The Thai tax authority has reported collecting 395 billion baht (approximately US$11 billion) in personal income taxes last year. The Revenue aims to close tax loopholes and ensure individuals declare their overseas taxable income starting from January 2024.
It has also implemented new reporting rules for digital platform operators to enforce tax compliance. With Thailand joining the Common Reporting System, international financial institutions will now share individuals’ transaction information to combat tax evasion. Sending money abroad is no longer private due to increased digitalization and enhanced transparency.
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