Tax Free Allowance, for self-employed Thai.

[DLang]

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. 

[DLang]

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

[DLang]

Anyone know if there are more deductions for being self-employed as to being employed by a company? 

[ubonjoe]

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

[Mattd]

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%