HotelQuickly, a startup tech company, is currently seeking an Android Developer
-
Recently Browsing 0 members
- No registered users viewing this page.
-
Topics
-
-
Popular Contributors
-
1
-
2
-
3
-
4
.thumb.jpg.bc523c85a8d558dbc282dca7a2e602c9.jpg)
-
5
-
-
Latest posts...
-
41
THAILAND LIVE Thailand Live Wednesday 4 June 2025
Thailand Eyes Tax Holiday to Draw Back 2 Trillion Baht in Overseas Funds Picture courtesy of Bangkok Post In what could be a transformative financial policy for Thailand, the Revenue Department is planning a two-year tax holiday on foreign-earned income repatriated back to Thailand. This initiative, aimed at reeling in an estimated 2 trillion baht in investments from abroad, seeks to revitalise Thailand's struggling economy by attracting capital locked in international real estate, insurance schemes, and offshore funds. Full Story: https://aseannow.com/topic/1362662-thailand-eyes-tax-holiday-to-draw-back-2-trillion-baht-in-overseas-funds/ -
0
Report Thailand Eyes Tax Holiday to Draw Back 2 Trillion Baht in Overseas Funds
Picture courtesy of Bangkok Post In what could be a transformative financial policy for Thailand, the Revenue Department is planning a two-year tax holiday on foreign-earned income repatriated back to Thailand. This initiative, aimed at reeling in an estimated 2 trillion baht in investments from abroad, seeks to revitalise Thailand's struggling economy by attracting capital locked in international real estate, insurance schemes, and offshore funds. A Strategic Economic Stimulus The vision, articulated by Revenue Department Director General Pinsai Suraswadi, is to entice Thai citizens with foreign income to reinvest domestically. "We want to encourage individuals with foreign income to bring it back and invest in Thailand," he stated, envisioning a ripple effect that could invigorate local financial markets, including stocks and bonds, with fresh liquidity. Under this proposed regulation, Thai residents—defined as those spending at least 180 days in Thailand annually—are eligible to bring foreign income home without incurring any tax liabilities for a two-year timeframe. However, this offer comes with a strict deadline. Beyond this window, regular tax rates of up to 35%, dictated by income brackets, will resume. Current Rules and Proposed Changes The policy marks a decisive shift from the current taxation framework, implemented on January 1, 2024, which mandates full taxation on any foreign income remitted to Thailand, irrespective of its earning period. Prior to 2024, Thai expats could circumvent taxation on foreign income by delaying its transfer to Thailand by over a year—an avenue now closed by the updated regime. The Revenue Department’s reconsideration of these rules introduces a limited yet potentially impactful opportunity for economic growth. By paving the way for capital influx, the Thai government aims for an economic rejuvenation aligned with the globalisation of financial markets. Criteria for Qualification The stipulations for the tax holiday are clear. To qualify, individuals must: Reside in Thailand for at least 180 non-consecutive days in a calendar year. Possess foreign income derived from employment, assets, businesses, or investments. Ensure that the earnings are brought back to Thailand within the year of earning or the following year. This foreign returns initiative will begin once the Minister of Finance ratifies the draft regulation, expected to be enforced later this year. Notably, this tax break is applicable only to income earned after the policy is enacted; previously earned income is ineligible for benefits under this provision. Navigating Tax Credits and Deductions Individuals who have already paid taxes on their overseas income will have an opportunity to claim foreign tax credits but only up to the equivalent tax rate they would pay in Thailand. This rule ensures that individuals do not benefit from double-taxation avoidance beyond what is permissible under Thai tax law. Essentially, if an individual paid 40% abroad while the max rate in Thailand is 35%, they can only claim the 35%. Thailand has double tax agreements (DTAs) with various countries, which could complicate the tax credit claim process. Each agreement contains nuances that dictate where and how tax credits are applied, and taxpayers need to dig deep into these treaties to understand their positions fully. Thai residents will still be able to claim standard personal deductions on their Thai income. These include: 60,000 baht for the taxpayer. A similar deduction for a spouse. Up to 100,000 baht for life insurance premiums on qualifying policies. Half of salary-related income, capped at 100,000 baht. However, deductions do not extend to investment income, such as dividends and interest, aligning with the policy's focus on personal income rather than investment returns. The Tax Holiday’s Broader Impact Thailand's tactical move to suspend taxes temporarily on foreign income is a nuanced approach designed to harness global opportunities for domestic gain. This limited-time offer is the government’s signal to Thai investors and expatriates to reallocate their financial resources and contribute to the nation’s economic momentum. While the window is limited, and the conditions are specific, the benefits could be significant. Those who act promptly and strategically might not only evade tax liabilities but also spearhead a new wave of economic revitalisation. The onus now lies with Thai residents with offshore interests to assess the potential advantages of this tax holiday and act within the specified window to maximise their benefits—a rare opportunity in the ever-evolving landscape of global taxation. Adapted by ASEAN Now from The Thaiger 2025-06-04 -
69
Crime American Arrested in Pattaya for Attempting to Exchange Fake US Dollars
Have I hit a sore spot? I am particularly pleased about that! Oh yes, the greatest US-american fool´s name is TRUMP, an IDI@T of German descent. -
26
All disappeared.
Common sense and paranoia is a fine balance, Im a bit more worried about some of the members here than the state agencies interests in me. -
19
Access to US DMDC websites from Bangkok
I hear you....couldn't agree more. Over my long life I have experienced customer service calls to various organizations (like banks) that left me feeling the customer service rep was very polite but lacked the necessary training, was not aware of a IT system problem causing your particular problem, etc. And sometimes when making follow-up calls to customer service the service rep you got this time gave a completely different story as to what may be causing the problem. Make calls over the coming days and still more variations in answers given. I can definitely be frustrating at times. Preaching to the choir I'm sure. Even today when I did the DSLogin to check getting the a PIN via voice mail my "initial" attempted login after entering User and PW was greeted with a system error message...never got to the part where they ask how you want to receive the 2FA PIN. I refreshed the screened, enter User ID and PW again and this time it worked....all OK. And when I tried again about 5 minutes later the same thing happened. When DSLogin is working right you don't get any error messages when trying to login. And there was times in the past.....at least twice over the years....that I got the dreaded error message saying I was locked out. Calls to DMDC Customer Service revealed my particular lockout was for 31 days and if I tried to login again before that lockout period ended the lockout period would reset to zero....that is, the 31 days clock started again. And in both cases in getting locked out it was not due to incorrect entry of login credentials/2FA code but due a system glitch that occurred after I logged in successfully but when going to one of the websites within the DSLogin portal like Tricare Overseas, milConnect, etc., there were interface problems between DSLogin and those websites which apparently made DSLogin think something fishy was going on....it would then log me out and when I tried to log back in I got the lockout error message. And other times over the years I couldn't reach Tricare Overseas thru DSLogin for over a month due to interface problems with the DEERS and Tricare Overseas....that's what Tricare Overseas Customer service told me. Everytime you go to a website from within the DSLogin portal there is a check of the DEERS systems to verify you still exist in DEERS. If that DEERS quick check fails for whatever reason then you can't connect to the website. Yea, I use to like DSLogin but over the last 5 years or so it seems to have went down hill, got outdated, started experiencing more and more problems. Maybe the govt decided to retire it, cut back on system upkeep/maintenance, etc., pending arrival of its replacement....a replacement that probably got delayed. I guess that's why they are bringing on the MyAuth system to replace DSLogin....hopefully it will less temperamental than DSLogin....they again, who knows....MyAuth may turn out to be more temperamental than DSLogin. Time will tell. -
27
Politics Anutin Out, Prasert In: Cabinet Revamp Shifts Interior Power
So Anutin will be the health minister again just as Covid is approaching round two. Does no one remember the fiasco Thailand's handling of the Covid pandemic was when he was the health minister before?
-
-
Popular in The Pub
-
-
.thumb.jpg.c181973b2912b35c5c7c94d7a4a1b0ab.jpg)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now