Govt to tighten tax rules on overseas income to aid economyThailand will tighten loopholes in its tax rules on overseas income, as the new government seeks to lower income inequality as well as raise revenue to pay for measures to stimulate the economy. The finance ministry last week issued the stricter rule on overseas income, Prime Minister Srettha Thavisin told a business forum on Monday. The Revenue Department announced on Sept 15 that local residents who earn income from abroad will be subject to personal income tax regardless of the tax year in which the money is earned, according to a report by Krungthep Turakij newspaper. The previous rule allowed residents with foreign income to be taxed only if the money is remitted into Thailand in the same year in which it was earned. The tighter measure is meant to close the loophole of people deferring transfer of their overseas income to a different year.

Source: Bangkok Post September 18, 2023 17:00 UTC