Sure, Thailand tax law is complex. And so the chances of making mistakes during personal tax filing in Thailand are higher. Not only that we often end up planning our personal taxes wrong. And this is why I firmly believe in getting professional assistance. Even if you prefer preparing your personal tax, it is always better to get it reviewed by a professional at least. Well, if that’s the case, I am there to help you. I can refer you to some highly experienced and skilled tax consultants who can do everything from reviewing, planning to file. As for now let’s just sort out the ways to avoid the basic mistakes:
Putting in Incorrect Personal Details
Don’t be in a hurry when you are putting your personal details in the form. In case you provide a wrong TIN number, your filling is likely to get rejected. On the other hand, if you fail to provide a correct mobile address or e-mail address it may lead to incomplete personal income tax filing.
Leaving Out Anyone Source of Income
Most often than not, people don’t bother to mention all of their income sources, especially the tax-exempted amount. However, it is advisable to mention both i.e., the taxable and the non-taxable. You must include all the sources of income as not mentioning the one would be taken as concealment of income.
Not Claiming Thai Tax Deduction under Proper Section
Not claiming your deduction under the appropriate section may lead to more tax liabilities. Again, if you have invested somewhere the amount of which is exempted under Thai laws, but you have forgotten to mention it when filing, you may end up losing an amount of money.
Not Checking the Tax Credits
You must check all your personal tax credits before personal tax filing in Thailand. This includes income details, advance tax paid and self-assessment tax, etc. A salaried person will need to check their income and tax details to avoid any sort of discrepancy that may lead to a lesser refund or more payable taxes.
Apart from these, sometimes errors happen because of inappropriate knowledge about Thai personal tax. To prevent it, appointing a professional accountant will be a wise decision to take.
