Has anyone else noticed how Thailand’s new tax regulations could be harming not just the banking sector but also foreign investment in general? Thai banks are always eager to attract foreign clients and increase deposits, yet these new policies seem to be pushing some of us to reduce our financial exposure rather than expand it.

 

This isn’t just about bank deposits, it also affects foreigners investing in businesses, real estate, and other major assets in Thailand. The country has long encouraged foreign investment, and agencies like the Board of Investment (BOI) actively promote Thailand as a great place to invest. But these new policies seem to be working against that goal.

 

I’m just making some observations here, but under the new system, if you transfer in even a couple hundred thousand baht in a year in assessable income, you’re now obligated to file a tax return, even if not tax is due. For some people, that alone is enough of a deterrent to stop bringing in money altogether.

 

If the government wants to attract foreign capital, they need to do two key things: offer incentives and instill confidence. Right now, these tax changes are doing the opposite, potentially driving investment away rather than bringing it in.
 

Are you in agreement or do you think what they're doing with the tax law changes is a good thing, especially with the talk of possibly also taxing foreigner residents on their worldwide income in the future?

No. Money launderers are good at adapting. It goes with the job.