Thailand’s revenue departments has released new guidelines which will see all income from abroad taxed as personal income tax regardless of whether it was earned income or savings.

A senior official at the Ministry of Finance confirmed a document released by the revenue department over the weekend was accurate.

According to the document, “…those that have earnings from occupation or business abroad or wealth that is located abroad…and has brought these assets into Thailand…must factor this into their personal income tax for the year.”

The program will begin January 1, 2024 and apply only to tax residents in Thailand meaning tourists and short term workers will be exempt.

It is unclear at this point how this will apply to foreigners living in Thailand on a retirement visa.

This is a developing story and will be subject to update.

 

https://www.thaienquirer.com/50744/thai-government-to-tax-all-income-from-abroad-for-tax-residents-starting-2024/

Not totally surprised by this.  They have to pay for all these  'give-aways' somehow..  There must be many expats using Thailand as a tax haven.  The wonder is that it has taken any Gov. so long to catch on

I would have thought that it will b difficult to tax anyone who is not given some from of residency status.  if all the retirees and other log term visitors are driven away, Gov will need to collect a lot of tax revenue to make up.

11 minutes ago, Robin said:

Not totally surprised by this.  They have to pay for all these  'give-aways' somehow..  There must be many expats using Thailand as a tax haven.  The wonder is that it has taken any Gov. so long to catch on

I would have thought that it will b difficult to tax anyone who is not given some from of residency status.  if all the retirees and other log term visitors are driven away, Gov will need to collect a lot of tax revenue to make up.

In my 20 years in Thailand I had some wealthy/very wealthy farang expat friends. One thing being was that the bulk of their money was held 'offshore' from Thailand, in places like Switzerland and Singapore. For some I don't think Thailand is perceived as a safe enough place to hold large sums of money/assets, and not just for tax reasons.

Edited September 18, 20232 yr by Andrew65

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