Thailand is talking about passing a law that says all income earned globally not just in thialand is taxed.
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Thailand is talking about passing a law that says all income earned globally not just in thialand is taxed. Even if you keep it in another country.
So how will they enforce this for non thai citizens? It seems like this law is to catch thai citizens hoarding money or doing loop holes.
How will this effect expats?
1.Expats don’t have a tax ID number
2.Expats don’t file taxes – see point #1
Even if points 1 and 2 were different, assuming all your money is kept in your home country you could just say “I am unemployed and never work / retired”
Are they going to hire an army of experts to investigate each expats unique situation, coordinate accurate information exchange with said expats home country , and then figure out exactly what tax they owe?
This would also entail understanding each expats home countries tax laws in addition to Thailand and any tax treaties in effect.
Is there some magic efficient fully integrated computer system where at time of visa renewal immigration officers ( who BTW have nothing to do with taxes and no training on the matter ) can just magically see every move you have made in your home countries bank and what you have reported as income to your home countries tax authority ( irs for example ) and then say ah mista you worked at X company in Y country and made Z dollars. Sounds far fetched currently – maybe in 25yrs.
Will they suddenly monitor all expats bank accounts and know if the money coming in was income earned overseas or was it just money from something else? How many people would it take to investigate and enforce all that ?
Because of all the reasons stated I think this is aimed at wealthy thai citizens.
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