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Tax expert Thomas Carden has advised expatriates residing in Thailand for 180 days or more in 2024 to obtain a tax identification number from the Thai Revenue Department (TRD).
Addressing members of the Pattaya City Expat Club, Carden emphasised the need for expatriates to register and submit tax forms by the first quarter of 2025, even if they believe they owe no tax, writes Barry Kenyon for Pattaya Mail.
Carden clarified that only overseas income transferred to Thailand is relevant for taxation. Issues like pre-taxed pensions and double taxation treaties should also be considered.
He warned that failing to register could lead to audits and potential penalties in the future. "If you delay, the financial penalty screws can become tighter and tighter," he noted.
There has been some confusion at local revenue offices due to a lack of information from the TRD head office in Bangkok, making it challenging for expatriates to understand their obligations.
Carden advised using professional tax services to navigate the system, as most pensioners on savings may owe little or nothing. Supporting bank or tax documents are unnecessary when submitting the forms.
Reflecting on global trends, Carden mentioned that taxing foreign residents has become common worldwide, and it's essential to comply even if no income is remitted to Thailand. He reassured attendees that registration doesn't automatically mean payment is due.
Discussing potential changes to Thailand's tax system, Carden mentioned the speculative nature of shifting from a residence-based tax system to one that includes worldwide income, which would require parliamentary approval.
He stressed that while personal income tax enforcement is imminent, it's vital to stay informed and proactive rather than ignore the situation, reported Pattaya Mail.
The issue applies to Thais receiving income from overseas as well, highlighting its broad impact.
-- 2024-11-07
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