At the beginning of the year, in addition to celebrating the New Year festival, Another thing that comes around every year is the annual tax payment. This is considered our duty every year. And calculating the taxes that must be paid every year makes our heads spin.
In calculating taxes, there is a 2-step formula for calculating taxes, only for filing the P.N.D. 91 form, which is for individuals with only one source of income.
1. Subtract the income from expenses and deduct deductions. Will be equal to net income (income - expenses) - tax deductions = net income
2. Multiply the net income with the tax rate to get the tax that must be paid. (maximum income x tax rate = tax payable
Progressive tax rates
-Net income 0 – 150,000 baht (tax rate 0% or exempt from tax)
Tax value = 0
-Net income 150,001 – 300,000 baht (tax rate 5%)
Tax fee = (Net income – 150,000) x 5%
-Net income 300,001 – 500,000 baht (tax rate 10%)
Tax cost = [ (Net income – 300,000) x 10% ] + 7,500
-Net income 500,001 – 750,000 baht (tax rate 15%)
Tax cost = [ (Net income – 500,000) x 15% ] + 27,500
-Net income 750,001 – 1,000,000 (tax rate 20%)
Tax cost = [ (Net income – 750,000) x 20% ] + 65,000
-Net income 1,000,001 – 2,000,000 baht (tax rate 25%)
Tax cost = [ (Net income – 1,000,000) x 25% ] + 115,000
-Net income 2,000,001 – 5,000,000 baht (tax rate 30%)
Tax cost = [ (Net income – 2,000,000) x 30% ] + 365,000
-Net income of more than 5 million baht (tax rate 35%)
Tax cost = [ (Net income – 5,000,000) x 35% ] + 1,265,000
But nowadays, there are tools to help make tax calculations easy without having to calculate the headaches. In this article, we will introduce websites that are used for basic tax calculations.
-Tax Planning by the Stock Exchange (SET)
It is a website that can be used to plan for saving taxes. and find ways to save on taxes from savings and investments
-Tax calculation program From Kasikorn Asset Management which helps in calculating taxes from Kasikorn Bank along with recommending investments in various funds to use as a tax deduction
-Tax calculation tool from UOB Bank
-Tax calculation program by Krungsri Bank
-Income tax calculator Thailand
Personal tax calculation program by Dharmniti
However, the calculations on these websites are still preliminary. The accuracy is uncertain depending on the numbers we have entered and changes to the calculation formula. Therefore, taxes must be checked with the revenue officer again. All tax-calculating websites calculate basic formulas only.
