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From: email@example.com.Sun.COM (Mike Barnes) Date: 20 May 1994 22:19:49 GMT Personal Income Tax Every person, resident or non-resident, who derives assessable income from employment or business in Thailand or has assets located in Thailand, is subject to personal income tax, whether such income is paid in or outside of Thailand. Exemptions are granted to certain persons, including U.N officers, diplomats and certain visiting experts, under the terms of international and bilateral agreements. Personal income tax is applied on a graduated scale as follows: Net Annual Income (Baht) Tax Rate 60,000 - 100,000 5% 101,000 - 500,000 10% 501,000 - 1,000,000 20% 1,000,000 - 4,000,000 30% 4,000,001 or above 37% Individuals residing for 180 days or more in Thailand for any cal- endar year are also subject to income tax on income from foreign sources if that income is brought into Thailand during the same taxable year that they are a resident. Exchange control laws stipulate that all foreign exchange earned by a resident, whether or not derived from employment or business in Thailand, be brought into Thailand within seven days of acqui- sition, unless permission for an extension is granted. Personal income taxes and tax returns are due prior to the end of March of the year following the year in which the income was earned. A standard deduction of 40 percent, but not in excess of Baht 60,000, is permitted against income from employment or services rendered or copyrights. Standard deductions ranging from 10 to 85 percent are allowed fro other categories of income. In general, however, taxpayers may elect to itemize expenses in lieu of taking standard deductions or income from sources specified by law. The following annual personal exemptions are permitted: Taxpayer Baht 30,000 Taxpayer's Spouse Baht 30,000 Each Child Baht 15,000 Each Child's Education Baht 2,000 For Taxpayer and Spouse for contributions to a Provident Fund Baht 10,000 For Taxpayer and Spouse for interest payment on loans for purchasing, hire-purchasing or construction of residential buildings Baht 10,000 Only three children per taxpayer family qualify for the child allowance, but this limitation applies only to children born on or after 1 January 1979. Therefore, in counting the number of chil- dren, a child born prior to 1979 can also be counted. For example, a taxpayer with four children born before 1979 continue to qualify for an aggregate allowance of Baht 60,000. A fifth child, born in 1979, would not qualify. Additional taxes can be assessed within a period of ten years from the date of filing a return, but authority to issue a summons for examination is limited to 5 years after the filing date. If an individual fails to file a return, an assessment may be issued within a period of then years from the filing due date. ---------------------------------------------------------------------- Acknowledgements The original soc.culture.thai FAQ was proposed, put together and initially maintained by Thanachart Numnonda (firstname.lastname@example.org). This part of the soc.culture.thai FAQ cannot be completed without information from the following contributors: Alan Dawson (email@example.com) for G.6; C Tantipaibulvut (C.firstname.lastname@example.org) for G.5; Ekkehard Uthke (email@example.com) for X.1; John Brubaker (firstname.lastname@example.org) for Gopher search update to G.3; Joy Aswalap (email@example.com) for G.2 and passing on G.6; Linitda Sooksomstarn (firstname.lastname@example.org) for soc.culture.thai archive in G.3; Mike Barnes (email@example.com.Sun.COM) for X.2; Hugh Thaweesak Koanantakool (firstname.lastname@example.org) for G.7; and, Trin Tantsetthi (email@example.com) for G.1, G.2, G.3, G.4 and G.8.