Transcript of the above video:

Everyone's favourite topic, especially among the expat community, is Tax, so I'm sure while this video will probably receive some level of viewership, folks are probably not watching it in any way other than begrudgingly because they are kind of concerned about this overall topic. Long story short, with respect to this, look I have tried to be as non-hyperbolic as I can about these things going back into 2023 when I discussed them at the beginning when we first saw the memorandum propagated from the Revenue Department which has brought us up to the point of which were at and I asked for people to remain calm and frankly I think had there been a lot less foreign influence here in Thailand and people kind of whipping up the foreign Community to kind of freak out about this whole issue and frankly in a sense, kind of stampede them into doing things like interacting with Thai Tax Authorities when oftentimes they didn't need to, we would probably be in a better position. But that said, that is sort of water over the dam or under the bridge, however you want to look at it, and we are moving on. 

The point of this video is, since that memorandum though, and they are talking about the possibility of promulgating and releasing a new memorandum from Revenue Department which everyone has much speculation about what this thing's going to look like, it has not come out; it remains to be seen. It is best not to presume anything is going to happen until it happens. And even then, as I have discussed in prior videos, when they do release new rules, regulations, when we see something come out of The Royal Gazette that is a new Decree or a new Law has passed, best to calm down and not immediately make presumptions about what it means, what the ramifications are as it usually takes a minute to see how these things sort of percolate through the system, how they trickle down from an enforcement perspective, to see exactly what they're going to do when bringing this stuff online. 

That said, I think looking back 3 to 5 years from now, we will probably look back on 2024 and 2205 as kind of limbo years. Years where there really wasn't an overly, clearly defined tax regime especially as it pertained to foreigners and foreign money coming into Thailand. I think especially as digitization goes on, and while I hope we see certain policies get turned around I think that more certainty is probably more likely in the future especially if we see a more detailed framework published by authorities at the Revenue Department or we were to see something come from Parliament. But long story short, and the thing to take away from this video, again as I have always said, I don't mean to sound like a broken record, the specific facts in an underlying case are going to drive analysis regarding one’s possible, if at all, tax liability in Thailand. 

The thing to take away from this video and understand is looking back one day, I think we will definitely say that 2024 and 2025 were sort of “limbo years”. They were just sort of years in which there really wasn't an overly well-defined framework for dealing with Tax matters, and each individual's case was very much, the circumstances in their case, was very much the driver with respect to any analysis regarding either assessability or liability for taxes here in the Kingdom of Thailand.