Transcript of the above video:

As the title of this video suggests, we are discussing what probably is by now pretty readily available information on the fact that tax policy here in Thailand is currently in a state of flux. As we have discussed in other videos made prior to this one but contemporaneously on the same day here, we are making this actually on September 18th when this story is breaking, talking about the fact that apparently Thailand is going to change some of the parameters with regard to tax liability of foreigners living in Thailand on their worldwide income or their worldwide assets. Again, this is very early days, I urge those watching these videos, first of all don't get flustered, do not get upset about this. Application of these kind of policy changes oftentimes can be very different from possible hyperbole out there on the internet especially possible even news headlines. The news and the later application could be wildly different than anticipated and also, whatever this is, change or otherwise, it is apparently not going into place until Jan 1 of 2024 so we have basically got a whole quarter of the year left to deal with this. So what are we talking about here? 

I thought of making this video after reading a very recent article from the Thai Enquirer, that is thaienquirer.com article is titled: Thai Government to tax all income from abroad for tax residents starting 2024. I urge those who are watching this video, go check out that article in detail, a lot of good information in there and I do believe these folks did scoop this. This is like breaking on their platform so if indeed that is the case it's the first place I heard about it, hopefully you go over there and check it out, give them a little credit for the scoop as it were. Quoting directly: "Thailand's Revenue Departments has released new guidelines which will see all income from abroad taxed as personal income tax regardless of whether it was earned income or savings. Quote: "... those that have earnings from occupation or business abroad or wealth that is located abroad...and has brought these assets into Thailand...must factor this into their personal income tax for the year." Quoting further: "The program will begin January 1, 2024 and apply only to tax residents in Thailand meaning tourists and short-term workers will be exempt." Again, we don't know exactly how this is going to apply. That said, quoting further and pertinent to this video: "Quoting directly: "It is unclear at this point how this will apply to foreigners living in Thailand on a Retirement Visa. This is a developing story and will be subject to update."

Yeah, again that is well put. It will be subject to update because I suspect as we see actual regulations promulgated and things from this possible policy change, we could see massive differentiation in terms of how this will be interpreted and enforced. That said, it is interesting they specifically cited retirees and those in Thailand on Retirement Visas because it has always been kind of interesting. Retirees in Thailand are presumed not to be earning income anywhere because they are in Retirement Visa status. Meanwhile, most retirees especially those in standard O-A or O Retirement Visa status oftentimes do not have an actual tax ID number here in Thailand, so oftentimes those folks are in a situation where they are really sort of in a weird kind of limbo with regard to the tax system.

As noted in that article and again I urge those who are watching this video to go check out that article in detail, they also go into the issue of a double tax treaty which again where you are in a position where you are not actually even in the tax system of one member of the double tax treaty, it leaves you in a kind of limbo with respect to how that double tax treaty ultimately gets enforced for good, bad or otherwise with respect to your personal situation. Again this is very early days with regard to how exactly this is going to be practically implemented. That said, those who are watching this video who might find themselves a little overwhelmed about what they are looking at moving into 2024 with regard to their tax liability and residence here in Thailand, I urge those folks to possibly contact a legal professional, gain some insight and guidance into how best to proceed.