A summary table of withholding rate for a person residing in Thailand

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1 Rate of Withholding Tax Rate of withholding tax for a person residing in Thailand Rate of withholding tax for a person residing abroad A summary table of withholding rate for a person residing in Thailand Types of income Section 40(1) - Salary, wages etc. Withholding agent Taxpayer Tax calculation /percent of individuals General case - Taxable income is calculated by deducting expenses and write-off from an net income from the whole year. Then, divide net income by 12, the result is an amount of tax to be paid monthly to the. * The first 150,000 Baht of income is exempted from the. Section 50(1) Section 48(5) PND 1/ 1

2 Types of income Withholding agent Taxpayer Tax calculation /percent of the income which is paid in lump sum by the employer due to the termination of employment contract The tax payable is calculated by deducting net income with expenses which is calculated by 7,000 Baht multiplied by the number of employment years but not exceeding the amount of net income, then further is allowed at the rate of 50 per cent of the remaining income, and then multiplied by tax rate. * The exemption of first 150,000 baht may not be applied to this case. * The net income of 100,000 is subjected to 5%. 2

3 Types of income Withholding agent Taxpayer Tax calculation /percent of Section 40 (2) - Income from employment, commission etc. Section 40(3) - Good will, copyright and other rights etc. Section 40(4)(a) - only an income from interest of bond/bank deposit/cooperative deposit/debenture stock/bill of exchange/loan A juristic payers - - taxable income is calculated by deducting expenses and write-off from an net income. *The first 150,000 baht of income is exempted from. Withhold in accordance with rate 15 % from income - except an interest from Government savings lotteries, or interest on demand deposit with the Government Savings Bank, Interest on savings deposit with a cooperative (Section 42(8)) / PND 1/ Section 50(2) PND 2/ Section 50(2)(b) PND2/ 3

4 Types of income Withholding agent Taxpayer Tax calculation /percent of - except an interest on savings deposit with a bank in Thailand which is repayable on demand; only in the case where the total amount of interest received by any taxpayer does not exceed 20,000 Baht throughout tax year (Ministerial Regulation 126 Article 2(38)) - Except an interest from saving deposit, Bank of Agricultural and Cooperative (Ministerial Regulation 126 Article 2(22)) Section 40(4)(a) - the difference between the redemption value and the selling price of a bill or a debt instrument issued by a company or juristic partnership or by any other juristic person A juristic payer - 15 % from income (only in case the person receiving income is the first bearer) Section 50(2)(c) PND2/ 4

5 Types of income Withholding agent Taxpayer Tax calculation /percent of Section 40(4)(a) - income likewise to interest - profit from loan or the right to claim for all kinds of debts A juristic payer - Withhold as specified in the Section 50(2)(d) PND2/ Section 40(4)(c) - bonus paid to shareholders A juristic payer - Withhold as specified in the Section 50(2) PND2/ 5

6 Types of income Withholding agent Taxpayer Tax calculation /percent of Section 40 (4)(d) - a received as a result of the reduction of capital of a company insofar as the does not exceed the sum of profits and reserves of the company Section 40(4)(e) - a received from an increase of capital holdings in a company or juristic partnership that is determined from the total amount of profits or reserves Section 40(4)(f) - a benefit derived from the amalgamation, acquisition or dissolution of a company or juristic partnership and having the monetary value which exceeds the capital; A juristic payer A juristic payer A juristic payer Withhold in accordance with rate Withhold in accordance with rate Withhold in accordance with rate Section 50(2) PND 2/ Section 50(2) PND 2/ Section 50(2) PND2/ 6

7 Types of income Section 40 (4)(g) - gains derived from transfer of partnership holdings or shares Withholding agent An individual, company or juristic partnership Taxpayer Tax calculation /percent of Withhold in only in case of transfer shares out of listed company (sale of shares in company listed in the Stock Exchange of Thailand is exempted from as specified in the Ministerial Regulation 126 Article 2(23)) Section 50(2) PND 2/ Section 40(4)(g) - gains derived from transfer bills or debt instruments An individual, company or juristic partnership 15 % from income (except bill of exchange or debt instrument without interest, in case of the first bearer is already withheld (Ministerial Regulation 126 Article 2(30)(b) Section 50(2)(b) PND 2/ Section 40(4)(b) - a benefit derived from dividend/share of profit Company/juristic partnership/mutual fund/financial institute 10% from income Section 50(2)(e) PND2/ 7

8 Types of income Withholding agent Taxpayer Tax calculation /percent of Section 40(5)(6)(7)(8) Section 40(5)(a) - income receiving from the rent of property Section 40(6) - an income received from independent occupation as specified in the Revenue Code Government authority/government organization/local administrative authority company /juristic partnership/ other types of juristic person company /juristic partnership/ other types of juristic person - Deduct 1% from income excessive 10,000 baht * except for the purchase of agricultural products. Deduct an income received from contest/tournament - 15 % from income - 1% from an income of ship rental charges according to the Maritime Promotion law Regulations under the Revenue Code or a notification from the Revenue Department Section 50(4) PND 3/ - R.CT.No.4/2528 article 6(1) - R.CT.No.4/2528 article 6(4) 3% from income - R.CT.No.4/2528 article 7(1) PND 3/ PND3/ 8

9 Types of income Withholding agent Taxpayer Tax calculation /percent of Section 40 (7)(8) - income derived from contract of work whereby the contractor provides essential materials besides tools - hire of work company /juristic partnership/ other types of juristic person 3 % from income - R.CT.No.4/2528 article 8(1) PND 3/ Section 40(8) -an income received as a prize Section 40(8) - public actors a public actor having domicile in Thailand 5 % from income 5 % from income - R.CT.No.4/2528 article 9(1) - R.CT.No.4/2528 article 9(2)(b) PND 3/ PND3/ Section 40(8) - advertising fee company /juristic partnership/ other types of juristic person 2 % from income - R.CT.No.4/2528 article 10 PND3/ 9

10 Types of income Withholding agent Taxpayer Tax calculation /percent of Section 40(8) - prizes, discounts or profits from sale promotion company /juristic partnership/ other types of juristic person 3 % from income - R.CT.No.4/2528 article 12/2(1) PND 3/ Section 40(8) - a transportation fare which is not subjected to public transportation company /juristic partnership/ other types of juristic person 1 % from income - R.CT.No.4/2528 article 12/4(1) PND 3/ Section 40(8) - other service fee exclude hotel and restaurant service fee, life insurance premium company /juristic partnership/ other types of juristic person 3 % from income - R.CT.No.4/2528 article 12/1(1) PND3/ 10

11 Types of income Withholding agent Taxpayer Tax calculation /percent of Section 40(8) - sale of an immovable property purchaser seller income from sale of an immovable property acquired by inheritance or by way of gift the tax payable is calculated by deducting expenses at 50% of the income, divided by the number of years of holding the property, multiply the income tax rate, and multiplied by the number of years. *a period exceeding 10 years shall be treated as 10 years. * a fraction of a year shall be counted as 1 year. * calculate tax according to rule in Section 48(4)(a) Section 50(5)(a) Pay tax during the ownership transfer at the Land Department 11

12 Types of income Withholding agent Taxpayer Tax calculation /percent of an immovable property acquired Section 50(5)(a) neither by inheritance or as a gift/sale of an immovable property in a commercial or profitable manner Pay tax during the ownership transfer at the Land Department - the tax payable is calculated by deducting expenses prescribed by a Royal Decree (book 165), divided by the number of years of holding the property, multiply the income tax rate, and multiplied by the number of years. *a period exceeding 10 years shall be treated as 10 years. * a fraction of a year shall be counted as 1 year. * calculate tax according to rule in Section 48(4)(a) 12

13 Rate of withholding tax for a person residing abroad Types of income Withholding agent Taxpayer Tax calculation /percent of Section 40(1) - Salary, wages etc. individuals General case - Taxable income of an individual is derived after all expenses and allowances have been deducted from the net income. Then, divide net income by 12, the result is an amount of tax to be paid monthly to the. * The first 150,000 Baht of income is exempted from the. the income which is paid in lump sum by the employer due to the termination of employment contract The tax payable is calculated by deducting net income with expenses which is calculated by 7,000 Baht multiplied by the number of employment years but not exceeding the amount of net income, then further is allowed at the rate of 50 per cent of the remaining income, and then multiplied by tax rate. * The exemption of first 150,000 baht may not be applied to this case. * The net income of 100,000 is subjected to 5%. Section 50(1) PND 1/ 13

14 Types of income Withholding agent Taxpayer Tax calculation /percent of Section 40(2) - hire of work, commission etc. A person liable for 15% from income Section 50(1) PND 2/ Section 40(3) - good will/copyright/ other rights etc. A person liable for 15% from income Section 50(2)(a) 14

15 Types of income Section 40(4)(a) - only an income from interest of bond/bank deposit/cooperative deposit/debenture stock/bill of exchange/loan Section 40(4)(a) - the difference between the redemption value and the selling price of a bill or a debt instrument issued by a company or juristic partnership or by any other juristic person 15 Withholding agent A juristic payer Taxpayer Tax calculation /percent of A person liable for personal income tax A person liable for personal income tax 15% from income - except an interest from Government savings lotteries, or interest on demand deposit with the Government Savings Bank, Interest on savings deposit with a cooperative (Section 45(8)) - except an interest on savings deposit with a bank in Thailand which is repayable on demand; only in the case where the total amount of interest received by any taxpayer does not exceed 20,000 Baht throughout tax year (Ministerial Regulation 126 Article 2(38)) - except an interest on a bond issued by a government organization or financial institution established under a specific law in Thailand and distributed abroad and the person receiving income residing out of Thailand (Ministerial Regulation 126 Article 2 (21)) 15% from income (only in case the person receiving income is the first bearer) Section 50(2)(b) PND 2/ Section 50(2)(c) PND 2/

16 Types of income Withholding agent Taxpayer Tax calculation /percent of Section 40(4)(a) - income likewise to interest - profit from loan or the right to claim for all kinds of debts Section 40(4)(c) - bonus paid to shareholders A juristic payer % from income Section 50(2)(b) PND2/ 15% from income Section 50(2)(b) PND2/ Section 40(4)(d) - a received as a result of the reduction of capital of a company insofar as the does not exceed the sum of profits and reserves of the company A juristic payer - 15% from income Section 50(2)(b) PND2/ 16

17 Types of income Withholding agent Taxpayer Tax calculation /percent of Section 40(4)(e) - a received from an increase of capital holdings in a company or juristic partnership that is determined from the total amount of profits or reserves A juristic payer -a person liable for personal income tax 15% from income Section 50(2)(b) PND 2/ Section 40(4)(f) - a benefit derived from the amalgamation, acquisition or dissolution of a company or juristic partnership and having the monetary value which exceeds the capital. A juristic payer -a person liable for personal income tax 15% from income Section 50(2)(a) PND2/ Section 40 (4)(g) - gains derived from transfer of shares -a person liable for personal income tax Withhold of 15 % from income only in case of transfer shares out of listed company (sale of shares in company listed in the Stock Exchange of Thailand is exempted from as specified in the Ministerial Regulation 126 Article 2(23)) Section 50(2)(a) PND 2/ 17

18 Types of income Withholding agent Taxpayer Tax calculation /percent of Section 40(4)(g) - gains derived from transfer bills or debt instruments 15 % from income (except bill of exchange or debt instrument without interest, in case of the first bearer is already withheld (Ministerial Regulation 126 Article 2(30)(b) Section 50(2)(b) PND 2/ Section 40(4)(b) - a benefit derived from dividend/share of profit Company/juristic partnership/mutual fund/financial institute 10% from income Section 50(2)(e) PND2/ Section 40(5)(6)(7)(8) Government authority/government organization/local administrative authority - 1% from income - withhold in case the income received as a prize Section 50(4) PND 3/ 18

19 Types of income Withholding agent Taxpayer Tax calculation /percent of Section 40(5) - income receiving from the rent of property etc. Section 40(6) - an income received from independent occupation as specified in the Revenue Code Section 40(8) - public actors exclude government authority/government organization exclude government authority/government organization exclude government authority/government organization personal income tax personal income tax a public actor having domicile out of Thailand Regulations under the Revenue Code or a notification from the Revenue Department / 15 % from income Section 50(3) PND 3/ 15 % from income Section 50(3) PND 3/ - withhold in accordance with rate - 10 % from income paid to an actor starring the movie or TV programmed directed in Thailand and has been granted permission from Thailand Film Office. - R.CT.No.4/2528 article 9(2) PND3/ 19

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