Thailand Tax Requirements for Americans

[Undaunted]

[Gaybutton]

I see nothing new that we haven't already discussed ad nauseam.

[Undaunted]

Tax on transfers into the Kingdom other than social security…ie. 401K etc. I was under the impression since there is a tax treaty between the U.S. and Thailand covering double taxation that since income tax paid in the U.S. on 401k etc. wouldn’t be taxed in the Kingdom that assumption appears to be wrong. When you have social security and other private pensions deposited to 1 U.S. account and use wise to occasionally transfer funds how to keep track of the sources of the funds you are sending since they are commingled with other monies as well.

[Jun]

Assessment of risk might vary according to one's own personal circumstances.

As I understand it, some board members are exempt from the taxes, as state pensions are covered by a double taxation treaty.
That allows a fairly confident assertion that Thailand won't levy taxes anyway. Whether right or wrong, the tax treaty offers protection.

Other board members who are not protected by double tax treaties might make a much more careful assessment of taxation risks.
Including those resident in Thailand, or those considering it for the future.
Some would have 0% of their income arising from state pensions.

The constant uncertainty is also damaging Thailand.
If I understand correctly, they have not yet charged any additional taxes ?
Yet all the uncertainty over taxes will undoubtedly discourage some high net worth individuals from moving to Thailand. Supposedly the type they want to encourage.

[Gaybutton]

Yet all the uncertainty over taxes will undoubtedly discourage some high net worth individuals from moving to Thailand. Supposedly the type they want to encourage.

It would make most sense if image-phobic authorities drop the entire matter about trying to tax foreigners and say so, emphatically, in no uncertain terms. You're right. All this anxiety over taxes certainly doesn't help to attract the types of people Thailand seeks.

I also wouldn't be surprised if they come up with some new kind of visa - maybe call it "Elite Plus" - that entirely exempts its holders from any taxation at all.

In my opinion this whole thing has been totally ridiculous from the beginning and has scared people way out of proportion. If they want more foreign revenue there are certainly plenty of ways to get it without frightening the very same foreigners who do the most for Thailand's economy into having second thoughts about living in or remaining in Thailand.

I don't think we need any more videos by "experts" unless and until the Thai government comes out and tells us what is going on. No purpose is being served. I've said this many times. So far everybody except the Thai government has talked about it.

I'll worry about it if and when the Thai government makes a statement.

[Harald]

We need to wait for Royal decree promised by Bangkok post article. For now I will ignore all bullshit posted by foreign fraudsters calling themselves experts in Thai taxation.

[Gaybutton]

I will ignore all bullshit posted by foreign fraudsters calling themselves experts in Thai taxation.

I think that's what we all should do.