Thailand to Tighten Tax Rules on Overseas Income to Aid Economy
Thailand will tighten loopholes in its tax rules on overseas income, as the new government seeks to lower income inequality as well as raise revenue to pay for measures to stimulate the Southeast Asian economy.
The finance ministry last week issued the stricter rule on overseas income, Prime Minister Srettha Thavisin told a business forum on Monday.
The new rule, which will take effect Jan. 1, 2024, will enable authorities to tax foreign income of individuals if they have been a resident of Thailand for at least 180 days in the particular assessment year, according to the Thai Revenue Department’s announcement.
