DLang Posted July 6, 2017 Share Posted July 6, 2017 Does anyone know the approximate Tax Free Allowance for a married Thai parent, that is running their own business. I seem to remember it began at around 200,000thb p/a around 10 years ago. Then went up if they were a parent etc. Anybody know the current figures? Thanks. Link to comment Share on other sites More sharing options...
DLang Posted July 6, 2017 Author Share Posted July 6, 2017 (edited) I believe this answers the question. http://www.mazars.co.th/Home/Doing-Business-in-Thailand/Tax/New-Thai-personal-income-tax-structure 150k thb TFA. 150-300k thb - 5% of that amount. So a 300k in come would be taxed at 5% of 150k, which would be 7,500thb per annum. Edit. + 30k for one child. TFA would be 180k thb. Edited July 6, 2017 by DLang Link to comment Share on other sites More sharing options...
DLang Posted July 6, 2017 Author Share Posted July 6, 2017 Anyone know if there are more deductions for being self-employed as to being employed by a company? Link to comment Share on other sites More sharing options...
ubonjoe Posted July 6, 2017 Share Posted July 6, 2017 17 minutes ago, DLang said: Anyone know if there are more deductions for being self-employed as to being employed by a company? There are more deductions allowed not mentioned in the previous post. This page on the Revenue Department website has more info: http://www.rd.go.th/publish/6045.0.html Link to comment Share on other sites More sharing options...
Mattd Posted July 6, 2017 Share Posted July 6, 2017 The tax allowances for 2017 have increased from the link UJ provided, the progresive tax percentages remain the same up to the higher earning brackets, where you would be better off. Source: http://www.mazars.co.th/Home/Doing-Business-in-Thailand/Tax/New-Thai-personal-income-tax-structure Tax allowances shall be revised as follows: The personal allowance will increase from 30,000 baht to 60,000 baht, and where the taxpayer and spouse both earn taxable income, the maximum deduction for both of them would be 120,000 baht. The spouse allowance will increase from 30,000 baht to 60,000 baht. The child allowance will increase from 15,000 baht per child (capped at 3 children) to 30,000 baht per child (uncapped). The allowance for an estate would increase from 30,000 baht to 60,000 baht. The allowance for a non-juristic partnership or a non-juristic body of persons would increase from 30,000 baht for each individual (capped at 60,000 baht) to 60,000 for each individual (capped at 120,000 baht). The progressive tax rates shall be revised as follows: Current tax rates New tax rates Taxable income (in Thai baht) Rate Taxable income (in Thai baht) Rate First 150,000 0% First 150,000 0% 150,001 – 300,000 5% 150,001 – 300,000 5% 300,001 – 500,000 10% 300,001 – 500,000 10% 500,001 – 750,000 15% 500,001 – 750,000 15% 750,000 – 1,000,000 20% 750,000 – 1,000,000 20% 1,000,001 – 2,000,000 25% 1,000,001 – 2,000,000 25% 2,000,001 – 4,000,000 30% 2,000,001 – 5,000,000 30% Over 4,000,000 35% Over 5,000,000 35% Link to comment Share on other sites More sharing options...
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