Individual allowances and Tax deductions

Long term equity funds (LTF) / Retirement mutual funds (RMF)

For contributions to an LTF and/or an RMF during the period 1st January 2011 to 31st December 2011, an individual taxpayer is permitted to claim income tax deductions for contributions to the Funds up to an amount of 15% of 2011 assessable income but not exceeding Bt 500,000 for each Fund.

Those who can and wish to claim the tax-allowances for contributions to LTFs and RMFs for the 2011 tax year have to hurry, you only have a couple of days left to contribute.

From our own personal experience, the banks and other institutions that can issue LTFs or RMFs have been extremely aggressive this year with a number of booths opened in various shopping centers including Central World.

The following table includes a number of personal allowances for 2011 income tax purposes that individuals are entitled to and these include both RMFs and LTFs.

Please ensure that the relevant HR department of your employers are aware of all the deductions you are entitled to and you may need to pass on the necessary documentation to them prior to the information being processed into the final payroll of the year.