A recently introduced tax regulation in Thailand mandates that Thai tax residents pay personal income tax on foreign income brought into the country.
The new tax regulation in Thailand compels both Thai citizens and foreign residents to pay personal income tax on any income derived from a foreign source when brought into the country, thereby closing a longstanding tax loophole.
The implementation of the Common Reporting Standard will assist Thailand’s Revenue Department in clamping down on tax evasion related to foreign assets and earnings.
The new tax decree has the potential to enhance the attractiveness of Thailand’s Long-Term Resident visa scheme, particularly among affluent individuals who stand to benefit from tax exemptions on their foreign assets or earnings.
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