New income tax structure comes into effect
- 6 Feb 2017 at 20:09
- WRITER: ONLINE REPORTERS
A revamped personal income tax structure aimed at increasing disposable incomes for taxpayers has officially come into effect since Jan 1 this year, according to the Revenue Department.
The amendment to the Tax Code, published in the Royal Gazette on Jan 27, applies to incomes received from Jan 1, 2017 to be filed in 2018, director-general Somchai Saengratmaneedet said on Monday.
General expenses can now be deducted at 50% of taxable incomes but not more than 100,000 baht, compared to 40% and 60,000 baht under the previous structure.
Deductions are double what was allowed earlier.
A taxpayer and his/her earning spouse can each deduct up to 60,000 baht, compared to 30,000 baht earlier.
Deductions for children are now 30,000 baht each and the eligible number is not limited, compared to 15,000 baht each and a cap at three earlier. The number of adopted children, however, is limited at three.
Filing is now required for those being paid more than 120,000 baht a year or 60,000 baht for incomes other than salaries and wages, or the mix of both.