Income Tax Brackets in Thailand for 2023-2024

In Thailand, the government provides several tax incentives including for the promotion of domestic investments and investments in special economic development zones (SEZ), for supporting jewel businesses, maritime businesses and more. Thailand operates a self-assessment tax system where taxpayers are classified as either resident or non-resident. 

A resident taxpayer refers to any individual residing in Thailand for a period or periods aggregating more than 180 days in any fiscal year. Corporations are required to pay corporate income tax if they are a limited company, a public limited company, a limited partnership or a registered partnership.

The taxation system in Thailand is administered by the official tax body, The Revenue Department.

The Revenue Code provides guidance and support in the form of income tax tables for individuals and businesses. Taxpayers must familiarize themselves with these tax tables and the corresponding tax brackets and tax rates, for effective tax planning and to remain compliant with tax laws in Thailand.

Here you will learn about:

• headline tax rates
• personal income tax (PIT) rates
• corporate income tax (CIT) rates 
• capital gains tax (CGT) rates
• withholding tax rates for residents and non-residents
• value-added tax (VAT) rates

Headline Tax Rates in Thailand

Personal Income Tax (PIT) Brackets for Individuals in Thailand 2023-2024

Personal income tax (PIT) is a direct tax levied on the income of an individual taxpayer. This income, known as assessable income, covers both in cash and in kind, which means that benefits provided by an employer or anyone else (such as a rent-free house) is also treated as assessable income. Certain deductions and allowances are allowed. Tax rates are applied progressively.

Personal Income Tax Due Dates

Corporate Income Tax (CIT) Rates in Thailand 2023-2024

The corporate income tax (CIT) rate is 20% in Thailand. However, companies with juristic partnerships with low paid-in capital not exceeding TBH 5 million at the end of any accounting period, and income from the sales of goods or services not exceeding TBH 30 million are subject to the CIT tax rates tabulated below:

Corporate Income Tax Due Dates

Capital Gains Tax (CGT) in Thailand

Individual

Most types of capital gains are taxable as ordinary income and capital losses may be offset against capital gains. However, certain capital gains may be tax-exempt such as gains on the sale of shares in a company listed on the Stock Exchange of Thailand, where the sale relates to investment units in a mutual fund. Gains on the sale of non-interest bearing debentures and the sale of securities listed on stock exchange in the Association of Southeast Asian Nations (ASEAN) are also exempt.

Corporation

All capital gains earned by a Thai corporation are treated as ordinary revenue for the purposes of tax. Gains on the sale of investments in Thailand by a foreign company not carrying on business in Thailand are subject to a 15% capital gains tax unless exempt under a double taxation treaty (DTT). 

However, capital gains received from the sale of fund units in a fixed income mutual fund received from a Thai corporation and a foreign corporation carrying on business in Thailand are tax-exempt.

Withholding Tax Rates for Residents and Non-Residents in Thailand

Varying rates of withholding tax (WHT) apply to resident corporations, resident individuals as well as non-resident corporations and non-resident individuals. However, as Thailand is signatory to several DTTs, a taxpayer may benefit from the provision of these DTTs. Consequently, the taxes above may be reduced or removed by a DTT in place.

Value-Added Tax Rates in Thailand