EMPLOYEES TAX: 
All ordinary persons must obtain a tax ID within 60 days after receiving income, and from the date of reg if a juristic person. Income from  Thailand employment is subject to Thai tax, regardless of where the employment income is paid. Income is cash, properties, benefits, are deemed income. This includes salaries, wages, bonuses, allowances, gratuities, pensions, handouts, commissions, education payments, house rent allowances, the monetary value of rent-free residence provided by an employer, utility bills, payments made by an employer for the settlement of any obligation due from an employee, income tax reimbursed & various other incomes. Profits or gains from trade, business, commerce, professions  in Thailand are subject to tax whether or not the individual is resident in Thailand. 


WHAT EXEMPTIONS YOU ARE ALLOWED 
Business expenses, transport expenses, costs incurred, looking after dependents, gifts, insurances or assistance schemes are exempt. You can also contribute to a Social Security Fund rated not over 5% of wages, & not exceeding 15,000 Bht per month. A Provident Official Fund rated not over 15% of wages, on the portion exceeding 10,000Bht, but not over 290,000 baht per annum; and money or any benefits received from the Official Provident Fund upon retirement, disability or death. A non-resident is not subject to tax on  investment income and capital gains from outside Thailand.  A resident pays tax on investment income and capital gains derived from sources outside Thailand if the investment income and capital gains are  remitted into Thailand in the year in which they occur. 

INVESTMENTS AND CAPITAL GAINS 
Investment income and capital gains from sources in Thailand are taxable except capital gains on the Stock Exchange 

WITHHOLDING TAX 
All employers must deduct income tax at each income payment: 
(a) multiply the amount paid Xs number of times of payment to arrive at 
the total amount which would be payable in a year; and 
(b) after deducting expenses and allowances, calculate the tax on such 
amount in accordance with the personal income tax rates; and 
(c) divide tax calculated by the number of times paid. 


DOUBLE TAX: 
A resident of a country having a double taxation agreement with Thailand may qualify for exemption from Thai personal income tax. Double taxation agreements contain clauses which exempt a resident of one country from tax on employment income in the other if he or she is present in the latter for less than 183 days in the tax year, provided certain other conditions are met regarding the payer of the employment income. 


SOCIAL SECURITY: 
The objective of the fund is to support employees who suffer from accident, illness, disability or death, not related to work. Employers having ten or more employees come within the scope of the Social Security Fund. Employers, employees and the government must contribute an equal monthly sum to the Social Security Fund at the rate of 5% on employment income AS AT 2004. The maximum wage for computing the contribution is Bht15,000 per month. Employer and employee contributions must be remitted to the Fund by the employer within 15 days of the following month. 

( We wish to thank Kuhn Ornachai  for sending us the above information & the Thai Embassy NZ for info given to us. Please ask your accountant to verify as we do not accept responsibility as there could be changes since we received this information. This is only a basic guide for those interested in the tax system of Thailand & parts may not be accurate as changes are occurring all the time ).

           
Current Thailand Weather
Thai Baht Exchange Rates
Rent, lease or buy a Business in Chiangmai we can help: www.chiangmairealty.com
Bangkok Trader NEWS: Free [ classifieds ]

 COPYRIGHT: No parts or parts of this website may be copied, printed or circulated for publication in any form or part of without the express written permission of  29 Tanin Co Ltd--Law Office, Chiangmai. All breaches of our copyright will be deemed an infringement on the Copyrights of this website  and we will act according to Thai law to prosecute. Please view:  FAQTERMS

 

      Check your foreign currency exchange rates against the Thai Baht with Bangkok Bank.

  [ HOME ] [ Visas ] [  Work Permit Letters to Ed ]  [ More about Chiangmai Trader News ] [ Non immigrant Visas ] [ Lawyer costs & services ] [ Bangkok fees ] [ Visas ] [ Work Permits ] [ Companies ] [ Amity Treaty ] [ Foreign Company Office ] [ Limited Partnerships ] [ Tourist visas ] [ Residency Visa] [ 1 year visa ] [ Visa Extension ] [ Visa newsletters ] [ Visa Myanmar ] [ Visa Cambodia ] [ Visa Nepal ] [ Expat News ] [ USA Report Birth ] [ Thai license ]  [ Company tax ] [ Income tax ] [ Company VAT ] [ Bank Accounts ] [ Marriage Laws ] [ Marry in Thailand ] [ Thai divorce ] [ Insurance Cover] [ Importing to Thailand ] [ Importing Cars & Vehicles to Thailand ] [ Leasing land ] [ House buying guide ] [ Security & Protection ] [ Foreign embassies ] [ Letter of Credit ] [ Terms-FAQ's ] [ Classified ads ] [ Currency Convert Table ] [ Accounting & tax ] [ NEW VISA costs ]

THE LARGEST THAILAND DIRECTORY & OUR PARTNER: ASIA TRADING POST

                                    

                 

Check out anything about Thailand on Asia Trading Post: from Business to Visas to Companies or just General. Free help. Click on:

  

Best  Property realty in ChiangMai & North Thailand

   

Thailand & China outsourcing Products

                            

 The world's top search engine 

 

Thailand's first Classified,auction & forum website for biz or privte. Post your FREE ads

 

Copyright 2001 Asia Realty Estate email:  lawyer@chiangmailaw.com 
Last modified: July 10, 2006