Transcript of the above video: 

As the title of this video suggests, we are discussing policy changes from Thai Revenue Department, specifically on tax as it percent pertains to "foreign-sourced" income. I thought of making this video after reading a recent article from the Pattaya Mail, that is pattayamail.com, from my friend Barry Kenyon down there; hats off to you sir. The article is titled: Upbeat expat news on foreign income taxes coming soon. Quoting directly: "The Thai Revenue Department is finalizing legislation to appear in The Royal Gazette about foreign income transferred here," - and again, "coming soon" is the operative phrase here. This is not yet a foregone conclusion. I think that is worth noting, although it looks like it is being firmed up; it doesn't look like there is any reason to think it won't happen, but again it hasn't happened until it has happened, so keep that in mind. Quoting further: "Under current rules with effect from January 1 2024, foreign-sourced income is subject to personal income tax no matter when transferred after December 31, 2023. That ruling by TRD (Thai Revenue Department) which applied to Thais or foreigners staying in Thailand six months or more in a calendar year created bombshell publicity amongst the expat community, especially retirees on pensions." So again, the operative word there is “income”. Some folks get kind of, they don't understand what income is. It's not necessarily all remittances; it's only on income remitted. 

So again, depending on the underlying facts in the given case, just moving your own money into Thailand that isn't income - it's just something you have - that is not necessarily going to be taxed in Thailand, as I have discussed in other videos. And again, the analysis on that, I know people get very sort of frustrated by this because I say look, and I sound like a broken record I guess, it depends on the facts in the case; not everything is income. Just because you move it to Thailand, does not necessarily mean it's income, so that is something to understand. But that said, regarding even foreign-sourced income, it is looking like we may be seeing a change to that policy or the policy that was promulgated in 2023 which I talked about. There was a memorandum that went out regarding assessability and how in the past if you remitted funds into Thailand in a different calendar year, from whence they were earned, it was not necessarily subject to assessment by the Revenue Department. That changed beginning January 1, 2024 and we have been dealing with the aftermath ever since. 

It looks like that if this new memorandum is promulgated, then these rules will change yet again, and if you bring it in in the same calendar year successively, then you don't have to worry about that. That said, it remains to be seen both whether or not this actually happens and how exactly this will be applied, so we will be keeping you updated on this channel as the situation evolves.