Law to tax earnings from abroad in the works

Rules will follow commonly accepted worldwide concept, states chief of Revenue Department The Revenue Department headoffice on Phahon Yothin Road in Bangkok. (Photo: Revenue Department) The Thai Revenue Department is preparing a law to tax the earnings of people living in Thailand that comesfrom from overseas. The draft follows the worldwide concept of aroundtheworld earnings under the house guideline, stated Kulaya Tantitemit, the director-general of the department. This concept holds that earnings made by an private, regardless of its source nation, needto be taxed by the nation where the specific lives for a defined duration. The preparing of the law needs an modification to Section 41 of the Revenue Code. The change would state that people living in Thailand for 180 days or more needto pay individual earnings tax on earnings made abroad, regardless of whether that earnings is brought into Thailand. Ms Kulaya stated the proposed modification would particularly target individual earnings tax and would not consistof business earnings tax or earnings from shared funds investing abroad, otherthan for personal funds. If and when it is enacted, the brand-new law would follow a significant modification that took impact this year in the method earnings from foreign sources is dealtwith for tax functions in Thailand. Current tax law calls for people who live in Thailand for more than 180 days per year to pay taxes to Thailand on earnings made inyourarea and likewise on any earnings made abroad that is brought into the nation. Previously, if an specific satisfied the 180-day tax homeowner requirement and had foreign earnings, they paid individual earnings tax on that earnings just if it was brought into the nation within the yea
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