Transcript of the above video: 

As the title of this video suggests, we are asking “is Thailand set to tax the worldwide income of individuals?” What are we talking about here? I thought of making this video after reading a recent article from the Phuket News, that is thephuketnews.com, the article is titled: Step by Step: Thailand’s new tax law a double-edged sword for expats. First off, there is no new tax law. They have been talking about possibly changing the tax laws.

As we have discussed in prior videos, there was an intra-Revenue Department memorandum that was promulgated fourth quarter, late third quarter last year, that changed the way that income and funds that came into Thailand would be assessed beginning January 1, 2024.  The overall laws in Thailand regarding tax have not changed. Quoting further: “There is a tremor of worry growing amongst expats in Thailand with the growing fear that the new tax laws coming into practice.” Again, what new tax laws coming into practice? We haven’t seen any new tax laws yet. Quoting further: “Thailand has long been a haven for expatriates seeking a tropical paradise with a low cost of living, laid back culture and welcoming atmosphere. However, a new tax law currently under consideration..” again, let’s use the verbiage correctly. It’s under consideration. We don’t know what it looks like, we don’t know what it ultimately will look like, we don’t even know if they ultimately will change the law; that is not a foregone conclusion either. Quoting further: “.. by the Thai Revenue Department is causing significant concern among the expat community.” Well, a lot of the concern is coming from and I am not pointing out this article, this article is actually quite good. I urge those who are watching this video, to check it out for themselves. That said, there are a ton of people, especially on YouTube that are just talking nonsense about this and there are people that are seemingly purporting to be Thai Tax practitioners, consultants, whatever, any of them that are foreign are completely operating illegally. I have discussed this in prior videos; it’s a restricted occupation; it’s an overtly restricted occupation. I don’t know why people would take tax advice from somebody who would openly engage in criminal activity and record themselves doing it. Quoting further: “The proposed legislation...” again, where is this? Is there a draft law somewhere that I haven’t seen? I am happy to stand corrected in the comments, but I haven’t seen any draft legislation. They are just talking, okay? Quoting further: “The proposed legislation aims to tax the worldwide income of individuals who reside in Thailand for 180 days or more, regardless of whether the income is brought into the country.” Again, this is a tremendous amount of detail for something that doesn’t exist. Quoting further: “This means that even income earned and taxed abroad could be subject to additional taxation in Thailand, potentially creating a double taxation scenario for many expats.” Yes, and this is why double taxation agreements exist.

The point I am trying to make with this video is, first off: There has been no change to Thai Tax Law. There is discussion about changing certain aspects of Thai Tax Law especially in the context of Thailand joining the OECD and “harmonizing” their tax laws to be in line with the OECD. Joining the OECD is not a foregone conclusion. As we discussed in other videos, it is a process that could take up to 5 years to fully complete. Again, not a foregone conclusion. Meanwhile, Thailand is talking to organizations like the BRICS and is also probably constantly reassessing her own priorities and again, when I think cooler heads look at the possible fallout or ramifications if you will of radically changing the tax law and thereby possibly driving off foreign investment, foreign tourists and foreign expats, there may or may not actually be any of these major changes that all of these people running around hysterically talking on the internet, those may actually not come to fruition.