Post by Soutpeel on Apr 19, 2016 17:21:36 GMT 7
Nod to personal income tax restructuring
The Cabinet today approved the restructuring of the personal income taxes. Under this change, those with annual taxable income of Bt300,000 or higher will be subjected to taxation, against Bt150,0000 at present.
The Finance Ministry also won the approval for the increase in the expense allowance cap, from 40 per cent of income or up to Bt60,000 to 50 per cent or Bt100,000.
The personal allowance will also be doubled from Bt30,000 to Bt60,000. The maximum child allowances will also be lifted from three children, and the allowance per child is doubled to Bt30,000.
The ministry said that the restructuring aimed to address income inequality and changes in the economic condition. This is also designed to ease tax burden of salary earners. Only those earning monthly income of Bt26,000 or more would be subjected to taxation, it said.
www.nationmultimedia.com/breakingnews/Nod-to-personal-income-tax-restructuring-30284249.html
The Cabinet today approved the restructuring of the personal income taxes. Under this change, those with annual taxable income of Bt300,000 or higher will be subjected to taxation, against Bt150,0000 at present.
The Finance Ministry also won the approval for the increase in the expense allowance cap, from 40 per cent of income or up to Bt60,000 to 50 per cent or Bt100,000.
The personal allowance will also be doubled from Bt30,000 to Bt60,000. The maximum child allowances will also be lifted from three children, and the allowance per child is doubled to Bt30,000.
The ministry said that the restructuring aimed to address income inequality and changes in the economic condition. This is also designed to ease tax burden of salary earners. Only those earning monthly income of Bt26,000 or more would be subjected to taxation, it said.
www.nationmultimedia.com/breakingnews/Nod-to-personal-income-tax-restructuring-30284249.html
