Following the release of Departmental Instruction Paw 161/2566, which altered the taxation of offshore income for Thai residents, significant concern among both Thais and foreigners in Thailand has been expressed to the Government in regard to the adverse implications to the Thai economy.
Taxpayers and financial institutions await further government guidelines on this matter as to how the changes will be practically implemented.
Those affected by Paw 161 should prepare in advance, ensuring they have evidence of money transfers for investments and a timeline of offshore income brought into Thailand, especially if income earned before 1 January, 2023, cannot be brought into Thailand by 31 December 2023.
While specific guidelines have not yet been provided, it is anticipated that these alterations will have substantial implications for a wide range of individuals.
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