On 22 May 2019, Revenue Code Amendment Act (No 52) was gazetted adding another specified type of income to the Thailand Assessable Income tax law.

This Insight has been updated for the Revenue Code Amendment Act (No 52).

Types of Assessable (Taxable) Income

Section 40 of Thailand's Revenue Code specifies the types of income that are assessable (taxable) income according to 8 categories of assessable (taxable) income as follows:

(1) Hire of labor (employment) income, which includes income derived from:

1. Salaries, wages, allowances, per diems, bonuses, etc;
2. Pensions; and
3. Any other money, property or benefit derived from hire of labor.

(2) Hire of work (services) income, which includes income derived from:

1. Services, brokerages, agencies, commissions, etc;
2. Meeting fees, directors fees, etc; and
3. Any other money, property or benefit derived from hire of work.

(3) Rights and annuity income, which includes income derived from:

1. Goodwill, copyrights, other rights;
2. Annuities and wills; and
3. Juristic acts and court judgments.

(4) Investment income, which includes income derived from:

1. Interest on deposits or loans or redemption of debt instruments, etc;
2. Dividends or share of profits from companies or juristic partnerships;
3. Other income from shareholdings or holdings in juristic partnerships;
4. Reductions in shareholdings or holdings in juristic partnerships;
5. Increases in shareholdings or holdings in juristic partnerships;
6. Mergers, acquisitions or dissolutions of companies or partnerships;
7. Transfers of shares in companies or holdings in juristic partnerships (the capital gain income that exceeds the costs of the investment);
8. Share of profits or other dividend-like income from digital assets*;
9. Transfers of cryptocurrency or digital assets (the capital gain income that exceeds the costs of the investment)*; and
10. Redemptions of investment units in juristic mutual funds (the capital gain income that exceeds the costs of the investment)**.

(5) Rental of property income, which includes income derived from rental of:

1. Land, buildings, houses;
2. Vehicles; and
3. Any other property.

(6) Professional services income, which includes income derived from:

1. Law;
2. Medicine;
3. Engineering;
4. Architecture; and
5. Accountancy.

(7) Construction services income, and

(8) Other income, which includes income derived from:

1. Business, commerce, industry, agriculture, transport activities or any other income-generating activity not included under 1-7 above;
2. Transfers of immovable property; and
3. Gifts not exempt from income tax.

* As amended by Emergency Decree Amending the Revenue Code (No 19) gazetted on 13 May 2018 and applying from 14 May 2018.
** As amended by Revenue Code Amendment Act (No 52) gazetted on 22 May 2019 and applying from 20 Aug 2019.

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