Transcript of the above video:

As the title of this video suggests, we are discussing Thai Retirement Visas, specifically we are discussing Tax Identification Numbers. Tax ID and tax issues have been on the lips of many expats the past few weeks as there has been a recent announcement by the Thai Revenue Department that there would be changes to the protocols associated with assessment of tax liability. I have done a number of videos on that. Basically the gist of it, I will gloss over it quickly, basically in the past there was a method of buffering in terms of timing, when money accrued offshore entered Thailand and thereby mitigating any Thai tax liability. This rule is being changed; we are seeing a change to this rule that is resulting in further assessment of tax or tax liability moving forward past January 1, 2024. But we are not talking about tax policy purely in this video. What we are talking about is Retirement Visas and whether or not a Tax Identification Number is required for a Retirement Visa Extension or will be required. To be clear, as of the time of this video, it is not a requirement to have a Tax Identification Number associated with the extension of a Retirement Visa. Now that said, and there is some speculation taking place here but that could change. 

I thought of making this video after reading a recent article from the Pattaya Mail, that is pattayamail.com, the article is titled: Western retirees in Thailand feeling rather insecure. Good article, lot of information in there. I urge those who are watching this video go check out that article for further detail, but quoting directly: "Whilst there is no doubt the revenue," (and I think they mean the Revenue Department), "has principally in mind offshore and overseas income from businesses or windfalls or currency manipulation profits, the implications for the typical retiree or foreigner married to a Thai remain a mystery, for now. One scenario could be that the renewal of an annual visa might within a year or two require a TIN (tax identification number) obtained on application to the Internal Revenue Service. Possession of a TIN does not necessarily mean tax is liable or due. But it would be another hassle." 

Yeah, I couldn't agree more. It would be the addition of more documentation associated with just getting a Retirement Visa Extension and kind of begs the question, "is that really all that necessary?" Now that said, as we discussed in other videos, there seems to be quite an impetus, there seems to be quite a desire on the part of policy makers in Government to increase tax revenue for good or ill. I have made other videos on this so-called Digital Wallet scheme where I have criticized that program. My main position on all of this is "hey you shut us down for two and a half years, economically speaking. There is not going to be tax assessment going to be done as a result of shutting everything down. How about just wait a minute, let us make some money and then you can tax us again”, but Governments probably don't like listening to that kind of logic. So do I think it is possible? Yes. Do I think it is likely in the short term? No. Do I think by the end of the decade we could see Tax Identification Numbers connected with Retirement Extensions? Possibly, but where between now and then we could see that new requirement added remains to be seen. We will certainly keep you updated on this channel as the situation evolves.