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Effective January 1st, 2024, any foreign-earned income [example; salary, interest earned on savings, capital gain on assets etc] brought into Thailand that was earned and realized during any tax year, shall be subject to Thai personal income tax [ PIT ] assessment in the year it was brought/sent to Thailand. The main difference between this law previously and moving forward [from 1st January, 2024], is that personal income tax on any/all foreign-earned income shall now be applicable regardless of which [fiscal] year that income was earned and realized.

Should I do anything?

Any person residing, staying or holidaying in Thailand for more than 180 days [cumulatively], during any calendar [also fiscal] year, who brought [on their person] or wired [via transfer] earned and realized income from another country to Thailand could be affected by this law!

It’s also important to consider the tax agreement [if any] that the country in which the income was earned and realized, currently has with Thailand. Countries that have double tax agreements with Thailand already can be found in the link below:

https://www.rd.go.th/english/766.html

If you answer yes to the following questions, you may be liable for tax assessment and payment:

1. Will I stay in Thailand during any given year for more than 180 days?
2. If yes, will I bring any profit, earnings and/or income with me to Thailand during this period?

Have you answered YES to both questions? If yes, please seek clarity from a qualified accountant!

Request a consultation with our CPA / Auditor via our Contact Us page