Modification to see abroad earnings taxed

Must be factored into individual earnings tax A taxpayer sends individual earnings tax types to a Revenue Department authorities. The department justrecently changed its alert relatingto tax on defined foreign-sourced earnings by stating that regional homeowners who make abroad earnings will be subject to individual earnings tax (PIT). (Photo: Apichit Jinakul) The Revenue Department justrecently changed its notice concerning tax on defined foreign-sourced earnings by stating that regional citizens who make abroad earnings will be subject to individual earnings tax (PIT), according to Paragraph 2 of Section 41 of the Revenue Code. From now on, individuals who haveactually made abroad earnings either from their profession or doing service abroad or from wealth that is situated abroad however hasactually been excused from PIT for almost 40 years, needto aspect this into their PIT for the year. Why is the federalgovernment deciding to gather tax on foreign-sourced earnings as it hasactually been excused for a long time? Department deputy director-general and representative Vinit Visessuvanapoom stated the tax collection is to comply with worldwide requirements on the exchange of monetary info to promote tax openness and fairness. In other words, whether earnings is made within the nation or abroad, one needto pay tax. Why was such tax excused in the previous? In reality, the department has neverever excused the collection of PIT for earnings accumulated offshore. The previous guideline, which was prepared 40 years ago, permitted citizens with foreign earnings to be taxed just if it is brought into Thailand in the year in which the earnings is gotten. However, the earnings will be excused from tax if it is brought into Thailand in the following year. For example, in the case of abroad earnings made on Dec 31 however remitted to Thailand on Jan 1 the following year, there is no requirement to pay PIT to the Revenue Department. Why has the department released such a guideline on tax collection as it might produce a loophole for tax evasion
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