TAXES IN THAILAND Part VIII: Calculation of allowances

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Expat CounselTAXES IN THAILAND Part VIII: Calculation of allowances

05/02/2012 : For the past couple of weeks we have used an example to figure out how tax deductions are calculated. This week we'll use the same example to show how allowances work and how they are used to determine taxable income. Remember, the terms allowance and exemption mean the same thing for the purposes of this discussion.
Networth Factors that could waylay your wealth

05/02/2012 : Last week, we looked at the devastating effects inflation can have on the real value of your wealth. We did so in terms of both its capital value and your ongoing income requirement, which invariably increases as time goes by.

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Thailand will claim prime spot in asean community
05/02/2012 : Over the last two years I've been talking with a lot of people who are aware that the Asean Economic Community (AEC) will be formed in 2015 and have been preparing themselves and their organisations. But many others have not been preparing and some don't even know what the AEC is. That needs to change because the AEC has the potential to greatly benefit Thailand. Of course, there are some disadvantages we will face as well if we are not well prepared.
Young lesbian locked up 'for love'
05/02/2012 : Phlong Srey Rann, 20, shuffled across the dusty prison grounds in her blue and white inmate garb one early morning late last month, seemingly resigned to spending the next four and a half years behind bars for having sex with her girlfriend.
Sowing the seeds of change
05/02/2012 : The premise of the film Food, Inc reads like an Orwellian take on farming and agriculture, where a multinational has patented seeds, employing dozens of private investigators and a freephone hotline to track down farmers accused of stealing them, where just 13 abattoirs have monopolised the US meat market and incubated a slew of killer viruses and are run like assembly lines, and the illegal immigrants who staff them are treated only slightly better than the animals.
Salvaging a Buddhist sanctuary
05/02/2012 : A mong the major casualties of the recent floods was the 2,500-rai Buddhamonthon ("Buddhist park") religious park in Nakhon Pathom province. Today the park scarcely resembles the former green spiritual and recreational sanctuary in the shadow of Bangkok. The meticulously landscaped lawns are now covered with a thick layer of dried brown leaves and dead branches from trees and shrubs killed or severely shocked by the floodwaters that covered the park grounds for weeks. Many big trees were uprooted and still lie where they fell.
Going with feng shui flow makes practical sense
29/01/2012 : December and January usually indicate a low season for property sales as Thais celebrate the traditional New Year and the Chinese New Year. Thais and Chinese have close ties culturally, and these days many Thais seem to believe in Chinese astrology and feng shui.
Expat Counsel
TAXES IN THAILAND Part VII: Deductions _ reworking the example
29/01/2012 : Last week we used an example to determine how assessable income is calculated. Now we'll use the same example to show the items that are subtracted from the assessable income to arrive at taxable income, the amount to which the progressive rates are applied. These items subtracted from assessable income fall into two categories, deductions and exemptions, which are also called allowances. This week we'll illustrate how to arrive at deductions using the same example.
Networth
Start now to defuse inflation
29/01/2012 : The Chinese Year of the Dragon is thought to be an auspicious year and one in which a number of factors will have greater effect than usual, for better or worse. In other words, if your luck is good it will be enhanced, and if it is bad it will be horrid.
Farmers in the dark over crop insurance
29/01/2012 : Rice farmer Nalad Kaewsikhao is luckier than many others whose crops were destroyed by last year's devastating floods. She purchased a crop insurance policy for the yield from her 38.5 rai plot of land from the Bank of Agriculture and Agricultural Cooperatives (BAAC) in Kalasin's Yang Talat district. The crop insurance programme is open to farmers nationwide, but so far covers only seasonal rice crops (see sidebar).
At first taste of freedom, dreams of a new path
29/01/2012 : It was Jan 12, the night before they were freed. Pyone Cho, a leading member of the 88 Generation Students Group detained in the remote Kawthaung Prison in southern Myanmar's Tenasserim Division, was immersed in a weekly journal when a prison guard he hadn't noticed standing in front of his cell asked him what he was reading.
As doors open, businesses face a formidable frontier
29/01/2012 : As Myanmar trades political reforms in return for an end to economic sanctions, businesses big and small are queuing for access to the region's last closed economy. Entry will be dictated by political connections, financial clout, further reforms and necessity.