Tax On "International Cash Transfers To Thailand"?
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- Опубліковано 18 вер 2024
- #ThailandTax #Taxes #Banking
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At last, someone with a rational and sensible view on this topic.
I've had direct deposit into my Thai bank for 9 years now from America. Online banking application shows every fee associated with my savings account. No changes whatsoever on January 2024. I spoke to the lead representative at my bank about new taxes to be taken from my international deposits? The answer was: "what are you talking about? So, if the bank hasn't even heard of taxing foreigners yet? I think it's ridiculous for media companies to opine like it's a real issue we are facing. TG for integrity and honesty from Benjamin on YT. Cheers 🍻 from Ban Chang Rayong Thailand
correct, These farang media house are banking on the fear of westerners who have settled down for good in Thailand that it could be all taken away from them narrative is what they cashing in on for more views and ad revenues.
@@SuperREDXIII13 I know a lot of very intelligent khun Thai, so yeah after 9 years I know a lot about Thailand 🇹🇭
@@lextor4712 If you have a tourist Visa and you want to stay for longer. You can convert your tourist Visa into a long stay. Visa retirement, business Visa, and then no problem with a bank account. I don't think tourist visas can open a bank account but i'm not sure.
Nothings to do with your bank. As a Tax resident in TL you'll need to make yearly returns and produce evidence of your foreign income which could be liable to taxation in Thailand.
@@alexandros4703exactly this. If you stay over 6 months and are a tax resident you will be scrutinized. Wait until tax season for 2024 before you jump to any conclusions, OP/Ben.
Good Luck explaining the TAX RATES for LT VISA holders of 180 days plus in Thailand. Once your 181 days in Thailand that LEGALLY makes you required to file TAX RESIDENT and FOREIGN income. Good Luck not paying your taxes in Thailand. Foreigners of LT VISA are now holders of potential increase burden of TAXES to Thailand. Now it will be 179 days and go. Then NO TAX issues, but lost income for THAILAND. Yep SAD but TRUE.
Speculation is the enemy of a peaceful soul.😊
This would not happen if they made the new law's requirements clear. It's going to be tough to implement, and I guess there may be lawsuits to clarify the definition of what constitutes income vs savings from a transfer from an overseas account that may have both...
Nice video, Ben! I’m right there with you on this one and agree completely.
The fact is that whether or not I have to pay tax I don’t want the headache of having to spend time filing papers with Thai authorities etc when I already have to do that back home. Doing it twice just makes me want to leave and live somewhere else.
I understand your disappointment but moving to another country just for the sake of filing some papers? “Paperless” countries are becoming very rare.. and I find the tax regime in Thailand pretty reasonable like in most Asian countries. They don’t splash their cash on the wellbeing of lawless immigrants, which is on the contrary a strange tradition of most Western countries (including mine). Just get a reliable accountant if you don’t like doing the papers and stay in paradise.
Income to be taxed is to be calculated via a tax return done by those who are resident in Thailand for tax purposes, right? Why do people think that a remittance would have default tax applied to it?
I wouldn't want to be in Thailand for over 180 days in 2024, just in case. Wait until 2025 and see what the actual tax implications are.
Agree
what if u tranfer 10 million this momth only to be issued with a tax bill at 35% on that 6months down the line? If you not pay that no more visa
And maybe jail In Thailand yikes ! I’m very very upset about this I feel like my plans for next year are crushed
SO HOW MANY FERANGS DO YOU KNOW WITH 10 MILLION, MOST STRUGGLE TO PAY OFF THERE CREDIT CARD, BULLSHIT !
Agree completely; been getting tons of questioning from people panicking in fear about it - as if the sky is falling...and I'm just a lad who lives in Thailand with a youtube channel that *occasionally* mentions Thailand.
It's not that big of a deal, nothing is definite yet, and odds are most peoples worst fears aren't coming true around the topic.
Thank you!!! I will send your videos to anyone who asks me on my channel.
Good, go get em the sky's falling down.
Siem Reap, here I come.
Amoebic dysentery will meet you there 💩
WELL SAID, LIKE YOU I AM SO SICK OF THE SQUEAKY CHICKEN LITTLES, TELLING THAT THE SKY IS FALLING !
Could you perhaps make an update video to this one. Have things changed in the last 2 months? Has there been any clarification on what is exempt or not such as veterans disability pensions?
Well said, Benjamin! Thank you!
That's right, each individuals circumstances are different, and they need to get their own tailored independent advice on their tax situation...
Great presentation!
As far as I know banks deal with Money and don’t act as tax collectors or has something changed?
You would think so and I am not aware of taxes yet built into bank services charges, but many companies include tax (just like any other cost) into their products pricing - airline tickets prices (include transportation tax), petrol/gas prices (include transportation tax), common product prices at department store (include import tax). Thai banks could easily include a tax on incoming transfers just like including other costs (interbank fees, Federal Reserve Bank clearing charges) into banking products & services - the Ministry of Finance just need give an instruction to all banks in Thailand with consumer deposit accounts to collect x% on incoming wires that meet certain requirements - then the banks would pay the MOF this tax. How this might get rolled up into individual income tax filings in Thailand I have no idea. Would be crazy no doubt.
they take 15% of your interest, from the source... don't they?
It's called a withholding tax. Commonly applied in other situations, eg. Selling of tax deferred RRSP investments in Canada has a 30% withholding tax at source.
@@ricke6854 Yeah that's right, forgot about withholding tax. I had that applied to me in Indonesia.
Thailand made the law. Are you saying they passed the law are are just going to ignore it?? It takes effect next yr for those living in thailand for 180 days/yr. They tax the money required to be in a thai bank for living there which is approx $25K. Pretty simple to understand.
All these bar talk immigrations experts do it for the likes
Here we go again. More baseless rumour.
Never in the world of journalism has so much speculation been offered as fact.
you would think that HE as a lawyer would not do scare tactics... maybe he has side business of accounting firm for all the sheeple
Thanks for your video which is positive regarding this new law (which is not new)
i wonder how thai gvt will teach 1 millions exats about it and how many officers they will need to catch everyone who will not comply.. is there something about it in the law?
imagine if someone leave on next december without produce the tax papers... what happen?
Going by how things worked in the past, in such a scenario they would be detained until relevant taxes were paid.
--BWH
Well said 👍
Thanks.
Feeling better back at work🙏🙏🙏🙏
I was informed by a Thai tax accountant that I can withdraw cash in TB from the ATM, that is not considered a transfer. Can I then physically into my Thai bank account and also bot consider that a transfer as it is accomplished in country. On 25k I pay 220 Baht plus $5 to my blanking institution in my country of origin. I work out the cost to about 1.6-1.8 percent depending on the exchange rate. Is this a legit way to move money into the country for living expenses and would it be considered taxable? My accountant said no, they aren't concerned about that type of transaction. Just curious to know for certain if this is a good strategy considering I think the cost is very reasonable...Thai banks make money also.
Thanks, I will wait until 2025. I can wait until the Thai government contracts me about a tax number. I can also transfer to my wife so much a year as a gift. There will be ways around the tax for old xpats or ways to keep your taxes very low. Next year's problem as taxes not need be filed until next February/March anyway.
5555 “stay in your lane” but Benjamin, ignorance, misinformation, panic and hysteria is how I make money on UA-cam! And dammit, people like me……55555
I get all of my best advice from thailand based foreign youtube. 55555
Happy New Year, Ben. Thank you for repeatedly pointing this out. To me, by reading all these articles and especially xommenrs under videos like this, its astounding how little adult individuals understand about taxation and how much they want to dispute on the topic. I just got my Elite visa and im moving here and as i am a trader i could ve impacted. However, i am waiting to see how this will develop. I can not understand why majority of folks who are retired make dramas because it will affect them very little, if not nothing. But you have to admit that the government is also guilty of releasing such a vague and confusing statement. You would like to expect better prepared communication from a government, am i right?
But if im a thai tax resident i don't pay tax in my home land? Lets say i have stoks for $1 000 000in sweden and get dividends or/and selling a little. like $20 000 a year all i pay is 20% tax in thailand thats all?
I guess that depends on if the DTA agreement was settled between Thailand & Sweden government. If there is such thing, and your dividends & income of selling stocks were taxed in your home country, Thailand gov. won't tax on that money.
@@steveyoung81 yes ther is. and if im a tax resident in thailand i need to pay swe tax on income of selling stocks the first 10 years. thx buy the way :)
Sorry, "transactions or transfers"? A transaction involves a buy / sell, payment for goods or services. A transfer does not necessarily involve a transaction.
What about Americans living in Thailand and making their income from the USA? The USA has a double taxation treaty with Thailand.
Please read the DTA very carefully, in particular Articles 21 and 25. Art.21 states SSA and state/govt pensions only. Art.25 uses the Credit method of avoiding Double Taxation. This means you must declare the amount of Thai tax on your Rev Dept return, and then apply as a credit the amount of IRS tax paid. If IRS tax is less than Thai tax, you will still pay a smaller amount of the difference. Further, you must get a Certificate of US Residence in the amount of the IRS tax paid (Google for the IRS form number) and submit it to the Revenue Dept, which expects to issue a notice of how to do this before 2025. Google or ChatGPT AI links will explain that the IRS tax filing must take place first to determine the US tax due. What a headache! Me? I’m not relying on a Dual Tax Agreement. I plan to avoid it by using funds already here in TL to substitute for SSA benefits left behind in USA to structure my tax liability as low as possible on a 2nd bank pension transferred in. SSA left in USA will be invested there. Lots of folks will be very shocked with DTA requirements, sigh…
The current PM of Thailand Sreetha Thavasin has taken more positive steps to improve Thailand in the last six months than entire European and American leaders combined for last 10 years which has been nothing but a nightmare to bring the west to crime ridden ghetto with high cost of living. Farangs are afraid because they never had it so good and they fear, it could be taken away from them just like when they lived in the west, this fear is what's driving this madness. Just chill, Thailand will never go the mad ways of west.
This administration floated the idea of Chinese police on our streets, seems to want to roll-back Cannabis legalization and all of the job creation associated therewith, and is still trying to impose "digital money" (i.e. "money" which is totally controlled in terms of what you can buy and where you can spend it). You'll forgive me if I disagree with the notion these are "positive steps to improve Thailand" and am reserving judgment on their record overall. I'm still willing to give the new government a chance as it is still early, but thus far I have been less than impressed.
--BWH
@lavista I’m not sure what you have been smoking, but seriously you need to not do it anymore.
I’m from the west and what you said couldn’t be further from the truth.
BECAUSE...they are normal, and may not have everything buttoned down, BUT they know they don't need to add to the tourism industry woes for a few beans net of implementation and collection and exit costs.
"Farangs are afraid because they never had it so good and they fear, it could be taken away from them just like when they lived in the west, this fear is what's driving this madness. Just chill, Thailand will never go the mad ways of west."
II think this is very very true. Our Western minds have been played with for so long by our governments..
The hysteria over this issue is Wack. Expats are completely mad at times. Jesus christ. ???
Jesus Christ wasnt an expat
So many that always expect the worst. They complain about everything. I'm not sure why they chose and are still choosing to live in Thailand. Last I heard everyone is welcome to return to their home country. Lol
technically...as a Son of God, he was.@@laurencehyde2168
Nice vent bro
Thumbs up 😂Benjamin Hart
Hi Benjamin ,
I am a Foreigner living in Thailand more than 182 days , which makes me a thai fiscal resident .
I am a Pensioner on a OA Retirement 1 year visa and my main source of income is passive Coupon bonds income earned overseas .
Will I be taxed on overseas passive income worldwide ? ( wether I transfer it to Thailand or I live it in overseas banks ? )
Will I be taxed on passive income only when I transfer it to Thailand ?
Will I be taxed on savings I transfer to Thailand ?
I can not get a clear reply from anyone including my Advisors ...
Can you help me understand ?
Kind regards .
The main question is "How do we prove that we are transferring our savings from previously taxed income?".
And what about the money for my home sold in my home country?
Are they going to consider it as my foreign income if I transfer the money for buying a condo in Thailand?
Without being clear about the difference between income, capital gains, and savings this legislation is very murky.
@eismForever You are absolutely right.
And such consultation should be received before relocating to Thailand as I believe.
However, the main point of my comment was that currently the situation is quite unclear.
Which is not a good job of Thai officials.
It did not take a lot of efforts from me to learn the basics of Canadian tax laws when I came to Canada from Russia.
I filed my taxes without any accountant's assistance from the very first year.
CRA website is very clear and informative and it would be awesome if we could find clear answers on Thai tax agency's website the same way.
Using ATM is it an international cash transfert? im really confused about it
Try to do this to us and you won't get anymore cash transfers...