1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Tax Help...Please!

Discussion in 'Tax issues' started by SaigonTed, 11 Dec 2012.

  1. SaigonTed

    SaigonTed Thread Starter New Member

    Joined:
    5 Apr 2012
    Messages:
    117
    Likes Received:
    0
    Hi All,

    I started working in Thailand in July and I earn 33,000 THB a month (an enormous salary, I know! :righton:). Anyhow, I was reading through my contract and they said I will (obviously) need to pay taxes at the end of my contract. I am a single male who rents an apartment, so I'm not sure what deductions I could even qualify for. So, for this calendar year I would have an earned income of 198,000 THB. I saw on my contract that anything less than 300k THB for the year would be taxed at 2%-2.5%. Does this sound correct? Also, I got my work permit last month, but have been working since July. I figure I would still need to pay for the months I was working, even though I didn't have my work permit the whole time. I read in another post that salaries less than 48,000 THB per month are exempt from taxes, so I don't know if my company is correct with the 2%-2.5% taxes owed thing.

    Thanks friends, appreciate the help! :thai wai:
     
  2. THX 1133

    THX 1133 Active Member

    Joined:
    13 Dec 2010
    Messages:
    1,256
    Likes Received:
    26
    The first ฿150,000 of the ฿198,000 doesn't count for taxes; then ฿30,000 for personal deduction leaves about ฿18,000 @ about 10% tax = ฿1,800 tax due.
    It might be less now; but no worries, yes?
     
  3. Makaveli

    Makaveli aka 2Pac Staff Member

    Joined:
    26 Nov 2010
    Messages:
    3,974
    Likes Received:
    233
    If you don't have a work permit you don't pay taxes.
    Once you get a work permit then you do.
    Once you get a work permit you get a tax card with a number on it, as for how much I let my office staff take care of all that....
     
  4. MisterStretch

    MisterStretch Guru di guru-guru Ingeris

    Joined:
    2 Dec 2010
    Messages:
    2,424
    Likes Received:
    61
    ^ What he said.

    Don't volunteer to throw your money away. As far as the government is concerned, your wages began when you got your work permit.

    We all went through the same thing, Ted. Calculate from the date you are on the tax roll.
     
  5. SaigonTed

    SaigonTed Thread Starter New Member

    Joined:
    5 Apr 2012
    Messages:
    117
    Likes Received:
    0
    Thanks everyone! :smile2: It doesn't seem like a big deal now, thanks for clearing it up. I'll start paying from when I got my work permit, which was last month. :thai wai:
     
  6. Mister T

    Mister T Retired, fat and happy

    Joined:
    9 Dec 2010
    Messages:
    1,828
    Likes Received:
    187
    In February, you should get a form from the school pay office. It will list how much you have been paid and also what tax the school has deducted (if any), take this form to your local tax office and a nice young lady will help you fill out the tax form. You claim the 30k for yourself that THX quoted, and can claim wife and dependent child/in laws. This has to be done before March 28 or there are penalties.
     
  7. ramses

    ramses Well-Known Member

    Joined:
    31 Jan 2012
    Messages:
    3,681
    Likes Received:
    366
    every school I have worked for has filed the form for me. alternately, you can file it online, which may be the easiest thing to do if the school does not do this for you.
     
  8. Mister T

    Mister T Retired, fat and happy

    Joined:
    9 Dec 2010
    Messages:
    1,828
    Likes Received:
    187
    Up until about five years ago, my schools had done that for me too. I then found out that they were deducting more than they were paying the tax office, and they were not claiming my wife and daughter. I have been doing my own for the last five years and usually only pay between 2k and 3k at the end of the tax year.
     
  9. ramses

    ramses Well-Known Member

    Joined:
    31 Jan 2012
    Messages:
    3,681
    Likes Received:
    366
    ^certainly something to consider. i.e. charging you tax that they do not remit (especially before you have a WP, as Stretch mentioned). however, the tax code is so simple, it takes very little effort to verify the school's calculations...

    bottom line here, ST should not be liable for tax this year, tho he will be next...
     
  10. SaigonTed

    SaigonTed Thread Starter New Member

    Joined:
    5 Apr 2012
    Messages:
    117
    Likes Received:
    0
    Alright, thanks again for the help! :wai3:
     
  11. ibark

    ibark Member

    Joined:
    2 Feb 2011
    Messages:
    299
    Likes Received:
    6
    You can also claim 60,000 =40% of income but not exceeding 60k so can claim 60k+30k+150k=240 as a single person.If you pay life insurance you can also claim a proportion of this up to 100k if memory serves me correct.
     
  12. luibkk

    luibkk Well-Known Member

    Joined:
    8 Jul 2012
    Messages:
    1,156
    Likes Received:
    114
    This is a misinterpretation. It was calculated for someone who worked only 5 months in that tax year.

    Fact is that income tax is calculated from your taxable income which is your salary for the whole tax year, i.e. Jan - Dec, minus 150,000 THB which are tax excempt minus personal deductions. These are at least 90,000 THB for a single, if married even more. Thus, for 240,000 THB in one year you don't have to pay tax at all. In your case as you started working in July, 7 months in this tax year, it adds up to 231,000 THB. Your taxable income is zero, you don't have to pay any tax BUT you need to declare your income at the local revenue office before 28 March next year as posted above in order to get a tax receipt which you may need to show when you apply for your next work permit. Hope it helps.
     
  13. THX 1133

    THX 1133 Active Member

    Joined:
    13 Dec 2010
    Messages:
    1,256
    Likes Received:
    26
    Very good points! Totally forgot about renewal of visa; they will ask for proof of taxes payed.
     

Share This Page