-
Articles
Tax Allowances for 2023 and 2024
A. PERSONAL ALLOWANCE | |
(Thai Baht) | |
Taxpayer | 60,000 |
Spouse (if spouse has no income) | 60,000 |
Legitimate child of the taxpayer or the spouse (without limit), Additional allowance for legitimate child of the taxpayer or the spouse from the second child onwards who was born in or after 2018 |
Each 30,000 |
Taxpayer's adopted child (maximum 3), (If there are legitimate and adopted children together, a maximum of only 3 children is allowed) |
Each 30,000 |
Parental care | Each 30,000 |
Care of disabled or incapacitated family members | Each 60,000 |
Care of a disabled or incapacitated person other than a family member | Each 60,000 |
In addition, a Thai Tax Resident who is over 65 years of age or who is disabled is entitled to personal income tax exemption on the net income up to Baht 190,000 per tax year. |
B. INSURANCE ALLOWANCE | ||
(Thai Baht) | ||
★Total not Exceed 100,000 Thai Baht | ||
★Life insurance and savings insurance | Not exceed 100,000 | |
★A health insurance | Not exceed 25,000 | |
Health insurance of taxpayer’s parent (Or the parents of the spouse of the taxpayer) |
Not exceed 15,000 | |
Social Security Contributions | Not exceed 9,000 |
C. INVESTMENT FUNDS ALLOWANCE | |
(Thai Baht) | |
Total not Exceed 500,000 Thai Baht | |
Retirement Mutual Fund (RMF) | 30% of income, not exceed 500,000 |
Super Savings Fund (SSF) | 30% of income, not exceed 200,000 |
National Savings Fund | Not exceed 30,000 |
Provident Fund (PVD) / Formal School Promotion Fund | 15% of income, not exceed 500,000 |
Qualified pension life insurance | 15% of income, not exceed 200,000 |
Government Pension Fund | 30% of income, not exceed 500,000 |
D. THAI ESG FUND ALLOWANCE | |
The Thailand ESG Fund (TESG) provides tax allowance for individual taxpayers. TESG invests in securities and bonds in Thailand that meet criteria according to ESG principles, which include the environmental dimension, society and governance. | |
(Thai Baht) | |
TESG | Not exceed 100,000 |
Investors receive a tax allowance of up to 30% of the entire year's income. | |
Holding investments period is a full 8 years from the date of purchase. | |
Separated from the tax allowance amount in the ITEM C. | |
Note: TESG commences selling from December 2023. |
E. DONATION ALLOWANCE | |
(Thai Baht) | |
★Approved by the relevant government authorities | |
★Education, sport, social development and state hospitals | 2X Deduction not exceed 10% of net income |
★E-donation (Please check before donation as conditions may change every year) | |
Political party | Not exceed 10,000 |
General | As actual paid not exceed 10% of net income |
F. EASY E-RECEIPT SCHEME E-TAX (INVOICE) | |
(Thai Baht) | |
Maximum tax allowance | 50,000 |
Conditions | |
Purchase goods and/or services from business operators backed by the e-tax system according to actual spending. | |
Please OBSERVE the shops / stores with the symbols below in order to get the full rights. |
|
Purchase during the period of 1 Jan - 15 Feb 2024. |
This is intended merely to provide a regulatory overview and not to be comprehensive, nor to provide legal advice. Should you have any questions on this or on other areas of taxation law, please do not hesitate to contact our tax team of SCL Nishimura & Asahi Limited.
Areeya Ananworaraks
Counsel
Budhima Kerdsiri
Counsel
Hatairat Sukprasert
Associate
Pairaya Yangpaksi
Associate
Nanthaya Suchintawong
Associate
Areeya Ananworaraks was previously a legal officer at the Thai Revenue Department. She has 18 years of legal and tax consulting experience. Her specialties including corporate matters, M&A, joint venture, IPO & REIT, corporate secretary (company secretary), commercial contract, property, family business, international business, offshore incorporation, corporate income tax, personal income tax, international tax, value added tax, specific business tax, stamp duty, petroleum income tax. Areeya has extensive on cross border transactions, tax inspection, petroleum business and legal matters. In addition, she has advised numerous MNCs clients on establishing operations in Thailand and listed companies in the Thai Stock Market as well as carrying on due diligence assignments.