On 15 September 2023, the Revenue Department amended the taxation of foreign-source income for Thai residents.
Previously, this income was only taxed if brought into Thailand in the year that it was earned.
Now, offshore income is taxed upon entry into Thailand, regardless of the year it was earned. As a result, the Revenue Department can tax offshore income as soon as it enters Thailand. This new interpretation will apply to income from 1 January 2024, onwards. Taxpayers with offshore earnings before 1 January 2024, should bring that income into Thailand by the end of 2023 to avoid taxation.
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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