It’s time to start preparing your 2016 personal income tax filing. There are things to consider and new items you should be aware of for your 2016 personal income tax filing. In 2016, in order to promote and encourage domestic spending, the Government issued a number of notifications to provide special tax allowances, they include:
For 2016, the Revenue Department is encouraging Thai taxpayers to request that the tax refund be transferred directly into your bank account held in Thailand since this will expedite the process. To do so, you need to register for “PromptPay” at specific banks in Thailand with your 13-digit Thai tax ID number.
The right tax form must be used. If you earn exclusive employment income, use 2559 PND.91 (2016 PND.91). If you earn other income including employment income, use form 2559 PND.90 (2016 PND.90). For employment income earned from a regional headquarter, international headquarter or international trading company in Thailand which provides reduced tax rates, use form 2559 PND.95 (2016 PND.95). Since the Revenue Department has the authority to conduct a tax audit for a period of 2 years (which may be extended to a period of 5 years from the date of filing the tax return in certain instances), we recommend that a copy of your tax return and all supporting documentation should be retained for this period.
There are two ways to file your tax return and it determines the due date. Paper-based manual filing is due by no later than Friday, 31 March 2017 whilst electronic filing is due no later than Monday, 10 April 2017.
Get ahead and start gathering all your data and supporting documents for a smooth tax season.
© 2017 KPMG Phoomchai Tax Ltd., a Thailand limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.