How many types of income are in the Thai income tax system?

How many types of taxes are there in Thailand?

The Thai Revenue Code imposes taxes on income except income subject to petroleum income tax. There are two types of income tax: personal income tax (income tax on individuals) and corporate income tax (income tax on juristic entities). In Thailand, the tax on income of juristic entities is called corporate income tax.

How many types of income tax are there?

Taxes are mainly of two types, direct taxes and indirect form of taxes. Tax levied directly on the income earned is called as direct tax, for example Income tax is a direct tax.

What are 5 types of income that are taxable?

What is taxable income?

  • wages, salaries, tips, bonuses, vacation pay, severance pay, commissions.
  • interest and dividends.
  • certain types of disability payments.
  • unemployment compensation.
  • jury pay and election worker pay.
  • strike and lockout benefits.
  • bank “gifts” for opening or adding to accounts if more than “nominal” value.

What are taxes in Thailand?

Rates are progressive and range from 0% for those who earn less than 150,000 baht to 35% for those who earn more than 5,000,001 baht.

Thailand Tax Rates.

Taxable Income (baht) Tax Rate (%)
more than 1,000,000 but less than 2,000,000 25%
more than 2,000,000 but less than 4,000,000 30%
Over 4,000,000 35%
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What are the 3 main types of taxes?

Tax systems in the U.S. fall into three main categories: Regressive, proportional, and progressive. Two of these systems impact high- and low-income earners differently. Regressive taxes have a greater impact on lower-income individuals than the wealthy.

What are the 7 types of taxes?

Here are seven ways Americans pay taxes.

  • Income taxes. Income taxes can be charged at the federal, state and local levels. …
  • Sales taxes. Sales taxes are taxes on goods and services purchased. …
  • Excise taxes. …
  • Payroll taxes. …
  • Property taxes. …
  • Estate taxes. …
  • Gift taxes.

How many taxes are there in Canada?

There are three types of sales taxes in Canada: PST, GST and HST. See below for an overview of sales tax amounts for each province and territory.

What are two types of income tax?

There are two different types of state income taxes — flat taxes and progressive taxes. A flat tax is just what it sounds like: a flat rate, or a fixed percentage of your income.