What is the Personal Income Tax in Thailand?
In Thailand, personal income tax is governed by progressive tax rates, which means that the amount of tax you pay increases with your income. Here’s a summary of the key aspects of personal income tax in Thailand based on the latest information:
Tax Rates
Personal income tax rates in Thailand are progressive, with the following bands applying to annual taxable income:
- Up to THB 150,000: Exempt from tax
- THB 150,001 to THB 300,000: 5%
- THB 300,001 to THB 500,000: 10%
- THB 500,001 to THB 750,000: 15%
- THB 750,001 to THB 1,000,000: 20%
- THB 1,000,001 to THB 2,000,000: 25%
- THB 2,000,001 to THB 5,000,000: 30%
- Over THB 5,000,000: 35%
Taxable Income
- Sources of Income: Taxable income includes salary, wages, bonuses, and other earnings. Certain allowances and benefits provided by employers may also be subject to tax.
- Deductions: Individuals can claim deductions for personal allowances, dependent allowances, and other specific expenses as outlined by Thai tax law.
Tax Filing and Payment
- Filing: Taxpayers are required to file their annual personal income tax return by March 31st of the following year.
- Payment: Taxes must be paid based on the assessed income for the previous year, with provisions for provisional payments if necessary.
Additional Information
For more detailed information on personal income tax in Thailand, including specific allowances, deductions, and tax credits, you can refer to the PwC Thailand Tax Summaries.
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