Personal tax rates lowered for 2013
Yesterday the cabinet came out with a new tax structure for individuals stating that personal income taxes will be lowered across all brackets.
So what?
1. Government tax revenues continue to decrease – worrying although Thailand albeit still has low debt-GDP levels
2. Great for us individuals! But I still don’t understand why a flat rate for corporations and individuals doesn’t exist, it would make life far simpler for all involved
3. Strategists may be out in full force saying how this additional income will be a boon for retail stocks as Thais will have more spending power.
mitr
It also says, although still a little unclear, that all the deductions will be capped at not more than B50,000 to B100,000. The only deductions that exceed B100,000 are LTF and RMF (B500,000 each, and not to exceed 15% of gross income). If this is true then most of those at top tax brackets (30% and 37%) who already utilize LTF/RMF would end up paying higher amount of tax as they can no longer buy B1 million of LTF/RMF but only B200,000