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I am hearing that any funds I transfer from Canada to my Thai bank accounts is now subject to Taxation in Thailand. I can understand that interest I earn in Canada is taxable, but what about when I move underlying cash that has been in my account in Canada for many years, which has been taxed by Canada in years past?

If money has been in a bank account since before 1 January 2024 it can be remitted to Thailand at any time in the future without being liable to tax. The notable amendment in Order No. P.162/2023 is the clarification added to the first item of Order No. P.161/2023, which stipulates that the new taxation rule does not affect income earned before 2024. This specific exemption provides a transitional period for taxpayers, allowing them to adapt to the new system without the worry of retrospective taxation.

Category: General Tax Queries
Tag: Tax Liability

Tax Advisory Disclaimer

The information on this website is for informational purposes only and is not professional tax advice. For full details, please consult our complete Tax Advisory Disclaimer.