Transcript of the above video:

As the title of this video suggest, we are discussing tax liability specifically on foreign nationals who are living in Thailand and this is kind of a breaking story here. So I am getting this from the Thai Enquirer, that's thaienquirer.com, the article is titled: Thai Government to tax all income from abroad for tax residents starting 2024. Quoting directly: "Thailand's Revenue Departments," (I think they mean "Department") "has released new guidelines which will see all income from abroad taxed as personal income tax regardless of whether it was earned income or savings. A senior official at the Ministry of Finance confirmed a document released by the Revenue Department over the weekend was accurate. According to the document, "...those that have earnings from occupation or business abroad or wealth that is located abroad... and has brought these assets into Thailand... must factor this into their personal income tax for the year."

Now okay. Before people, and I have already gotten like three emails on this already and I am literally making this video a couple of hours before it is going to come out here at 3:45 p.m. Monday, September 18th, 2023 here in Bangkok. We are going to go ahead and get this one out immediately because I have seen a lot of folks that seem to be freaking out about this. Slow down a second, we do not know all the ramifications of this. I will get into some nitty gritty detailed analysis of this particular article in another video I am making contemporaneously with this one. Also we will do one that's a little more focused on retirees; folks who are here in Thailand on a Retirement Visa, so expect those videos upcoming. 

First thing to understand is this is very, very early days for this. This is a very recently promulgated and announced policy change so I am not going to engage in much of any speculation with regard to any levels of certainty with regard to how exactly this will apply. As with everything, tax, tax law, especially International tax law and especially where it pertains to multiple jurisdictions, the permutations associated with the analysis can be staggering because every case, due to just little circumstantial differences, can result in a totally different analysis. So the first thing to understand is this just came out, let's take a look and see what this pertains to, see who this pertains to because I noticed just within the body of the article, and this isn't a criticism on the folks that broke this story, Thai Enquirer. Again I urge those who are watching this video read that article in detail, go over there because they did bring this out before anybody else I knew, it was news to me when it came through sort of our channels over here so good on them for scooping everybody in this, if that is indeed what happened but they were the first I saw. So first off, not criticism against these folks but I can just see from inside the article, they get into, "It will apply to only tax residents". Well okay, that has specific legal meaning and it doesn't necessarily pertain to Immigration status, so again let's just kind of pump the brakes here a little bit and not freak out too much just yet until we see exactly what this means but stay tuned as we will keep you updated on this channel, as the situation evolves.