Transcript of the above video:

As the title of this video suggests, we are discussing overseas cash transactions in the context of recently announced changes to Thai Tax Policy. I thought of making this video after reading a recent article from the Pattaya Mail, that is pattayamail.com, the article is titled: Revenue offers glimmer of clarification on tax changes. Quoting directly: "The best advice to worried expats, notably those retired or living here on family or Elite visas, is to wait for instructions from a Government or Revenue Authority. For many reasons, that wait may be a long one. It is even possible that, for the first year or two, registration with the Revenue," (I think they mean the Revenue Department) "with the revenue might be "voluntary", that is only those who believe they are eligible to pay tax should come forward. Overseas cash transactions can be monitored by Thai Tax Authorities in any case." Yeah, that has always been the case. 

I am really sort of fascinated by how this whole discussion or narrative has kind of played out because one, there is this notion that like Thailand is doing something differently than the rest of the world. Quite honestly, they were doing something differently under the old rules and the rescission of the guidance regarding the timing of bringing in money to Thailand was just kind of a unique Thai trait and the rescission of that guidance basically just puts Thailand at the same standing as any other jurisdiction on the face of the planet with regard to tax and how they interact with Double Tax treaties etc. That said, again this is just a fact. Yeah large influxes of cash coming into Thailand they get monitored if for no other reason than going back to the post '97 financial crisis, Thailand is very sensitive to so called hot money for one thing. I mean that is just one reason let alone money laundering, all these other kind of issues that cause a certain amount of scrutiny to be placed on overseas transactions. So when talking about this in a tax context, I don't know why people would be surprised that yeah, cash transactions are monitored and I would say, that monitoring may result in some assessment of tax liability in the coming months and years.