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Tax Allowances for 2023 and 2024

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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

Authors

アリヤー・アナンウォララック

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.

プティマ・クードシリー

Budhima provides advice on tax compliance and a wide variety of tax-related work. In particular, she has extensive experience with accounting transactions and tax planning. Further, she has handled tax counseling and tax controversies and has substantial experience representing and advising individuals and major corporations in tax disputes, including filing appeal letters for tax assessments, which were assessed by the Revenue Department, the Customs Department, the Excise Department, and local tax collection agencies such as those dealing with land and building tax. In addition, she has more than 10 years of experience as a public speaker and columnist for tax magazines, focusing on tax planning and tax compliance for individuals and companies seeking to maximize their tax privileges under Board of Investment (BOI) promotion and accounting adjustments to comply with Thai tax laws.

Budhima was a columnist for the Tax Documentation Journal, the No. 1 public journal related to accounting and taxation published by Dharmniti Press Co., Ltd., and she is also the author of “Differences and similarities between accounting profit and taxable profit,” a book that has been published twice.