spurs Posted July 17, 2010 Share Posted July 17, 2010 hey dudes, quick one for you. if you earn 115-120,000 thb monthly what's the interest rate? is it 10%? superb Spurs Link to comment Share on other sites More sharing options...
monty Posted July 17, 2010 Share Posted July 17, 2010 I assume you mean how much tax you have to pay? You have to calculate on a yearly base... 120,000 Baht/month equals 1,440,000 Baht/year. You are allowed a deduction 60,000 Baht and an allowance of 30,000 Baht. Leaves 1,350,000 Baht. 0 to 150,000 at 0% 150,001 to 500,000 Baht taxed at 10% (350,000 at 10% is 35,000 Baht) 500,001 to 1,000,000 Baht taxed at 20% (500,000 at 20% is 100,000 Baht) 1,000,001 to 4,000,000 Baht taxed at 30% (350,000 at 30% is 105,000 Baht) So your total tax to be paid is 240,000 Baht/year, or exactly 20,000 Baht/month. Which works out to just under 17%. There are further allowances for being married, taking care of parent(s), having children etc... You can also deduct life insurance, or you can invest in long term equity funds (obviously only viable if you are here for the long term)to bring your overall tax liability down... Link to comment Share on other sites More sharing options...
aussiebebe Posted July 17, 2010 Share Posted July 17, 2010 (edited) I assume you mean how much tax you have to pay? You have to calculate on a yearly base... 120,000 Baht/month equals 1,440,000 Baht/year. You are allowed a deduction 60,000 Baht and an allowance of 30,000 Baht. Leaves 1,350,000 Baht. 0 to 150,000 at 0% 150,001 to 500,000 Baht taxed at 10% (350,000 at 10% is 35,000 Baht) 500,001 to 1,000,000 Baht taxed at 20% (500,000 at 20% is 100,000 Baht) 1,000,001 to 4,000,000 Baht taxed at 30% (350,000 at 30% is 105,000 Baht) So your total tax to be paid is 240,000 Baht/year, or exactly 20,000 Baht/month. Which works out to just under 17%. There are further allowances for being married, taking care of parent(s), having children etc... You can also deduct life insurance, or you can invest in long term equity funds (obviously only viable if you are here for the long term)to bring your overall tax liability down... That's a great answer, you can also read the Revenue Department's website for a full list of allowances; http://www.rd.go.th/...ish/6045.0.html Once you complete your PIT form and submit it with evidence, you'll recieve a cheque for the refund of excess tax paid, if any, based on any allowances you qualify for. Edited July 17, 2010 by aussiebebe Link to comment Share on other sites More sharing options...
spurs Posted July 18, 2010 Author Share Posted July 18, 2010 I assume you mean how much tax you have to pay? You have to calculate on a yearly base... 120,000 Baht/month equals 1,440,000 Baht/year. You are allowed a deduction 60,000 Baht and an allowance of 30,000 Baht. Leaves 1,350,000 Baht. 0 to 150,000 at 0% 150,001 to 500,000 Baht taxed at 10% (350,000 at 10% is 35,000 Baht) 500,001 to 1,000,000 Baht taxed at 20% (500,000 at 20% is 100,000 Baht) 1,000,001 to 4,000,000 Baht taxed at 30% (350,000 at 30% is 105,000 Baht) So your total tax to be paid is 240,000 Baht/year, or exactly 20,000 Baht/month. Which works out to just under 17%. There are further allowances for being married, taking care of parent(s), having children etc... You can also deduct life insurance, or you can invest in long term equity funds (obviously only viable if you are here for the long term)to bring your overall tax liability down... That's a great answer, you can also read the Revenue Department's website for a full list of allowances; http://www.rd.go.th/...ish/6045.0.html Once you complete your PIT form and submit it with evidence, you'll recieve a cheque for the refund of excess tax paid, if any, based on any allowances you qualify for. fantastic answers guys. Cleared that one right up Link to comment Share on other sites More sharing options...
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