The number of taxpayers eligible for tax refunds this year will likely jump by 25% to 4 million due to larger tax deductions introduced last year.
Deputy director-general Siriwan Kaewmoonneum said on Monday the Revenue Department estimated 11-12 million people to file personal income tax returns this year, compared to 10 million last year.
In 2017, 3.2 million people received tax refunds, totalling 40 billion baht.
“More people are qualified for tax refunds this year in the wake of revised tax deductions in various categories.
“For instance, the expense deduction was raised to not more than 100,000 baht from 60,000 baht; the personal deduction doubled to not more than 60,000 baht; the child support deduction also doubled to 30,000 baht per child; and the health-insurance premiums deduction was introduced, at up to 15,000 baht,” she explained.
The deductions, coupled with the revised progressive tax rates, now at 5%, 10%, 15%, 20%, 30% and 35%, mean people with income less than 26,000 baht a month will no longer have a tax burden, up from 20,000 baht earlier.
She added tax revenue collection totalled 370 billion baht, 1% higher than the target, during last year’s October-December period.
For 2017 fiscal year ending last September, tax revenue totalled 1.8 trillion baht, 4% or 74 billion baht below the target.
The department has cooperated with Krungthai Bank and Kasikornbank to accept tax payments through the electronic data capture (EDC) system in line with a government policy to turn Thailand into a cashless society.
“We hope to install by March 3,000 more EDC machines at our 1,000 service points nationwide, from 82 now,” she said.
