Hua Hin hosts major Tax Talk event on foreign income regulations
On Monday, May 6, nearly 200 individuals gathered at the G Huahin Resort & Mall for a significant event titled Tax Talk – Decoding Thailand’s New Rules for Foreign Income.
Organized by MBMG Group, Hua Hin Accounting and Law, and Nextto, the session aimed to clarify the recently tightened tax regulations affecting expatriates and residents earning overseas income.
The Tax Talk event featured a panel of expert speakers, including Janjira Sumanus, CEO and founder of MBMG Group and Hua Hin Accounting & Law; Paul Gambles, Managing Director and founder of MBMG Group; and Winai Panithanrakchai, Senior Tax Audit Officer at Thailand’s Revenue Department.
Paul Gambles, Managing Director and founder of MBMG Group
These experts provided insights into the complexities of Thailand’s latest tax legislation on foreign-sourced income, discussing topics such as tax rates, the impact of the Common Reporting Standard (CRS), and the nuances of tax residency declarations.
The panel highlighted the details of the changes in tax regulations, effective from January 1, 2024.
Previously, foreign income was taxable in Thailand only if it was remitted within the same year it was earned.
Under the new regulation, foreign income will be taxed if an individual has been a resident in Thailand for at least 180 days during the assessment year, and if the overseas income earned from January 1, 2024, is brought into Thailand in a tax year when the individual spends more than 180 days in the country.
This issue has resonated deeply within the expat community since news of the impending changes broke last year, sparking widespread discussions.
The session also included a dynamic Q&A, where attendees sought advice on personal situations, reflecting the community’s urgent need for clear guidance amid widespread uncertainty about the implications of these changes.
Questions ranged from the specifics of tax liability for pensions to concerns about double taxation treaties. The lack of clear and official information has heightened anxieties among expatriates, many of whom are worried about the potential financial impacts.
This event was one of the largest of its kind on this subject matter to be held in Thailand to date, underscoring the significant impact these tax changes have on the expatriate community and the high level of interest and concern among those potentially affected.
There are many caveats and nuances to this issue, with each person’s situation being unique, contributing further to the ongoing discussions and need for tailored advice.
The event was highly beneficial, clarifying many points about transactions that could be tax-free or taxable. It provided much-needed clarity on whether certain types of foreign income would be subject to taxation, addressing the varied scenarios attendees might face.
This comprehensive guidance was instrumental in alleviating some of the confusion and anxiety surrounding the new tax regulations, equipping attendees with the knowledge to better navigate their financial obligations under Thai law.
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