New Tax Regulations For Foreign Income
The Thai Tax Authority has implemented a new tax regulation (Revenue Department Order No. 162/2023) for foreign income. From 1 January 2024 onwards, individuals who reside in Thailand for at least 180 days in a tax calendar year and transfer foreign-source income into Thailand will be subject to income tax.
However, any foreign-source income earned before 2024 will not be subject to tax if proof of earning it earlier is provided.
If you need guidance on how this change can affect your ventures, don’t hesitate to contact us
What’s Happening in Thailand
- Thailand is gearing up to host the second round of discussions on a free trade agreement (FTA) with the European Union (EU) at the end of January. The goal is to reach an agreement within the next two years.
- Thailand’s December Consumer Price Index (CPI) fell for the eighth straight month, dropping below the Bank of Thailand’s target range, marking the lowest decrease in 34 months and indicating a prolonged period of low inflation.
- Thai Prime Minister Srettha Thavisin is pressuring the Bank of Thailand to consider cutting interest rates due to low inflation.
- Thailand has received a green light to borrow to finance its controversial 500 billion baht ($14.29 billion) digital handout scheme in a boost to a government eager to stimulate a sluggish economy. However, its implementation may be delayed.
- Thailand expects 8 million tourists from China in 2024 after both countries agreed to permanently waive visa requirements for each other’s citizens from March.
- Thailand’s economy is expected to grow 2.8 per cent this year, which is faster than in 2023, due to higher exports, services and tourism arrivals.
- Thailand’s current policy rate is broadly neutral and the country’s slower-than-expected growth forecast for this year does not constitute a crisis, its central bank chief told Reuters.
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