The Revenue Department will provide additional clarification regarding the payment of tax on funds coming into Thailand from abroad.
The information about this new regulation has sparked discussions and misunderstandings in both society and the financial sector.
According to Resolution No. 61/2023, starting from January 1, 2024, individuals residing in Thailand for at least 180 days per year and earning income from work or assets abroad are required to pay income tax.
Lavarn Saengsanit, the Director-General of the Revenue Department, has promised to hold hearings and focus groups in the near future to explain and discuss the new rules before they take effect.
According to Thai media reports, this change is aimed at addressing income inequality issues and may primarily affect residents who trade on foreign stock markets, cryptocurrency traders, and Thai citizens who have used loopholes to import or transfer funds to the country without paying taxes.
Previously, Prime Minister Setthawut Thavisin emphasized the importance of this step, stating, "Some people may be unhappy that I am digging into this field, but inequality is a significant problem. The principle of taxation is that you should pay tax on the income you earn, regardless of how you earned it, rather than using various loopholes to avoid it."