New income tax structure approved
published : 19 Apr 2016 at 19:32
writer: Online Reporters
People making less than 26,000 baht a month on average will be tax-exempted under a new personal tax income structure to take effect in 2017 for 2018 filings.
The cabinet approved on Tuesday the restructuring of personal income tax as proposed by the Finance Ministry. It will apply next year, for 2018 filings
General expenses equal to 50% of incomes can be deducted but not more than 100,000 baht, compared to 40% and up to 60,000 baht currently.
- Earlier report: Tax proposals head to cabinet
The general deduction was also doubled to 60,000 baht. Similarly, child deduction was raised to 30,000 baht each with no limit on the number of children compared to 15,000 baht each and the cap at three children currently.
Exemption for the first 150,000 baht of incomes continues to apply.
Changes were also made to the top two brackets of the progressive tax rates — those earning 4-5 million baht a year will benefit.
- personal income tax