How tax return works?!

[kralledr]

I habe a wp and pay each month tax, and health insurrance, will i get some of this back when the tax year ends ?

[allane]

- it doesn't come back to you automatically,you have to file an income tax return

- income tax returns are due on March 31 for the preceding calendar year

- website:  rd.go.th/publish/index_eng.html

- a note to any teachers reading this: as stated above income tax returns are due on a calendar year basis. If you are employed on the basis of an academic year, that is irrelevant.

[FritsSikkink]

Depends what your deductibles are, how much tax you already paid. Last year I had to pay 2500 THB, this year I got 17500 back.

[kralledr]

So what is the point to pay tax if we get it back

[topt]

27 minutes ago, kralledr said:

So what is the point to pay tax if we get it back

Same as many countries. They don't know what allowances you may claim etc so they set a figure based on your expected salary and tax levels or whatever - as the previous poster said sometimes you have to pay more and sometimes you get a refund. Had the same in UK.

[bbz404]

15 hours ago, kralledr said:

So what is the point to pay tax if we get it back

Have you worked in any other country before? It's the same as virtually all countries that withhold income tax at the source. 

Your employer should be able to adjust your monthly tax "prepayments" according to your deductions and allowable expenses thus making a claim less likely. But the RD is very efficient and will pay you back any overpaid tax very quickly. 

 

Best is to have a personal calculation in Excel to anticipate your tax burden. The income tax in Thailand is really very easy compared to other countries.

[asiaexpat]

16 hours ago, kralledr said:

So what is the point to pay tax if we get it back

I suggest u employ a tax accountant if u have this basic question.

[jojothai]

As noted by others, you need to assess allowances. Its not just the basic percentages.

Can you use the 100,000 expense allowance?

Do you have any other income.

Are you married and what is your wife's tax position in Thailand.

If wife has no income you may be able to jointly declare and get an additional 60,000 baht allowance.

Do you have life insurance?

etc.

 

You need to get the income tax return forms and go through all the allowances and declaration items.

Go on line and read the various guidance docs from accounting firms.

If PAYE You must have a declaration of tax paid already, so that you work out how much was due and whether you paid too much or not enough.

If outstanding you need to go pay the tax due.

As you do not appear to be familiar with any of this, you should go see the company accountant or find somebody privately who can give you guidance.

You have until end of March to submit the tax return and pay any outstanding tax.

[jojothai]

2 hours ago, bbz404 said:

the RD is very efficient and will pay you back any overpaid tax very quickly. 

In my experience that is correct. Work out if you think you have overpaid tax, they seem to refund promptly.

 

However, are you not aware that to renew a WP you need to have done a tax return to get the evidence of tax paid for renewal of the WP?

[rickudon]

Tax on savings ..... if eligible for a refund can you claim back on a previous year?

[tim166]

If you are due a refund e.g. due to having Thai private health insurance, do you know when and how they will give you the refund? I did the tax return at the same time as getting a tax number at my local tax office but they couldn't tell me when or if I'd get a refund. Any ideas?