Taxes … more fuel to the fire!!

[Dodger]

You might change your mind about that after reading this article: https://www.bangkokpost.com/thailand/ge ... this-month.

I'll stand corrected if in fact this happens.

I wonder where they came up with the money??? (tongue-in-cheek)

[travelerjim1]

THIS new Thai income tax will kill Thailand as a place to stay and retire...

Half Year Returns: Who Needs to File a PND 94 in Thailand

The PND 94 form is used to report income from the following categories:

Section 40(5): Rental Income
Example: Income from renting out properties such as houses, condos, land, or vehicles.
Section 40(6): Income from Liberal Professions
Example: Income from professions requiring special expertise and often conducted independently, such as being a lawyer, doctor, accountant, or architect.
Section 40(7): Contractor Income
Example: Income from work contracts where the contractor must provide key materials in addition to their tools.
Section 40(8): Other Income
Example: Income from business, commerce, agriculture, industry, transport, or other activities not covered by the first seven categories. This includes selling goods online, running a photography shop, or operating a pet grooming business.

https://www.expattaxthailand.com/half-y ... sVo3sgOF6g

[Gaybutton]

The PND 94 form is used to report income from the following categories

Thank you travelerjim1. This is the first I've ever heard of this form. Fortunately it doesn't apply to any expat retirees living on pensions and Social Security.

It appears to apply only if making money within Thailand and for several items a work permit would be required.

[travelerjim1]

For those who own and rent houses or condos in Thailand,they are now under the microscope to report their rental incomes for their poo properties. Need to file the PND 94 FORM in October.

[Gaybutton]

Need to file the PND 94 FORM in October.

This just keeps getting more and more confusing and complicated, at least for me. Suppose you live in Thailand and own a condo which you rent out. You're making money from that and at least USA law would require paying tax on that income. But if Thailand tries to tax that too, wouldn't that be a violation of the double tax treaty? On the other hand, if Thailand taxes that income, would you be required to pay USA tax on it too?

[Jun]

Suppose you live in Thailand and own a condo which you rent out. You're making money from that and at least USA law would require paying tax on that income. But if Thailand tries to tax that too, wouldn't that be a violation of the double tax treaty? On the other hand, if Thailand taxes that income, would you be required to pay USA tax on it too?

1 You would need to read the tax treaty

2 If you were double taxed, I would say the US would be the one "at fault", for taxing income generated in Thailand, by a Thai resident. Certainly not Thailand.

3 I guess the most likely scenario would be paying the higher of the two tax rates. Hypothetically, if Thailand charged 10% & the US charged 20%, you'd probably be paying 10% in Thailand and getting credit for that in the US, so just paying the remaining 10% in the US. So no double taxation. Double taxation would be paying both taxes in full, which the treaty should prevent.

Someone's got to fund all these useless monorails, rail tunnels that are closed the day after they open, oversized railway stations etc.

[travelerjim1]

EXPAT TAX MADE SIMPLE for Thailand...

Quick Summary

Thailand is planning to extend the tax to worldwide income, not just remittances.
The current rules on taxing remittances in Thailand are still in effect.
This change is likely, but we have no indication of when it will take effect.
Expats with foreign income, such as pensions or investments, may face new tax liabilities.
No need for immediate concern, but plan ahead if you think this will impact you.

Dear .....

We have received many expat questions following Friday's article in the Bangkok Post. To clarify, these are further changes to the taxation rules and do not affect the changes already announced last year, which came into effect this tax year from January 2024.

The proposed new law would expand Thailand’s taxation to include worldwide income, meaning that expats living in Thailand for 180 days or more could be taxed on all foreign income, whether or not it’s brought into Thailand. This extends the current rules, which were introduced this year and are still causing concerns as expats adapt to an already significant rule change.

What You Should Know:
These are only proposed changes.
The rules from last year have already come into effect.
There’s no need to panic—this is just an update on what we know so far.
If you’re concerned about the proposed changes or have questions about the rules currently in place, we’re here to help. It’s always best to understand your individual tax position and what options may be available to you. Our team is ready to answer any questions you have and provide guidance.

Upcoming Webinars
Our Autumn webinar series kicks off next week, covering a series of Thailand tax topics. Please click on the links below to register for any that interest you.

19th September: How Are Overseas Pensions Taxed in Thailand?
26th September: Cryptocurrency Taxation for Expats in Thailand
3rd October: How Investment Capital Gains are Taxed in Thailand
10th October: Thailand-Canada DTA: Tax Planning Essentials for Canadian Expats
17th October: Navigating Taxes on Property Sales and Rental Income in Thailand
24th October: Thailand-South Africa DTA: Tax Planning for South African Expats
31st October: Thailand-Sweden DTA: Tax Planning Essentials for Swedish Expats

Please share these webinars with anyone who may find the webinars helpful.
I hope this update has been useful. If you're unsure or have any questions, our team is always ready to help.
All the best,

+66 869 955 071.
[email protected]
WhatsApp
Feel free to share any links and resources with anyone who might find them helpful.
EXPATTAXTHAILAND.COM
Carl Turner BA (Hons) Dip PFS

Co-Founder and Expat Advisor

Carl Turner BA (Hons) Dip PFS
M: +66 869 955 071

30th Floor, Park Silom Tower,
Convent Road, Bangkok

expattaxthailand.com

Our mailing address is:
Expat Tax Thailand
No. 1 Park Silom Tower, 30th Floor,
Convent Road,
Silom, Bang Rak,, Bangkok 10500
Thailand

[Dodger]

Upcoming Webinars
Our Autumn webinar series kicks off next week, covering a series of Thailand tax topics. Please click on the links below to register for any that interest you.

19th September: How Are Overseas Pensions Taxed in Thailand?
26th September: Cryptocurrency Taxation for Expats in Thailand
3rd October: How Investment Capital Gains are Taxed in Thailand
10th October: Thailand-Canada DTA: Tax Planning Essentials for Canadian Expats
17th October: Navigating Taxes on Property Sales and Rental Income in Thailand
24th October: Thailand-South Africa DTA: Tax Planning for South African Expats
31st October: Thailand-Sweden DTA: Tax Planning Essentials for Swedish Expats

Hi Jim...thank you for the posting.

Do you happen to know if they charge money for these webinars? (link doesn't work)

Shouldn't the title of the first webinar be titled "Are Overseas Pensions Taxed in Thailand?" versus "How Are Overseas Pensions Taxed in Thailand"? A bit misleading.

Thanks in advance...and great to hear from you by-the-way.

[Jun]

Shouldn't the title of the first webinar be titled "Are Overseas Pensions Taxed in Thailand?" versus "How Are Overseas Pensions Taxed in Thailand"? A bit misleading.

1 Despite the use of the present tense, I'd hope the presentation would cover expected changes to the tax system, at least as far as they can, based on existing knowledge.

2 Now whilst one interpretation of the DTT (Double Tax Treaty) indicates that Thailand cannot tax overseas government pensions, I haven't yet seen anything suggesting they can't tax private pensions. However, if you have, please enlighten me.

3 Not every country will have a DTT with Thailand.

[Dodger]

2 Now whilst one interpretation of the DTT (Double Tax Treaty) indicates that Thailand cannot tax overseas government pensions, I haven't yet seen anything suggesting they can't tax private pensions. However, if you have, please enlighten me.

I haven't read the DTT between the U.S. and Thailand myself, although I was in contact with a trusted professional resource in the U.S. back when this charade first started and was informed that the DTT protects me from having my pension (which is private) and Social Security income taxed by Thailand. That's all I was really interested in.

Maybe this will change but I doubt it.