Bad news: after Malaysia, also Thailand abandons a territorial tax system

❝[…] The new position is that any foreign (i.e., non-Thai) source income earned outside Thailand will be subject to Thai personal income tax regardless of when it is remitted into Thailand. This changes what was a permanent exemption from taxation on such income into a mere deferred tax liability, to be paid in ANY year the income is eventually repatriated.

In addition to surprising everyone with this change, the Revenue Department has also taken an aggressive position by making the effective date January 1, 2024
Individuals having accumulated offshore income earned prior to January 1, 2023 should give considerable thought as to whether repatriation prior to December 31, 2023 may be warranted.❞

Indeed. Bad news. These seismic policy shifts probably won’t begin or end with Thailand and Malaysia. The mass acceleration of remote workers and huge crypto gains is leaving many countries around the world feeling left out of the revenue picture. There is also a rise in “advisors” trying to game the system. These countries all want their piece of the pie.