Property Rental Tax Phuket - Apartments, Villas, land and Property for Sale / Rent

Properties Rental Tax

Properties Rental Tax
Individual
The method of tax calculation will be taken 3 steps, those are :
1. less expense
2. Gross income x 0.005
3. Compare 1 & 2 and apply the higher one.
 
There are 2 choices of expense deduction to submit personal income tax.

 

Tax range
Personal income tax rate
1-150,000 0%
150,001-500,000 10%
500,001-1,000,000 20%
1,000,001-4,000,000 30%
4,000,001 over 37%

A. The Lessor provides the evidence to the officer, sucessfully proves that the actual expenses exceed the standard deduction allowed, necessary and reasonable expenses may be deducted.

Note : the expenses is proved by the officer's judgement.


Example
Rental income/month : 40,000 Baht
Step 1  
Rental income/year 480,000
Less Expense (maintenance) 100,000 (proper bill)
  380,000
Less Personal Allowance 30,000
  350,000
Calculate tax  
1-150,000 (0% ) -
150,001-500,000 (10% ) 20,000
  20,000
   
Step 2  
Rental income 480,000 x 0.005 2,400
   
Step 3  
step 1 is higher so the person pays tax at 20,000
 

B. Standard deduction of 30% expenses (*** mostly used)
Example : Rental income/month : 40,000 Baht
Step 1  
Rental income/year 480,000
Less Expense 30% 144,000
  336,000
Less Personal Allowance 30,000
  306,000
Calculate tax  
1-150,000 (0% ) -
150,001-500,000 (10% ) 15,600
  15,600
   
Step 2  
Rental income 480,000 x 0.005 2,400
   
Step 3  
Step 1 is higher so the person pays tax at 15,600
 



Juristic Person

Note : Rental income has to be shown in the Financial Statement to calculate the corporate income tax

Expense of accounting, commission, staff salary or reasonable expense can be deducted the income.

Corporate Income Tax
1. 30% (share capital over 5 MB)
2. SME (share capital not over 5 MB), see tax range below :   
1-150,000 0%
150,001-1,000,000 15%
1,000,001-3,000,000 25%
3,000,0001 over 30%

Phuket properties