February 6, 201610 yr I would be very appreciated if anyone can answer me following questions. I have posted this few months ago, but no replies. Basically, I would like to start paying rental taxes for the condos I own and rent out. 1. Do you know any rental tax specialist who can assist me with this ? 2. Will I find any help at Thai Revenue Office ? 3. Where is that office located ? I need one related to Nimmanhemin area. 4. What are opening days and hours of that office ? Thank you very much in advance.
February 6, 201610 yr The government comes by my MIL's rental units every couple of months - or thereabouts. There is a covered book hanging outside where they sign each time they collect the money. I believe they call in advance to make sure someone will be home. I don't think you need a tax specialist as I don't believe repairs or anything are deducted. It's a flat tax - I think. I'm fairly certain the government came looking for the rental units and the MIL didn't seek them out so no idea on where an office is.
February 6, 201610 yr No, does not work like this. Your rental income is that, part of your income (unless you run it as a company). You need to apply for a tax number at the revenue office in charge of your location. That is all in Thai, but should be not a complicated process. With that tax number you make a yearly income tax declaration, which also should include any deductibles like 15% taken out of fixed deposits. With that they will assess your income and tell you how much you have to pay or get back.
February 7, 201610 yr Check out the PWC tax guide but be aware the bands have changed in recent years now starting at 5%. Before even the 5% kicks in there are large allowances for all expenses (you can ask for a blanket allowance instead of showing bills) ....then there's another 150k tax free not to mention allowances for looking after grandma, charities, life insurance etc. Generally speaking it's moderately low.
February 7, 201610 yr Dont forget to lie about the amount of rent collected..it's the norm. It's obvious by this comment you are a lawyer! I suspect a very experienced one at that!
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