The Revenue Department in Thailand has announced a new policy that will subject residents who earn overseas income to personal income tax if they reside in the country for up to 180 days a year.
The Revenue Department in Thailand has implemented a new policy that subjects residents earning overseas income to personal income tax, aiming to close loopholes and generate more revenue.
The policy specifically targets residents trading in foreign stock markets, cryptocurrency traders, and those exploiting a loophole allowing tax-free transfer of foreign earnings.
While the policy aims to increase revenue, there are concerns about its impact on private bankers, financial institutions, income inequality, and the overall economic and social fabric of Thailand.
The policy aims to close loopholes that allowed individuals to bring foreign earnings into Thailand tax-free. It specifically targets residents trading in foreign stock markets, cryptocurrency traders, and those exploiting the offshore account loophole.
Enforcing transparency on offshore income poses challenges, especially with…