The Thai Revenue Department is drafting a income tax law. The aim is to start taxing the income of individuals residing in Thailand that originates from overseas.
The draft follows the international principle of worldwide income under the residence rule, according to Kulaya Tantitemit, the director-general of the department. Based on it, income earned by an individual must be taxed by the country where the individual resides.
The new law and the amendment would stipulate that individuals residing in Thailand for 180 days or more must pay personal income tax on income earned overseas, regardless of whether that income is brought into Thailand.
The amendment would target personal income tax, not including corporate income tax or income from mutual funds investing abroad, except for private funds.
Current tax law calls for individuals who reside in Thailand for more than 180 days per year to pay taxes to Thailand on income earned locally and also on any income earned abroad that is brought into the country.
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