BANGKOK (NNT) – The Revenue Department is mulling the possibility of reducing personal income tax for foreign experts to 17% in an effort to bring in foreign talented professionals to work in Thailand.
Director-General of the Revenue Department, Ekniti Nitithanprapas said the highly skilled professional must be in the fields that Thailand fall short of and that they would be permitted to work anywhere in Thailand. He said the department is considering a valid period for this tax cut.
Thailand’s personal income tax rate is progressive, varied by salary level. Those with annual income from 150,001 baht to 300,000 baht are subject to 5% tax, while those with annual income above 5 million baht are subject to the top tax rate of 35%.
Nevertheless, Mr Ekniti indicated that only tax cuts measure alone might not efficient enough for foreign experts, adding that such factors as safety of the country and high quality of schools and medical care are somewhat they have to take into consideration.