Thailand to tax all income earned abroad starting next year

Thais earning income abroad and exploiting a well-known tax loophole are about to have their vibe killed by the country’s greatest party pooper: The government. A statement issued by the Revenue Department Friday announced that all money earned by Thai citizens must be taxed as personal income, effective January 1, 2024.  

The document states that under Section 41 of the Revenue Code, people who have assessable income due to work or business activities abroad, or assets located abroad, in a previous tax year and have brought this assessable income into Thailand in any subsequent tax year, are obligated to calculate and pay taxes on the income under Section 48 of the Revenue Code in the tax year the income is brought into the country. That is a lot to wade through but the gist is this: if you earn money abroad and bring it back into Thailand, you pay income tax on it,…