TAXES IN THAILAND Part IX: Tax calculation, carrying the example

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Expat CounselTAXES IN THAILAND Part IX: Tax calculation, carrying the example

12/02/2012 : Last week we discussed how an individual's taxable income is determined in Thailand. We used an example of an engineer working on a pipeline in Thailand who was married to a teacher. They live with their four children and their mother-in-law in Bangkok. In the example, after taking into account all of the deductions and exemptions, we concluded that their taxable income was 1,557,500 baht.
She shall not be moved

12/02/2012 : Five years ago, Boeung Kak Lake was Phnom Penh's largest. It served as home to some 20,000 Cambodians as well as the capital's backpacker ghetto, where foreign travellers would sit on guest house patios in a cannabis haze to watch the sun set over the waters and finish another Angkor Beer. And although the lake was full of sewage and debris and was hardly pristine, it served as an important catchment basin for the capital, providing equilibrium during the wet and dry seasons.

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Ghosts among the people
22/01/2012 : They come from Iran and Sri Lanka, Pakistan and China, central Africa, Cambodia and elsewhere around the world, fleeing persecution for their beliefs or serious concerns about their safety and that of their families.
Rising youth crime levels confound justice system
22/01/2012 : On Jan 11, five teenagers in Si Sa Ket province were arrested for shooting and killing an innocent woman. They later confessed to police that they were involved in a conflict with other teenagers in the village and one of them, in a rage, got hold of a gun and fired randomly into the woman's house, killing her.
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TAXES IN THAILAND V: Know your allowances (exemptions)
15/01/2012 : As we discussed last week, your taxable income is the income to which income tax rates are applied and your taxes are calculated. The formula for determining your taxable income is: Taxable income equals assessable income minus deductions minus allowances.
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Unexpected QROPS shake-up
15/01/2012 : Wherever there is abuse of a system or facility it is always the minority of irresponsible people who spoil the benefits for the majority.
Dwindling supply gives landlords the upper hand
15/01/2012 : The current down cycle in the Bangkok office market continues to provide occupiers with the opportunity to realise significant savings. However, with continued demand and very limited new supply, the market is likely to soon move to the upturn stage of the rental cycle.
Fledgling art scene more trippy than traditional
15/01/2012 : Fifteen years ago Cambodian art was virtually non-existent. Just a handful of painters practised their trade and typically their focus was restricted to the horrors of the Killing Fields and war or traditional copies of Angkor Wat and pleasant rural scenes.
Taxi drivers stuck in reverse
15/01/2012 : Earlier this month, the government reached a compromise to increase the price of compressed natural gas (CNG) by just 50 satang per kilogramme starting tomorrow. In a concession to angry transport operators, Deputy Prime Minister Kittiratt Na-Ranong dropped the original plan to increase the price of CNG _ more commonly known known as NGV (natural gas for vehicles) _ at the rate of 50 satang a month for 12 months until it reached 14.50 baht a kilogramme. Mr Kittiratt has promised further consultation with the transport sector in the next few weeks before deciding whether there will be further CNG price hikes.
Their answer is blowing in the wind
15/01/2012 : Farmer Aiem Sompeng has just a rudimentary education, but curiosity and necessity drove him to design the energy-producing wind turbines that are now a landmark in his village of Dongyang, in Yasothon's Maha Chana Chai district. Like many rice farmers in the northeastern province, the 66-year-old Mr Aiem was trapped in debt incurred by the high costs of fertiliser, pesticide and electricity needed to run irrigation pumps, as well as uncertain prices for his crops.
Expat Counsel
TAXES IN THAILAND IV: More about deductions
08/01/2012 : Last column, we began a discussion of deductions. You'll recall that we established earlier that your assessable income in Thailand is what you earn that's exposed to Thai tax. Deductions and exemptions are subtracted from that. What remains is your tax
Finding balance in shifting sands
08/01/2012 : Happy New Year! Welcome to 2012. It's that time of year when many of us say "out with the old and in with the new". But is it really that practical or even possible to achieve this with regard to financial matters?