| Taxable Income (Baht) |
Tax Rate |
|
0 - 150,000 |
Exempt |
|
150,000 - 300,000 |
5% |
|
300,000 - 500,000 |
10% |
|
500,000 - 750,000 |
15% |
|
750,000 - 1,000,000 |
20% |
|
1000,000 - 2,000,000 |
25% |
|
2,000,000 - 5,000,000 |
30% |
|
5,000,000 above |
35% |
| Taxable Income (Baht) |
Tax Rate |
|
0 - 150,000 |
Exempt |
|
150,000 - 300,000 |
5% |
|
300,000 - 500,000 |
10% |
|
500,000 - 750,000 |
15% |
|
750,000 - 1,000,000 |
20% |
|
1000,000 - 2,000,000 |
25% |
|
2,000,000 - 4,000,000 |
30% |
|
4,000,000 above |
35% |
For Non-resident personal income tax rate in Thailand is 15% of whole amount
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.
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.
Taxpayer shall not include income from sales of immovable property acquired by bequest or by way of gift to the assessable income when calculating PIT. However, if the sale is made for a commercial purpose, it is essential that such income must be included as the assessable income and be subject to PIT.
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:
interest on bonds or debentures issued by a government organization;
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;
interest on loans paid by a finance company;
interest received from any financial institution organized by a specific law of Thailand for the purpose of lending money to promote agriculture, commerce or industry.
Taxpayer who resides in Thailand and receives dividends or shares of profits from a registered company or a mutual fund which tax has been withheld at source at the rate of 10 per cent, may opt to exclude such dividend from the assessable income when calculating PIT. However, in doing so, taxpayer will be unable to claim any refund or credit as mentioned in 2.4.
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.
1. Employment income 5 - 37 %
2. Rents and prizes 5 %
3. Ship rental charges 1 %
4. Service and professional fees 3 %
5. Public entertainer remuneration
- Thai resident 5%
- non resident 5-37%
6. Advertising fees 2 %
The full rate of company tax in Thailand is 20%.
There is no separate capital gains tax in Thailand. If capital gains arise outside of Thailand it is not taxable. All earned income in Thailand from capital gains is taxed the same as regular income. However, if individual earns capital gain from security in the Stock Exchange of Thailand, it is exempted from personal income tax.
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.