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| Personal Income Tax in Thailand http://www.thailandvisas.com/visa-talk/viewtopic.php?f=15&t=4 |
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| Author: | admin [ Thu Nov 13, 2008 3:41 pm ] |
| Post subject: | Personal Income Tax in Thailand |
Personal Income Tax in Thailand TAXABLE INCOME = Assessable Income - deductions - allowances Deductions allowed for the calculation of PIT Type of Income & Deductions a. Income from employment - 40% but not exceeding 60,000 baht b. Income received from copyright - 40% but not exceeding 60,000 baht c. Income from letting out of property on hire 1) Building and wharves - 30% 2) Agricultural land - 20% 3) All other types of land - 15% 4) Vehicles - 30% 5) Any other type of property - 10% d. Income from liberal professions - 30% except for the medical profession where 60% is allowed e. Income derived from contract of work whereby the contractor provides essential materials besides tools - actual expense or 70% f. Income derived from business, commerce, agriculture, industry, transport, or any other activities not specified in a. to e - actual expense or 65% - 85% depending on the types of income Allowances (Exemptions) allowed for the calculation of PIT Types of Allowances & Amount Personal allowance - Single taxpayer : 30,000 baht for the taxpayer - Undivided estate : 30,000 baht for the taxpayer’s spouse - Non-juristic partnership or body of persons : 30,000 baht for each partner but not exceeding 60,000 baht in total Spouse allowance Child allowance (child under 25 years of age and studying at educational institution, or a minor, or an adjusted incompetent or quasi-incompetent person) - 30,000 baht & 15,000 baht each (limited to three children) Education (additional allowance for child studying in educational institution in Thailand) : 2,000 baht each child Parents allowance : 30,000 baht for each of taxpayer’s and spouse’s parents if such parent is above 60 years old and earns less than 30,000 baht Life insurance premiums paid by taxpayer or spouse : Amount actually paid but not exceeding 100,000 baht each Approved provident fund contributions paid by taxpayer or spouse : Amount actually paid at the rate not more than 15% of wage, but not exceeding 500,000 baht Long term equity fund : Amount actually paid at the rate not more than 15% of wage, but not exceeding 500,000 baht Home mortgage interest : Amount actually paid but not exceeding 100,000 baht Social insurance contributions paid by taxpayer or spouse : Amount actually paid each Charitable contributions : Amount actually donated but not exceeding 10% of the income after standard deductions and the above allowances Tax rates of the Personal Income Tax Taxable Income 0 - 150,000 - Exempt 150,001 - 500,000 - 10% 500,001 - 1,000,000 - 20% 1,000,001 - 4,000,000 - 30% 4,000,001 and over - 37% |
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