2_ PIT slide - ACT 3604 Taxation Personal Income Tax...

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Unformatted text preview: ACT 3604 : Taxation Personal Income Tax Assumption University Wittaya Ekwirunphon Contact detail E-mail : [email protected] Principle of Personal Income Tax. Taxable persons Assessable income Exempted income Deductions and allowances Personal Income Tax Computation. Single Married during tax year. throughout tax year. Personal Income Tax Payment and Submission. Government Revenue Non-Revenue Tax “Main government financing” Non-Tax State Enterprise Commercial Enterprise Royalty & Concession Rental Fee Fee / Fine Donation Budget / Asset Public Loan Personal Income Tax ◦ A direct tax levied on income of a person base on the “ability to pay principle” ◦ How to evaluate the ability? Income Expenditure Asset ◦ The Global Income Taxation / Schedular Income Taxation (Separate taxation) Taxable Unit ◦ Personal Unit ◦ Family Unit The income of wife shall be the income of husband except the income in the type of hiring of service. The dividend income of children shall be income of father or the parents as the case maybe. ◦ Quotient system ◦ Total income of the family -allowance-deduction x Tax rate = Tax Number of persons Total tax payable = Tax x number of persons 1 2 Person means 5 types as following:- An individual. (Personality begins with the full completion of birth as a living child and ends with death.) A deceased person. An undivided estate. An ordinary partnership. A non-juristic body of person. ◦ Ambassadors to Thailand. ◦ Residents of a country which has a Double Taxation Agreement with Thailand. ◦ Union National Organization. ◦ American Citizens who work for the corporate established under USA laws according to the approve by the government of Thailand. ◦ etc. ◦ Resident rule. • Person who live in Thailand for a period or periods aggregating over 180 days in any tax year. (Calendar) • A resident of Thailand is liable to pay tax on income from sources in Thailand on a cash basis, regardless where the money is paid, as well as on the portion of income from foreign sources that is brought into Thailand. ◦ Source rule. • A non-resident is, however, subject to tax only on income from sources in Thailand. ◦ Nationality rule. ◦ Source of income inside Thailand territory. Employment in Thailand. Business carried on in Thailand. Business of an employer residing in Thailand. A property situated in Thailand. Whether such income is paid within or outside Thailand ◦ Source of income outside Thailand territory. Employment in abroad....
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This note was uploaded on 01/11/2012 for the course FINANCE fin 3701 taught by Professor Tengihla during the Spring '11 term at Assumption College.

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2_ PIT slide - ACT 3604 Taxation Personal Income Tax...

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