Hello so I've been kind of living under a rock for a while and I heard televised late last year. So I'd like to know how is this affected you personally if at all. And how are you dealing with this if you're staying in Thailand for more than 180 days? This update was from February of this year that I just kind of read and summarized. Or in general what are your thoughts and opinions on this?
Starting January 1, 2024, Thailand has changed its tax laws concerning foreign-sourced income. Previously, Thai residents were taxed on foreign income only if it was brought into Thailand in the same calendar year. Now, under Departmental Instruction No. Paw 161/2566, any income earned overseas from employment, business, or property must be declared and taxed in Thailand, regardless of when it enters the country. This new rule applies to anyone residing in Thailand for 180 days or more in a calendar year.
### Impact on Foreigners in Thailand
For foreigners living in Thailand for more than 180 days in a calendar year:
1. Tax Obligations: They will be required to pay Thai income tax on any foreign-sourced income earned from employment, business, or property.
2. Income Declaration: All such income must be declared in the year it is earned, not when it is brought into Thailand.
3. Tax Rates: The tax rates range from 5% to 35%, depending on the amount of income earned.
4. Tax Filing: Income tax forms must be submitted by March of the following year.
This change ensures that foreigners with significant stays in Thailand are subject to the same tax rules as Thai citizens and residents, thereby promoting a fairer tax system.
This summary was according to the article that I read. Fairer. 😂
