Income tax rates schedule “ (1) for the Personal Income Tax Netincome which does not exceed 300,000 baht 5 percent Net incomewhich only the amount in excess of    300,000 bahtbut not exceeding    500,000 baht 10 percent Netincome which only the amount in excess of    500,000baht but not exceeding    750,000baht    15 percent Net income which only the amountin excess of    750,000 baht   but notexceeding 1,000,000 baht   20 percent Net income whichonly the amount in excess of    1,000,000 baht butnot exceeding 2,000,000 baht     25 percent Netincome which only the amount in excess of   2,000,000 baht but not exceeding 5,000,000 baht 30percent       Net income which onlythe amount in excess of    5,000,000 baht 35percent   (the Revenue Code as amended by the RevenueCode Amendment Act (No. 45) B.E.2560) which is applicable forassessable income in the tax year 2560 which tax return shall befiled in 2561 onwards) “ (2) for the Corporate Income Tax “ (a) Thetax on net profits of a company or juristic partnership is 20percent” (Amended by the Revenue Code Amendment Act (No.42) B.E.2559 (2016) which is applicable for the accounting periods on orafter 1 january B.E. 2559 (2016)) “(b) The tax under section 70 notspecified in (c) is 15 percent” “(c) The tax under section 70specified in the case of the payment of assessable income undersection 40(4)(b) is 10 percent (d) The tax under section 70 Bis is10 percent” (Amended by the Revenue Code Amendment Emergency Decree(No.16) B.E. 2534 (1991) which has come into force as from 1 mayB.E. 2535 (1992)) “(e) The tax on revenue before deducting anyexpense of a foundation or association which carries on businessthat produces revenue not be revenue under section 65 Bis (13) is10 percent” (Amended by the Revenue Code Amendment Emergency Decree(No.16) B.E. 2534 (1991) which is applicable for the accountingperiods on or after 1 january B.E. 2535 (1992))

PRACTICE: Mr. A = Man = husband = employee Mrs. B = Woman = wife= entrepreneur Both are married with 2 children aged 15 and 13. Inthe year 2017, Mr. A worked as a teacher earning a salary of 50,000baht per month. The wife engaged in real estate sales brokerage asan entrepreneur and earned a commission of 2.5% on each sale. Forthe entire 2017, Mrs. B earned 500,000 Baht in commission from realestate sales. The couple paid 5,000 each for life insurancepremium. Mrs. B also paid 1,000 Baht per month on health insurancefor herself. The couple made a contribution of 5,000 Baht per monthto retirement account under Mr. A's name because his employer has aindividual retirement account. In the middle of 2017, the couplerented their condo for 10,000 Baht per month. The money from rentwas put into a savings account earning 2.5% interest. Each year inDecember, the couple attend the Red Cross fund raising event. In2017, the couple donated 50,000 Baht to the Red Cross. QUESTION:What is the income tax liability for the couple if they file ajoint return?

Witholding form

https://drive.google.com/file/d/1uVdK6lnPASeZj2DC-9OQRNnYyi4u5Epy/view?usp=drivesdk

Personal income taxhttps://drive.google.com/file/d/1Vhn1jm6eo7uKSP74CNa2z0OixIUd5-FX/view?usp=drivesdk