The personal income tax reduction scheme has been extended for another year, according to an announcement in the Royal Gazette.
The one-year tax reduction scheme was initiated by the Yingluck Shinawatra administration.
The current government agreed to extend it to boost consumer purchasing power and the economy.
The tax break rate for people with annual net incomes of less than 100,000 baht remains unchanged at 5%.
For those earning between 100,001 baht and 300,000 baht, the rate has been cut from 10% to 5%.
The rate for taxpayers who earn from 300,001 baht to 500,000 baht is being kept the same at 10%.
Those who earn from 500,001 baht to 750,000 baht will receive a cut from 20% to 15%.
The rate for individuals who earn from 750,001 baht to 1 million baht remains unchanged at 20%.
People who take home more than 1 million baht will get a tax cut from 30% to 25%.
The rate for taxpayers earning more than 2 million baht and up to 4 million baht is unchanged at 30%.
Those who earn more than 4 million baht each year will get a tax cut from 37% to 35%.
The personal income tax reduction scheme has been extended for another year, according to an announcement in the Royal Gazette.
The one-year tax reduction scheme was initiated by the Yingluck Shinawatra administration.
The current government agreed to extend it to boost consumer purchasing power and the economy.
The tax break rate for people with annual net incomes of less than 100,000 baht remains unchanged at 5%.
For those earning between 100,001 baht and 300,000 baht, the rate has been cut from 10% to 5%.
The rate for taxpayers who earn from 300,001 baht to 500,000 baht is being kept the same at 10%.
Those who earn from 500,001 baht to 750,000 baht will receive a cut from 20% to 15%.
The rate for individuals who earn from 750,001 baht to 1 million baht remains unchanged at 20%.
People who take home more than 1 million baht will get a tax cut from 30% to 25%.
The rate for taxpayers earning more than 2 million baht and up to 4 million baht is unchanged at 30%.
Those who earn more than 4 million baht each year will get a tax cut from 37% to 35%.
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