Poll for expats

[Gaybutton]

If Thailand really does impose an income tax on retirement visa expats, what are you most likely to do?

[Jun]

Don't you all have to leave if your tax rate is 99% and almost no one leaves if it's 0.5%?

So to choose option #1, don't you have to assume there is a reasonable limit on taxes, which makes your answer a #3?
So what rate of tax are you assuming?

I'm not trying to be awkward, but am merely trying to understand what the vote means.

(Obviously I'm not voting in a poll for expats)

[Gaybutton]

Don't you all have to leave if your tax rate is 99% and almost no one leaves if it's 0.5%?

I doubt many of us think either of those rates would become the reality. Many have been saying they will leave Thailand if their income is taxed at all. I started the poll because I'm interested in what our board members would do - or think they would do.

[ceejay]

For me, it depends on "how much?"

This is interesting
https://www.uobam.co.th/en/tax-calculation

Assuming an income of 800,000 with only the basic Thai allowances, with no allowance for dual taxation at all, the tax is around 48,500 - 6% or thereabouts. Nobody wants to pay tax, but that would not, to me, justify the cost of relocating, regardless of the social and emotional upheaval that would cause.

[Dodger]

I selected #3, but honestly I'm not the least bit concerned.

When I retired I arranged to have my pension directly deposited in my U.S. bank account...never use it...Thailand never sees it...as it will go to my children when the time comes.

My U.S. social security payments which are fairly substantial are deposited directly into my Thai bank account on a monthly basis - and U.S. Social Security income can NEVER be taxed in Thailand regardless of what these halfwits confuse themselves with.

My opinion on this has not changed: Only rich Thais who earn money offshore and expats who have interest and/or investment income other than the standard retiree income (pensions, social security, etc.) need to be concerned.

[Gaybutton]

honestly I'm not the least bit concerned.

Neither am I, but I selected number 1 for several reasons, among them is I have no place to go and I can't think of anywhere I would want to go. Another reason is what I would have to give up and leave behind if I move out of Thailand. My life is fully established in Thailand. And at my age, it's late to have to start over somewhere else.

So, unless the amount would be so outrageous that I just couldn't afford it and am forced out, I'd pay whatever I would have to pay and I would stay stay in Thailand.

I would do everything I could do to remain in Thailand. But if it comes to that, the one thing I would never do is overstay my visa.

[Harald]

Taxing worldwide income for residents?

https://www.bangkokpost.com/business/ge ... come-rules

[Gaybutton]

Taxing worldwide income for residents?

I see nothing new in that article. They are not talking about expats from countries with tax treaties who receive their income from pensions and Social Security. They are talking about overseas business income. The article could have made that more clear, but I see nothing that hasn't repeatedly been said for months.

If you are an expat whose income is generated by overseas business income, that is what they want to tax,

The part I don't understand about how it can be enforced is the part that says "collect taxes from individuals who have income from abroad, even if that income is not brought into the country." Unless people voluntarily disclose that income, how can they know?

Again, until the Thai government plainly and clearly announces they are going to income tax expats whose income is pensions and Social Security, regardless of tax treaties and regardless of whether they pay income tax to their home countries, I'm not the least bit worried.

[Jun]

Several times they refer to "individuals". Which usually means people.

I believe it's normal to consider pensions and social security as income for tax purposes, so why would they need so specifically refer to that?

As for the double tax treaty, I'm sure Thailand will respect it. That still leaves plenty of scope for collecting taxes.

[Gaybutton]

As for the double tax treaty, I'm sure Thailand will respect it.

So am I. As I've said many times - don't worry until there is something to worry about. I see nothing to worry about. I have other things to worry about rather than worrying about taxes that are not going to happen.