Thailand’s revenue departments has released new guidelines which will see all income from abroad taxed as personal income tax regardless of whether it was earned income or savings.
A senior official at the Ministry of Finance confirmed a document released by the revenue department over the weekend was accurate.
According to the document, “…those that have earnings from occupation or business abroad or wealth that is located abroad…and has brought these assets into Thailand…must factor this into their personal income tax for the year.”
The program will begin January 1, 2024 and apply only to tax residents in Thailand meaning tourists and short term workers will be exempt. Also exempt will be those who have been taxed in a foreign country that has a standing Double Tax Agreement with Thailand.
(For list of countries with Double Tax Agreement please click here)
It is unclear at this point how this will apply to foreigners living in Thailand on a retirement visa.
This is a developing story and will be subject to update.