Final Call – Funds for Tax Deduction 2023

Final Call – Funds for Tax Deduction 2023

During year end, we have to prepare to file tax for 2023. This is usual routine of salary earners or tax payers. We have the right to deduct expenses and taxes from general allowances such as personal allowance, spouse, parents, spouse’s parents, etc. Moreover, investors of funds’ units are also entitled to have tax deduction from tax deductible funds such as Provident Fund (PVD), Retirement Mutual Fund (RMF) and Super Savings Fund (SSF), etc. Each fund provides different tax deduction. Let’s see details of funds that match your needs.



Super Savings Fund (SSF)

Super Savings Fund (SSF)


The first tax deductible fund is Super Savings Fund (SSF) which was just launched in 2020. The fund focuses on long-term savings and we can get tax deduction benefit from this fund. SSF criteria are as follows. 


  • Invest in any assets such as Thai and foreign stocks, bonds, gold funds, property funds, etc.
  • Subscribe units to get tax deduction benefit of up to 30% of assessable income, which must not exceed 200,000 Baht; once including allowance for retirement savings, it must not exceed 500,000 Baht.
  • Hold units for at least 10 years from subscription date.
  • No minimum amount and no need to invest every year.
  • Subscription amount is eligible for tax deduction of 2020 – 2024.


Retirement Mutual Fund (RMF)


Retirement Mutual Fund (RMF)


This tax deductible fund is a popular fund, Retirement Mutual Fund (RMF). The fund focuses on savings for retirement and we can invest in several assets such as local and foreign stocks, bonds, property, gold. The fund criteria were revised few years ago as to enhance tax deduction benefit for investors.


  • Subscribe units to get tax deduction benefit of up to 30% of assessable income, which must not exceed 500,000 Baht; once including other retirement savings, it must not exceed 500,000 Baht.
  • Invest for at least 5 years consecutively, and able to redeem once attaining the age of 55.
  • Must invest regularly, or at least every other year; if the gap is more than 1 year, it will be considered as non-compliance with the criteria.
  • No minimum investment amount per year, but need to invest every year (or at least every other year).


Provident Fund (PVD)


Provident Fund (PVD)


Another well-known tax deductible fund is Provident Fund (PVD) that was established by employees and employers to encourage employees to have long-term savings for retirement. It is also security for family in case investors have illness or injury during working age, retirement, or after withdrawing from the fund, or pass away. This fund helps you to have savings and it is considerably worthwhile in a long term. Let’s see criteria and benefits of Provident Fund.


  • Amount contributed to the fund is from employees which is called “employee’s contribution”. The law requires companies to have contribution scheme from 2% - 15% of monthly salary.
  • Employer has to provide “employer’s contribution” monthly at rate of 2% - 15% that is same as employee’s rate.
  • This is eligible for annual tax deduction based on actual payment, but must not exceed 15% of wages, and up to 500,000 Baht


Difference Between SSF and RMF


What is the Difference Between SSF and RMF?


Investment is based on your preference and lifestyle as well as expected return. SSF and RMF are good choices for those who want to have tax deduction, long-term investment, and savings for retirement. Let’s see the difference.


  • Tax deduction: SSF is eligible for tax deduction of up to 30% of annual income and must not exceed 200,000 Baht. RMF is eligible for tax deduction of up to 30% of annual income and must not exceed 500,000 Baht.
  • Holding period: Investors of SSF must hold units of at least 10 years from subscription date. Investors of RMF must hold units of at least 5 years and can redeem units once attaining the age of 55.
  • Invested assets: Investors can invest in any assets under SSF and RMF.
  • Minimum subscription amount: SSF does not require annual subscription. However, RMF requires annual subscription or at least every other year.


Tax filing is about to start, don’t forget to plan deduction for personal income tax of 2023. Your investments in tax deductible funds are eligible. Moreover, there are allowances such as health insurance that you will get both health coverage and deduction for personal income tax of 2023 of up to 25,000 Baht.


Choose health insurance to deal with medical expenses for both common diseases and critical illnesses with the coverage amount range you can select from 200,000 Baht to 100,000,000 Baht for hospitalization at any hospital across Thailand. The health insurance covers heart disease, cancer, common diseases and modern treatment technology. The entry age is 90 years, with long-term coverage until the age of 99 years.


Purchase today for 6-month installments with 0% interest or cashback up to 13%.


More information Link

☑️ Call Tel. 1766, available 24/7.

☑️ Contact life insurance agent or Kasikornbank branches.


  • Health riders must be attached to an effective policy.
  • Coverage period of the rider must not exceed the coverage period of the life insurance policy that this rider is attached to.
  • Premium is eligible for tax deduction. Conditions are as specified by the Revenue Department.
  • Underwriting is subject to the Company’s rules.
  • Conditions are as specified by Muang Thai Life Assurance PCL and the Bank.
  • Conditions are according to the medical standard and necessity.
  • Please study the details of coverage, conditions and exclusions before making a decision to purchase insurance.


Sources: Data retrieved on 22/11/2023

🔖 finnomena, data as of 01/12/2022

🔖 Set

🔖 Innovestx, data as of 13/11/2023


 

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