The cabinet cuts the personal income tax on foreign experts to 17% and ends duplicated taxation on their income from overseas sources to attract them to have long-term stays in the country, said Trisulee Trisaranakul, a deputy government spokeswoman.
The tax incentive approval went to a draft royal decree aimed at convincing foreigners with high capabilities and income (high-skilled professionals) to work in Thailand.
The personal income tax reduction supports the government’s policy to promote the industries that will boost national competitiveness including industries in the Eastern Economic Corridor.
Besides, the draft decree waives personal income tax for well-to-do foreign retirees and for the foreigners who generated income from their overseas work and want to import the income along with their arrival for their long stays. (TNA)