You can depend on us to get your Tax done!
Thai Smile Experiences Company Limited collaborates with qualified Thai Taxation Accountants to provide comprehensive tax services for expatriates. Our expert team ensures compliance with the new tax laws, simplifying the process and offering tailored solutions to meet the unique needs of expats in Thailand.
We’ve developed streamlined systems to simplify tax reporting for expatriates. Our user-friendly information and expert support make navigating Thailand’s tax requirements straightforward and stress-free. Our comprehensive approach includes detailed guidelines, and ongoing assistance, empowering expats to manage their tax obligations confidently and efficiently. By leveraging technology and expertise, Thai Smile Experiences transforms complex tax processes into a seamless experience, allowing you to focus on enjoying your life in Thailand.
New Expat Taxation Thailand
The Thai Department of Revenue issued Departmental Instruction No. Paw 161/2566, introducing substantial alterations to the collection of personal income tax on foreign-sourced income. Effective since January 1, 2024, the new tax treatment mandates that Thai taxpayers who earn assessable income from employment, business, or property abroad must pay tax on that income upon bringing it to Thailand.
Previously, Thai residents were only taxed on foreign-source income if it was remitted to Thailand in the same calendar year. However, Instruction No. P 161/2566 eliminates this loophole. Now, all income earned overseas from employment, business, or property, regardless of when it enters Thailand, must be declared and taxed in the year it is earned.
This rule applies to all taxpayers in Thailand. If an individual resides in Thailand for 180 days or more during the tax calendar year, they are taxed on income from that year. Starting from January 1, 2024, this income is taxable, and individuals must report it on their income tax forms by March 2025.
Under this provision, individuals falling under the following categories are required to pay income tax to the Thai Revenue Department:
Thai citizens. Thai residents who filed taxes in the previous tax year. Foreigners residing in Thailand for one or more periods totalling at least 180 days in one tax calendar year. Income received inside or outside Thailand, including employment income, business income, and passive or property income, is subject to taxation based on the prescribed rates. These rates vary depending on the annual income bracket, ranging from tax exemption for income up to 150,000 baht to a 35 percent tax rate for income exceeding 5,000,000 baht.
Thai Smile Experiences is committed to help clients to comply with the new tax laws.
At Thai Smile Experiences we endeavour to work closely with our Taxation Accountants to ensure all deduction entitlements are utilised. This in turn will minimise your taxation payment requirements.
Percentage Tax Rates
These tax rates apply progressively, meaning that income is taxed at different rates depending on the amount of income within each bracket. For example, if your income is 800,000 THB, the first 150,000 THB is tax-exempt, the next 150,000 THB is taxed at 5%, the next 200,000 THB at 10%, the next 250,000 THB at 15%, and the remaining 50,000 THB at 20%.
The current personal income tax brackets in Thailand, converted to Australian Dollars (AUD), US Dollars (USD), and British Pounds (GBP). The conversions are based on approximate exchange rates as of May 2024: 1 THB ≈ 0.045 AUD, 0.029 USD, and 0.023 GBP.
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