Thailand News June 7: Foreign income to be taxed in Thailand
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- Опубліковано 7 лип 2024
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00:00 | Intro
00:17 | Foreign income to be taxed in Thailand
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03:00 | Trigger warning!: a woman’s video of animal cruelty goes viral
thethaiger.com/news/national/...
05:17 | A Thai influencer was robbed of a multimillion baht watch in Germany
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08:14 | The law has caught up to an Aussie on the lamb
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09:24 | The Thai government will be keeping a close eye on Jurassic World production
11:52 | An extreme marathon runner has completed a 1000 km run in SEA
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14:03 | Cold lava flows disrupt Philippines
15:57 | Feminine forest protectors in Indonesia
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My future retirement plans have changed to spending 179 days per year in Thailand.
Only income earned inside Thailand shall be subjected to tax during retirement. Therefore, you will not be obliged to pay any taxes for any income you have earned from overseas. Also, personal income taxes are not required for retirees in Thailand. Note that you can’t work in Thailand while on a retirement visa.
You would need to apply for a work permit. Once you stopped working you would have to leave Thailand and return with a 90-day OA visa and start the process again of extending the retirement visa for 1 year.
@roymoxley2587 oh... thank you for that...I'm trying to figure all this stuff out as I'm almost there...planning now....I'm only 47 though so can't get retirement visa yet...I might have to jump around a bit until then I guess... thank you
@@joesinclair5107 Sorry to disappoint you but the Thai government has just announced as of Jan 1, 2025 all "worldwide income "will" be taxed in Thailand regardless if you transfer funds to Thailand or not, if you stay longer than 180 days in any given year.
If the government is going to tax foreign income, then what does the foreigner get in return from the government? Healthcare, access to services?
Vertical smiles what more do you want? But it ain't free .
Only income earned inside Thailand shall be subjected to tax during retirement. Therefore, you will not be obliged to pay any taxes for any income you have earned from overseas. Also, personal income taxes are not required for retirees in Thailand. Note that you can’t work in Thailand while on a retirement visa.
You would need to apply for a work permit. Once you stopped working you would have to leave Thailand and return with a 90-day OA visa and start the process again of extending the retirement visa for 1 year.
I will pay tax ONCE......, and then I will move to Cambodia. This was not part of the deal when I moved here.
I receive a retirement pension, that is already taxed by the US.
"if" that is going to be taxed in Thailand as well, I'll find another country to spend my money
Its ILLEGAL to tax pensions twice! And that's the law!
Many countries have tax treaties with Thailand that prevent double taxation. Most retirees from western countries will not be subject to tax for this reason so don’t panic.
These guys don’t read the article available on the Thai embassy website It clearly states that all people that are on a retirement visa and have income from there country are not subject to be taxed because it’s already been taxed. These two are just irresponsible reporting.
After working 40+ years many who decided to spend there retirement years in Thailand and find there pensions will be double taxed will probably look elsewhere to live as the pension is not a great deal of money.
Prudent to look at more favourable alternatives...
No go read the article on the Thai embassy web site regarding Retirement visa holders Nothing is going to change you will not be taxed on your money that has already been taxed in your home country .
@@roymoxley2587 you will if tax has not been payed
People living in Thailand spend money. Millionaires will not pay tax. The small people pay tax.
Go to the Thai embassy if you are on a retirement visa You cannot be taxed on the money from your own country that has already been taxed You guys need to read the article Stop the cap
You need to read other more reliable sources. As of January 1, 2025 "All worldwide income" will be subject to income tax in Thailand period. Thailand has joined with 138 other countries to now tax all worldwide income. You won't be taxed on your pensions if your country has a DTA with Thailand but every other source of income will be taxed, whether you sell your house, other assets, stocks, dividends, interest, whatever it is will be taxed regardless of whether it has been remitted to Thailand or not. It is a devastating blow to any expat that has investments and assets in their home country.
Precisely 😂😂😂😂❤
What would expects get in return for paying taxes in Thailand?
Expats*
The ability to be there I guess...The Thai government knows what it has...
According to Thai tax rules if you stay in Thailand 0 - 179 days you are classed as non resident and don’t have rights. What’s being proposed is stay over 180 days you are classed as resident & must pay tax & also don’t any rights. If the revenue department wish to bring this in there needs to be some real thought into how to entice expats to stay. They must have the same rights as Thais. Should we expect a barrage of farang friendly policies to persuade expats to stay? Such as Thai passports, unobtanium long term residence visas (ltr) free health care at government hospitals, no requirements for work permits, ability to acquire land? an easier time at immigration, voting rights etc?
😂
How long would you have to get out of Thailand for after day 179?
This does not apply for retirement visa holders go to the thai embassy article and read stop listening to UA-camrs like this .
Unlikely! TiT!
Well after bringing my pensions into Thailand for over 20 years it looks like the party is about to end, In 2 weeks time I will be leaving and taking all my cash with me. Bye Bye, thanks for the memories
Are you paying tax on it in your home country?
@@tw25rw R U TRYING TO BE A SMART AR5E. THE ANSWER TO YOUR QUESTION IS YES I DO.
Pensions are not employment income and hence are exempt
Thailand used to be a lovely place to retire on capital gains, dividends, rental income or even a pension but in 2024, they changed to tax all money brought into Thailand (remittance basis) but now there seems to be a requirement to report all worldwide income and be taxed on that in Thailand. Portugal gains access to all worldwide income reports from 40 countries so all the countries are snitching to each other now so Thailand has dropped from top to bottom, worst option, for spending over 179 days per year. Nothing is fixed or clear yet. Avoid all hassles by choosing two nice Asian countries like Vietnam and The Philippines and never stay more than 179 days per year in Thailand or any other country and only Americans whom are taxed by citizenship will need to apply double tax treaties etc.. I also heard a rumour that people who buy the Thai Privilege visas may also avoid some global tax hassles. Currently, this is a total mess but it is definitely getting more complex and potentially much more expensive to stay here over 179 days per year.
I work for a major rescue in Thailand. These cruelty cases are far more common than you think. Burns, harpoons, machetes, elastics and strings tied to growing animals. It’s prevalent and horrific.
yeah good luck with that. Condo sales will drop like a rock taxing 30% of purchase price.
Does not affect all types of foreign income
Smh taxed twice? This will have consequences
Only income earned inside Thailand shall be subjected to tax during retirement. Therefore, you will not be obliged to pay any taxes for any income you have earned from overseas. Also, personal income taxes are not required for retirees in Thailand. Note that you can’t work in Thailand while on a retirement visa.
You would need to apply for a work permit. Once you stopped working you would have to leave Thailand and return with a 90-day OA visa and start the process again of extending the retirement visa for 1 year.
Only income earned inside Thailand shall be subjected to tax during retirement. Therefore, you will not be obliged to pay any taxes for any income you have earned from overseas. Also, personal income taxes are not required for retirees in Thailand. Note that you can’t work in Thailand while on a retirement visa.
You would need to apply for a work permit. Once you stopped working you would have to leave Thailand and return with a 90-day OA visa and start the process again of extending the retirement visa for 1 year.
20 minutes.... 70% is commentary. Tighten it up, boys
sorry not sorry..but you just lost me as a sub. who are these guys? did you find the 2 most disingenuous people from off the street and say hey you should be are new anchors? jeez
Welcome to 2024 1/2 ish.
Agree, this channel has gone down the tubes
Again US Thai treaty says no double taxation
But still have to file and go through the mess of reporting?
Only income earned inside Thailand shall be subjected to tax during retirement. Therefore, you will not be obliged to pay any taxes for any income you have earned from overseas. Also, personal income taxes are not required for retirees in Thailand. Note that you can’t work in Thailand while on a retirement visa.
You would need to apply for a work permit. Once you stopped working you would have to leave Thailand and return with a 90-day OA visa and start the process again of extending the retirement visa for 1 year. Read this article
I have stopped watching you ever since the white Australian left. Now I watch his channel. You should, too.
what's the name of his channel?
@@yannip2083 TNT
@@yannip2083 TNT News
Thumbs up 👍 Thaiger
What tax income that exists outside the country? Greedy and illegal. They are just scaring people away. :(
The Thai Goverment is like a homeless person on a street corner with a tin cup begging
You meant to say a solid gold cup right ?
@@Cervin_Suisse Truth
Worse, when government desperate like this it not end good, they start remind me Germany 1933.
Use cash ..can't get u that way
How will thailand get the money? How will this be implemented? For stays of 180 days. Do they refuse entry unless you have a taxpayer I.D. at immigration for instance?
I appreciate the trigger warning but who censored that video? Its hardly blurred and easily visible. Come on guys. I wasn't expecting to see something so visceral. The dog is visibly being tortured. I guess I'm triggered but can we do better please?
Thailand wants money money money
Who doesn't F face
This will never work whit long term visa foreigners who have wife’s children house truck and are spending x amount of money in the kingdom every year I hope the government of Thailand will examp Thai wife visa holders over 55 and retirement visa wich you need to be 55 to get other wise whatever money they were spending in the kingdom for 6 months a year will be going to near buy countries
yeah getting mugged is nasty funny he is laughing while it happens ! anyway value is irrelevant or should they treat the rich better ?
so going to tax people for bringing money into your country? what about money one sends their spouse?
Apparently they now also want tax residents to submit tax on foreign income that isn't brought to Thailand.
So much to figure out on the new tax laws. Especially where they have international agreements with other countries. I guess its find a good local tax agent. That was disgusting what that woman did to the dog.
How will they know what was earned outside of Thailand?
:) never thought volcanos are cool,
Income taxed on foreign income remitted to thailand. Does that refer to earned income earned while living in thailand. In other words, for example, working on the internet and receiving payment to a thailand account. Or even wider that that. But since people can operate a bank account outside thailand and just import pocket money as required. Could this work against the authorities and thai banks, by reducing their current income.
Whatever happened to that where you are not allowed to work while in thailand as per visa requirements ?
Its very simple. Funds transferred into Thailand from overseas are taxed on a sliding scale from 0-30% WHEN you send 180 days in any calendar year in the country.
That money is taxed regardless of whether its earnings, dividends from shares, profit from real estate, pension or savings IF those funds were accumulated in the last year.
@@user-dj9nl2vs9x it's simple but it seems that you didn't get it... that's the current law.. Now they say that they want to tax EVEYRYTHING you make all over the world... despite you're bringing it in or no..
Good morning, one thing you have not talked about is pensions for retired expat residents. They are already taxed in their country, will they be doubly taxed when they bring in their money to Thailand?
Thanks and keep up the good show. 😀
Good luck to the Thai revenue department with garnishing Thai tax from your foreign pension, unless you voluntarily remit tax their yourself.
Unless the Thai government asks the Thai banks to withhold 15% of ALL foreign transfers. Ouch
Brunei no income tax.
Just don’t buy a watch that cost as much as a pool villa 🤷🏼♂️
ATM withdraw? Taxed ?
That’s bank profits.
And 800k in thai bank with no interest , either the banks or government making big investments with that money..
No
I think ScarJo is actually married to Collin Jost, since 2020
Taxes is evil
I get the old updates hahaha 😆 all ways a delay . That's why I don't pay
I kind of wonder how they will implement this as they tend to choose the easiest way. Thus i wonder if they will just tax monies remitted to Thailand and if you choose the reason: for retirement, you won't be taxed. This will then become a tax on tourism; basically any money you bring in will be taxed.
So if work remotely for a company based in the US, in Bangkok, and I pay income tax in the US, do I get double taxed in Thailand? I get my salary direct deposited into my US bank account. Will Thailand know how much I'm getting paid? Withdrawing my money from a Thailand ATM won't show how much I make or where the money comes from.
you are not allowed to work here without a work permit in the first place ^^ tax wise, at least so far.. only on remitted income and not under double tax treaty
"remitted to Thailand".
That's the current system. He also said, the new law will be a world wide tax starting in 2024.
@@fruit4health329 You're correct.
@@fruit4health329 is impossible.. it's already June 8th, the 183 days is after 2 weeks. They should have announced it earlier so people that don't accept it (including myself) would be able to leave asap. If they tell it officially today, I will just pack and leave same day. But nothing still official. If they decided to say it in October 2024, then it's not my fault sorry, they can't request any further tax at this point, and we can just leave immediately after any official announcement.
@@fruit4health329 thats is bullshit! this law does not exist and was simply an idea which will most likely stay an idea. This is complete and utter nonsense. There is not even a LAW published for the remitted to Thailand aspect and the clarification aspect.
Globally all (tax) residents get taxed on their world income. Even US, UK, Australia, Europe, etc. do it. Sorry Jay/Alex, you are wrong. Non residents globaly are taxed only on their local income. The problem is Farangs in Thailand had it good all these years.
The problem with Thailand is the Tax Rate Brackets are set for Thailand and Thai Wages. Still Tax Treaties, Thai Tax Revenue order Por 162/2023 published 21 November 2023 (Thai Language) and Foreigners_Pay_Tax2024.pdf Foreign Sourced Assessable Income available prior to 1 Jan 2024 can be remitted 0 zero tax.
@@polupopus5836 I won't get into to details, but you must be a nonwesterrner (like me) to know the harassment western countries give to nonwesterners. I was asked to fill a 5 page application (including attaching deeds of my properties) just to get a 30 days tourist visa to US. I can't write here what I told the US embassy in my country. I had a similar problem when I wanted to get a Swiss tourist visa. Western discrimination of nonwesterners in another topic which I won't go into.
Thailand decides what they want to do in their own country. Respect to them. No one is kept by force.
@@jbranche8024 Sorry, I don't understand what you are trying to say. Are you trying to say Thailand should have 200 plus tax tables to suit each nationality ? Does any other country (including western countries) do such things ?
If Thailand want to change their law it is up to them. No one is kept by force. If you don't like you can go back to your own country or go to another. Simple.
@TeddyBear-zj4qg Sorry Teddy. I do not have to. I strategize with other High Net worth individuals to make sure the government gets the least amount of money possible. Your understanding of economics is funny, good luck with taxing anyone and everyone and squeezing every last baht out of them.
@@jbranche8024 Making strategy is your right. Good for you. Nobody keeps you by force (lewtha khun).
This is not about my understanding of economics. This is about Thailand's understanding of their economy which is their right. If Thailand may not be depending on people like you, so what ? it is their right. You can't tell them to change their laws to suits your whims and fancies, just like I can't tell any western country to change their laws to suit my fancy. Thailand is an independent country, not a colony of some other country.
No need to wish me good luck as I am not a Thai.
Use cash ..can't get u that way