A new tax regulation in Thailand will now require both Thai citizens and foreign residents to pay personal income tax on any income from a foreign source when brought into the country. This change aims to close a longstanding tax loophole. The regulation will have implications for individuals bringing in income from overseas and will result in increased tax obligations for those affected.
Previously, there was a gap in the tax system that allowed individuals to bring in income from foreign sources without having to pay personal income tax on it once it was in Thailand. This new regulation aims to address this issue and ensure that all income, regardless of its source, is subject to personal income tax when brought into the country. The change will affect both Thai citizens and foreign residents and may result in a heavier tax burden for some individuals.
The article highlights the impact of the new tax regulation in Thailand, which targets income from a foreign source that is brought into the country. This change aims to close a longstanding loophole in the tax system and ensure that all income is subject to personal income tax. The regulation will have implications for individuals bringing in income from overseas and may result in increased tax obligations for affected individuals.
Source link : New tax regulation closes loophole in foreign income brought into Thailand
