Question 1

Like many expatriates, I have financial savings in bank accounts in my home country. It was recommended to make a list of your savings at the end of 2023. Are these saving regarded as revenue for tax in Thailand?

Chas Begley · Accepted Answer

It is prudent to make sure that you aqcuire bank statements as of the 31st December 2023. You can then show in the future that this account is from before the rule changes. It is also important that you do not add new money into this account which is taxable, as it is then difficult to distinguish between non-taxable and taxable assets.

Question 2

I am a UK expat 73 years of age living in Thailand on approx 39,000baht a month pension(depending on exchange rate), taxed at source. What will I have to pay Thai tax on this

Chas Begley · Accepted Answer

You will have to file a tax return, as this is over the single filing limit of THB120k and the married filing limit of THB220k.

This doesn’t mean you have to pay tax. It depends on your other allowances and deductions.

You can find out more about Thailand’s tax rates, allowances and deductions here or if you prefer to listen to a short podcast here

Question 3

Is income from a UK state pension taxable in Thailand?

Chas Begley · Accepted Answer

UK state pensions are taxable in Thailand if remitted. However, the exact tax treatment depends on the amount remitted due to Thailand’s allowances and deductions, which could mean you have to file but not have tax to pay. If you have less than THB220,000 remitted in a calendar year and are married, or less than THB120,000 if you are single, you do not need to file a Thai tax return for your UK state pension. If it is above these limits then you do, regardless if you have tax to pay or not.

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