Post by Fletchsmile on Jan 25, 2016 9:01:42 GMT 7
Good basic summary of deductible expenses and allowances to save tax in Thailand. It pays to think ahead and plan for the year which ones you could use...
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Tax: Plan ahead and save
Not claiming back from deductible expenses is a common and costly mistake for taxpayers
Published: 25/01/2016 at 04:29 AM
Newspaper section: Business
Even though it is just the first month of 2016, the time is right to review your personal income tax payments. Advance planning can help individual taxpayers avoid paying excessive bills and save more hard-earned money.
Individuals earning up to 240,000 baht a year or 20,000 baht a month in Thailand are tax-exempt, while those with higher income pay various tax rates ranging from 5% to 35%.
As tax planning is a year-round process, taxpayers can add up deductible expenses paid during the year or delay receiving extra income to avoid having to pay larger tax bills, as the amount is levied at each person's top bracket.
...
Standard tax-deductible expenses
Each taxpayer is eligible to deduct up to 30,000 baht for a personal allowance a year from taxable income, and he or she can deduct up to 40% of annual income but not exceeding 60,000 baht for annual expenses.
In addition, their contribution to the social security fund with a maximum amount of 9,000 baht a year is tax-deductible.
Workers can deduct 15,000 baht per child for a maximum of three children as child allowances and another 2,000 baht educational allowance for each child for those studying in Thailand's schools or universities.
The allowance for a non-working spouse is capped at 30,000 baht.
Taxpayers with parents aged over 60 and earning less than 30,000 baht a year can claim 30,000 baht for each parent as an allowance, and 60,000 per disabled or incapacitated person who the taxpayer takes care of. The same amount and conditions apply to the parents of a non-working spouse.
contd.
www.bangkokpost.com/print/838344/
======================================================
Tax: Plan ahead and save
Not claiming back from deductible expenses is a common and costly mistake for taxpayers
Published: 25/01/2016 at 04:29 AM
Newspaper section: Business
Even though it is just the first month of 2016, the time is right to review your personal income tax payments. Advance planning can help individual taxpayers avoid paying excessive bills and save more hard-earned money.
Individuals earning up to 240,000 baht a year or 20,000 baht a month in Thailand are tax-exempt, while those with higher income pay various tax rates ranging from 5% to 35%.
As tax planning is a year-round process, taxpayers can add up deductible expenses paid during the year or delay receiving extra income to avoid having to pay larger tax bills, as the amount is levied at each person's top bracket.
...
Standard tax-deductible expenses
Each taxpayer is eligible to deduct up to 30,000 baht for a personal allowance a year from taxable income, and he or she can deduct up to 40% of annual income but not exceeding 60,000 baht for annual expenses.
In addition, their contribution to the social security fund with a maximum amount of 9,000 baht a year is tax-deductible.
Workers can deduct 15,000 baht per child for a maximum of three children as child allowances and another 2,000 baht educational allowance for each child for those studying in Thailand's schools or universities.
The allowance for a non-working spouse is capped at 30,000 baht.
Taxpayers with parents aged over 60 and earning less than 30,000 baht a year can claim 30,000 baht for each parent as an allowance, and 60,000 per disabled or incapacitated person who the taxpayer takes care of. The same amount and conditions apply to the parents of a non-working spouse.
contd.
www.bangkokpost.com/print/838344/
