Starting January 1, 2024, Thailand plans to revamp its income tax laws concerning money earned abroad. This change includes earnings from cryptocurrency trading, offshore accounts, and international stock brokerages.
Previously, the tax code in Thailand only concerned itself with foreign income repatriated in the same year it was earned. However, the new regulations sweep away this distinction. Consequently, all money earned abroad must now be reported, irrespective of the year of earning or its intended use.
Officials from the Ministry of Finance justify this change by stating that it adheres to the principle that tax should be levied on all foreign-sourced earnings, regardless of how or when the income is acquired.
Besides serving as a new tax requirement, this change targets specific groups. Significantly, these include Thai citizens who trade cryptocurrencies, those with offshore accounts, and individuals who use international brokerages for foreign stock market investments.
According to various sources within the Bangkok Post, these categories will be the focal point of the new taxation regulations.