Taxes in Thailand Part III: Deductions
- Published: 18/12/2011 at 03:23 AM
- Newspaper section: Spectrum
Last week, we discussed how your income is calculated for tax purposes in Thailand. This week we will begin a discussion of items that you may subtract from your income before applying the tax rates and calculating the tax.
Once your income has been determined as we've discussed, the tax authorities call it assessable income. Then, before the tax rates are applied, some items are subtracted from the assessable income, reducing the amount of taxable income. There are two categories of items that reduce your income in this way: deductions and allowances. Allowances are also called exemptions.
Once deductions and allowances have been subtracted from your assessable income, you are left with taxable income.
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About the author
- Writer: James Finch and Nilobon Tangprasit
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