Topic: Thailand to start taxing overseas income next year, including from crypto - page 2. (Read 272 times)

I am amazed at how much many people in other countries (outside of the United States) are taxed on certain things like this.  For example Europe has VAT taxes.  Just to be able to receive stuff like silver and gold coins, countries in Europe/India etc charge anywhere up to 40% of the cost of the actual item.  To me this is absolutely criminal.

People need to vote out politicians who support this crazy overseas shipping taxes.  It's not right.

For foreigners who include tourists and expats who are from countries where they already have a Double Tax Agreement in place, they will be exempted from this taxation rule. The reverse is the case for foreigners who not already taxed in their country.

Thailand is just taking advantage of their influx of people and not these people would move to the next location. There is no need to tax them since there is already tax on the things they buy like groceries, autos, meals at restaurants, etc. What real value does Thailand offer these foreigners that would make them say more than 180 plus days.

Yes, raising taxes and taxing everything is an ideal way to help your country's economy. It's always easier to follow this path than to actually develop the economy.

They decided to plug holes in their budget at the expense of visiting foreigners? Foreigners will solve this problem very easily - they will leave for countries that are more loyal to foreigners. Other countries (like Dubai) are trying to attract foreign investment with zero tax rates, while the Thais, on the contrary, are scaring them away with such taxes.

In general, it is standard global practice to impose taxes on tax residents (who have lived more than 180 days in a year). An interesting fact is that this now applies to cryptocurrencies (in Thailand). The solution is simple - foreigners will leave for other countries as these deadlines approach.

Having an income in America, you can move to almost any country in the world. There is no need to stay in Thailand in this case.

Very soon, every country will want to get a piece of the bitcoiner's assets. Wherever bitcoiner goes, they will try to tax him abroad (from cryptocurrency).

That will less likely affect people who who earn crypto in decentralized manner.
Taxing income from crypto can only be justified if a crypto user is somehow dependent on the country or centralized system controlled by any country to earn cryptocurrency. The lesser you depend on centralized system to earn crypto the less likely you will be taxed. Even if you are taxed it will be lesser than people who are more reliant on centralized system to earn crypto. If you are completely independent of the centralized system then you don't deserve to be taxed.

So, if you don't want your crypto income to be taxed at all, go fully decentralized in everything.

I don't think it's twice, it's either the tax are different for general income and profit from cryptocurrency, or profit from cryptocurrency is included in income tax.

I wonder why Thailand didn't tax the foreigners yet? Thailand is very known as entertain country, you will see a lot good looking woman with a dick in there. It's because working in there are really hard, so many men willing to become ladyboy. Maybe with this tightening tax rule, this will make Thailand's government can open more jobs for their citizen.

Why is it always perspective of foreigners that is taken for granted? I think as a country they have taken bold decision. Since their sole income source is only from the tourism and few agendas that are not really tourism associated its best decision so far. This can make their country grow properly, in right direction and with amazing funds in their reserves. This is excellent for the locals also since they won’t be burdened with the taxes from their government. It feels like more or less equal opportunity to everyone in the country. Good move.

If I caught the news correctly, the tax object applies to everyone living in Thailand, including the indigenous population. But seriously lol, I don't know from your perspective you think that's bad news. Is the number of corruption cases high enough in Thailand?
Well, this rule is just another urge for citizens to try to be as honest as possible. Talking about the loophole, it will remain there forever due to the default characteristics of bitcoin, such as bitcoin addresses not being geographically identifiable.

I agree with you. Maybe it's true, governments everywhere do the same thing, especially in an economy like this. They believe that they can create changes like this to achieve the goals they have. But they never consider the idea that the people they want to tax always have other options. It's like double taxation for foreigners is tax inequality. Foreigners are taxed in their home country and will now be taxed in Thailand at the same amount. Does Thailand want to get rid of all foreigners?

I think we should not call it bad news even though this step will cut some of the money from the incoming or outgoing transactions but in the end or I should say in the long run this will increase funds in national reserves and the poverty and unemployment will can be dealt with that money if used properly without any corruption. If a thing goes right then in the end Thailand will become a good place and it's economy will stabilize itself over time as when there will be less inflation and stagflation.
We also pay taxes on each and everything and India also pays taxes on each and everything and they (India) also pay taxes on foreign transactions made via crypto. So I don't think it's a bad step but people still found ways to save themselves from huge taxations. And the downside of it is, that those who think that they can store their funds in crypto now have to pay taxes too.

I wish Indonesia will follow Thailand in creating this kind of rules, I am from Indonesia by the way. There has been to many foreigners exploiting tax rules, they use Indonesian facility, but they don't pay taxes. Not to mention that they come with more powerful currency and gentrified the location that they live in, pushing the local away. Don't get me wrong I am not against foreigner coming to cheaper country, but at least they should contribute.

Thailand is known for its tourism, and it is true that some foreigners live in their exploding tax loopholes. But this policy can create a negative impact on foreign investment and tourism. Many foreigners were happy about their low tax rates, which made them an attractive place for many expats. Most of these expats were already paying tax in their home country; now if they need to pay a high tax in Thailand as well, this will force them to leave the country.

As mentioned already on your post. This is loophole on tax. Foreigner is using Thailand as their place most of the time which means they can be considered as residents if they stay there for half a year. There’s nothing wrong with it since they are being resident of that country.

Yes, foreigners is paying taxes on their original country but they are using Thailand most of the time for their stay which means they are experiencing the benefits of Thailand which is being paid by Thailand citizens. The duration is half year here which means those will be affected are people that live already on Thailand most of there time compared to their original country.

Bad news for foreigners with foreign income living in Thailand as the government in Thailand will tighten tax regulations on foreign income to Help the Thai economy right. Thailand will tighten loopholes in tax rules on overseas income as the new government attempts to lower income gaps as well as increase income to pay for measures to stimulate the economy the finance ministry last week issued stricter rules on overseas income.

Thailand's prime minister told the Business Forum on Monday that new rules that will come into effect on January 1, 2024 will allow authorities to tax foreigners' income if they have been residents of Thailand for at least 180 days in a given assessment year. This is in accordance with the announcement by the Thai Revenue Department. Some people may not be happy that I delve into this area, but inequality is a big problem referring to the growing wealth gap due to tax loopholes.

the big question is how many people come to Thailand and stay here properly and live off the money they earn from other sources of income from other parts of the world.
I have some Thai acquaintances, the situation in Thailand currently, is not crypto friendly. Is This a crazy policy? They already pay taxes on their income, there is no need to do it twice. What do you think will be the response to this news? I mean, let's say you're a foreigner in Thailand, let's say you have income in America does that upset you?

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Source : https://cointelegraph.com/news/crypto-thailand-tax-overseas-income