The Revenue Department, through Departmental Instruction No. Paw 162/2566, has introduced a significant amendment to Clause 1, Paragraph 2 of Paw 162/2566, clearly stating that “Paragraph 1 shall not apply to assessable income earned before January 1, 2024.” This addition addresses the concerns of both Thai and foreign individuals qualifying as Thai tax residents, who earned offshore income before January 1, 2024. The worry that remitting offshore income into Thailand would incur Thai personal income tax is now alleviated. Consequently, Thai tax residents who earned income before January 1, 2024, are not required to repatriate such income into Thailand by the end of 2023 to avoid tax obligations.
While specific guidelines have not yet been provided, it is anticipated that these alterations will have substantial implications for a wide range of individuals.
Contact us today and let us handle your tax matters with professionalism and efficiency. Find out more here.
