Transcript of the above video: 

As the title of this video suggests, we are discussing the possibility of changes to Thai Tax rules with an incoming new Thai Government. I made a video right before we got the verdict on Paetongtarn and her being removed from office by the Constitutional Court, where we were discussing the Finance Minister talking about all sorts of OECD stuff and I brought up the fact that 50, 57 million, depending on what number you want to use, but it looks like it is as high is 57 million Thais who don't currently need to file taxes. Did they vote for all this OECD nonsense that would require Thais to file taxes whereas in the past, they never have had to? My answer to that was no basically, and I don't think that any of this policy is particularly good. Now exactly how this could play out moving forward remains to be seen, but what we know right now as of the time of this video, Paetongtarn has been removed from Office; the Cabinet is effectively swept aside, it is like a holding pattern “caretaker” Government, “caretaker” Cabinet sort of thing if you will. 

Meanwhile as I have discussed in other videos made contemporaneously with this one, Mr. Anutin Charnvirakul of the Bhumjaithai Party - currently in the opposition or heretofore in the opposition up to Friday - basically has stated and looks like from various sources this seems to be the case that 279 vote minimum have been secured in favour of a new Thai Coalition which would be headed by him. Now the question posed by this is what is going to be the impact on Thai Tax Policy should this new government come into power. 

I thought of making this video after reading a recent article from the Pattaya Mail, that is pattayamail.com, the article is titled: Foreigners wonder what's in store if Anutin becomes the next premier. Quoting directly: "The Ministry of Finance will be pushing for the adoption of its long-promised rule change to allow foreign income tax, excuse me, foreign income to be tax-free when transmitted to Thailand." Now as I have discussed in other videos and talked on the phone to various folks, please don't listen to all the idiots out on YouTube and all the folks out just talking nonsense, and frankly if they are a foreigner, if they are not a Thai national talking Thai tax policy, they are operating illegally. As I have discussed in other videos pertaining to restricted occupations here in Thailand, Thai Law and discussion thereof in a professional context - and don't play these games of "oh I'm just talking about that" - no, people know when somebody is talking about something professionally. And beyond even that it is even in the restricted occupations that “education” on such matters is restricted as well. I have gone over that in detail in many other videos. That being said, the reason I have such a problem with this is because these people lead people down the exact wrong paths and cause them to do things that they don't otherwise need to do, that are not necessarily in their interests, and it is damaging. It's why I get so upset about it. For those who want to understand some information in more deep level context, we do make deep dive videos in our paid news service, Integrity News Service. If you are interested in that, email us [email protected]. Really quickly while I am talking my book, it's also worth noting, my better half and I set up a restaurant here in downtown Bangkok. It's called Pancake Palace. As the name implies, breakfast anytime and American Diner style food. If you are interested in that, please check out the links in the description below; you can get our location and come on down, we'd love to see you. 

That said, it's really worth pointing out, there has been all kinds of talk from frankly all kinds of idiots on the internet about Thai Tax policy and they really shouldn't even be discussing it; they have no place doing it, and it is illegal. But the point I am trying to make is we don't know if there is going to even be a new memo regarding tax rule changes. It is not a foregone conclusion yet, and it hasn't happened yet, and frankly talking about it too much in my opinion is kind of counterproductive because what is the point. That said, quoting further: "Provided it arrives during the year of earning or the following year." So again, this so-called memo that doesn't exist heretofore, may or may not pertain to timing of inbound remittances. Quoting further: "This does not require Parliamentary approval but merely the nod of assent from the Council of State and the Cabinet". Well is that a foregone conclusion? It would depend on the nature of the thing.

Again, foreigners get too deep into legal analysis regarding how Thai Law and Regulation works; ain't a great idea. Quoting further: "To allow this key issue to languish into the next tax year from January 2026 would be highly detrimental all around." Look, I haven't liked any of this frankly. When the memo was promulgated in quarter 3 of 2023, I felt like it was not particularly great policy or I should say not well thought out. To my mind it was created to deal with Branch offices of Thai Corporations remitting funds and using timing to sort of dodge possible certainly liabilities but it ended up having effects on individuals and then frankly foreigners who had no business dealing with the matter, discussing the matter or anything pertaining to internal Thai Tax Policy at all, grabbed ahold of it and made a big hullabaloo about it as if foreigners all had to run out and file tax returns just because they had a bank transfer into Thailand. As I discussed in other videos, there's no cut and dried single one-size-fits-all analysis when it comes to tax policy. The underlying facts of an individual's case will dictate what the possible conclusion is regarding Thai Tax Policy and whether or not tax liability or assessability applies to their case. So again, and what really is kind of bugging me in all of this is we are still seeing this undue foreign influence in matters pertaining to Thai Tax Policy. That said, quoting further: "There is much more involved here than farang retirees worrying about their pensions." Well maybe, maybe not.

In any event, it remains to be seen whether or not there will even be a new memorandum regarding Thai Tax Policy. Meanwhile we are currently kind of in a state of flux with regard to the Thai Government and possible changes thereto. That said, it's looking to be shaping up in favour of Anutin becoming the new Prime Minister. That stated, that's not yet exactly a foregone conclusion so we will certainly be keeping you updated on this channel as the situation evolves.