Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II

[Foreverford]

I was told (I would hope incorrectly) that Thais are required to pay 15% of all rental income on residential properties. That is 15% right off the top of 100% of their income. I'll try to make it simple. If the rent is 10,000 a month then they are required to pay 1500 to the government. I know wages (earned salaried income) is treated much differently so to continue my example. With the 10,000 in income and say 5,000 in expenses such as gardeners, cleaners, upkeep, legal expenses and a multitude of other legitimate expenses involved in a rental would she be required to pay 15% on the "net" income of 5000 a month (750) or is it in actuality still 1500 if in fact that 15% figure is correct at all. PLEASE PLEASE PLEASE this is only an example to try to simplify what I'm trying to say and not a real situation. I'm trying to make it simple. Thanks for any help.

[soundman]

From the revenue department.

Link.

According to the table of deductions allowed without receipts for expenses on specific income types - rental property 10%.

So the way that works:

You rent your house out for 100,000B per year - you can claim 10% or 10,000B deduction. Leaves 90,000B profit which becomes your personal income and is taxed according to the normal tax brackets.

Hope this is some help on the tax issue.

[Foreverford]

From the revenue department.

Link.

According to the table of deductions allowed without receipts for expenses on specific income types - rental property 10%.

So the way that works:

You rent your house out for 100,000B per year - you can claim 10% or 10,000B deduction. Leaves 90,000B profit which becomes your personal income and is taxed according to the normal tax brackets.

Hope this is some help on the tax issue.

Soundman you are truly a super-star. Thanks for the link it is something everyone who is involved in the system should see. Very straight forwards. A thousand thanks agian. Ford tractors forever me

[melvinrio]

IS THAT 10% PLUS EXPENSES WITH RECEIPTS ? WHICH WOULD BE THE SAME AS ENGLAND WHERE YOU CAN CLAIM !0% OF THE TOP FOR WEAR AND TEAR PLUS ANY EXPENSES WITH RECEIPTS.

[Foreverford]

IS THAT 10% PLUS EXPENSES WITH RECEIPTS ? WHICH WOULD BE THE SAME AS ENGLAND WHERE YOU CAN CLAIM !0% OF THE TOP FOR WEAR AND TEAR PLUS ANY EXPENSES WITH RECEIPTS.

Read the link that was given from soundman (just put your little arrow on link and click and it will answer your question and show you almost all you may need to learn to start understanding the Thai tax structure. This is an extremely excellent link. Thanks again soundman I like your sounds