Thailand Taxes: Personal Income Tax Simulation Table
May 24 2010 Categories: Thailand Taxes No comments yet
So, how much personal income tax will you pay this year? To help you to determine your tax liability for the year 2009 we have prepared a simulation table and pre-calculated the amount of tax due for the year 2009.
We remind you that if you earn an income in Thailand during the year 2009 you will have to file your Personal Income Tax return with the revenue department to the latest within the end of March 2010.
In our simulation table we have made the following assumptions:
- The tax payer has worked a complete year that is to say from January to end of December 2009
- The yearly assessable income = 12 months + 1 month Bonus = 13 months
- We have applied to the assessable income the standard deductions and allowances applicable to a tax payer that is single, married with no kids, married with one kid or married with two kids.
There are other non standard allowances or deductions which may be used by a taxpayer to reduce his/her tax liability like for example purchasing Long Term Equity Fund (LTF). We did not take those options into account in our calculation because all depend of the amount of LTF one will purchase.
Note that in Thailand the Employer will upon paying Employees monthly salaries withhold personal income tax from employees’ wages. The table below determines the taxpayer final income tax for the year.
Then it is just a matter to check how much withholding tax you have paid during the year and to compare it to your final personal income tax liability as shown in the table below.
If your employer has withheld more tax than necessary you will be entitled to a refund. If you employer withheld less tax than necessary then you will owes additional income tax.
|
Monthly salary |
Yearly Salary |
TOTAL YEARLY PERSONAL INCOME TAX AFTER DEDUCTION |
|||
|
X 13 Months |
Single |
Married |
Married One Kid |
Married Two Kids |
|
| 5,000 |
65,000 |
- |
- |
- |
- |
| 7,500 |
97,500 |
- |
- |
- |
- |
| 10,000 |
130,000 |
- |
- |
- |
- |
| 12,500 |
162,500 |
- |
- |
- |
- |
| 15,000 |
195,000 |
- |
- |
- |
- |
| 17,500 |
227,500 |
- |
- |
- |
- |
| 20,000 |
260,000 |
1,100 |
- |
- |
- |
| 25,000 |
325,000 |
7,600 |
4,600 |
3,100 |
1,600 |
| 30,000 |
390,000 |
14,100 |
11,100 |
9,600 |
8,100 |
| 40,000 |
520,000 |
27,100 |
24,100 |
22,600 |
21,100 |
| 50,000 |
650,000 |
45,200 |
39,200 |
36,200 |
34,100 |
| 60,000 |
780,000 |
71,200 |
65,200 |
62,200 |
59,200 |
| 70,000 |
910,000 |
97,200 |
91,200 |
88,200 |
85,200 |
| 80,000 |
1,040,000 |
123,200 |
117,200 |
114,200 |
111,200 |
| 90,000 |
1,170,000 |
156,300 |
147,300 |
142,800 |
138,300 |
| 100,000 |
1,300,000 |
195,300 |
186,300 |
181,800 |
177,300 |
| 125,000 |
1,625,000 |
292,800 |
283,800 |
279,300 |
274,800 |
| 150,000 |
1,950,000 |
390,300 |
381,300 |
376,800 |
372,300 |
| 175,000 |
2,275,000 |
487,800 |
478,800 |
474,300 |
469,800 |
| 200,000 |
2,600,000 |
585,300 |
576,300 |
571,800 |
567,300 |
Do not hesitate to contact us if you need more information on this matter
Note: This post is an excerpt of Rene Philippe Dubout next book: “How to Invest Safely Into Thailand” to be published in January 2010
About the Author:
The author Rene-Philippe DUBOUT is a lawyer since 1990 when he was admitted to Geneva bar (Switzerland). He practiced as a litigator there for 10 years until he moved to Thailand in 1999. In 2002 he founded with a group of Thai lawyers Rene Philippe & Partners Ltd a local law firm that specialized in Cross Borders Investments and Real Estate. He has been lecturing in several Thai Universities and a speaker to numerous conferences and seminars. He is the author of a must read book:”How to Purchase Real Estate Offshore Safely: The Case of Thailand”.
http//:www.renephilippe.com
© Copyrights 2009 – Rene Philippe Dubout – This article may be reprinted if information about the author, the websites, and the URLs remain intact
Originally posted 2009-12-18 05:07:27.
Related posts:
- Thailand Taxes: Introduction to personal income tax
- Thailand Taxes: Understanding Thai corporate income tax
- Thailand Taxes: Understanding Thai withholding tax
- Thailand Taxes: Managing Tax Audits (part 1)
- Thailand Taxes: Managing Tax Audits (part 2)
- Thailand Taxes: Is it easy to pay taxes in Thailand?
- Thailand Taxes – Deductible Expenses under Scrutiny
- Thailand Taxes Reporting Requirements and Sanctions
