Taxes in Thailand
As you plan for retirement in Thailand, remember to be mindful of the taxation regulations. All American citizens living within its borders must file taxes both in Thailand and the US; this is due before March 31st each year. To make matters more complicated, all filings need to be written entirely in Thai! This can understandably cause a few difficulties for expatriates, so many enlist the help of a local accountant.
If you are shopping for goods or services in Thailand, you will be subject to a 7% sales tax; this is usually included on the bill when dining out or purchasing items from stores.
If you’re planning to buy property here, prepare yourself for additional taxes and fees too: business taxes (3.3%), transfer fees (2% of your purchase amount), stamp duty (0.5%) and withholding tax (1%). All these costs come together to make up what can become quite an expensive sum!