The tweak in the Thai Revenue rules, affecting both Thai and foreign tax residents, means that income derived from assessable foreign sources is to be taxable from new year’s day 2024. The exact impact and scope remain fog-bound, but it is no exaggeration to say that the move has put the cat firmly amongst the expat pigeons who spend six months or more in the kingdom in a calendar year. The fiscal move may indeed be aimed at wealthy Thais with offshore bank accounts or profits from overseas businesses, but the typical expat risks being trapped in the crossfire.
The Thai tax authority is still mulling the detail. Officers know that whatever tax is due on cash transferred to Thailand during 2024 won’t appear on an individual’s tax return until 2025. So no hurry in their eyes. Most expats, of course, have barely…
