Law exempting tax on foreign income in the offing

The Revenue Department is expediting the introduction of legislation to exempt Thais from income tax on foreign-sourced earnings within this year.

- WICHIT CHANTANUSORNSIRI

According to Pinsai Suraswadi, director-general of the department, the new law exempts income tax for Thai individuals who bring foreign-sourced income into Thailand within two years from when the income was earned. The details are still being discussed within the Finance Ministry.

Once the law is promulgated this year, it may be applied retroactively, he said.

Mr Pinsai said Thai individuals collectively have roughly 2 trillion baht in foreign income, and if this money were moved to Thailand it could stimulate the economy.

The tax incentive encourages the repatriation of foreign income, he said.