This new Thai Tax Law has everyone in Thailand talking, and scared. How will it impact you in 2024? I sit down with a Bangkok Lawyer to discuss where things are now, and where things are going, and how it might impact people looking to retire or become a digital nomad in Thailand.
This video is not sponsored in any way. My guest was nice enough to share his thoughts with all of you, so consider it a free visit to a high end tax lawyer.
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The Thai government recently passed a new tax law that has left many citizens and businesses in the country feeling uneasy and scared. The law, which is aimed at increasing tax revenue for the government, has sparked widespread concern and uncertainty about its potential impact on the economy and individual financial well-being.
One of the most contentious aspects of the new tax law is the increase in personal income tax rates for high-income earners. The law raises the top tax rate from 35% to 40%, affecting those who earn over a certain threshold. This has led to fears among the wealthy that they will have less money to invest and spend, which could have a ripple effect on the overall economy.
Additionally, the law introduces a new property tax that has caused anxiety among homeowners and property investors. The tax is based on the appraised value of the property, and many fear that it will lead to a significant increase in their tax burden. This has led to concerns that property prices will drop as a result, potentially destabilizing the real estate market.
Furthermore, the new tax law has also raised the corporate income tax rate from 20% to 25%, impacting businesses and potentially deterring foreign investment in the country. Companies are worried that higher taxes will erode their profits and competitiveness, leading to potential job losses and reduced economic growth.
The uncertainty and fear surrounding the new tax law have led many to question the government’s motives and its potential impact on the overall economy. Critics argue that the law could lead to a decrease in consumer spending, investment, and economic growth, which would ultimately harm the country’s long-term prospects.
In response to the public outcry, the government has attempted to reassure citizens and businesses that the new tax law is necessary to fund crucial public services and infrastructure projects. It has also emphasized that the law is aimed at making the tax system fairer and more equitable for all citizens.
Despite these attempts at reassurance, the fear and uncertainty surrounding the new tax law persist. Many are worried about the potential consequences for their financial well-being and overall economic stability. As the law comes into effect, it is clear that its impact will be closely watched and scrutinized in the months and years to come. Only time will tell whether the fears surrounding the new tax law were justified or if the government’s reassurances were warranted.
This fellow from Mahanakorn group was an excellent interview.
rekt
i watched until min. 20 –> all this is an incredible bs!! who will check my removal of i.e. 20k thb at a thai atm, whether that's savings, pension, dividends…? what's the problem with my bought and sold million of real estate in europe during the last 100 years?? as we know, los is a puppet land, take alone all the bs with millions of different visa's, extensions of stay…, was there any logic at any time in all that bs??
This guy is giving tax and law advice, is he a lawyer in the kingdom? I would like to look into this with the Bar Association in Thailand
Say you'd lived in Thailand 30 years ago, from 2024 do you need to go back in time for 30 years or is it only current activities from 2024
Kiss Thai goodbye ………………………………… Combodia is where I am going
John and Sue (if married), would qualify for $500k in capital gains tax exempt on the sale of their home in the USA (if they lived in it for at least 2 out of the last 5 years). Therefore, they did not pay any Fed tax on the 1st 500k on the sale of their home. This might present a problem for them in Thailand and the paperwork to prove everything to the Revenue Dept. might be challenging to acquire. Good luck people.
I genuinely love Thailand and I've been visiting here for 30 years from the US. I've been living here in semi-retirement for almost 18 months now. It appears that as it's written now, it could cause a significant net negative impact on the economy of Thailand. Sure they could get more in taxes from money transfers, but they will potentially loose billions of USD overall because Investors want stability, not new tax laws made specifically to target them. Foreigners will invest in places with less tax liability, and less paperwork to prove where the income was derrived. Even retirees that don't have to pay additional taxes might have to go through additional filings. I don't want that hassle or the potential that I might be charged taxes here erroneously or even accidentally. Another solid report Chris – thank you !!
You want to retire in thailand. You need bring in money to use in thailand. You are going to be taxed on bringing money into thailand that you need to use. You can forget it. Thailand.
Well was retiring in 3 years and moving abroad. First Malaysia bit the dust and now Thailand. I feel sorry for those in the condo and retail businesses. Not only is this a nightmare to enforce but also a major disincentive to move to Thailand. They are off my list. Looking to Panama now and only vacations sometimes in Thailand. Even if they modify this, uncertainty and the prospects of draconian changes nullifies the appeal of the country for residence. Good luck to Thailand as they will need it.
Sounds like the "revenue" dept is intentionally keeping the fine print rather Murky, so they can apply on a case by case basis. frightening. I am shocked that the Thai Gov is actually implementing this tax law, since their tourism will be on the low side this year, due to global wars, debt and possible recession. China's economy is cratering because of negative foreign investment, as Thai tourism fades crime against tourists will increase, and the "burning season" has started early for some reason. the tax law will chase long term expats out to other more expat friendly countries. Bullet Proof Shoes will be the trend of Thai Politicians, as they destroy Tourism and Expat Supported Businesses. I intended on retiring in Thailand Q1 24, now there is NO WAY.
They’re just going to destroy their stance as the location for retirees, Digital Nomads, & expatriates. I’m already turned off by this as it sounds.
Wow, yeah I wouldn’t move to Thailand now. I’ll visit but screw all of that.
Thx MPG
Thanks so much for the in-depth look at this new law. Our minds are made up to move. I’ve been homesick anyway. In the end if you have lived here for any time you know who is going to be impacted most from this.
Firstly thank you for this. Endless videos have been all speculation, no information.
I'm trying to buy a condo, had offer accepted, but have deferred until next year because:-
1: dont know if my funds will be taxed, and
2: dont know if condo market will crash as 35% gets taxed onto the price.
My agent insists Chinese condo buyers who make up to 80% of foreign purchases dont care about the laws and are still buying 5 at a time. Presumably their cash comes into Thailand in bags not via bank wire transfers.
Nope, this tax law will lost the all the foreigns. The Thai economy will sink.
Great information. So, if I bring in my monthly Canadian Pension to Thailand, It will be taxed, even though I paid taxes in Canada?
I think this information would be easier to understand with a chart showing how things were and how the changes impact forigners.
Well…..Golden age in Thailand is over….Move to Panama BUT take your thai with you as overthere only " tunas" or " whales " available….no " sardinas"…..
great report thanks both
Might actually help me lol. Im trying to move to thailand and work there with my wife who is native thai
The quality of Tha’s lawmakers reflects the level of their knowledges, very low.. They make so silly laws.. They want attract wealthy people to finally impose taxes on them, why wealthy or even common people would choose Thailand to live? To have broken road, dirty street, low quality services, poorly educated people and now pay taxes? People chosen thailand because despite the low quality of everything it’s compensated because it’s cheap and there is not that kind of silly taxes.. In targeting foreign individuals they shoot themselves in the foot..
Yeah, my dream . To retire in a place where I have to file and pay tax on my retirement and savings . Every 90 days do a report. Every year do a visa update for a new visa.
Do not use Thai banks
THANK YOU!
Ha, who's going to file their proof of income?! If you do you are a moron. They will never know if you just withdraw your pension/ income from abroad at the atms.
I’m taking money out of the ATM 30k at a time. No more Wise / wires so that should already take care of most problems. Bringing your life savings to Thailand and swapping a relatively stabile currency into Baht is an insane idea.
This is likely being whipped up into a frenzy. There is almost zero ability to facilitate this level of oversight and even if they did mange it the money would very quickly stop flowing into Thailand. All those condos and villas for sale arent going to help the economy.
You’re creating fear before any details are confirmed by the Thai government authorities and you know the new tax law/ rules will have too many vague guidelines that it will not be enforced immediately.
I’ve decided not to buy more real estate until this thing gets finalized