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Taxability

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Taxability

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I’ve come across this article. As of 1 January B.E.2567 (2024) the Revenue Department has enforced its department instruction P. 161/2566 to tax any Thai citizen or Foreigner with Thai residency who receives an income within Thailand. Sources of income earned outside of Thailand are excluded from taxation.

This article just means that Thailand is a remittance tax basis.. which means you’re only taxed on assets transferred to Thailand. If they are earned outside and not remitted (transferred in) then they are potentially not taxable, depending on the type of income.

Category: Taxability
Tags: Revenue Department, Source of Funds
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What is the Thai Revenue Department’s definition of expatriate “savings” brought into Thailand, especially when these savings historically originated as “income”? If I receive a private pension from the UK and deposit the entire amount into a bank savings account in Thailand, how long must it remain in the savings account for the Thai Revenue Department to classify it as “savings” and not as income? This is important because you mentioned that “savings” transferred to Thailand (excluding interest/dividends) are not considered “income” and are therefore not taxable.

If you were a Thai tax resident when the income was paid into the account, then if you remit this into Thailand at any time in the future, this is liable for income tax in the year it is remitted. This started from 1st January 2024 onwards.

Category: Taxability
Tags: Pension, Revenue Department, Savings, UK

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.