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Thailand tightens tax rules on overseas income

Thailand is set to close gaps in its tax rules for overseas earnings in a bid to reduce income disparity and boost national revenue. Prime Minister Srettha Thavisin announced that from 1 January 2024, individuals residing in Thailand for a minimum of 180 days within an assessment year will be taxed on their foreign income, according to a directive from the finance ministry. The move aims to counter the exploitation of tax loopholes that contribute to the nation's wealth gap. Previously, foreign income was only taxed if brought into Thailand the same year it was earned. This change supports the government's economic strategy, which includes a THB560bn stimulus for Thai adults to invigorate domestic consumption.


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