Sathit Pongtanya, first senior vice-president and head of estate planning and family office in the private banking division of Siam Commercial Bank, says there are three aspects that should be taken into account when planning individual income tax management: tax deductions and allowances, final tax, and received income. Individual taxpayers can treat withholding tax paid at 10% for income from dividends and 15% for income from interest as final tax, which enables them to exclude income from personal income tax returns and forgo the withholding tax as a tax credit. The cabinet in late 2019 approved the Super Savings Fund (SSF) as a new tax-saving fund to replace the LTF. At present, 18 SSFX offerings are available, with two each from Krungthai Asset Management and MFC Asset Management; three from SCB Asset Management; and one each from Krungsri Asset Management, Kasikorn Asset Management, Tisco Asset Management, Thanachart Fund Eastspring, Bualuang Asset Management, Phatra Asset Management, UOB Asset Management, Land and Houses Fund Management, One Asset Management and Asset Plus Fund Management. To be entitled to a tax deduction, taxpayers must take out endowment insurance with a maturity of at least 10 years.

Source: Bangkok Post May 31, 2020 23:03 UTC