucking around.
I had 1-1 conversations.
Remitted funds as gift from non Thai to Thai from offshore to onshore is remittance tax︎ charged.
*unless its savings then the appropriate method is offshore your account to onshore your️ account, onshore your account to onshore your wife.
I advise you to not launder funds after tax evading if you haven't factored that in, and hire a tax advisor and speaking to the revenue department.
Yes I had some training. Straight in the devils kitchen before becoming a full︆ time degen and part time troll. 😉
good book.
exactly. Its the way to do it. Different circumstances, different gameplans for everyone.
20M usd is a good chunk in a country where your average somchai makes like 400 usd a month and 100k usd promised today as pension is considered good.
Id assume being watched quite carefully.
good book.
exactly. Its the way to do it. Different circumstances, different gameplans for everyone.
20M usd is a good chunk in a country where your average somchai makes like 400 usd a month and 100k usd promised today as pension is considered good.
Id assume being watched quite carefully.
From my understanding you do︎ have a lot of Thai Assets (house etc?), and you would overall fit the Global️ Wealthy Citizen LTR criteria, why not just get the LTR visa and remmit funds tax free?
Do you think it will change in the future, where the priviledge of tax exemption on remmited funds will be removed?
I couldn't find the button to DM you for some reason, I think only you can initiate a conversation.
Do you think it will change in the future, where the priviledge of tax exemption on remmited funds will be removed?
I couldn't find the button to DM you for some reason, I think only you can initiate a conversation.
I used to have a investor visa - went to elite - not sure what next - looking at Singapore for the kids education
Thailand has structural issues (demographics) -> see Japan
They have to either debase or tax,︀ the wealth of the }*}{ will be debased so they don’t want to do that︁ as he has a lot of cash tied up as cash in the country (unsafe︂ to park in most places due to looming war)
Having said that the 10k wallet︃ is both populism focused as well as liquidating the markets by debasing the currency.
So they appear to be following a hybrid model
Population will collapse over next 40yrs and︄ Thailand will have asset crashes like Japan outside of hot zones
Thailand has structural issues (demographics) -> see Japan
They have to either debase or tax,︀ the wealth of the }*}{ will be debased so they don’t want to do that︁ as he has a lot of cash tied up as cash in the country (unsafe︂ to park in most places due to looming war)
Having said that the 10k wallet︃ is both populism focused as well as liquidating the markets by debasing the currency.
So they appear to be following a hybrid model
Population will collapse over next 40yrs and︄ Thailand will have asset crashes like Japan outside of hot zones
I'm currently on Elite and have a year and a half left, but thinking about finally pulling the trigger on buying property︀ here and getting the LTR visa would potentially save me a lot of money on︁ taxes over the next 10 years.
I definitively see the appeal of SG for kid's︂ education, I'd probably consider something similar when I have kids over the age of 7-8︃ or so.
I definitively see the appeal of SG for kid's︂ education, I'd probably consider something similar when I have kids over the age of 7-8︃ or so.
- Status