Tax Break for Personal Income Tax Submission 2017
The below tax deduction list will aid you in submitting your 2017 personal income tax (PND90, 91). The submission window is open from 1 January 2018 – 31 March 2018.
We recommend our clients that preparations should be made in a timely fashion and the filings should be submitted by the end of next month.
When you file your returns, the correct taxable income has to be reported. This includes any income from a source in Thailand (in particular related to your Thai employment), regardless of where it was paid in or if you’re a resident of Thailand. Hard copies of personal income tax returns must be filed with the Revenue Department by March 31, while e-filing can be done up to April 9.
Our office would be pleased to assist you with the submission of a personal income tax return.
Tax break for “Personal / Family”
|
Personal allowance |
60,000 THB |
|
Spouse allowance |
60,000 THB |
|
Child allowance |
30,000 THB |
|
Parent allowance (spouse’s parent allowance) |
30,000 THB / person |
|
Parent insurance allowance |
Not more than 15,000 THB |
|
Handicap allowance |
60,000 THB / person |
Tax break to support “Saving and Investment”
|
Social security fund |
Not more than 9,000 THB |
|
Life insurance of the taxpayer |
Not over 100,000 THB |
|
Life insurance of the spouse of the taxpayer |
Not over 10,000 THB |
|
15% of the LTF mutual fund |
Not over 500,000 THB |
|
Any of the following items as one group: |
not over 500,000 THB |
Tax break for “Asset and stimulus package of the Government”
|
Interest on a residential loan |
not over 100,000 THB |
|
Property purchase |
not over 120,000 THB |
|
Cost of house repairs due to the flood |
not over 100,000 THB |
|
Cost of car repairs due to the flood |
not over 300,000 THB |
|
Shopping tax break |
not over 15,000 THB |
Tax Break for Donations
- Donation for education/sports can be a double-deductible tax, but not exceed 10 percent of net profit
- Donation for flood can deduct 1.5 percent tax, but not exceed 10 percent of net profit
- General donations amount to not over 10 percent of net profit
For further information, please do not hesitate to contact us at [email protected].
Fabian Doppler
Fabian is a founding partner of FRANK Legal & Tax. He focuses his practice on corporate / commercial and real estate law, as well as litigation. He is admitted to the Bar of Stuttgart, Germany, where he actively practiced law before coming to Thailand in 2005.
