Latest Update! 2023 Personal Income Tax Deductions – What You Can Claim and Deadlines

November 28, 2023

5 นาที

As we approach the end of 2023, it’s time to get serious about personal income tax planning. In Thailand, individuals earning more than THB 120,000 per year (or more than THB 60,000 per year from other sources) are required to file a personal income tax return.

To make things easier, we’ve compiled the latest updates and summarized all available tax deductions for 2023 (2566) in one place. Let’s take a look at what deductions you can claim and how to file them online.

Summary of Personal Income Tax Deductions 2023
วิธียื่นลดหย่อนภาษีบุคคลธรรมดา ออนไลน์

Summary of Personal Income Tax Deductions 2023

Tax deductions are one of the most effective ways to reduce your income tax liability or even increase your tax refund. By planning carefully, you can take advantage of these deductions across three main categories: Personal & Family, Insurance, Savings & Investments, and Donations.

Personal and Family Deductions

Personal Allowance: THB 60,000 (no conditions required).
Spouse Allowance: THB 60,000 (for legally married spouses without income).
Maternity & Childbirth Expenses: Up to THB 60,000 per year (expenses paid to hospitals/clinics). If the wife has no income, the husband can claim. Required documents: receipts and medical certificates.
Child Allowance:
Parental Care Deduction: THB 30,000 per parent (maximum 4 parents, including spouse’s parents).
Dependent Disabled Persons: THB 60,000 per person (dependent’s annual income must not exceed THB 30,000).

Insurance, Savings, and Investment Deductions

- Life Insurance & Endowment Policies: Up to THB 100,000. (If the spouse has no income, up to THB 10,000 for the spouse's policy). Policies must have at least 10 years of coverage.
- Health Insurance & Accident Insurance (covering health): Up to THB 25,000. Combined with life insurance, total deductions must not exceed THB 100,000.
- Parents’ Health Insurance: Up to THB 15,000 (parents’ annual income must not exceed THB 30,000; no minimum age required).
- Pension Life Insurance: 15% of assessable income, up to THB 200,000. Must have at least 10 years of coverage.
- Provident Fund / Government Pension Fund (GPF) / Private School Teacher Fund: Up to THB 500,000 (based on actual contribution).
- Retirement Mutual Fund (RMF): 30% of assessable income, up to THB 500,000.
- National Savings Fund (NSF): Up to THB 30,000.
- Super Savings Fund (SSF): 30% of assessable income, up to THB 200,000.

Donation Deductions

General Donations: Up to 10% of taxable income (after all deductions).
Educational, Sports, Social Development, and Public Benefit Donations: Eligible for double deduction (2x the donated amount), capped at 10% of taxable income (after deductions).
Political Party Donations: Up to THB 10,000 (effective since Jan 1, 2018).

Filing Personal Income Tax Online

Thai taxpayers can conveniently file their income tax returns online via the Revenue Department’s e-Filing system. Ensure that you prepare all receipts, insurance certificates, and fund contribution documents in advance to maximize your allowable deductions.

Proper planning can significantly reduce your tax burden while also providing financial protection through insurance and long-term savings.

Tax Deduction Categories under Government Economic Stimulus Programs

Shop Dee Mee Kuen 2023 Program: Eligible for tax deductions up to 40,000 THB for purchases of goods and services within Thailand, valid from January 1 to February 15, 2023.

Home Loan Interest Deductions: Interest paid for home purchase or construction, including houses, condominiums, apartments, and other residential buildings, can be deducted up to 100,000 THB per year (based on actual payments).

Preparing to File Personal Income Tax Deductions Online

Taxpayers can file personal income tax returns directly at the Revenue Department or local branch offices. For added convenience, filing is also available online at the Revenue Department’s e-Filing system at efiling.rd.go.th. Select “Online Filing” to submit your return, available until April 10, 2023, unless otherwise announced by the Revenue Department.

Before filing, make sure all required documents are ready, including:

National ID numbers of individuals listed for tax deductions
Insurance premium payment certificates
PND 50 (Withholding Tax Certificate)
Full tax invoices for purchases under the Shop Dee Mee Kuen program
Medical certificates and receipts for maternity, childbirth, or prenatal expenses
Other related documents

Once your documents are prepared, you can follow the 5 simple steps for online tax filing.

Year-End Reminder: Plan Your 2023 Personal Income Tax Deductions

As the year comes to a close, don’t forget to plan your 2023 tax deductions. Proper preparation helps you avoid unexpected back taxes while maximizing your financial benefits.

For example, health insurance is one of the most popular tax-saving options. Not only does it provide comprehensive medical coverage, but it also allows you to deduct up to 25,000 THB in premiums from your 2023 personal income tax.

Choose a health insurance plan that covers both minor and major illnesses with a flexible coverage limit from 200,000 THB up to 100 million THB. Receive treatment at hospitals nationwide with protection against critical conditions such as heart disease, cancer, and other major illnesses. Coverage includes access to modern treatment technologies, with entry age up to 90 years and continuous protection until age 99 years.

Special promotion:

Enjoy 0% premium installment plans for up to 6 months, or receive up to 13% cashback.

For more details:

☑️ Call 1766 (24/7)

☑️ Contact a licensed insurance agent or visit any Kasikorn Bank branch

Important Notes

Health insurance riders must be purchased together with an active life insurance policy.
Rider coverage must not exceed the coverage period of the base life insurance policy.
Premiums are tax-deductible under Revenue Department regulations.
Policy acceptance is subject to the company’s underwriting criteria.
Conditions are subject to the requirements of Muang Thai Life Assurance and Kasikorn Bank.
Coverage is subject to medical necessity and standard policy terms and conditions.
Please read the policy details, conditions, and exclusions carefully before purchasing.

ที่มา : สืบค้นเมื่อวันที่ 16/11/66

🔖 finnomena (Accessed 16/11/2023)

🔖 Kom Chad Luek (Data as of 17/03/2023)

🔖 Revenue Department

🔖 Thairath (Data as of 21/02/2023)

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