Advance Blog

March 12, 2024

What’s Happening in Thailand

New Tax Regulations For Foreign Income

The Thai Tax Authority has implemented a new tax regulation (Revenue Department Order No. 162/2023) for foreign income. From 1 January 2024 onwards, individuals who reside in Thailand for at least 180 days in a tax calendar year and transfer foreign-source income into Thailand will be subject to income tax. 

However, any foreign-source income earned before 2024 will not be subject to tax if proof of earning it earlier is provided.

If you need guidance on how this change can affect your ventures, don’t hesitate to contact us

What’s Happening in Thailand

  • Thailand is gearing up to host the second round of discussions on a free trade agreement (FTA) with the European Union (EU) at the end of January. The goal is to reach an agreement within the next two years.
  • Thailand’s December Consumer Price Index (CPI) fell for the eighth straight month, dropping below the Bank of Thailand’s target range, marking the lowest decrease in 34 months and indicating a prolonged period of low inflation.
  • Thai Prime Minister Srettha Thavisin is pressuring the Bank of Thailand to consider cutting interest rates due to low inflation.
  • Thailand has received a green light to borrow to finance its controversial 500 billion baht ($14.29 billion) digital handout scheme in a boost to a government eager to stimulate a sluggish economy. However, its implementation may be delayed.
  • Thailand expects 8 million tourists from China in 2024 after both countries agreed to permanently waive visa requirements for each other’s citizens from March.
  • Thailand’s economy is expected to grow 2.8 per cent this year, which is faster than in 2023, due to higher exports, services and tourism arrivals.
  • Thailand’s current policy rate is broadly neutral and the country’s slower-than-expected growth forecast for this year does not constitute a crisis, its central bank chief told Reuters.

More From Emerhub Blog

Everything you need to know about a BOI company in Thailand

Learn the know-hows of establishing a BOI company in Thailand and the considerations you need to take into account when deciding to register this type of company.

Company registration under the U.S.-Thai Amity Treaty 

Find out the key components of the treaty and ways in which it can offer unique benefits to U.S.-owned companies setting up in the Thai market.

Arrissra Limpisthien, Director of Emerhub Thailand

Thailand’s Personal Data Protection Act B.E. 2562 (2019) (“PDPA”)

As the Personal Data Protection Act (PDPA) also applies to personal data collected prior to the PDPA’s entry into force, please be informed that AustCham Thailand will automatically keep your contact details including email address, name and last name, and company details, on our mailing list.

Your data was received by AustCham Thailand as a result from you either registering or attending an event, contacting our office or subscribing to regular updates via the website. However, if you would like to stop receiving emails AustCham Thailand and revoke your consent for AustCham to keep and use your data to contact you for chamber events and updates, please scroll down to the end of this email and click “Unsubscribe from this list”. Your personal data will be shortly deleted once the opt-out notice request is received.

Please note that your data is kept in AustCham’s CRM system, please see here for AustCham’s Terms of Use and Privacy Policy. AustCham uses a management software system from Wild Apricot, and emails are distributed through MailChimp.