Thailand Assessable Income

Thailand Assessable Income
Income chargeable to the PIT (Personal Income Tax) is called “assessable income”. The term covers income both in cash and in kind. 

Any benefits provided by an employer or other persons, such as a rent-free house or the amount of tax paid by the employer on behalf of the employee, is also treated as assessable income of the employee for the purpose of PIT.

               
Assessable income is divided into 8 categories as follows :

1. income from personal services rendered to employers;
2. income by virtue of jobs, positions or services renderes
3. income from goodwill, copyright, franchise, other rights, annuity or income in the nature of yearly payments derived from a will or any other juristic Act or judgment of the Court:
4. income in the nature of dividends, interest on deposits with banks in Thailand, shares of profits or other benefits from a juristic company, juristic partnership, or mutual fund, payments received as a result of the reduction of capital, a bonus, an increased capital holdings, gains from amalgamation, acquisition or dissolution of juristic companies or partnerships, and gains from transferring of shares or partnership holdings;
5. income from letting of property and from breaches of contracts, installment sales or hire-purchase contracts; 
6. income from liberal professions;
7. income from construction and other contracts of work;
8. income from business, commerce, agriculture, industry, transport or any other activity not specified earlier.

(source: Thailand Revenue Department, last update Dec 2008)