Thailand’s revenue departments have published new regulations that will result in the personal income taxation of all foreign income, whether it was earned income or savings.
A senior official in the Ministry of Finance confirmed the accuracy of a document that the revenue department provided over the weekend.
The paper states that “those who have wealth that is located outside of Thailand and has brought these assets into Thailand must factor this into their personal income tax for the year.”
The initiative will start on January 1, 2024, and it will only apply to Thai tax residents, so tourists and temporary workers are not included. Those who have paid taxes in a nation with which Thailand has an active double taxation agreement will also be exempt.
How this would affect foreigners on retirement visas residing in Thailand is not yet apparent.
This is a developing story, so there may be updates.
