modafinil Posted August 30, 2011 Share Posted August 30, 2011 Let's assume I've been offered 2 different jobs. One is teaching English at 50,000B a month, the other is a specialist IT job that pays 100,000 baht a month. Both companies are based in Thailand, and I'm a UK national. Both jobs offer a work permit. How much tax would I pay to the Thai government for each job? Thank you! Link to comment Share on other sites More sharing options...
CWMcMurray Posted August 30, 2011 Share Posted August 30, 2011 first 150k free 150-500k = 10% 500K - 1 MIL = 20% +1 MIL = 30% * No need to go to the next tax bracket... if single... 60k deduction + 30 Allowance Teaching: 50k*12 = 600,000 taxable: 510k tax: 35k+2k = 37k IT: 100k*12 = 1,200,000 taxable: 1,110,000 tax: 35k+100k+33k = 168k f course if you take the IT job, you would likely be able to have a provident fund offered by your employer which is not taxable. You could also have enough income to invest up to 15% of your income in long term equity funds tax free or up to 100k in insurance premiums tax free... Link to comment Share on other sites More sharing options...
modafinil Posted August 31, 2011 Author Share Posted August 31, 2011 Thank you very much, that is exactly what I needed to know! The taxation in Thailand seems very reasonable compared to Western countries - if I end up getting a higher paying job, I will certainly look into the available tax breaks. Of course, I may end up getting neither of the hypothetical jobs first 150k free 150-500k = 10% 500K - 1 MIL = 20% +1 MIL = 30% * No need to go to the next tax bracket... if single... 60k deduction + 30 Allowance Teaching: 50k*12 = 600,000 taxable: 510k tax: 35k+2k = 37k IT: 100k*12 = 1,200,000 taxable: 1,110,000 tax: 35k+100k+33k = 168k f course if you take the IT job, you would likely be able to have a provident fund offered by your employer which is not taxable. You could also have enough income to invest up to 15% of your income in long term equity funds tax free or up to 100k in insurance premiums tax free... Link to comment Share on other sites More sharing options...
SolarOhm Posted September 16, 2011 Share Posted September 16, 2011 first 150k free 150-500k = 10% 500K - 1 MIL = 20% +1 MIL = 30% * No need to go to the next tax bracket... if single... 60k deduction + 30 Allowance Teaching: 50k*12 = 600,000 taxable: 510k tax: 35k+2k = 37k IT: 100k*12 = 1,200,000 taxable: 1,110,000 tax: 35k+100k+33k = 168k f course if you take the IT job, you would likely be able to have a provident fund offered by your employer which is not taxable. You could also have enough income to invest up to 15% of your income in long term equity funds tax free or up to 100k in insurance premiums tax free... If you took the IT job you could structure your salary, for a start up to 30% tax free can go into a Provident fund combining Employer and Employee contributions; but there is a ceiling of 500,000 on Employee contributions. It is far better to have a Salary Sacrifice arrangement with your employer so they will contribute 15% towards your Provident Fund - so you have 30% tax exempt invested instead of only 15%. That saves you another significant amount of tax! The remainder of your salary could also be structured so that you would not pay any more tax than a school teacher on a lower salary. If you are serious about tax planning then it is nonsense doing the basic sums according to the maths done on here. You can pay the amount of tax in IT that you wish to pay! Link to comment Share on other sites More sharing options...
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