Take advantage of the new tax benefits on your personal income:
If you already have one of our Gain 1st Bancassurance products or one of our retirement mutual funds (RMFs) or long-term equity funds (LTFs), then you’ll see a direct benefit in your wallet. If you don’t, then now is a great time to give yourself financial security whilst taking advantage of these new tax benefits which will be applied to your 2008 earnings and onwards. With reductions on fees and tax for transferring ownership, mortgages and property transactions, it’s also a great time to purchase a property with a Bualuang Home Loan.

Individuals

Increased tax deduction for life insurance premiums: If you have a life insurance policy, such as a Gain 1st policy, you can claim an individual tax deduction of up to Baht 100,000 (increased from Baht 50,000).

Increased tax deduction for RMF: If you have invested in RMFs, you can claim a tax deduction of 15% of your income up to a maximum of Baht 500,000 (increased from Baht 300,000). The maximum of Baht 500,000 includes the investment in RMFs, contribution to provident funds, or government mutual funds.

Increased tax deduction for optional savings: If you have invested in LTFs you can claim a tax deduction of 15% of your income up to a maximum of Baht 500,000 (increased from Baht 300,000).

Reduced fees on property transactions: It is now cheaper to transfer ownership of land (not over one rai), condominiums, office buildings, or other buildings (detached house, semi-detached house, town houses and shop houses). The fee for transferring ownership or taking out a mortgage has been reduced to 0.01% per transaction (previously 2% for transfers and 1% for mortgages). The ‘special business tax’ for property transactions has been reduced to 0.11% of the total selling price, down from 3.3% (this tax is charged when selling a registered development property for trading or speculative purposes.

The new fee and tax structure applies for one year from 29 March, 2008 to 28 March, 2009. The reduction is intended to encourage the trading of property with the new fees applying to the sale of property, property auctions and property sales under the court’s jurisdiction. However the fees for sale by consignment, property transfers in settlement of debts, or mortgaging properties have not changed. Sales and mortgages of property must be carried out during the effective period only.

Increase in tax exempt income: The first Baht 150,000 of your net income will now be exempt from income tax (increased from Baht 100,000).

Allowance for supporting people with disabilities: If you care for a child, adopted child, spouse or parent who is disabled and holds a disabled ID, you can claim a tax deduction of Baht 30,000 off your net income.

For more information about products that benefit from the new tax policy: - Our Bancassurance Options - Our LTF Options - Our RMF Options - Our Bualuang Home Loans - Our Provident Fund Service Options - Government Pension Fund Information Website For more information about the new tax benefits for Corporate and SMEs: - Corporate and SME Benefits Contact us: To take advantage of these benefits, contact your nearest Bangkok Bank branch or call Bualuang Phone on 1333. Remark: *The tax benefits listed above are based on information associated with a resolution of the Thai Cabinet on 4 March, 2008. Some tax benefits have already been introduced while others will come in at a later date.