Declare foreign capital income to Thailand tax authorities

I am planning to relocate to Thailand and need to sort out the tax related part (among many other things).

I have income from capital (ETF stocks) in Switzerland. Switzerland has a 35% withholding tax on all capital incomes which is refunded when this tax is declared in the annual tax form.

If I am tax resident of Thailand I will not make an annual tax declaration in Switzerland. In order to get the 35% withhold tax back I have to demonstrate to Swith tax authorities that I declared the income to the tax authorities of my country of (tax) residency. Switzerland requires a signed tax declaration from the country of residence.

I understand as a foreigner I don't have to pay tax on capital income earned abroad on non-thai investments in Thailand. So no problem to declare that income in Thailand.

My question:

- How easy is it to get get such a tax declaration signed by Thailand tax authority? Anyone has made experiences?
- Are their any drawbacks? I fell a bit uneasy to let them know about my financial investments (all legal but this is Thailand)
- Recommendations on a reliable tax consultant that can advise?

Shouldn't be difficult.

You'll be able to get a Tax number in Thailand, called a TIN, at a local revenue department, and you can then pay your tax that way each year.

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Originally Posted by Luigi

you can then pay your tax that way each year.

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I don't think he wants to pay the particular tax anywhere.

Maybe LT is his business tax contact here on TD, I'm sure his consultation fees will only equal 25% of the first years tax refund..

:)

That'd be less than mine. :)

It's not that I LIKE to pay taxes. However, I will pay whatever I HAVE to.

I am just trying to figure out how to get it done and how not to pay more that I must.

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Originally Posted by omega2017

I am planning to relocate to Thailand and need to sort out the tax related part (among many other things).

I have income from capital (ETF stocks) in Switzerland. Switzerland has a 35% withholding tax on all capital incomes which is refunded when this tax is declared in the annual tax form.

If I am tax resident of Thailand I will not make an annual tax declaration in Switzerland. In order to get the 35% withhold tax back I have to demonstrate to Swith tax authorities that I declared the income to the tax authorities of my country of (tax) residency. Switzerland requires a signed tax declaration from the country of residence.

I understand as a foreigner I don't have to pay tax on capital income earned abroad on non-thai investments in Thailand. So no problem to declare that income in Thailand.

My question:

- How easy is it to get get such a tax declaration signed by Thailand tax authority? Anyone has made experiences?
- Are their any drawbacks? I fell a bit uneasy to let them know about my financial investments (all legal but this is Thailand)
- Recommendations on a reliable tax consultant that can advise?

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If your income were to be 4 million Baht or more then the rate is 35%

1 - 2 million would be 25%

As we need 65000 that is 780,000 for which the tax rate is 15% so you would save about 4000 CHF a year. That doesn't include the deductables etc.

Quick search got Konrad Legal. are they OK? Don't know.

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Originally Posted by omega2017

It's not that I LIKE to pay taxes. However, I will pay whatever I HAVE to.

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I don't believe anybody does. But in reality a competent Thai commercial accountant is the safest way. Although from personal experience elsewhere they also have their own goals.:)

omega2017, consult with the Thai Embassy (only), regarding the Thai income tax :ourrules: for foreign expat residents. Period.

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Originally Posted by TuskegeeBen

omega2017, consult with the Thai Embassy (only), regarding the Thai income tax :ourrules: for foreign expat residents. Period.

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Chances are, you'll receive a variety of supposed official answers - depending on the embassy/consulate.

A more secure bet might be to check out the specific Thai government/ministry where one can pursue real specifics.
There are also a number of Farang-themed legal sites [regarding Thailand] that deal with particular issues and legalities.

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Originally Posted by HuangLao

Chances are, you'll receive a variety of supposed official answers - depending on the embassy/consulate.

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If only all your posts were as accurate with information and grammar. You are right, and wrote correctly for once.

^^^I doubt many Thai embassy staff have the knowledge, but I've been known to be wrong. A working Thai tax lawyer would be my acceptable source. Make sure they are suable.

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Originally Posted by OhOh

^^^I doubt many Thai embassy staff have the knowledge, but I've been known to be wrong. A working Thai tax lawyer would be my acceptable source. Make sure they are suable.

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Tax revenue laws are usually the most stringent (written in stone) statutes in most countries, anymore, including Thailand.

The notion that such statutes are subject to different arbitrary interpretations, from one Thai Embassy location, to the next, is totally absurd. :enough:


And, of course, the usual cadre of one-upmanship know-it-all posters ( i.e.- Davis Know-all_t:baby:n ) will refute that ^ fact, simply because TB posted it,...eh...?

A cursory google brings up this bunch. Perhaps drop them a line and see if they speak the same language, so to speak.

Foreigner Income Tax Service -[at]

They have a decent looking client list.

Representative Clients -

^^ RED owed.