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Sunday, June 23, 2024

Thailand Introduces New Tax Guidelines for Foreign Income

In a significant development, Thailand’s revenue department has unveiled new guidelines that will have far-reaching implications for individuals with income derived from abroad. Under these new regulations, all income sourced internationally will be subject to personal income tax, irrespective of whether it constitutes earned income or savings.

A high-ranking official from the Ministry of Finance has officially confirmed the authenticity of the document released by the revenue department over the weekend.

The document states, “Individuals who have earned income through occupation or business activities abroad, or possess wealth situated in foreign jurisdictions and have subsequently brought these assets into Thailand, will be required to include this income in their personal income tax assessment for the year.”

The implementation of this program is scheduled to commence on January 1, 2024, and it will exclusively apply to individuals classified as tax residents in Thailand. Notably, tourists and short-term workers will be exempt from this tax regulation. Additionally, those who have already been subjected to taxation in a foreign nation with a valid Double Tax Agreement in place with Thailand will also be exempted from this tax requirement.

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Author: phacharaphonk

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