Working Tax / Income Tax

[bencottrell]

hi guys

I'm about to get a work permit through my company (2m baht registered)

can anyone tell me what the monthly income tax is likely to be?

are there any other monthly charges fro the employee?

cheers

[sk1max]

hi guys

I'm about to get a work permit through my company (2m baht registered)

can anyone tell me what the monthly income tax is likely to be?

are there any other monthly charges fro the employee?

cheers

Between 3% ~ 7% But if it's your company you should be paying yourself right? I think you should pay tax on 40 - 55K per month depending on you nationality.

[pit101]

hi guys

I'm about to get a work permit through my company (2m baht registered)

can anyone tell me what the monthly income tax is likely to be?

are there any other monthly charges fro the employee?

cheers

The highest tax rate in Thailand is 20 % if you have over 1,000,000 Bt per year. Then you can have some tax reducing issues so that effectiv the rate goes down to about 12 %.

Usualy you have to pay another 300 Bt / month for the health insurance.

[QED]

Between 3% ~ 7% But if it's your company you should be paying yourself right? I think you should pay tax on 40 - 55K per month depending on you nationality.

I wish.....

The highest tax rate in Thailand is 20 % if you have over 1,000,000 Bt per year. Then you can have some tax reducing issues so that effectiv the rate goes down to about 12 %.

Usualy you have to pay another 300 Bt / month for the health insurance.

Would you care to elaborate on that?

I have just started working so have been investigating this for myself.

Basically I am single, with no kids. The first 90k p/a is deducted from your income for tax purposes - if you have a wife/ kids/ elderly poor parents etc etc you can get a larger deduction.

The next 150k p/a is then effectively at 0%. You are now up to 240k which may explain the lack of knowledge about the tax system, as most teachers won't pay tax.

There is then a sliding scale as follows:

Next 350k - 10% (150k - 500k)

Next 500k - 20% (500k - 1m)

Next 3m - 30% (1 - 4m)

Anything above that 37%.

My personal tax is alot more than I was lead to believe, maybe my bad for not checking first. I found a good source of info here

[TerryLH]

"Usualy you have to pay another 300 Bt / month for the health insurance."

Are you talking about Social Security?

Anyone earning 15k or more would be paying 750 a month. The employer pays the same, for a total of 1500.

I haven't heard that that has changed, but I haven't worked in a couple of months.

If it's something else, could you let us know. 300 Baht would be a good deal.

[pit101]

Between 3% ~ 7% But if it's your company you should be paying yourself right? I think you should pay tax on 40 - 55K per month depending on you nationality.

I wish.....

The highest tax rate in Thailand is 20 % if you have over 1,000,000 Bt per year. Then you can have some tax reducing issues so that effectiv the rate goes down to about 12 %.

Usualy you have to pay another 300 Bt / month for the health insurance.

Would you care to elaborate on that?

I have just started working so have been investigating this for myself.

Basically I am single, with no kids. The first 90k p/a is deducted from your income for tax purposes - if you have a wife/ kids/ elderly poor parents etc etc you can get a larger deduction.

The next 150k p/a is then effectively at 0%. You are now up to 240k which may explain the lack of knowledge about the tax system, as most teachers won't pay tax.

There is then a sliding scale as follows:

Next 350k - 10% (150k - 500k)

Next 500k - 20% (500k - 1m)

Next 3m - 30% (1 - 4m)

Anything above that 37%.

My personal tax is alot more than I was lead to believe, maybe my bad for not checking first. I found a good source of info here

QED,

you are right with your figures. I have done a mistake not looking at the back side of form 91!

[beano2274]

Although I do not have my own company or anything like that I pay Social Security of 425 baht per month. Just went to the office in Nonthaburi and did with my wife for myself

[thaiphoon]

QED is spot on with the figures.

If you are a director of your company you are exempt from paying social security tax. You can also include an allowance of upto THB 100k per annum for life assurance depending on premium amount paid in relevant tax year as long as life policy is for 10 years or more.

[QED]

QED,

you are right with your figures. I have done a mistake not looking at the back side of form 91!

No problem - can you expand on 'tax reducing issues so the effective rate goes down to about 12%' from your earlier post?

Although I do not have my own company or anything like that I pay Social Security of 425 baht per month. Just went to the office in Nonthaburi and did with my wife for myself

Mine is 750 p/m which I have checked and is correct.

Also forgot to mention that approved provident fund cont's are tax deductable up to 15% or 500k. We have a good scheme where I pay 5% and the employer matches it, but that will only cost me 3.5% effectively as it will reduce my 30% liability - recommended to anyone that has one available.

[TerryLH]

"I pay Social Security of 425 baht per month."

That sounds like what you'd pay on your own if not in the system as a covered employee.

I think you'll find the actual amount is 432 baht.

[bencottrell]

sorry i forgot to say I am the company director, too.

does this make any difference in my

social security or

income tax

obligations?

appreciate any help!