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Lower your taxable income by investing

Discussion in 'Tax issues' started by jt936, 30 Jul 2012.

  1. jt936

    jt936 Thread Starter New Member

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    You can lower your taxable income by investing in a retirement fund by deducting 15% from your earned annual income.
     
  2. Makaveli

    Makaveli aka 2Pac Staff Member

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    Do you have a link for that?
     
  3. jt936

    jt936 Thread Starter New Member

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    No, it is from personal experience and on the tax form. If you look at the tax form it is one of the line deductions. It will save you as much or more than a wife or a child.
     
  4. ramses

    ramses Well-Known Member

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    Are you sure you are not confusing investment with life insurance?
     
  5. jt936

    jt936 Thread Starter New Member

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    Yes, absolutely sure. I have already done it. The tax department are aware of it and any Thai bank can verify it as well. Insurance and mutual funds are completely different.
     
  6. ramses

    ramses Well-Known Member

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    You must be talking about a long term equity fund, in that case. I'll do a point by point breakdown of deductions and allowances to show what is what when I get unpacked and settled. Thai tax forms are really quite simple and straight forward.

    The LTE exemption allows you to deduct from your taxable income qualifying equity fund contributions up to 15% of your gross wages, but not in excess of 500,000 baht.

    I'm certain this is on the rd.go.th website, and like I said, when I have a proper pc, I'll church it up a bit.
     
  7. jt936

    jt936 Thread Starter New Member

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    Yes, I already stated that above. You can post it for others. Like I said it is a mutual fund, and you can use different names for all of them but they are still mutual funds.
     
  8. jt936

    jt936 Thread Starter New Member

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    Also, an equity fund invests in stocks, but the deduction allows for bond funds, money funds, gold funds, etc.
     
  9. magnumforce

    magnumforce Active Member

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  10. Mackie

    Mackie New Member

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    I have a question guys. Is a government school allowed to tax foreign teachers for the period foreign teachers worked without having a work permit?
     
  11. Wangsuda

    Wangsuda Nonentity Staff Member

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    No they are not. No WP = no tax ID card = no tax. Once you are work permit-ed, then taxes can be withheld.
     
  12. keetao

    keetao Guest

    A tax ID card is not reliant on a work permit. If the OP was previously employed here and paying tax then he wil already have a tax ID card and number which is valid regardless of WP status.
     
  13. thickmick

    thickmick New Member

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    How about just lie about your taxable income, and claim you are married and have kids when in fact you aren't or don't.
     
  14. Wangsuda

    Wangsuda Nonentity Staff Member

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    How about think before you post? You do have to provide proof, oh thick one.
    troll-hole.jpg

    troll-hole.jpg
     
    Last edited by a moderator: 26 Apr 2015
  15. mike123_ca

    mike123_ca Active Member

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    My situation (Thai wife and 2 children under 4 and 7 years)
    Personal deduction and also deducted for the wife and kids.
    I think there was a deduction for the social security insurance.
    I also included her parents, but last week, I got a noticed saying my brother in law used her parents as a deduction, so I had to pay over 5,000 baht for that lost deduction. :cursing:

    I'm open at looking for new legal ways to lowering my taxes.
     

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