Thailand Revenue Department’s Latest Order Expanding the Tax Assessment of Individuals’ Foreign Source Income
On 15 September 2023, the Thai Revenue Department (RD) issued RD order no. Por. 161/2566 (the “New Order”) providing new guidelines for income tax assessment per Section 41 of the Revenue Code. The notable change is that, going forward, a resident of Thailand would have the obligation to assess income from foreign sources as a part of assessable income of the tax year (i.e., calendar year starting from 1 January to 31 December of such year) which it is brought into Thailand. This New Order will be effective on 1 January 2024.