On 18 December 2012, the Thai Cabinet resolved and approved the revision of the personal income tax structure. The new structure will include the revision of the personal income tax rate from the current 5 tiers at the rate of 0 % – 37 % to the revised 7 tiers at the rate of 0 % – 35 % as follows:
|
Taxable Income (THB) |
Marginal |
Current Tax |
New Proposed |
|
0 – 150,000 |
150,000 |
Exempt |
Exempt |
|
150,001-300,000 |
150,000 |
10 |
5 |
|
300,001-500,000 |
200,000 |
10 |
10 |
|
500,001-750,000 |
250,000 |
20 |
15 |
|
750,001-1,000,000 |
250,000 |
20 |
20 |
|
1,000,001-2,000,000 |
1,000,000 |
30 |
25 |
|
2,000,001-4,000,000 |
2,000,000 |
30 |
30 |
|
4,000,000 and over |
– |
37 |
35 |
The new tax structure, which will be effective from the 2013 tax year, will apply to all 2014 personal income tax returns.