Thai Income Tax - Scaled or Absolute ?

[skippybangkok]

Always thought that income tax was incremental i.e.  

 

if earn 500k baht, then get 0% on first 150k

next 150k get 5% tax

next 200k 10% ?

 

is it like that, or just if you earn 500 k, you get a flat rate of 10% ?

 

 

 

[GarryP]

It is incremental. You pay the the rates for each of the ranges your yearly income falls under.  So I am paying 5% on that part of my income in the table, 10% on the subsequent part, 15% on the next etc. 

[skippybangkok]

1 hour ago, GarryP said:

It is incremental. You pay the the rates for each of the ranges your yearly income falls under.  So I am paying 5% on that part of my income in the table, 10% on the subsequent part, 15% on the next etc. 

 

 

Cheers, did a spreadsheet, but did not add up, both absolute and incremental. found the error and is about right now.

 

 

for what its worth, Tisco has a great online calculator ( below ) - jut found it 

 

 

Tisco

Edited October 7, 2016 by skippybangkok

[GarryP]

Don't forget that next year the deductions/allowances change so you should have a few more Baht in your pocket starting from January 2017.  The only downside is that while you can still get deductions for LTFs, the minimum holding period has increased from 5 to 7 years (unless you are willing to pay back all that tax you have already saved on them).  

[skippybangkok]

Don't forget that next year the deductions/allowances change so you should have a few more Baht in your pocket starting from January 2017.  The only downside is that while you can still get deductions for LTFs, the minimum holding period has increased from 5 to 7 years (unless you are willing to pay back all that tax you have already saved on them).  

Arrgg... 7 years, in essence then 5 as everyone does December , wait year, and then take out Jan year after, which counts as 3.


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[GarryP]

4 hours ago, skippybangkok said:

 

 

Arrgg... 7 years, in essence then 5 as everyone does December , wait year, and then take out Jan year after, which counts as 3.


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Yes. So what what 5 was actually 3 and what will be 7 will actually be 5.

[skippybangkok]

Yes. So what what 5 was actually 3 and what will be 7 will actually be 5.

If you buy in December, the next month is January so it's the next year already

Ie

Buy Dec 12 - yr 1

Jan- dec 13 - yr 2

Jan 14 - yr 3 ( can take money out now)

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[CharlieH]

MOVED