Tax Thresholds

[Water Buffalo]

Hello all,

Can anyone tell me what the tax thresholds are in Thailand with regards to your salary and what percentage you have to pay?

Thank you for any help.

[meatboy]

go to, www.rd.go.thy

i believe its income earned in thailand the first 150,000bht.is tax free then as per scale,150,000 to 300,000 is 5%.

[maisodni]

Everyone first gets a 60,000 baht standard "expense" deduction, and a 30,000 baht standard personal deduction.

If you pay Social Fund, you also get a 750 baht per month deduction for your social fund payments.

There are further deductions for spouse, children, or supported parents.

What remains is your taxable income.

The taxes are then:

The first 150,000 baht 0% tax rate

150,001 to 300,000 baht 5% tax rate

300,001 to 500,000 baht 10% tax rate

500,001 to 750,000 baht 15% tax rate

750,001 to 1,000,000 baht 20% tax rate

1,000,001 to 2,000,000 baht 25% tax rate

2,000,001 to 4,000,000 baht 30% tax rate

All income above 4,000,000 baht 35% tax rate

There is an online personal income tax calculator at http://www.asokdirectory.com/guide/ManagerGuide/PersonalIncomeTax.php

MS

Edited February 25, 2015 by maisodni

[CharlieH]

Moving to "money matters"

[Soutpeel]

All income above 4,000,000 baht 35% tax rate

not quite upto date believe this has been reduced to 32%

[TerryLH]

"If you pay Social Fund, you also get a 750 baht per month deduction for your social fund payments."

Not everyone gets a 750 baht per month deduction. You get the amount you pay, which for some is less than that.

[maisodni]

All income above 4,000,000 baht 35% tax rate

not quite upto date believe this has been reduced to 32%

I am not aware of a 32% top personal income tax rate ever even being propposed or considered. Do you have a reference?

Here are two references for the 35% top rate:

http://www.rd.go.th/publish/6045.0.html

http://www.naritlaw.com/Resources/Newsletter No 91 Edition November 2014.pdf

MS

[maisodni]

"If you pay Social Fund, you also get a 750 baht per month deduction for your social fund payments."

Not everyone gets a 750 baht per month deduction. You get the amount you pay, which for some is less than that.

The only persons that pay Social Fund taxes at a rate les than 750 baht are those employees earning less than 15,000 baht per month.

No one earning less than 20,000 baht per month pays ANY personl income tax in Thailand.

So - the 750 baht rate applies to everyone who is subject to paying personal income tax based on salary in Thailand.

MS

[Water Buffalo]

So let me get this straight, the thresholds are based on how much we have earned to date in Thailand, not what we earn per year?

[Don Mega]

So let me get this straight, the thresholds are based on how much we have earned to date in Thailand, not what we earn per year?

Your yearly income is used as the calculation for how much tax needs to be paid monthly.

[Water Buffalo]

So let me get this straight, the thresholds are based on how much we have earned to date in Thailand, not what we earn per year?

Your yearly income is used as the calculation for how much tax needs to be paid monthly.

OK, I think I see now.

So let's say my school puts my salary through as 30K. That's 360K per year. So that means i am in the 10% bracket? (according to the data in post #3)

Edited February 26, 2015 by Water Buffalo

[Don Mega]

So let me get this straight, the thresholds are based on how much we have earned to date in Thailand, not what we earn per year?

Your yearly income is used as the calculation for how much tax needs to be paid monthly.

OK, I think i see now.

So let's say, my school puts my salary through as 30K. That's 360K per year. So that means i am in the 10% bracket?

No.

In a nutshell and assuming you are a single person from your 360k you minus 90k (allowances and deductions).

This leaves you 270k.

From this 270K the first 150k is taxed at 0%. For the amount over 150K (but less than 300K) you pay 5%.

270K minus 150K = 120K

120K x 5% = 6000..... divide this by 12 and you approximate monthly tax is Bt.500.

Taking the social security amount into consideration your actual tax may well be zero.

Check the revenue dept website.

http://www.rd.go.th/publish/6045.0.html

Edited February 26, 2015 by Don Mega

[Water Buffalo]

Cheers!