Income Tax Cuts In Thailand Announced This Week

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Income tax cuts in Thailand announced this week

By Staff Reporter

BANGKOK: -- The Thai Government has announced a revision to the current income tax rate which apply to individuals working in Thailand, cutting the national income from Tax revenue by up to 23 Billion Baht and leaving more money in the pockets of wage earners across the board.

Those with lower incomes, (under 150,000 baht a year) will continue to be exempt from tax, and those with an income between the lower level and 300,000 baht will see their taxes liability cut in half in a [more...]

Full story: http://www.pattaya10...x-cut-thailand/

--Pattaya 103 FM 2012-12-20

[noitom]

This is a good move by Thailand.

[manfrommanteo]

Good move.....America, take note......

[laurentbkk]

Excellent ......

[HiSoLowSoNoSo]

Just wonder where will the money for the governments populist projects come from? The government recently announced that the new Dawai deep sea port in Burma will be paid by tax payer's money and the rice scam is also being paid by the tax payers to an amount of 15.000 THB per household, that's a lot of money for the average Thai. Are they borrowing the money from overseas or?

[catmac]

Just wonder where will the money for the governments populist projects come from? The government recently announced that the new Dawai deep sea port in Burma will be paid by tax payer's money and the rice scam is also being paid by the tax payers to an amount of 15.000 THB per household, that's a lot of money for the average Thai. Are they borrowing the money from overseas or?

Suggest they start by really taxing the few filthy-rich individuals.

This is a sensible move to remove the tax burden on those who, by any standard, are not earning much, in line with true Thatcherite economics.

[Crushdepth]

Income tax? Wot?

[Arkady]

Just wonder where will the money for the governments populist projects come from? The government recently announced that the new Dawai deep sea port in Burma will be paid by tax payer's money and the rice scam is also being paid by the tax payers to an amount of 15.000 THB per household, that's a lot of money for the average Thai. Are they borrowing the money from overseas or?

The rice mortgage scheme is paid for by the Bank for Agriculture and Agricultural Cooperatives - a mechanism to avoid showing it in government debt figures, although the govt guarantees its debt. The Excise Dept has out run of money to reimburse tax for the first car scheme. The hospitals are forced into insolvency by the gold card scheme and have to beg for loans from the govt. The Social Security Fund's published accounts show clearly that it will not be able to meet its pension obligations but it is worse than that because it is managed fraudulently and the real numbers are much worse than that. Need I go oon?

[Arkady]

Only two months ago Kittirat said there wasn't enough money in the kitty to go ahead with these proposals. Funny that he has changed his mind in the run up to the Bangkok governor election in Feb.

[culicine]

The took care of the wealthy too...everyone gets a slice of the cake....except the growing middle class. The wealthy are taken care of, as usual. perhaps more revenue could be raised but following up on businesses and individuals not paying the correct amount of tax.

[Thait Spot]

Everybody knows that government coffers are a bottomless pit.

The Greeks in particular.

Sent from my Nexus 7 using Thaivisa Connect App

[otherstuff1957]

A co-worker and I sat down and did some rough calculations as to how much we would save under this new tax schedule. It came out to a relatively small amount. While the extra money is nice, it really won't make much difference in my life. However, the billions of baht that the government is subtracting from their budget will have a significant impact on the government's cash flow.

Quite frankly, it looks like the Thai government is setting up a financial 'perfect storm'. The only thing that can save the Thai economy now would be a huge natural disaster affecting rice production in India or China. I wonder is some fortune teller up in Chiang Mai has predicted something like this!

Edited December 20, 2012 by otherstuff1957

[enrico2]

Just wonder where will the money for the governments populist projects come from? The government recently announced that the new Dawai deep sea port in Burma will be paid by tax payer's money and the rice scam is also being paid by the tax payers to an amount of 15.000 THB per household, that's a lot of money for the average Thai. Are they borrowing the money from overseas or?

are they asking those money to you? why the hell people have always to complain about everything. Take it easy man, it's a good move, no matter how you look at it.

[Thai at Heart]

Truly bizarre.

Now if they really wanted to do something clever they would reduce the top rate tax and get more people to pay, no Thai declares personal income of 4mn at 40% tax, they just expense their lives through companies instead. Then make all expats pay a flat rate of 15% to encourage those paid offshore to declare their earnings in Thailand, instead of keeping them offshore. Not one person I know on an expatriate deal declares their full income in the country, the companies bank it for them offshore, and pay the bare minimum to get a work permit.

Then, VAT needs to change, either companies register for it, or they are rated arbitrarily. There are noodle stands making more than the level of revenue mandated to be registered to be VAT registered, but the govt sees absolutely zilch of that money too. Also move the ridiculous allowances for kids instead of reducing middle rate tax would have proportionately helped families more.

Edited December 20, 2012 by Thai at Heart

[Arkady]

A co-worker and I sat down and did some rough calculations as to how much we would save under this new tax schedule. It came out to a relatively small amount. While the extra money is nice, it really won't make much difference in my life. However, the billions of baht that the government is subtracting from their budget will have a significant impact on the government's cash flow.

Quite frankly, it looks like the Thai government is setting up a financial 'perfect storm'. The only thing that can save the Thai economy now would be a huge natural disaster affecting rice production in India or China. I wonder is some fortune teller up in Chiang Mai has predicted something like this!

It has been predicted by a fortune teller but he was in Dubai not Chiang Mai.

[duncanm]

A co-worker and I sat down and did some rough calculations as to how much we would save under this new tax schedule. It came out to about 3,000 baht or so. While the extra money is nice, it really won't make much difference in my life.

How sure of this are you?

I ran the numbers and someone on 50k a month is 10k a year better off. Or were you talking about a monthly figure?

I'd expect a reasonable chunk of this money to make it back into the economy.

[HiSoLowSoNoSo]

Just wonder where will the money for the governments populist projects come from? The government recently announced that the new Dawai deep sea port in Burma will be paid by tax payer's money and the rice scam is also being paid by the tax payers to an amount of 15.000 THB per household, that's a lot of money for the average Thai. Are they borrowing the money from overseas or?

are they asking those money to you? why the hell people have always to complain about everything. Take it easy man, it's a good move, no matter how you look at it.

As I work and pay taxes here I think I will end up paying for it in some way sooner or later.

[otherstuff1957]

^ You're right, I double checked the figures after I posted that and came up with 15,000 or so per year. However, the point still stands that that amount will be nice, but not life-changing. The Thai government doing a Greek-style melt down would have more of an impact on my life than getting some extra money for a year or two will.

[noob7]

A co-worker and I sat down and did some rough calculations as to how much we would save under this new tax schedule. It came out to a relatively small amount. While the extra money is nice, it really won't make much difference in my life. However, the billions of baht that the government is subtracting from their budget will have a significant impact on the government's cash flow.

Quite frankly, it looks like the Thai government is setting up a financial 'perfect storm'. The only thing that can save the Thai economy now would be a huge natural disaster affecting rice production in India or China. I wonder is some fortune teller up in Chiang Mai has predicted something like this!

Don't forget the 5%:

"Those better off, with higher incomes will also save between 2-5% on their deductions"

Here it is a 'substantial' amount.

Let's see, who win's most? Oh, I think, government people are 'better off', aren't they?

Worldwide the same scheme!

Edited December 20, 2012 by noob7

[EvilDrSomkid]

Does some one have a link to the actual new rates on the RD website or something?

[Markaew]

Just wonder where will the money for the governments populist projects come from? The government recently announced that the new Dawai deep sea port in Burma will be paid by tax payer's money and the rice scam is also being paid by the tax payers to an amount of 15.000 THB per household, that's a lot of money for the average Thai. Are they borrowing the money from overseas or?

Suggest they start by really taxing the few filthy-rich individuals.

This is a sensible move to remove the tax burden on those who, by any standard, are not earning much, in line with true Thatcherite economics.

Wealth envy. Taking their money through taxation is not the answer. Removing the corruption that keeps them rich will deflate the filth.

[doctorproc156]

So what is going to fund all the promised infrastructure projects? More debt?

[theajarn]

Just wonder where will the money for the governments populist projects come from? The government recently announced that the new Dawai deep sea port in Burma will be paid by tax payer's money and the rice scam is also being paid by the tax payers to an amount of 15.000 THB per household, that's a lot of money for the average Thai. Are they borrowing the money from overseas or?

Suggest they start by really taxing the few filthy-rich individuals.

This is a sensible move to remove the tax burden on those who, by any standard, are not earning much, in line with true Thatcherite economics.

FEW!?!? From my understanding there are at least a FEW THOUSAND of these individuals!! Chalerm's son for example, is somewhere at the 1000th ranking rich sonofa...

[theajarn]

Still, funny how people here will always be pessimistic about the news. Hell if they raised the tax by even a tiny fraction... imagine the response to THAT.

[smedly]

you gots laugh at this

The first move of many to win a referendum

[Kananga]

Rough calculations put it as an extra 50k a year for me, so that a free annual holiday out of Thailand thanks very much.

[EvilDrSomkid]

The BP has an article with the new tax percentage rates.

Summary:

150-300k: 5%

300-500k:10%

500-750k:15%

750-1mil: 20%

1mil-2mil: 25%

2-4mil: 30%

4mil up: 35%

No real mention of the deductions.

[Thait Spot]

The BP has an article with the new tax percentage rates.

Summary:

150-300k: 5%

300-500k:10%

500-750k:15%

750-1mil: 20%

1mil-2mil: 25%

2-4mil: 30%

4mil up: 35%

No real mention of the deductions.

Are votes proportionate?

Sent from my Nexus 7 using Thaivisa Connect App

[Kananga]

The BP has an article with the new tax percentage rates.

Summary:

150-300k: 5%

300-500k:10%

500-750k:15%

750-1mil: 20%

1mil-2mil: 25%

2-4mil: 30%

4mil up: 35%

No real mention of the deductions.

Surely its not that difficult to work out.... You just take the published percentage of the amount in that bracket.

[mayday49]

A co-worker and I sat down and did some rough calculations as to how much we would save under this new tax schedule. It came out to a relatively small amount. While the extra money is nice, it really won't make much difference in my life. However, the billions of baht that the government is subtracting from their budget will have a significant impact on the government's cash flow.

Quite frankly, it looks like the Thai government is setting up a financial 'perfect storm'. The only thing that can save the Thai economy now would be a huge natural disaster affecting rice production in India or China. I wonder is some fortune teller up in Chiang Mai has predicted something like this!

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