Revenue code revised edition (no. 44)

February 6th, 2017

His Majesty King Maha Vajiralongkorn Bodindradebeyavarangkun Sign on January 26th, 2017

His Majesty King Maha Vajiralongkorn Bodindradebeyavarangkun has a royal command to announce. Consider approve to revise a Revenue code.

Be kind enough to give an ACT stamp that suggest and agree from The National Legislative Assembly as following.

Section 1 ACT is called “Revenue code revised edition. (Copy no. 44) 2017 A.D.”

Section 2 ACT force from the day after announcing in Royal Thai Government Gazette from now on.

Section 3 Cancel term 1st space of section 42 of Revenue code revised edition from ACT Revenue code revised edition (Copy no. 16) 1991 A.D. use term as follows.

“Section 42 Assessable incomes under section 40 (1) and (2) being deducted 50 percent of the assessable income but not exceeding 100,000 baht.”

Section 4 Cancel term 1st space of section 42 of Revenue code revised edition from ACT Revenue code revised edition (Copy no. 16) 1991 A.D. use term as follows.

“Section 42 Assessable incomes under section 40 (3) only fee of goodwill, copyright or any other rights being deducted as define in royal decree.

Section 5 Cancel term (a) (b) and (c) of (1) of section 47 under Revenue code revised edition from ACT Revenue code revised edition (Copy no. 16) 1991 A.D. use term as follows.

(a) Taxpayer 60,000 baht.

(b) Taxpayer’s spouse 60,000 baht.

(c) Taxpayer’s children

(1) Taxpayer’s children or children in law of Taxpayer’s spouse 30,000 baht per person.

(2) Taxpayer’s adopted child 30,000 baht per person but not exceed 3 persons

In case of Taxpayer has children both (1) and (2) shall be deductible. All of children in (1) will be deducted first and Children in (2) followed. If Taxpayer has children in (1) more than 3 persons Children in (2) shall not be deductible but if Children in (1) less than 3 persons can be deductible together with Children in (2) but amount of children should not more than 3 persons.

Amount of children counting is counted only children who live older to younger respectively. Including children who shall not be deductible as define in law.

Taxpayer’s children shall be deductible will be deducted only children who less than 25 years old and study in University or higher education who is minor or Court decides to be incapacitated person or similarly under support. But Children who have assessable incomes since 30,000 baht from now on and that assessable incomes are not under section 42 are not deductible.

Taxpayer’s children shall be deductible can be deducted all year even case is out of definition. Adopted children can be deducted only case adopted children.

Section 6 Cancel (f) of (1) of section 42 under Revenue code revised edition from ACT Revenue code revised edition (Copy no. 9) 1982 A.D.

Section 7 Cancel term in (2) of section 42 under Revenue code revised edition from ACT Revenue code revised edition (Copy no. 9) 1982 A.D. use term as follows.

“(2) In case of Taxpayer’s spouse have incomes. Deduction as (1) (a) and (b) can be deductible together 120,000 baht”

Section 8 Cancel term in (3) of section 42 under Revenue code revised edition from ACT Revenue code revised edition (Copy no. 9) 1982 A.D. use term as follows.

“(3) In case of Taxpayer is not live in Thailand. Deduction as (1) (b) and (c) can be deductible only Husband or wife and children in Thailand”

Section 9 Cancel term in (5) and (6) of section 47 under Revenue code revised edition from ACT Revenue code revised edition (Copy no. 16) 1991 A.D. use term as follows.

“(5) In case of Taxpayer is an allowance for undivided estate can be deductible 60,000 baht.”

“(6) In case of Taxpayer is an ordinary partnership or group of person who is not legal person can be deductible as (1) (a) for partner or each person in group of person in Thailand but not exceed 120,000 baht”

Section 10 Cancel term in 1st space of (2) of section 48 under Revenue code revised edition from ACT Revenue code revised edition (Copy no. 16) 1991 A.D. use term as follows.

“(2) Taxpayer has the assessable incomes over 120,000 THB. Tax’s calculation follows (1) not less than 0.5 percent of assessable ncomes”

Section 11 Cancel term in 1st space of section 56 under Revenue code revised edition from ACT Revenue code revised edition (Copy no. 16) 1991 A.D. use term as follows.

Section 56 Every Person is not minor or Court decides to be incapacitated person or similarly submit assessable incomes scheme previous year within March current year every year follow director-general defines to official get appointed by minister. If that person

(1) Does not have spouse and assessable incomes in previous year exceeded 60,000 baht.

(2) Does not have spouse and assessable incomes in previous year follow only section 40 (1) exceeded 120,000 baht.

(3) Has spouse and assessable incomes in previous year exceeded 120,000 baht or

(4) Does not have spouse and assessable incomes in previous year follow only section 40 (1) exceeded 220,000 baht.

Section 12 Cancel term in (1) for commonalty of Tax income rate accounting at last unit 3 in case 2 under Revenue code revised edition from ACT Revenue code revised edition (Copy no. 16) 1991 A.D. use term as follows.

(1) for commonalty

Net income is not more than 300,000 baht 5 percent.

Net income exceeding 300,000 baht

But not more than 500,000 baht 10 percent.

Net income exceeding 500,000 baht

But not more than 750,000 baht 15 percent.

Net income exceeding 750,000 baht

But not more than 1,000,000 baht 20 percent.

Net income exceeding 1,000,000 baht

But not more than 2,000,000 baht 25 percent.

Net income exceeding 2,000,000 baht

But not more than 5,000,000 baht 30 percent.

Net income exceeding 5,000,000 baht 35 percent.

Section 13 Provision of Revenue code is cancelled or additional revision by ACT shall enter into force for incomes from tax year 2017 A.D. have to submit scheme in 2018 A.D.

Section 14 Provision of Revenue code is cancelled or additional revision by ACT shall enter into force for only remaining tax or pay assessable income before tax year 2017 A.D.

Section 15 Chancellor of the Exchequer follows this ACT.

 

Receive command by
General Prayut Chan-ocha
Prime Minister of Thailand

Remark:- Reason for announce this ACT is rule of deductible expense , deductible assessable incomes of Taxpayer, Define assessable income is submitted for personal scheme and tax income rate for personal is defined in Tax income rate accounting under Revenue code shall be being force for long time. It is not conform to current economic affair and cost of living that changed. Definition of assessable income that person submit and Personal rate of tax as state appropriately. Follow this ACT.

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