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How to Make Good Tax Planning Since Beginning of the Year.

The 2023 tax clearance is complete. Let's start Planning Taxes in 2024 with Muang Thai Assurance today!!

          March of every year is the last month that we can file personal income tax. Many of you might get tax return, but many of you might need to pay more tax. So, how can we manage to prevent additional tax payment. Let’s see.

          First of all, we need to know who have duties to pay personal income tax. If you have income during 1 January – 31 December of ever year and have one of the following statuses, you are a taxpayer.

     1) Individual.
     2) Ordinary partnership or non-juristic body of persons.
     3) Individual who dies during a tax year.
     4) Undivided estate.
     5) Community enterprise according to the community enterprise promotion law, only Partnership or non-juristic body of persons.

          All taxpayers who have higher income than the minimum requirement must file tax, even though they do not have to pay additional tax. 

Criteria of minimum assessable income of taxpayers

     (1) Individual and deceased with the assessable income

Income typeSingleMarried
Only salary120,000200,000
Other income60,000120,000

     (2) Ordinary partnership or non-juristic body of persons with assessable income of over 60,000 Baht.
     (3) Undivided estate with assessable income of over 60,000 Baht.

          Next, taxable income has 8 types. And expenses are allowed by law for deduction as working cost in order to calculate tax based on net income. Deduction varies based on income type.

Income TypeExpense Deduction

1. Salary, wage, bonus, allowance.

2. Income by virtue of jobs, positions or services rendered, rights fee, broker fee, etc. 

50% but not exceeding 100,000 Baht; in case of having the assessable income items 1 and 2, both incomes must be combined, but maximum deduction is 100,000 Baht.
3. Income from goodwill, copyright, franchise, other rights.50% but not exceeding 100,000 Baht or based on actual mount.
4. Interest, dividend, shares of profits, etc.Expense deduction is not allowed.
5. Income from letting of property and from breaches of contracts, installment sales.
- House, school, building, raft.
- Agriculture land.
- Non-agriculture land.
- Vehicle.
- Other assets.
Based on actual amount or flat rate
6. Liberal professions.
- Medical profession.
- Law, engineering, architecture, accounting, fine artwork.
Based on actual amount or flat rate
7. Contractor.Based on actual amount or flat rate 60%
8. Other income besides the items 1 – 7*.Based on actual amount or flat rate 40% and 60%

*According to the Royal Decree (No. 629) B.E. 2560

          After deducting expenses from assessable income in each year, we are allowed to deduct allowances which are important for us to pay lesser tax or get higher tax return. The allowances depend of our status, not income, such as single, married, number of children, parents, savings, investments, life insurance, health insurance, etc.
          Allowance types are as follows.

1️⃣ Personal and family allowances such as personal allowance, parent allowance, child allowance, etc.

2️⃣ Investment and insurance allowances such as life insurance, health insurance, RMF, SSF, etc.

3️⃣ Economic stimulus allowance such as housing loan interest reduction, etc.

4️⃣ Charitable contributions allowance such as donations for education or public hospitals, etc.

          If you are finding a tool to deduct tax during year end, we recommend you to plan since the beginning of the year as to enjoy year end freely such as if you plan to have investment and insurance allowances, you should plan to buy life and health insurance since the beginning of the year. Besides having tax deduction from insurance premium, you will get life or health coverage quicker. For RMF, SSF, TESG, you can plan investment early as well by applying DCA (Dollar-Cost Averaging) to gradually invest. This method is popular among many investors because you do not need to invest big lump sum amount during year end. These are just examples for you to make planning since the beginning of the year and you can choose a tool that matches your lifestyle.

Muang Thai Life Assurance has many products for tax planning; for example, 

     ✅ Muang Thai UL Plus is an insurance that provides life coverage with flexibility that matches everyone. You can design premium, life coverage and insurance premium payment period. Most importantly, the insurance premium is eligible for tax deduction of up to 100,000 Baht. 

     ✅ MTL My Fund is an online service for subscription, sale and fund switching which you can buy SSF, RMF or Thai ESG through this service. Muang Thai Life Assurance also offers several funds for tax deduction from many leading AMCs.

          Good and effective tax planning will save lots of money, and you will get many benefits such as life coverage or higher chance of investment return. For more information.

For more information :

☎️ Call Center 1766 Ext. 6 within business days and hours.

💼 Contact Life Insurance Agent.

Source : 

🔖The Revenue Department


  • Please study details of coverage, conditions and risks before making a decision to apply for insurance.
  • Investments are risky. Investors should study products, return conditions, risks and tax benefits in the investment manual of such funds before making a decision to invest.

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