Thailand, the new tax hell : impact of the new amendment for digital nomads and retired people 

After reading the law myself. You made a mistake in your video. You said you are taxed in Thailand on your world wide income. Yet the law says you are only taxed on the income you bring into Thailand. So if you earn $100.000 in the US but only bring into Thailand $ 50.000 ,you are only taxed on the $50.000 ,not on the $100.000

In practice, how far will tgey go back in time to assess overseas income brought to Thailand. If pensions and other small income is, already declared for tax purposes in UK abd it is under the 12570 GBP limit, can it then be subject to tax from next year when brought into Thailand and is proof of self assessment report to HMRC in UK proof.

The one good thing is its only foreign income you bring into Thailand. I have a feeling this is going to end up hurting thailand economy because exparts and retired will just spend less money to get taxed less ,😅

Bring 3 years worth of money in before 2024 while this gets fixed and just leave the rest out of the country, then you can see how people get around this and do the same 😉

You mentioned that income taxed in another country, that has a tax treaty with Thailand, will not be double taxed. I am less optimistic about that. The way many tax treaties work is that if you pay a 10% tax in your home country and your country of tax residence charges 30% for the same income, you'll pay 20% to your tax residence country. Thailand in this case

I've been going over this with Bard; it looks like if you want to claim you are not in country more than 180 days, and don't own property; are not married to a thai citizen, and don't have a Thai SIM card; they will have no basis to claim you are a tax resident. It looks to me like people will avoid having a Thai bank account and DL, AND purchasing property in Thailand; the opposite of what I thought they were trying to accomplish! They have vast building going on there that would be affected by this it seems to me. I am pretty sure there will be a way around it somehow for foreign investment; on income that has already been already taxed in the home country. But it may take time to work out those issues and further modify that tax law, based on feedback on economic feedback. I can see many going to Vietnam, Cambodia, or Malaysia; for actual property purchases as a result of this; I am guessing there is pressure on Thai gov to do this.. internationally.

Excellent video. First one I have seen that really breaks down the new tax amendment. :o)

LOL how would anyone be able to tax my Bitcoin ? lol it's impossible, good luck finding it LOL

Vietnam it is😅

I read that f there is a tax that you already pay in your country and thailand has an agreement with your country, you wont need to pay such tax.

Hi, I am an expat and concern about the Thai new tax law. First of all, there are treaties that Thai Government signed with 61 countries that relate to taxation. For an example the treaty between the US and Thai government total of 31 paragraphs, treaty defines US income as the taxable income by the US Federal government except for payment for social benefits (social security payment, railroad retirement payment, and other retirement benefits). This exception is defined in Article 2, Paragraph 1., and sub b and Article 20, paragraph 1. Link to English version of the Treaty. My interpretation of the Treaty is that for retirement income, it is exception from the new “Thai Tax” law because of paragraphs 2 and 20 already make an exception. Yes, I am still liable for the US tax. For other types of income, tax payment is subject to residency testing. From the same link, you can access other Treaties both English version and Thai version.

I plan on coming august of 2024 And bringing all of my funds when I am under a 180 in country but i will also be applying for a long term O retirement visa. Will i be expected to still pay the taxes on the funds i bring in .because am only in country 160 days in 2024

1. Can bring cash ? 2. If i live in Thailand less then 6 months/ year , i m free from thi tax right?

Isn't the video title a bit of a misnomer though? Digital nomads generally do not have foreign sourced income, because they have active income from working in Thailand (Thailand sourced income). I guess the topic of the video is more like "foreign investors residing in Thailand" not "digital nomads"? Because for digital nomads spending most of the year in Thailand, I'd say nothing is changing at all. You already owed 1st dibs on taxation of all that Thailand-sourced nomad employment income to Thailand (whether you were paying it legally or evading taxes illegally before, nothing really changes in terms of what you owe from a legal perspective).

The 35% tax band now starts at THB 5,000,000, not 4,000,000.

It will be interesting to the see how it impacts foreign investment such as capital entry to purchase property. To my understanding they value foreign investment.

Yes you need to pay tax in the country your living in. deal with it and pay your tax

have all my pension salary too TAX, if i move ewery month my homecoutry pay me pension salary and move to thailand bank account this moey need i pay this TAX, this is not have sale profit or busines money, my pension insurance company pay ewery month less than 2000$ to my account homecountry and i move thats to thailand ewery month.

this is exactly why you need to buy Bitcoin. People just don't get it.

Stop clapping and waving your hands it is distracting.

please stop clapping hands