Tax flash news: Further guidance from the Revenue Department on Foreign Sourced Income
By virtue of this DI Paw. 162, Thai tax residents will not be required to include their foreign-sourced income earned before 1 January 2024 in their personal income tax returns, even if such income will be brought into Thailand from 1 January 2024 onwards.
Our observation
The Revenue Department appears to be aware of the challenges encountered by taxpayers from the new protocol concerning foreign-sourced income. DI Paw. 162 resolves the difficulties taxpayers may have in distinguishing assessable income and savings incurred in years before 1 January 2024. Taxpayers with foreign-sourced income, which has yet to be realised, should consider realising income or gains before the end of this year so that such foreign-sourced income will not be taxable if remitted into Thailand on or after 1 January 2024.
Source: https://www.rd.go.th/fileadmin/user_upload/kormor/newlaw/dn162A.pdf