"Updated Personal Income Tax Deductions 2024! Plan Your Taxes Wisely—What you can deduct? Let's Find Out!"

In 2024, the Revenue Department has updated personal income tax deductions to help Thai citizens reduce their tax burden and better plan their finances. Let’s take a look at what deductions you can take advantage of this year to lighten your tax load and how to maximize their benefits!

1. Personal and Family Deductions

• Personal Deduction: 60,000 THB for every taxpayer.

• Spouse Deduction: 60,000 THB for a non-working spouse or one who does not use their own deductions.

• Child Deduction: 30,000 THB for the first child and 60,000 THB for each additional child.

2. Parental Deductions

• For taxpayers supporting parents aged 60 and over with income below the threshold, you can deduct 30,000 THB per parent.

3. Education and Health Deductions

• Education and Career Development Deductions: If you invest in furthering your education or professional development, you can deduct these expenses.

• Medical Expense Deductions: Medical expenses for your parents or children that you are responsible for can be deducted.

4. Investment Deductions

• Long-Term Equity Funds (SSF): You can deduct up to 30% of your income, not exceeding 200,000 THB.

• Retirement Mutual Funds (RMF): Similar deduction rules apply as for SSF, with a total limit (combined) of 500,000 THB.

5. Insurance Deductions

• Life Insurance Deductions: You can deduct up to 100,000 THB for life insurance policies with a coverage period of at least 10 years.

• Health Insurance Deductions for Parents: You can deduct up to 15,000 THB.

6. Charitable Contributions Deductions

• Public Benefit Donations: Donations to hospitals, schools, or public benefit projects can be deducted based on the actual amount donated, with a maximum of 10% of your income after expenses.

7. Home Loan Interest Deductions

• For home buyers, you can deduct interest on home loans up to 100,000 THB, which helps lighten the tax burden for those with home financing.

Tips for Effective Tax Planning

• Check Deductions and Documentation Thoroughly: Properly planning to use deductions involves ensuring all documentation is complete and keeping records for potential audits by the tax authority.

• Consult Tax Experts: If you have diverse sources of income, consulting a tax expert www.localthaitax.com can help you manage your deductions more effectively.

Careful use of tax deductions can not only save you money on taxes but also help you manage your finances more effectively in 2024.

Credit: Revenue Departments