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Phuket Business: Income tax filing: Part II

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PHUKET: For anyone who generated income in Phuket or elsewhere in Thailand last year, regardless of where or how they were paid, the personal income tax filing deadline is March 31.

However, since the last day of this month falls on a Saturday, the last opportunity to file on time will be Friday, March 30.

In the first of two-article series we introduced the formula Ti = Ai – (D+A), covering Ti (taxable income), income categories, and how to determine D (deductions) by referring to a tax income certificate (PND).

To read that first article, see page 10 of the March 10-16 issue, which can also be found online in the business section of the Phuket Gazette website, published March 15. Digital subscribers can download the full newspaper here.

To complete the formula, we’ll now go on to outline tax allowances (A) and explain how to apply progressive tax rates to determine how much tax was/is owed.

Everyone is entitled some allowances. You can claim these if you were single or supported dependents (child, spouse, parent, and/or handicapped persons) or if you’ve paid into social insurance, an approved provident fund, long term equity fund or life insurance premiums. You can also claim if you have paid interest on a house mortgage, and/or made charitable donations.

Like deductions, allowances are also capped. For example, a maximum 17,000 baht can be claimed for supporting a school-aged child (which is split among two parents at 8,500 baht each), or 30,000 baht for the support of a spouse or parent; 100,000 baht for a life insurance premium or interest paid on a house mortgage; and 500,000 baht or 15% of wages for contributions to a long term equity fund and/or provident fund.

Once you have determined all of your deductions and allowances, you are now ready to complete the formula and calculate how much of your income is actually taxable in the eyes of the government. This figure will determine what tax rate(s) to apply.

Refer to the following examples and progressive tax rate table.

Let’s say that after subtracting all deductions and allowances, your Ti is exactly 500,000 baht. In Thailand, the first 150,000 baht of your Ti is exempt. Therefore, only the remaining 350,000 baht would be subject to the bracket rate of 10%, or 35,000 baht.

The PND tax certificate(s) should show that this amount was withheld from your income and paid last year. If less was withheld, you will owe the difference. Likewise if more was withheld, the revenue department will be in line to write you a check equal to the amount of the surplus.

Moving up brackets, let’s say your Ti is 600,000 baht. Accordingly, the first 150,000 baht is exempt, and the next 350,000 baht would be taxed at 10%, while the remaining 100,000 baht would be subject to a 20% rate, or 20,000 baht. In this example, the total tax owed would be 55,000 baht (0+35,000+20,000).

When ready to file, no formal appointment is required at the Revenue Department. However, due to the rapidly approaching deadline, it is suggested that you get there early and allocate enough time for any potential delays.

Finally, be sure to bring with you all the originals and copies of all your PND tax certificates, as well as vital identification and verification documents.

Disclaimer: The information provided in this article is based on personal experience and direct inquiries with the Revenue Department. The author and the
Phuket Gazette will not be held liable for any damages claimed from misuse, misinformation or misunderstanding. All specific tax issues should be directly addressed with the Revenue Department. For more information, see rd.go.th or call their hotline: 1161.

— Steven Layne

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Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

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Turbulence ahead for Thailand’s aviation industry | VIDEO

The Thaiger

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When the airlines, in particular, were asking the government to put their hands in their pockets for some relief funding in August last year, it was genuinely thought that international tourists would be coming back for the high season in December and January. At the very least local tourists and expats would head back to the skies over the traditional holiday break. And surely the Chinese would be back for Chinese New Year?

As we know now, none of that happened. A resurge in cases started just south of Bangkok on December 20 last year, just before Christmas, kicking off another round of restrictions, pretty much killing off any possibility of a high season ‘bump’ for the tourist industry. Airlines slashed flights from their schedule, and hotels, which had dusted off their reception desks for the surge of tourists, shut their doors again.

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Domestic air passenger numbers double those of January

Maya Taylor

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Domestic air passenger numbers double those of January | The Thaiger
PHOTO: Vietjet

Passenger numbers on domestic flights within Thailand have doubled within a month, rising from 4,000 in January to over 10,000 this month. Having nearly recovered to pre-pandemic levels, domestic travel plummeted once more when Covid-19 resurfaced late last year.

Apirat Chaiwongnoi from the Department of Airports says 15 of Thailand’s 29 airports are now operating domestic flights, with more expected to follow. He believes the aviation sector will continue to recover further in the coming 6 months, bolstered by the national vaccine rollout.

Around 120 domestic flights a day are now operating, which is twice the number that were operating at the lowest point in the crisis. Prior to the resurgence of the virus in December, domestic passenger numbers had recovered to 30,000 – 40,000 a day, around 80% of pre-pandemic numbers.

The DoA says airports must continue to adhere to the Covid-19 hygiene measures put in place by the Health Ministry and the Civil Aviation Authority of Thailand.

SOURCE: Bangkok Post

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Samut Sakhon’s shrimp market to remain closed until February 15 | The Thaiger
PHOTO: Kom Chad Luek

Samut Sakhon’s Central Shrimp Market, the epicentre of Thailand’s recent wave of Covid-19, will remain closed until February 15. The market can reopen once the overall hygiene situation at the market and surrounding area has improved, according to the province’s disease control committee.

Local officials say the shrimp market needs to remain closed until the market structure and nearby residential facilities are inspected. People who violate the order face up to a year in prison and a fine up to 100,000 baht.

More than 12,000 people in the province have tested positive for Covid-19. The increasing number of infections is a result from the active case finding to contain the spread of the virus.

SOURCE: Thai PBS World | Thairath Online

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