Yesitisdakid Posted March 3 Share Posted March 3 I transfer money when I need it from wise I get it fast trouble free. But I just realized that Wise doesn't send any money from the US to me they use their accounts within this country to transfer money to My Thai account. So those transfers obviously are not going to show up is coming in from out of the country I wonder how the tax people will deal with this. Maybe a loophole that a lot of people can take advantage of. I'm not really concerned if I get taxed I get taxed but as I said this money would not show up as an international transfer will be interesting to see how this works out 1 1 Link to comment Share on other sites More sharing options...
Glasseye Posted March 3 Share Posted March 3 The little bit I know is that formal penision (like a state pension and/or SS) should be what is considered "protected" income. That would be income that is already taxed in the country where it came from. According to the treaties that are already within place. How we go about easily showing the docs they will be wanting when the time comes I have yet to figure out. I am guessing by the time it will be required it should be figured out, maybe. Link to comment Share on other sites More sharing options...
Yesitisdakid Posted March 3 Author Share Posted March 3 1 minute ago, Glasseye said: The little bit I know is that formal penision (like a state pension and/or SS) should be what is considered "protected" income. That would be income that is already taxed in the country where it came from. According to the treaties that are already within place. How we go about easily showing the docs they will be wanting when the time comes I have yet to figure out. I am guessing by the time it will be required it should be figured out, maybe. Yes but my point is when you transfer money with wise it is not brought in from another country they have accounts here in which they transfer their money from their account to your account so this would not show up is coming in from out of the country Link to comment Share on other sites More sharing options...
Glasseye Posted March 3 Share Posted March 3 (edited) I really have no clue. One thing you may want to consider. Set up and account with Bangkok Bank. You can have your checks Direct Deposited into their NYC branch then it will be transfered into your Thailand branch. All kosher. They still do this but I think you have to set it up through contacts before opening the account. *** I will be looking into this more today. Edited March 3 by Glasseye Link to comment Share on other sites More sharing options...
Yesitisdakid Posted March 3 Author Share Posted March 3 23 minutes ago, Glasseye said: I really have no clue. One thing you may want to consider. Set up and account with Bangkok Bank. You can have your checks Direct Deposited into their NYC branch then it will be transfered into your Thailand branch. All kosher. They still do this but I think you have to set it up through contacts before opening the account. *** I will be looking into this more today. Not sure that's the best idea because if you deposit it automatically like you say and what many do in Bangkok Bank and then it's automatically transferred here they'll have a record of it coming from out of the country it will be interesting Link to comment Share on other sites More sharing options...
Glasseye Posted March 4 Share Posted March 4 (edited) It dosen't get automatically transferred there is a process with attached codes. The key (I am thinking) is that you can show you already paid taxes on that income which you should be able to do with your tax records. I don't think anyone has really figured it out yet. Edited March 4 by Glasseye Link to comment Share on other sites More sharing options...
Yessongs Posted March 4 Share Posted March 4 Talked to a guy at the gym yesterday, known him for a year now, good Thai kid, Masters Degree from DePaul University in Chicago. He is a financial guru, this kid knows his shit right, perfect English etc. He is a Director of International Assets for JP Morgan here in Bangkok. I asked him about these so called Tax rules here in Thailand, and all of the chatter about taxing various things etc. He said "That has been talked about for many year now in the gov't, it would take them many years to implement such a thing here and it would have many set backs. Don't worry about anything, just keep doing what you are doing and you have nothing to worry about. If you are doing your taxes on time in USA, doing them correctly and have a good track record, you are good to go" Ok then... Speaking of taxes, for us guys who are Americans, I personally have never in 50 years been audited by the IRS, never got a letter from them or anything of the like. We all hate the IRS but....I have to give it to them. Ever since we have all been able to file our taxes on line, it has been a cake walk, at least for me over the years. Filed both my Ca State and Federal taxes from here on Feb 24th, 5 days later my Ca refund was deposited in my account and 3 days later the Federal was deposited too. Are you guys getting the same treatment? 1 Link to comment Share on other sites More sharing options...
Glasseye Posted March 4 Share Posted March 4 1 hour ago, Yessongs said: Talked to a guy at the gym yesterday, known him for a year now, good Thai kid, Masters Degree from DePaul University in Chicago. He is a financial guru, this kid knows his shit right, perfect English etc. He is a Director of International Assets for JP Morgan here in Bangkok. I asked him about these so called Tax rules here in Thailand, and all of the chatter about taxing various things etc. He said "That has been talked about for many year now in the gov't, it would take them many years to implement such a thing here and it would have many set backs. Don't worry about anything, just keep doing what you are doing and you have nothing to worry about. If you are doing your taxes on time in USA, doing them correctly and have a good track record, you are good to go" Ok then... Speaking of taxes, for us guys who are Americans, I personally have never in 50 years been audited by the IRS, never got a letter from them or anything of the like. We all hate the IRS but....I have to give it to them. Ever since we have all been able to file our taxes on line, it has been a cake walk, at least for me over the years. Filed both my Ca State and Federal taxes from here on Feb 24th, 5 days later my Ca refund was deposited in my account and 3 days later the Federal was deposited too. Are you guys getting the same treatment? DePaul in Chicago, eh ? Very good business school and law school. I used to live in that area. Went to a gym for a while across from the main campus. I'd have to agree with him. In fact, as I have said when this nonsense first popped up.... It would be such a cluster for them to even begin to think about implementing it that it will quitely get shelved. 1 Link to comment Share on other sites More sharing options...
KWA Posted March 4 Share Posted March 4 17 hours ago, Yesitisdakid said: So those transfers obviously are not going to show up is coming in from out of the country I wonder how the tax people will deal with this. The "Common Reporting Standard" requires the sharing of information between countries' banks. If they ever decide to audit you (unlikely) they would see the money leaving your bank to Wise and the same amount (converted to THB) arriving in your Thai bank. It would be a reasonably obvious trail. Thailand signed up to the CRS last year. 1 Link to comment Share on other sites More sharing options...
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