Transcript of the above video: 

As the title of this video suggests, we are discussing retirees and the concept and the notion that we are going to see major changes to Thai Tax Law. I have talked a lot about Thai Tax Law in roughly the past year. If you can't tell, my exasperation comes from the fact that I almost wish I had never brought up the possible change we were seeing back roughly a year ago when I brought up the intra-Revenue Department memorandum talking about possible, what were enacted changes to assessability of funds brought into Thailand which took effect January 1, 2024. I'm not going to dig too deep into this in this video but again they keep talking about a new Thai Tax Law. We haven't seen any new Thai Tax Law. I haven't seen it at least. They have talked about it; they have talked about it in the context of Thailand joining the OECD and harmonizing our tax laws to be in line with them. I don't necessarily think that's the greatest idea in the world for a variety of different reasons, but I also don't think this is a foregone conclusion at all. They're just discussing it. 

That being said, I thought of making this video after reading a recent article from the Phuket News, that is thephuketnews.com, the article is titled: Step by Step: Thailand's new Tax Law a double-edged sword for expats. First of all, there is no new Thai Tax Law. There's talk of possibly having one. Quoting further: "There is a tremor of worry growing amongst expats in Thailand with the growing fear that the new Tax Law is coming into practice." There are no new Tax Laws coming into practice; they're talking about possibly promulgating new Tax Laws. Quoting further: "Thailand has long been a haven for expatriates seeking a tropical paradise with a low cost of living, laid-back culture and welcoming atmosphere. However, a new Tax Law currently under consideration.." - perhaps that should have been put in the headline! Again there is no new Thai Tax Law. They are talking about the possibility of one. Quoting further: "..by the Thai Revenue Department is causing significant concern among the expat community." 

Well this is me trying to assuage the concern, especially the retirees, okay. There is no new Thai Tax Law yet. There could be one. I will keep you updated on this channel if there is one, but understand there is not one yet. Do I think that the worst hyperbole that you see throughout the ether of the internet is going to come to pass? Highly unlikely for a variety of different reasons. That said, let me keep quoting: "The new Law is particularly worrisome for retirees who have chosen to spend their golden years in Thailand. Many rely on pensions or investments from their home countries which have already been taxed at source." As we have discussed in other videos - and again yes each case is different - there are a number of different double tax treaties out there. The vast majority of retirees as I have discussed in many other videos, 80% of folks that are retired in Thailand, frankly if this wasn't in the news, you wouldn't even notice these changes were happening, okay. It's really not going to have an effect on the vast majority of retirees here in Thailand, in my opinion admittedly, but that's grounded in a lot of study, research and practice dealing with Tax Law in the past. Quoting further: "The prospect of facing another round of taxation in Thailand on the same income is understandably distressing." I do get that folks, I totally do. Again the vast majority of retirees are really not going to have to worry about this. Again, if you're that worried about it, contact us and I can assist. I can consult you, I can let you know where you stand with regard to especially with Americans, I deal with American Tax Law all the time. We have Thai Tax Attorneys here in the office, Thai accountants, we can assist you in figuring out where you stand vis-à-vis these new, not new - there are no new laws - vis-à-vis with regard to the Law as it stands at the moment. Quoting further: "While double taxation agreements exist with some countries, their interpretation and implementation are not always straightforward leading to confusion and anxiety." And I do get that folks.

That said, if you really are in a position where you are super concerned about Thai Tax liability you really should be contacting a legal professional, because a quick hour will probably put your mind if not completely at ease, closely thereto. If you're just really upset about this without really having any basis, because there seems like a lot of people who are just kind of running around like their hair is on fire on the internet talking about this, calm down. As I said a moment ago, the vast majority - especially of retirees - are not going to have to worry about negative implications of even possible changes and I repeat that, "possible changes" because we have not seen changes, possible changes to Tax Law here in the Kingdom of Thailand.