Are you an expat in Thailand worried about the new tax laws? For example, you might be living off your retirement income from the US and wondering if you’ll have to pay taxes in Thailand too. Or, you might be a wealthy Thai with income from outside Thailand and unsure about how the new laws will affect you. Keep reading to find out what you need to know.
Are you an expat in Thailand worried about the new tax laws? You’re not alone. Recently, there have been some changes to the tax laws in Thailand that have left many expats wondering what it means for them.
First, let’s talk about the basics. The new tax laws are aimed at taxing foreign income earned by Thai residents. This means that if you’re a Thai citizen living in Thailand, you’ll need to pay taxes on any income you earn from outside the country.
But what about expats? If you’re living in Thailand but earning income from outside the country, you might be wondering if you’ll have to pay taxes in Thailand too. The good news is that Thailand has double taxation agreements (DTAs) with many countries, including the US, Canada, and the UK. This means that if you’re already paying taxes on your income in your home country, you won’t have to pay taxes in Thailand too.
However, there are some exceptions to this rule. For example, if you’re earning income from a business or investments outside of Thailand, you might still have to pay taxes in Thailand. And if you’re not paying taxes on your income in your home country, you might be required to pay taxes in Thailand.
So, what can you do to stay on top of the new tax laws? Here are some steps you can take:
Some useful resources to help you stay on top of the new tax laws include:
Remember, the key to staying on top of the new tax laws is to stay informed and seek professional advice if you’re unsure about anything. Don’t be afraid to ask questions or seek help if you need it.
In terms of the best places to go for advice, you might want to consider the following:
Some final tips to keep in mind:
By following these tips and staying informed, you can stay on top of the new tax laws in Thailand and avoid any unnecessary stress or penalties.