Hi all,

I am sorry if this has been covered in a previous post, but I did try and search, and did not see anything similar to my situation.

I started working here in January this year. I heard the tax year here end at the end of December.

Question: How do I do a tax assesment? Do I get a tax certificate from my employer? Is there and "H&R Block" or "ITP" here in Thailand?

I am single and have no GF, wife or children, so is there any benefit or do I just take it like a man?

I appreciate any help you can give me.

it is pretty simple to be honest.

In january at some point you will be given a tax certificate from your employer. If HR have done their job properly, they will have deducted just the right amount.

You basically have two options - doing it online or going down to a local tax office.

Doing it online is generally fine (though i am not sure if the forms are in English). Easy to do though is simply go down to your local tax office armed with your Tax ID card, tax certificate from the employer and your passport/work permit (not sure if the WP is needed, but better safe than sorry).

Take a number and someone there will actually go through the form with you, working out your deductions, filling it for you and calculating what you owe/they owe you.

They'll print out a yellow receipt for you showing you have sumbitted your return, and it will show the amount owing. With luck, a cheque can be sent to you following all of this, or from memory it can be automatically deposited in your account (hence take your bank book with you to the tax office too).

It is actually quite a good service they run - though busy leading up to the March cut off date for filing.

This year I was a little late in missing the March deadline for filing - no big stress and I think I was fined 100 baht for filing late. Office is dead quite after March though, so the 100 baht fine was worth it for saving the waiting around that happens sometimes at the tax office!

Edited December 20, 201015 yr by samran

Personal income tax

Poorsucker and Samran,

Thank you both for your help. I appreciate it.

Samran, it is funny you mention the point regarding my HR deducting the right amount of tax. I was in Bangkok yesterday, and visited head office. I had to talk to the VP of accounting, and she said, we have a little problem. I took a deep breath and calmly said Yeees.

Aparently my tax has been calculated with a mistake. I am short 10,000, and will have to top it up. I already pay heaps of tax, and a bit worried at the amount I am paying. Oh well! TIT

Thanks again for both your advice.

Edited December 24, 201015 yr by mcyachty

If you're going to be here for a while there are tax refunds available for investment in certain long term funds - LTF's which you have to hold for 5 calender years (investing before Dec 31 counts as one year, and selling the first day of Jan 2014 would count as the 5th). You can get tax refunded on income for an investment the lower of up to 15% of income or max 500,000bt. Refunds for donations to registered charities & particularly certain educational charities. And also some insurance products have tax saving conditions.

If you're going to be here for a while there are tax refunds available for investment in certain long term funds - LTF's which you have to hold for 5 calender years (investing before Dec 31 counts as one year, and selling the first day of Jan 2014 would count as the 5th). You can get tax refunded on income for an investment the lower of up to 15% of income or max 500,000bt. Refunds for donations to registered charities & particularly certain educational charities. And also some insurance products have tax saving conditions.

That is a good idea especially if you are going to be in Thailand for at least the next 3 years.

is a one time 15% tax benefit worth locking up your money for five years unable to make any move? personally i'd say "no way José!" :jap:

Naam,

I hear what you say, but thinking about it, at least I will have something if and when I leave, and after 5 years, some savings.

My problem is I do not know enough about it, and the risk of stuffing up and blowing my money is very high. I will have to look into it, and do some study.

Thanks for the input.

I always get my wife to do it as the forms on the web are in Thai if I remember correctly.

Also if you holiday in Thailand keep your receipts as you can also claim tax back from these, am not sure though if it is for those married to Thais only or everyone who pays tax in Thailand.

is a one time 15% tax benefit worth locking up your money for five years unable to make any move? personally i'd say "no way José!" :jap:

if you time it right Naam, it is only 3 years as investing on the 31st of December 2010 is "year 1" and then the 1st of Jan 2011 is already counted as 'year 2'. As such 1 Jan 2014 counts as 'year 5' and you can withdraw the funds and any capital gains tax free.

The LTF I invested in has doubled in 4 years (ING Good Corporate Governance LTF). So, there are some good ones out there....

it is only 3 years as investing on the 31st of December 2010 is "year 1" and then the 1st of Jan 2011 is already counted as 'year 2'.

sounds more acceptable.