Introduction to Personal Income Tax in Thailand

[anchadian]

Whatever amount of UK state pension is transferred to Thailand, will you get 100,000 baht pension allowance and 60,000 personal allowance?
 

[chiang mai]

10 minutes ago, anchadian said:

Whatever amount of UK state pension is transferred to Thailand, will you get 100,000 baht pension allowance and 60,000 personal allowance?
 

No! You are entitled to 50% of the value of the pension transferred to Thailand, up to a maximum of 100k Baht.

 

Plus, you are entitled to a 60 K personal deduction AND because you are over age 65 years, a 190k deduction.

 

[anchadian]

Thank you CM.

The reason I asked this question is 'Expattax' states for those on a low income pension remittance 100,000 pension allowance and 60,000 personal allowance.

 

https://www.expattaxthailand.com/taxation-overseas-pensions-thailand/

[chiang mai]

4 minutes ago, anchadian said:

Thank you CM.

The reason I asked this question is 'Expattax' states for those on a low income pension remittance 100,000 pension allowance and 60,000 personal allowance.

 

https://www.expattaxthailand.com/taxation-overseas-pensions-thailand/

In their "Practical Scenarios and Case Studies" they suggest a 100k Pension Allowance, because the remitted pension is 300k, ergo, within the 50% rule.

 

Pension income is classed as Category I income. Most classes of income have an associated expense deduction which varies from class to class. If you look at the table in the Sherrings link below, you will see that Cat I income attracts a 50% deduction, to a maximum of 100k.

 

https://sherrings.com/personal-tax-deductions-allowances-thailand.html

 

 

 

 

[Liquorice]

10 hours ago, oldcpu said:

I keep checking here for the 2024 english language Thai Tax forms but no sign of such yet:

https://www.rd.go.th/english/65308.html

I was informed yesterday by the TRD that the new Thai tax forms will be available from the above site just before the New year.

[chiang mai]

Just now, Liquorice said:

I was informed yesterday by the TRD that the new Thai tax forms will be available from the above site just before the New year.

Yeah.........!

[essexman]

Would some kind person tell me the different allowances I will be able to claim when I visit the tax office?  I have two small pensions coming directly to my Thai bank account from the UK.  I know about the 190.000 for being over 65, and the 60.000 each for the wife and myself.  I read somewhere that the first 1000.000 of my pension is not taxable, am I correct in thinking that?  Now, one I've been told, but never seen written is that the first 150000 of my assessable income is zero-rated.  Is this true?  I have some health insurance and read somewhere that you can claim up to 25.000.

Thanks in advance for any information.

Also, I had some advice earlier in the year from Mike Lister.  He was very helpful, Looks like he hasn't been active for quite a few months, I hope he is okay.

[chiang mai]

6 minutes ago, essexman said:

Would some kind person tell me the different allowances I will be able to claim when I visit the tax office?  I have two small pensions coming directly to my Thai bank account from the UK.  I know about the 190.000 for being over 65, and the 60.000 each for the wife and myself.  I read somewhere that the first 1000.000 of my pension is not taxable, am I correct in thinking that?  Now, one I've been told, but never seen written is that the first 150000 of my assessable income is zero-rated.  Is this true?  I have some health insurance and read somewhere that you can claim up to 25.000.

Thanks in advance for any information.

Also, I had some advice earlier in the year from Mike Lister.  He was very helpful, Looks like he hasn't been active for quite a few months, I hope he is okay.

The first 150k is indeed zero rated for tax.

 

You are entitled to deduct 50% of the value of your pension, up to a maximum of 100k. If for example you receive 300k per year, you can claim 50% of that or a maximum of 100k as a deduction. But if you only receive say 150k, 50% of that would be equal to 75k as a deduction and you wouldn't have enough to claim the maximum.

 

Health insurance premiums are tax deductible, as long as the premium is paid to a Thai company, in Thailand, maximum 25k.

Edited 11 hours ago by chiang mai

[essexman]

58 minutes ago, chiang mai said:

The first 150k is indeed zero rated for tax.

 

You are entitled to deduct 50% of the value of your pension, up to a maximum of 100k. If for example you receive 300k per year, you can claim 50% of that or a maximum of 100k as a deduction. But if you only receive say 150k, 50% of that would be equal to 75k as a deduction and you wouldn't have enough to claim the maximum.

 

Health insurance premiums are tax deductible, as long as the premium is paid to a Thai company, in Thailand, maximum 25k.

chiang mai, thank you for you're swift reply, appreciated.

 

[The Cyclist]

1 hour ago, essexman said:

I have two small pensions coming directly to my Thai bank account from the UK.

 

If one of those Pensions is a Government Pension, not taxable in Thailand and no need to declare it.