Transcript of the above video:

Wow, yeah, this whole tax thing, quite honestly there are a lot of people who have no idea what they are talking about. They seem to be out there in the ether of the internet just spouting nonsense and it is kind of getting a little bit old. But long story short I thought of making this video after reading many things on the internet but most specifically I thought this recent article from the Pattaya Mail, pattayamail.com, rather concisely covered, this excerpt kind of covered this topic well enough so that I can cite it and basically do the analysis on it. The article is titled: Thai Revenue offers glimmer of clarification on tax changes. Quoting directly: "The Revenue Department this week has reassured Thais and Expats living here that the new rules on taxation apply only from January 2024 and not earlier. There had been speculation that the Revenue," (I think they mean the Revenue Department) "that the Revenue might start probing cash transactions to Thailand in earlier years as, in theory, they have the power to do." 

Well they absolutely do. Yeah they are aware of the inflows and outflows of capital coming into Thailand. That said, again as we have discussed in prior videos, the recent announcement with regard to changes in the guidance regarding regulatory oversight of money being brought into Thailand, whether or not it is considered accessible income for tax liability purposes, or what I would probably call accessible revenue or accessible capital; income has a specific connotation in the context of tax. That said, again this doesn't start till January 1, 2024 so up until then, we are under the old rule which is just what we have been dealing with. 

So, as I have discussed in other videos, as a practical matter, I don't think we are going to see a lot of people dealing with anything with regard to this again practically until about 2025. Now there are things to do to go ahead and mitigate possible tax liability down the road by taking certain actions now. There may also be things to do from a tax planning standpoint to be able to sort of optimally operate if one is living and working here in the Kingdom. 

So the thing to take away from this video is one, don't just listen to a bunch of stuff on the internet. Some guy on YouTube does not have all of the insights in the world. I try to keep these videos very general, very broad, because quite honestly especially when it comes to assessed tax liability, everything is going to be specifically fact dependent in your case. There is no either/or here. I know people do not want to hear this but it is just a fact. At the end of the day, your tax liability is going to be assessed by the specific facts in your case. So again, somebody that is just out on the internet that is just sort of babbling sort of "one size fits-all" solutions etc., not somebody you really want to listen to okay? So be careful with this because again this is coming. I don't think it is something to be totally worried about, as I have discussed in other videos. I think about 80% of folks that are here in Thailand of foreign nationality are probably going to be unaffected by this whatsoever but yeah it will probably have an impact on a certain subset of the foreign community here. That said, we will certainly keep you updated on this channel regarding the developments with regard to tax as the situation evolves.