The Thai authorities have announced the introduction of a new tax that will affect both residents of the country and those who remain in its territory by virtue of a residence permit or a long-term visa. The essence of the law is the taxation of any foreign income, including profits from the sale of cryptocurrencies.

Thailand introduces tax on foreign income for anyone staying in the country for more than 180 days

The Bangkok Post reports that the Thai Tax Authority plans to start collecting personal income tax on all foreign income of the country’s residents from January 1, 2024. According to the published document, the law will also include income received for cryptocurrency trading.

The essence of the new law is that you must pay taxes on income received from abroad, regardless of how you received it and the year in which the money was earned.

Representative of the Ministry of Finance of Thailand

The previous rule allowed residents with foreign income to pay taxes only if the money was remitted to Thailand in the same year it was received. The tightening of the law is intended to close this legal loophole.


Grigori Shcheglov

Source: RB

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