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Reduced tax liabilities and burden for individual taxpayers

Melea Cruz

Revenue Code Act No. 44 was issued increasing the allowable deductions and allowances for individual taxpayers earning income under Section 40 (1) and (2) of the Thai Revenue Code (TRC). Further, the level of income subject to the highest income tax rate of 35% is increased to 5 million Baht. Finally, the amount of income earned by individual taxpayers with obligation to file a tax return was increased. This amendment covers earnings from 1 January 2017 onwards.

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