As a citizen of Thailand, one of the important things you should know is fed? Dst tax bracket that is in line with your income in Thailand.
In Thailand residents and non-residents are taxed on their Thailand-source income. Thai residents are taxed on their foreign source income only if the income is brought into Thailand in the year it is derived.
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In this article, you will get to know what a Tax bracket means, the latest tax brackets in Thailand for the year 2023, what personal income Tax means, what happens when you go into a higher tax bracket, and lots more
What are Tax Brackets
The tax bracket shows you the tax rate you will pay on each portion of your income. They refer to the range of income subject to a certain income tax rate. Tax bracket results in the progressive tax system, in which taxation progressively increases as an individual’s income grows.
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Tax Bracket in Thailand 2023
Tax rates vary depending on your income for ex-pats taxes in Thailand. Rates are progressive and range from 0% for those who earn less than 150,000 baht to 35% for those who earn more than 5,000,001 baht.
The currency used in Thailand is the baht, and its abbreviation is THB. One Thai baht is currently equal to about USD .030. The Thai personal income tax rates are shown here in baht you can pay your tax accordingly if you fall under any of the following income rates.
| Tax Rate(%) | Taxable income(baht) |
| Exempt | 0-1500,000 |
| 5% | more than 150,001 but less than 300,000 |
| 10% | more than 300,001 but less than 500,000 |
| 15% | more than 500,001 but less than 750,000 |
| 20% | more than 750,001 but less than 1,000,000 |
| 25% | more than 1,000,001 but less than 2,000,000 |
| 30% | more than 2,000,001 but less than 5,000,000 |
| 35% | Over 5,000,001 |
Does Thailand Income Tax Apply to Foreign Income?
Thailand’s income tax applies to worldwide income, just as the US does. But unlike in the US, only residents are taxed on their worldwide income while non-residents are taxed only on the income earned in Thailand.
Personal Income Tax (PIT)
Personal income tax(PIT) is a direct tax levied on the income of a person. A person means an individual, an ordinary partnership, a non-juristic body of an undivided estate.
In general, a person liable to PIT has to compute his tax liability, file a tax return, and pay tax, if any, accordingly on a calendar year basis.
What happens when you go into a higher tax bracket?
you really will take home more money in each paycheck. when an increase in income moves you into a higher tax bracket, you only pay the higher tax rate on the part of your income that falls in that bracket. You don’t pay a higher rate on all your income.
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