For Thai personal income tax computation, taxpayers may exclude interest and dividends before filing it with the Thai Revenue Department.
The following forms of interest income may be excluded from the computation of Thai personal income tax provided that a 15% tax is withheld at source:
- Interest on bonds or debentures issued by a government organization;
- Interest on saving deposits in commercial banks if the aggregate amount of interest received is not more than THB 20,000 during the taxable year;
- Interest on loans paid by a finance company;
- Interest received from any financial institution organized by a specific law of Thailand for the purpose of lending money to promote agriculture, commerce or industry.
Moreover, taxpayers who reside in Thailand and receive dividends or shares of profits from a registered company or a mutual fund which tax has been withheld at source at the rate of 10% may choose to exclude such dividend from the assessable income when calculating Thai personal income tax. However, with this option, the taxpayer will not be able to claim any tax refund or credit.
The tax filing period for Thai personal income tax returns of 2024 is from January until March 2025. We highly recommend you to consult with tax experts like MSNA to compute and submit your taxes accordingly.