New Thailand Tax Law - Is Thailand still a place to Retire after the Tax Laws
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- Опубліковано 24 сер 2024
- Dean and Eric New Thailand Tax, how does it affect you, we discus this and how this can affect the expat community and the impact on Thailand and will still Thailand be a place to retire due to these Tax changes
#thailandtax #tax #thailandtaxlaw
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Eric living in Hua Hin, Thailand
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Hy Dean,
always nice and interesting,too. Wish you all the Best.
Greetings Markus
Many thanks for your comment, that was a long video even though I cut it down by 20 minutes. Thanks for you comment 😀🙏
The following tax rates apply
0% first 150,000 baht
5% 150,000 to 300,000 baht
10% 300,000 to 500,000 baht
If you transfer in 500,000 living expenses in one-year a,tax liability of less than 30,000 baht
The rates of 20%/ 35% do apply on large transfers over 1 million baht
Paying a small amount of tax is more cost-effective than the hassle and expense of living outside Thailand for six months
What about 4-4-4?
4 months in Thailand
4 months in Vietnam
4 months in The Philippines
You would never exceed 180 days in any of the above mentioned countries.
That sounds very good if you do not have a wife, unless you have someone at each location I suppose. But that does sound good, however you will still have to do border runs for some countries 😀🙏
Ok if young, don't have too much material possessions, have decent income. Means each location your rent will be higher with shorter rental contracts. Means having to find accommodation each time you change countries. It's not for everyone. Older people especially.
How flippin confusing. Very interesting conversation
@@lillianrosbottom7366 Hi Lillian, it is so confusing I agree, we don’t know where we stand, thanks for the comment
Should only apply to money earned by Thai residents including foreigners that reside in Thailand on extended visas. Should not apply to savings brought in to the country but if you invest it, tax on earnings is reasonable if you reside there.
Maybe, however maybe some people cannot afford to live in Thailand after these changes as they only have a low pension income. For the wealthy then it is not a problem but for the not so wealthy it is. Thanks for your comment 😀🙏
@@whatsdeandoinginthailand Surely pension income would be exempt? Does Thailand have an income threshold below which no income tax is payable? Here in Australia no tax is levied on income below $18k
@@sallyjohnson5985 150k and below has no Tax in Thailand, and It depends on your country treaty that’s the key
@@whatsdeandoinginthailand that’s only $AUD6100. Ridiculous to be taxed at this level🙄
16:20 I notice you keep saying about not paying any taxes but surely either way they have been taxed at source? Taxed abroad and then a re-attemp to siphon more off from Thailand. Personally if earnt income is made abroad and then brought in I believe they either receive enough tax from that income via VAT on purchases made in Thailand and have zero rights to anymore made abroad! It should be welcomed that foreign funds are being brought in and spent,not punished for doing so.
@@kohtime I agree, however the VAT is quite low and smaller business do not charge VAT so only the bigger businesses pass on the VAT. I agree that bringing money into Thailand should be a benefit as we spend the money in Thailand. Unfortunately we might get caught up in all the tax which means people will think twice before coming to Thailand. It’s such a shame, I really don’t want the hassle of getting a TIN and having to produce evidence that I have already paid tax and how much tax I have paid. Reporting is an issue in itself for retired expats, even the 90 day reporting can be an issue at times. Thanks for your comment
@@whatsdeandoinginthailand from what I can see we would also lose our tax free allowance in the uk for example where we don’t pay on the first 12.5k, seems to drag even that in. Certainly going to cause a few headaches
@@kohtimeI am sure the government will sort things out once people stop coming here because of the Tax. It was only supposed to close the loophole
Too many visual and noise distractions for me, otherwise some useful info. Good luck.
Many thanks, in this version I only have a small amount of inserts as the video was too long to continue. I normally get positive reactions as it makes people laugh and keeps them interested and Tax is such a boring subject that you have to make light of it. Sorry that this was not a positive experience for you. The format will not change as I am a Grumpy old man and need to have some fun every so often. Thanks for your comment 😀🙏
Damn this tax stuff is confusing 😮😮
@@jewel88846 yes, it is confusing so hopefully they will sort it out but with so many tax treaties for different countries it’s not one size fits all. They need to sort it out quickly. Thanks for your comment
@@whatsdeandoinginthailand. Some have already left