Personal Income Tax On 220k Pcm

[corkman]

Hi everyone,

can anyone advise what tax liability I would have in Thailand on a salary of 220k baht p.c.m.

I have looked at this site: http://www.thailand-accounting.com/incometax.html

It spits back 170k........

We have those sites in Ireland too but they are really only a guide.

I'm (legally) married to a Thai Woman (who incidentally has dual Thai-Irish citizenship).

We have 1 child together (18 months old)

I will be moving to, and living in Thailand - and will return to Ireland no mroe than once a year, for no more than 4 weeks.

Can anyone advise, is 170k an accurate assessment or are there other benefits to be had that reduce liability.

Double contracting etc. is not available to me.

THanks for any help!

[Boater]

Hi

I am on a ferang salary, and work for a Thai company that pays taxes ect ect

On my base salary and payslip i am only deducted twice

750 THB For Hospital ( same as NI in the uk, and you have to pay, but a set amount and not calculated via how much you earn )

3% Tax........

So in theory if you where earning 220 K a month ( what is your job?? ) you should expect to take home

220,000 - 750 = 221.250

221,250 x 3% = 6637.50 thb

Thus take home should be = 214,612.5 THB

Edited September 23, 2008 by Boater

[Moonfruit]

^ Your Thai employer may pay taxes, but you certainly are not paying personal income tax if you are only paying a rate of 3%!

I believe my rate is 20% on a similar level salary to that of the OP. I will check with my HR tomorrow iif i remember and give a proper response.

[bendix]

Hi

I am on a ferang salary, and work for a Thai company that pays taxes ect ect

On my base salary and payslip i am only deducted twice

750 THB For Hospital ( same as NI in the uk, and you have to pay, but a set amount and not calculated via how much you earn )

3% Tax........

So in theory if you where earning 220 K a month ( what is your job?? ) you should expect to take home

220,000 - 750 = 221.250

221,250 x 3% = 6637.50 thb

Thus take home should be = 214,612.5 THB

If your employer is only paying 3% tax on your salary, you can expect a very hefty tax bill at the end of the year when you file your tax returns. On that salary you should be paying in the region of 20-25%.

And don't think you can avoid it. A fully paid up tax return (complete with proof of payment) is required to renew your work permit.

You see . this is the problem with Thaivisa. It's full of posters giving useful information which is, frankly, completely wrong and dangerous.

[Terminator]

the 3% sounds like withholding tax, so don't forget your audited income tax declaration at the end of your tax year!

[Soutpeel]

^ Your Thai employer may pay taxes, but you certainly are not paying personal income tax if you are only paying a rate of 3%!

I believe my rate is 20% on a similar level salary to that of the OP. I will check with my HR tomorrow iif i remember and give a proper response.

Got to agree with this one.....even someone on THB 50,000/month is paying around 6% tax....Even the boys on double contracts are paying around 10%....so something not right with 3%

[soundman]

Try this excel program:

or, use my tax calculator

http://www.thaivisa.com/forum/index.php?ac...st&id=16490

Quite accurate as to what tax you are actually liable to pay.

Cheers,

Soundman.

[kiakaha]

Hi everyone,

can anyone advise what tax liability I would have in Thailand on a salary of 220k baht p.c.m.

I have looked at this site: http://www.thailand-accounting.com/incometax.html

It spits back 170k........

We have those sites in Ireland too but they are really only a guide.

I'm (legally) married to a Thai Woman (who incidentally has dual Thai-Irish citizenship).

We have 1 child together (18 months old)

I will be moving to, and living in Thailand - and will return to Ireland no mroe than once a year, for no more than 4 weeks.

Can anyone advise, is 170k an accurate assessment or are there other benefits to be had that reduce liability.

Double contracting etc. is not available to me.

THanks for any help!

All you need to know is at: http://www.rd.go.th/publish/6045.0.html

It is up to date and accurate (I've been paying tax for 13 years, I can vouch for its accuracy).

Use an excel spreadsheet to create your own tax calculator.

[corkman]

Thanks for everyone's replies. I think I am pretty safe in assuming my take home is going to be about 170k then.

Thanks again.