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  1. #76
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    Quote Originally Posted by dirtydog
    I don't know any Thais that pay tax apart from govt employees.
    They do, but its stupidly corrupt. I have friends working in industry earning 30-40k. Their company just tells the Revenue Department that the salary is 15k, and they pay a minimal amount on that. The Revenue Dept is too under-resourced, corrupt, or lazy to ever discover the truth.

  2. #77
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    Smeg:

    I don't know about the websites, but ask you bank colleagues. 5% taxation bracket ended 1 Jan 2005.

    Deductibles is what I said. Deductibles includes married wo/man's allowance, children's allowance (upto 3), LTF (upto 300k), LTM (upto 300k), Provident Fund (5% of salary, upto 300k), mortgage interest, and the list goes on. If you structure your tax properly, the personal income tax you pay on salary below 100k can be minimal.

    The Revenue Department's monthly income stats are where those approximate figures come from.

    But don't take my word for, ask a financial adviser.

  3. #78
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    Never heard of a LTM. Do you mean retirement mutual fund? This uses the same 300k as provident funds. Mortgage interest is 50k, but not for foreigners.

    I don't trust Thai financial institutions anyway.

  4. #79
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    Actually, you are wrong. PF and LTF don't rely on the same 300k, they're completely different. LTM is the long term mutual fund/pension and may go by a different name, like MTF or the likes.

  5. #80
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    ^ I wasnt totally wrong, just had the acronyms the wrong way round, and edited before u posted

  6. #81
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    the one I don't see on the Revenue Department's website, but I'm pretty sure has the 300k allowance is the MTF/LTM allowance of 300k. Until I review the Revenue Code again, you may be right that PF has an effect on this allowance, but I'm about 85% sure it doesn't.

  7. #82
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    Also, I'm sure a US financial institution in Thailand knows the score

  8. #83
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    actually, until I looked at the RD website, I always thought that PF was capped at 5%. However, they have it as 15%. Hmm, I may need to check that

  9. #84
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  10. #85
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    Quote Originally Posted by William
    Also, I'm sure a US financial institution in Thailand knows the score
    I trust them with my pay every month. I pay 750 baht SS and around 7k income tax on 70k.

  11. #86
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    Well, I've been paying 2.5% tax this year, which has gone done a lot from last year, so William must be right about the 5% tax.

  12. #87
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    I've never personally invested in Mutual Pension Fund, because I don't like the fact you have to wait till you're 60 or something.

    I do have PF and LTF though, and so that's why I am sure they are different.

  13. #88
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    Hey, wasn't Mongoloid a song by Devo? I liked them.

  14. #89
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    no, I think the song was chinky gook

  15. #90
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    Smeg:

    An article in yesterday's Post mentions that 5% taxation is no longer apllicable:

    TAXATION PERSONAL DEDUCTIONS

    High living cost drives tax review
    WICHIT CHANTANUSORNSIRI
    The Revenue Department has proposed a tax amendment that would raise deductions for personal income taxpayers in light of rising living expenses.
    Sangiam Satad, a ministry inspector-general, said the amendment would raise the deductions now offered under Section 42 of the tax code.
    The section allows salaried workers to claim a deduction of 40% of income up to a maximum of 60,000 baht per year. Income from goodwill and licensing revenues is subject to similar deductions.
    Amendments would lift deductions on revenue for contractors and independent professionals, rental income, commercial, agricultural and industrial activities.
    ''These changes are aimed at making the tax code more in line with the current economic environment. The cost of living now is considerably higher than in the past, and the changes will help reduce the tax burden for the public, particularly salaried workers,'' Mr Sangiam said.
    Authorities are still discussing the size of the deductions. The reforms are part of a broader plan by the Finance Ministry to reform and modernise economic laws.
    Over the past two years, changes have been made to help ease the tax burden on individuals, including raising tax exemptions by 20,000 baht to the first 100,000 baht in income and allowing a 30,000-baht deduction for individuals supporting a retired parent.
    The Revenue Department wants to amend Section 65 of the tax code to eliminate differences in how dividend income is treated for corporate tax purposes.
    Companies listed on the SET that receive dividend income from investments of 25% or more of total outstanding stock are exempt from having to consolidate dividend income into corporate tax liability.
    Non-listed companies face a tax liability on dividend income. The amendment will eliminate the different standards and waive the need to consolidate dividend income into net profits for corporate tax purposes.

  16. #91
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    Hey William and Smeg - can't we change this back to discussing the word 'farang' as the tax thing is a bit dull.

  17. #92
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    Quote Originally Posted by colourful-era
    no, I think the song was chinky gook
    Hmmmm...

    Looks like you were right.

    Devo – Chinky gook

    Chinky gook he was a Chinky gook
    Happier than you and me
    Chinky gook he was a Chinky gook
    And it determined what he could see
    Chinky gook he was a Chinky gook
    One chromosome too many
    Chinky gook he was a Chinky gook
    And it determined what he could see
    And he wore a hat
    And he had a job
    And he brought home the bacon
    So that no one knew
    Chinky gook he was a Chinky gook
    His friends were unaware
    Chinky gook he was a Chinky gook
    Nobody even cared

  18. #93
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    Yeah, the word farang. I actually said it today when describing someone to a Thai friend. I subsequently beat the crap out of myself for being racist.

  19. #94
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    The first rule of Smeg club is....you do NOT talk about Smeg club...


  20. #95
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    Damn you! My favourite movie. Gonna have to hack up and down silom now to find a hooky copy.

  21. #96
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    Here's a question for you (and everbody else) then....

    Brad Pitt plays Tyler Durden - but what is the name of Edward Norton's Character in the film?

  22. #97
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    Quote Originally Posted by Smeg
    Damn you! My favourite movie. Gonna have to hack up and down silom now to find a hooky copy.
    You seem to spend an inordinate amount of time in red light districts smeg

  23. #98
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    Quote Originally Posted by Smeg
    Yeah, the word farang. I actually said it today when describing someone to a Thai friend. I subsequently beat the crap out of myself for being racist.
    Did you only just realise today that you were a racist? I would have thought a man with your high intellect and education would have twigged that years ago.

  24. #99
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    Don't think meatloaf-hugging Jack had a surname. Did he?!?! I can't remember it, sorry

  25. #100
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    Quote Originally Posted by Smeg
    Don't think meatloaf-hugging Jack had a surname. Did he?!?! I can't remember it, sorry
    What's your name smeg ??

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