Thailand will tax digital nomads, including overseas cryptocurrency income

Odaily Planet Daily News The Thai Taxation Bureau has issued an income tax payment order in accordance with Article 41, paragraph 2, of the Tax Law. The new tax policy stipulates that this tax provision will apply to foreigners who reside in the country for more than 180 days per year. This policy will be implemented from January 1, 2024. The new tax rules stipulate that when foreigners’ overseas income is transferred to Thailand, they need to pay personal income tax in Thailand. However, transfer savings are not included in this calculation. This income includes any source of income, and income from overseas cryptocurrency trading will also be included in the calculation. If the source country of funds has signed a double taxation agreement with Thailand, the taxes paid in the source country can be deducted in Thailand. (scandasia) Odaily Planet Daily reported in September that the Thai government is formulating new tax methods and plans to tax foreigners.