en:tax:pit
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| en:tax:pit [2024/06/08 04:00] – [2.2 Deductions and Allowances] bullar | en:tax:pit [2024/07/08 07:17] (current) – [3.1 Progressive Tax Rates] bullar | ||
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| ====== Personal Income Tax (PIT) ====== | ====== Personal Income Tax (PIT) ====== | ||
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| + | More infos: | ||
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| Personal Income Tax (PIT) is a direct tax levied on income of a person. A person means an individual, an ordinary partnership, | Personal Income Tax (PIT) is a direct tax levied on income of a person. A person means an individual, an ordinary partnership, | ||
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| ====2.2 Deductions and Allowances==== | ====2.2 Deductions and Allowances==== | ||
| - | Certain deductions and allowances are allowed in the calculation of the taxable income. Taxpayer shall make deductions from assessable income before the allowances are granted. Therefore, taxable income is calculated by : | + | Certain deductions and allowances are allowed in the calculation of the taxable income. Taxpayer shall make deductions from assessable income before the allowances are granted. Therefore, taxable income is calculated by: \\ |
| - | <WRAP center round info 50%> | + | '' |
| - | TAXABLE INCOME = Assessable Income - deductions - allowances | + | |
| - | </ | + | |
| + | ===Deductions allowed for the calculation of PIT=== | ||
| - | Deductions allowed for the calculation of PIT | + | ^ Type of Income ^ Deduction |
| - | | Type of Income | Deduction | + | ^a. Income from employment |40% but not exceeding 60,000 baht| |
| - | |a. Income from employment |40% but not exceeding 60,000 baht| | | + | ^b. Income received from copyright |40% but not exceeding 60,000 baht| |
| - | |b. Income received from copyright |40% but not exceeding 60,000 baht| | | + | ^c. Income from letting out of property on hire | |
| - | |c. Income from letting out of property on hire | | | | + | ^1) Building and wharves |30%| |
| - | |1) Building and wharves |30%| | | + | ^2) Agricultural land |20%| |
| - | |2) Agricultural land |20%| | | + | ^3) All other types of land |15%| |
| - | |3) All other types of land |15%| | | + | ^4) Vehicles |30 | |
| - | |4) Vehicles |30 | | + | ^5) Any other type of property |10%| |
| - | |5) Any other type of property |10%| | | + | ^d. Income from liberal professions |30% except for the medical profession where 60% is allowed| |
| - | |d. Income from liberal professions |30% except for the medical profession where 60% is allowed| | | + | ^e. Income derived from contract of work whereby |
| - | |e. Income derived from contract of work whereby the contractor provides essential materials besides tools actual expense or |70% | | | + | ^f. Income derived from business, commerce, agriculture, |
| - | |f. Income derived from business, commerce, agriculture, | + | |
| - | Allowances (Exemptions) allowed for the calculation of PIT | + | ===Allowances (Exemptions) allowed for the calculation of PIT=== |
| - | | Types of Allowances |Amount| | + | ^ Types of Allowances ^Amount^ |
| - | | Personal allowance | | | + | ^ Personal allowance | | |
| - | | Single taxpayer |30, | + | ^ Single taxpayer |30, |
| - | | Undivided estate |30, | + | ^ Undivided estate |30, |
| - | | Non-juristic partnership or body of persons |30, | + | ^ Non-juristic partnership or body of persons |30, |
| - | | Spouse allowance |30, | + | ^ Spouse allowance |30, |
| - | | Child allowance (child under 25 years of age and studying at educational institution, | + | ^ Child allowance (child under 25 years of age and studying at educational institution, |
| - | (limited to three children) | + | ^Education (additional allowance for child studying in educational institution in Thailand) |2,000 baht each child| |
| - | Education (additional allowance for child studying in educational institution in Thailand) 2, | + | ^Parents allowance |30,000 baht for each of taxpayer’s and spouse’s parents if such parent is above 60 years old and earns less than 30,000 baht| |
| - | Parents allowance 30, | + | ^Life insurance premium paid by taxpayer or spouse |Amount actually paid but not exceeding 100,000 baht each| |
| - | Life insurance premium paid by taxpayer or spouse Amount actually paid but not exceeding 100,000 baht each | + | ^Approved provident fund contributions paid by taxpayer or spouse |Amount actually paid at the rate not more than 15% of wage, but not exceeding 500,000 baht| |
| - | Approved provident fund contributions paid by taxpayer or spouse Amount actually paid at the rate not more than 15% of wage, but not exceeding 500,000 baht | + | ^Long term equity fund |Amount actually paid at the rate not more than 15% of wage, but not exceeding 500,000 baht| |
| - | Long term equity fund Amount actually paid at the rate not more than 15% of wage, but not exceeding 500,000 baht | + | ^Home mortgage interest |Amount actually paid but not exceeding 100,000 baht| |
| - | Home mortgage interest Amount actually paid but not exceeding 100,000 baht | + | ^Social insurance contributions paid by taxpayer or spouse |Amount actually paid each| |
| - | Social insurance contributions paid by taxpayer or spouse Amount actually paid each | + | ^Charitable contributions |Amount actually donated but not exceeding 10% of the income after standard deductions and the above allowances| |
| - | Charitable contributions Amount actually donated but not exceeding 10% of the income after standard deductions and the above allowances | + | |
| ====2.3 Tax Credit for dividends==== | ====2.3 Tax Credit for dividends==== | ||
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| =====3. Progressive Tax Rates===== | =====3. Progressive Tax Rates===== | ||
| ====3.1 Progressive Tax Rates==== | ====3.1 Progressive Tax Rates==== | ||
| - | Personal income tax rates applicable to taxable income are as follows | + | Personal income tax rates applicable to taxable income are as follows: \\ |
| - | Tax rates of the Personal Income Tax | + | |
| - | Taxable Income | + | ===Tax rates of the Personal Income Tax=== |
| - | (baht) Tax Rate | + | |
| - | (%) | + | ^ |
| - | 0-150, | + | ^0-150,000| |
| - | more than 150,000 but less than 300,000 5 | + | ^more than 150,000 but less than 300,000| |
| - | more than 300,000 but less than 500, | + | ^more than 300,000 but less than 500,000| |
| - | more than 500,000 but less than 750, | + | ^more than 500,000 but less than 750,000| |
| - | more than 750,000 but less than 1, | + | ^more than 750,000 but less than 1,000,000| |
| - | more than 1,000,000 but less than 2, | + | ^more than 1,000,000 but less than 2,000,000| |
| - | more than 2,000,000 but less than 4, | + | ^more than 2,000,000 but less than 4,000,000| |
| - | Over 4, | + | ^Over 4,000,000| |
| To be implemented for the 2013 and 2014 tax years. | To be implemented for the 2013 and 2014 tax years. | ||
| In the case where income categories (2) - (8) mentioned in 2.1 are earned more than 60,000 Baht per annum, taxpayer has to calculate the amount of tax by multiplying 0.5% to the assessable income and compare with the amount of tax calculated by progressive tax rates. Taxpayer is liable to pay tax at the amount whichever is greater. | In the case where income categories (2) - (8) mentioned in 2.1 are earned more than 60,000 Baht per annum, taxpayer has to calculate the amount of tax by multiplying 0.5% to the assessable income and compare with the amount of tax calculated by progressive tax rates. Taxpayer is liable to pay tax at the amount whichever is greater. | ||
| + | {{ : | ||
| ====3.2 Separate Taxation==== | ====3.2 Separate Taxation==== | ||
| There are several types of income that the taxpayer shall not include or may not choose to include such income to the assessable income in calculating the tax liability. | There are several types of income that the taxpayer shall not include or may not choose to include such income to the assessable income in calculating the tax liability. | ||
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| ===Interest=== | ===Interest=== | ||
| The following forms of interest income may, at the taxpayer’s selection, be excluded from the computation of PIT provided that a tax of 15 per cent is withheld at source: | The following forms of interest income may, at the taxpayer’s selection, be excluded from the computation of PIT provided that a tax of 15 per cent is withheld at source: | ||
| - | 1. interest on bonds or debentures issued by a government organization; | + | - interest on bonds or debentures issued by a government organization; |
| - | 2. interest on saving deposits in commercial banks if the aggregate amount of interest received is not more than 20,000 baht during a taxable year; | + | |
| - | 3. interest on loans paid by a finance company; | + | |
| - | 4. interest received from any financial institution organized by a specific law of Thailand for the purpose of lending money to promote agriculture, | + | |
| ===Dividends=== | ===Dividends=== | ||
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| =====4. Withholding Tax===== | =====4. Withholding Tax===== | ||
| For certain categories of income, the payer of income has to withhold tax at source, file tax return (Form PIT 1, 2 or 3 as the case may be) and submit the amount of tax withheld to the District Revenue Office. The tax withheld shall then be credited against tax liability of a taxpayer at the time of filing PIT return. The following are the withholding tax rates on some categories of income. | For certain categories of income, the payer of income has to withhold tax at source, file tax return (Form PIT 1, 2 or 3 as the case may be) and submit the amount of tax withheld to the District Revenue Office. The tax withheld shall then be credited against tax liability of a taxpayer at the time of filing PIT return. The following are the withholding tax rates on some categories of income. | ||
| - | Types of income | + | |
| - | (baht) Withholding tax rate | + | ^ |
| - | (baht) | + | ^1. Employment income| |
| - | 1. Employment income 5 - 37 % | + | ^2. Rents and prizes| |
| - | 2. Rents and prizes 5 % | + | ^3. Ship rental charges| |
| - | 3. Ship rental charges 1 % | + | ^4. Service and professional fees| |
| - | 4. Service and professional fees 3 % | + | ^5. Public entertainer remuneration |
| - | 5. Public entertainer remuneration | + | ^6. Advertising fees| |
| - | - Thai resident | + | |
| - | - non resident 5 % | + | |
| - | 5 - 37 % | + | |
| - | 6. Advertising fees 2 % | + | |
| =====5. Tax Payment===== | =====5. Tax Payment===== | ||
| Taxpayer is liable to file Personal Income Tax return and make a payment to the Revenue Department within the last day of March following the taxable year. Taxpayer, who derives income specified in c, d or f in 2.3 during the first six months of the taxable year is also required to file half - yearly return and make a payment to the Revenue Department within the last day of September of that taxable year. Any withholding tax or half-yearly tax which has been paid to the Revenue Department can be used as a credit against the tax liability at the end of the year. | Taxpayer is liable to file Personal Income Tax return and make a payment to the Revenue Department within the last day of March following the taxable year. Taxpayer, who derives income specified in c, d or f in 2.3 during the first six months of the taxable year is also required to file half - yearly return and make a payment to the Revenue Department within the last day of September of that taxable year. Any withholding tax or half-yearly tax which has been paid to the Revenue Department can be used as a credit against the tax liability at the end of the year. | ||
en/tax/pit.1717819235.txt.gz · Last modified: 2024/06/08 04:00 by bullar
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