New interpretation of the Revenue Department on foreign-sourced income brought into Thailand

Welcome to Wissen & Co Newsletter

In this issue, we provide to our clients, members of Chamber of Commerce, and friends up-to-date information and details regarding new interpretation of the Revenue Department on assessable income from an employment or from business carried on abroad or from a property situated abroad brought into Thailand.

Please be informed that on 20^th November 2023, the Revenue Department of Thailand has issued the Revenue Departmental Order No. Por. 162/2566 (“RDP No. 162/2566”) to set a new interpretation for the Revenue Departmental Order No. Por. 161/2566 dated 15^th September 2023 (“RDP No. 161/2566”) which is now used as a guideline for the tax officers to determine and assess the foreign-sourced assessable income brought into Thailand by the residents of Thailand.

The RDP No. 161/2566 specifies that any person receives assessable income whether from an employment or from business carried on abroad or from a property situated abroad and brings such assessable income into Thailand regardless when such income has arisen and regardless when such income will be brought into Thailand after 1 January 2024, such assessable income shall be subject to Thai personal income tax in the relevant tax year that such income has been brought into Thailand.

However, according to the recent RDP No. 162/2566, it gives a new interpretation and clarification that this guideline will not apply to the assessable income that occurs before 1^st January 2024. This provides an exception that if after 1^st January 2024, any person having those income deriving at any time before 1 January 2024 and bringing that money or transfer it to Thailand anytime after 1 January 2024 will not subject to Thai income tax.

The information provided in this newsletter is a summary of the new interpretation which has been announced and the interpretation made by us. Please contact our lawyers or e-mail us if you have any further inquiry.

Development News:

Effective 1st November 2023, our Managing Partner, Mr. Wichien Harnpraween, has received an honor from the member of the House of Representatives, Parliament to offer the position in the Consumer Protection Committee, as a Permanent Counsel attached to the Committee, and also a sub-committee on the Study and Revising the laws on consumer protection. His main task is to advise and provide opinion in the legislation on the laws on the topics. His tasks and positions will not affect his full-time commitment and professional services to our clients as he has always been doing for years. We believe his position will enhance our firm capability in the access to early legislative and to strengthen our legal practice as well.

Mr. Wichien Harnpraween
Managing Partner

wichien.h@wissenandco.com
Tel:+662 2592627 thru 9
Fax: +662 2592630

New interpretation of the Revenue Department on foreign-sourced income brought into Thailand

Welcome to Wissen & Co Newsletter

New Measures Protecting Passenger Rights against Delayed Planes & Cabinet Green Light to Real Estate Stimulus Measures

Passing the Same-sex Marriage Bill & Unfair Trade Practices in Franchising

Raising Ceiling for Statutory Contributions to Social Security Fund & Easy E-Receipt

New interpretation of the Revenue Department on foreign-sourced income brought into Thailand

Amendment of Labour Protection Act relating to work from home arrangement

Amendment of Thailand CCC relating to company laws

Details regarding the new type of Long-Term Resident visa

The enforcement of PDPA and new draft labour protection law.

Royal Decree to postpone the enforcement in some provisions of PDPA

The Ministry of Industry announced new Ministerial Regulation