Below you will find a summary of recent tax developments in Thailand plus a reminder of key reporting dates for employers in the next few months.
Social Security Contribution rate reduced to 3%
To provide relief from the impact of the Covid-19 pandemic, monthly contribution rates have been reduced from 5% to 3% for employers and employees for 3 months from January to March 2021.
The monthly wage base for contributions ranges from Baht 1,650 to a maximum of Baht 15,000 for each employee. The maximum contribution is therefore reduced to Baht 450 per month (normally Baht 750) from January to March 2021 for employers and employees.
Reminder – upcoming employer obligations
Employers are reminded to request details of deductions and allowances for the 2021 year from their employees (Form Lor Yor 01) for the purpose of computing income tax to be withheld from salaries and wages during the 2021 year.