Thailand: Living There - Tax Issues
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Last Updated: Jan 09, 2008
Living There
INDIVIDUAL TAXATION
Residents are liable to pay tax on their worldwide income. . Married couples may opt to have joint tax liability; although the wife needs to file a separate tax return, the couple’s combined taxable income will essentially be credited to the husband’s.
INCOME TAX
The tax schedule for residents from 2004 onwards is as follows:
INCOME TAX RATES |
|
| TAXABLE INCOME, THB (US$) | MARGINAL TAX RATE |
| Up to 100,000 (US$3,181) | nil |
| 100,001 - 500,000 (US$15,906) | 10% on band over US$3,181 |
| 500,001 - 1,000,000 (US$31,812) | 20% on band over US$15,906 |
| 1,000,001 - 4,000,000 (US$127,248) | 30% on band over US$31,812 |
| Over 4,000,000 (US$127,248) | 37% on all income over US$127,248 |
| Source: Global Property Guide | |
Residents are also entitled to certain allowances as follows:
| TYPE OF ALLOWANCES | AMOUNT, THB (US$) |
| • Single taxpayer | 30,000 (US$954) |
| • Undivided estate | 30,000 (US$954) for the taxpayer’s spouse |
| • Spouse allowance | 30,000 (US$954) |
| • Child allowance (up to three) | 15,000 (US$447) each |
| - under 25 years old and studying, a minor, adjusted incompetent or quasi-incompetent person | |
| • Education | 2,000 (US$64) each |
| - for children studying in a school in Thailand | |
| • Life insurance premiums | maximum of 50,000 (US$1,591) each |
| - paid by taxpayer or spouse | |
| • Provident fund contributions | maximum of 15% of income |
| • Long-term equity fund | 300,000 (US$9,544) or 15% of income |
| • Home mortgage interest | maximum of 50,000 (US$1,298) |
| • Charitable contributions | up to 10% of income after deductions |
| • Parent-care allowance | 30,000 (US$954) |
| • Old-age allowance | 190,000 (US$6,044) each |
| - over 65 years of age | |
| • Social insurance contributions | |
| Source: Global Property Guide | |
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