Thailand

Residents are persons residing in Thailand, at one or more times, for an aggregate of 180 days or more in a tax (calendar) year. Thai tax regulations do not define a separate short-term residence status.

The tax year is the calendar year. Individuals earning income must file an annual return by 31 March of the following year for hardcopy filing or 8 April for online filing, with narrow exemptions for low-income single or married filers; those engaged in business must also file and pay tax on their first-half-year income by 30 September. Spouses may file separately or jointly.

Non-residents are taxed under the same progressive schedule as residents, but only on assessable income from employment or business carried on in Thailand, regardless of where it is paid.

Employment income qualifies for a standard, capped deduction, since business-type deductions do not apply against employment income. Additional personal deductions are available for specified expenses, including charitable donations, life and health insurance premiums, mortgage interest on a residential building, and contributions to retirement mutual funds or a Thai ESG fund.

Resident individuals' foreign-sourced income is taxed only if it is earned in a tax year from 1 January 2024 onward and remitted into Thailand, wholly or partly, in the same year or a later year.

Any person or entity regularly supplying goods or services in Thailand with an annual turnover exceeding THB 1.8 million is liable for VAT and must register; the VAT period is a calendar month, and returns and payment are due within 15 days of the following month.

Small entrepreneurs below the THB 1.8 million turnover threshold, unprocessed agricultural products and related inputs, newspapers, magazines and textbooks, domestic and international land transport, healthcare and education services, and certain professional and cultural services are exempt from VAT; exports are zero-rated.

Thailand exempts specific classes of capital gains from personal income tax: gains on shares in a Stock Exchange of Thailand-listed company sold on the exchange (and on mutual fund investment units), gains on most non-interest-bearing corporate debentures, bills, and debt instruments, and gains on securities listed on other ASEAN exchanges and traded through the ASEAN Link.

Thailand exempts profit-sharing or benefits from holding investment tokens received from 1 January 2024 onward, provided the taxpayer does not claim a refund or credit for the 15% tax withheld on them, and separately exempts capital gains from trading cryptocurrencies and digital tokens through legally licensed exchanges, brokers, or dealers from personal income tax for the period 1 January 2025 through 31 December 2029.