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New tax regulation closes loophole in foreign income brought into Thailand
Starting from January 1, 2024, Thailand tax residents will be required to declare and pay Personal Income Tax (PIT) on any income sourced from offshore, when it is brought into Thailand.
A new tax regulation in Thailand will require Thai tax residents to pay personal income tax on foreign income brought into the country.
Key Takeaways
- A new tax regulation in Thailand will require Thai citizens and foreign residents to pay personal income tax on any income from a foreign source when brought into the country, closing a longstanding tax loophole.
- The implementation of the Common Reporting Standard will aid Thailand’s Revenue Department in cracking down on tax evasion on foreign assets and earnings.
- The new tax ruling may boost the Thai government’s Long-Term Resident visa scheme by attracting wealthy individuals who can benefit from tax exemptions on their foreign assets or earnings.
Previously, there was a loophole that allowed individuals to avoid paying taxes by sending their foreign earnings to the next year. However, in an effort to combat tax evasion and address budget constraints, the government has implemented new tax rules. These stricter measures are intended to close the loophole that allowed people to delay transferring their overseas income to a different year.
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