tomkenet
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Not according to: Ernst & Young: This provision aims to limit the scope of foreign-sourced income subject to Thai personal income tax and exempts income earned before 1 January 2024. As per Paw.162 instruction, only foreign-sourced income earned from 1 January 2024 onwards, and the individual having been a Thai tax resident in the year of earning, would be subject to Thai personal income tax in the year whenever it is brought into Thailand. Mazars: shall not apply to any foreign sourced income earned by Thai tax residents before 1 January 2024. Thai tax residents will not be required to include their foreign sourced income earned before 1 January 2024 in their personal income tax returns, even if such income will be brought into Thailand from 1 January 2024 onwards. Baker McKenzie: The new order does not apply to foreign sourced income received by a Thai tax resident before 1 January 2024.
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Thank you for a very interesting post. It seems like many people have not read or understood these important updates: Ernst & Young: This provision aims to limit the scope of foreign-sourced income subject to Thai personal income tax and exempts income earned before 1 January 2024. As per Paw.162 instruction, only foreign-sourced income earned from 1 January 2024 onwards, and the individual having been a Thai tax resident in the year of earning, would be subject to Thai personal income tax in the year whenever it is brought into Thailand. Mazars: shall not apply to any foreign sourced income earned by Thai tax residents before 1 January 2024. Thai tax residents will not be required to include their foreign sourced income earned before 1 January 2024 in their personal income tax returns, even if such income will be brought into Thailand from 1 January 2024 onwards. Baker McKenzie: The new order does not apply to foreign sourced income received by a Thai tax resident before 1 January 2024.
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So how do you interpretate Baker MacKenzie clarification about the text "Tax residency status in the year of remittance is irrelevant." "Thai personal income tax is based on cash basis - receiving income. A year in which a person receives offshore income is relevant, saying that it must be a year that the person is a Thai tax resident. Whether that person is a Thai tax resident in a year in which he or she actually brings income into Thailand is not relevant."
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What if Mr A has a savings account from before 2024 holding 16000 thb. The interest is 1000 thb a year, so in 2026 the account holds 18.000 thb. He remits this 16.000 thb from the savings account to Thailand in 2026. (Not from the account that holds the 16.000 capital gains from 2025) What is taxable income for the year 2026? 0 thb 2.000thb or 16.000 thb
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Not sure if this document has been posted here before. https://www.mazars.co.th/mazarspage/download/1175616/59807824/file/Technical-update-November-2023.pdf Quite interesting What if Mr A has a savings account from before 2024 holding 16000 thb. He remits this money, instead of capital gain money realised from selling 80 shares in 2025, to Thailand in 2026. Still taxable for the year 2026?