Retirement Mutual Funds
The Funds provide a long-term savings plan for your retirement and offer tax benefits in accordance with conditions of the Revenue Department.
BUALUANG MAPS RMF
The Fund invests in the investment units of CIS funds, infrastructure funds, property funds/REITs, and/or ETF of two or more funds (the destination fund) both domestically and internationally. Choose from three alternatives with different investment proportion in equities.
Super Savings Funds
The Funds provide a long-term savings plan and offer tax benefits in accordance with conditions of the Revenue Department.
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Special Promotion when invest in RMF/SSF
Receive a Starbucks e-Coupon worth 300 baht per person when you invest in RMF and/or SSF from January 3, 2023 - December 28, 2023.
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Additional Information for RMF
Tax Benefits for RMF
- Investments made from January 1, 2020
You can claim the actual amount of your RMF investment for a tax deduction of not more than 30% of your taxable income and not more than 500,000 baht in total for that tax year. The tax deduction covers investments in RMF, Super Savings Fund (SSF), provident funds, government pension funds, private teacher aid fund contributions, national savings fund and annuity insurance premiums.
- Investments made before December 31, 2019
You can claim the actual amount of your RMF investment for a tax deduction of not more than 15% of your taxable income and not more than 500,000 baht in total for that tax year. The tax deduction covers investments in RMF, provident funds, government pension funds, private teacher aid fund contributions, national savings fund and annuity insurance premiums.
Investment Conditions for RMF
- Annual investment is required until the investor is 55 years old without a minimum investment amount required. Investments made before January 1, 2020 had a required minimum investment amount of at least 3% of your taxable income for any individual tax year or 5,000 baht, whichever amount is lower. However, a grace period of one year is acceptable or in the years that the investor has no income.
- Investment of RMF must be held continuously for 5 or more years from the first date of investment (counting from the first investment date to the anniversary date) and can be redeemed when the investor is at least 55 years old. Investments made before March 1, 2008 can be redeemed on or after the date of the 5-year anniversary of the first investment (counting from the first investment date to the anniversary date).
Breaches of RMF Investment Conditions
In the case that the investment exceeds tax privileges
- Investments that exceed tax privileges are not eligible for tax deductions.
- Capital gains incurred from redemption of the investment which exceed tax privileges must be incorporated into other income as taxable income.
- In the case that investments held for less than 5 years from the first date of investment (counting from the first investment date to the anniversary date), conditions are breached. Investors are required to:
- Return the entire amount of the relevant tax exemptions to the Revenue Department
- If there are capital gains incurred from redemption, investors are required to:
- Pay withholding taxes according to the Revenue Code Section 40 calculated according to their tax rates
- Incorporate the capital gains incurred from redemption as a taxable income - For investments held for 5 or more years from the first date of investment (counting from the first investment date to the anniversary date) and with no grace period for more than one year regarding the minimum investment, redemption made before the age of 55 (does not apply to investments made before March 1, 2008). Investors are required to:
- Return the entire amount of the relevant tax exemption received for the past 5 calendar years to the Revenue Department (starting from the year prior to the one when conditions were breached)
File a tax deduction repayment to the Revenue Department by the end of March, in the year following the breach of conditions. If there is a delay in repayment, investors will need to pay a surcharge at the monthly rate of 1.5% on the exempted tax amount.
Breaches of investment conditions 1 to 2 are not applicable in the event of death or disability of the investor, in accordance with the conditions of the Revenue Department.
In this regard, investors must comply with the regulations stated in the RMF handbook.
RMF Handbook (Available in Thai only)
Additional Information for SSF
Tax Benefits for SSF
- Investment between April 1, 2020 - June 30, 2020
You can claim the actual amount of your SSF investment for a tax deduction of not more than 200,000 baht (special additional investment) in total. This investment will not be combined with investments in Retirement Mutual Funds (RMF), Super Savings Funds (SSF) during the regular time, provident funds, government pension funds, private teacher aid fund contributions, national savings funds and annuity insurance premiums.
- Investment between July 1, 2020 - December 31, 2024
You can claim the actual amount of your SSF investment for a tax deduction of not more than 30% of your taxable income and not more than 200,000 baht in total for that tax year. The tax deduction must not be more than 500,000 baht when combined with investments in Retirement Mutual Funds (RMF), provident funds, government pension funds, private teacher aid fund contributions, national savings funds and annuity insurance premiums.
Investment Conditions for SSF
- An investment of SSF must be held continuously for 10 or more years from the first date of investment (counting from the first investment date to the anniversary date), but not applicable in the event of disability or death of the investor.
- Redemption of the investment unit is on a First In, First Out (FIFO) basis.
- An investment of SSF can a claim tax deduction only in the year an investor invests in SSF.
Breaches of SSF Investment Conditions
In the case that the investment exceeds tax privileges
The investor is required to:
Breaches of investment conditions 1 to 3 are not applicable in the event of death or disability of the investor in accordance with conditions of the Revenue Department.
In this regard, investors must comply with the regulations stated in the SSF handbook.
- Investments that exceed tax privileges are not eligible for tax deductions.
- Capital gains incurred from redemption of the investment which exceed tax privileges must be incorporated into other income as taxable income.
The investor is required to:
- Pay income tax for the tax year during which the investment was deducted from income tax for exemption.
- Pay a surcharge to the Revenue Department at the monthly rate of 1.5% on the exempted tax amount, but not more than the tax payable amount. The period designated to pay the surcharge will be after the last day of tax filing or remittance period of the year during which investor applied for tax exemption until the date of payment or remittance of additional taxes. It is suggested that the investor should pay as soon as possible.
- If there are capital gains incurred from redemption,
- Pay withholding taxes according to the Revenue Code Section 40 calculated according to relevant tax rates
- Incorporate the capital gains incurred from redemption as a taxable income
Breaches of investment conditions 1 to 3 are not applicable in the event of death or disability of the investor in accordance with conditions of the Revenue Department.
In this regard, investors must comply with the regulations stated in the SSF handbook.
SSF Handbook (Available in Thai only)
Notes
- Investments are not deposits and carry the risk that investors may not receive their money back in full when the investment is redeemed (the principal is not guaranteed).
- Investors are strongly advised to study the product characteristics including the prospectus, fund policy, returns conditions, risks, fund performance, and tax benefits in the RMF/SSF handbook, as well as investment conditions and breaches of investment conditions or investors can ask for information from an investment consultant before deciding to invest.
- The off-shore investment funds have no currency risk-protection policy for all of their value. Investors may experience currency losses or profits or receive a return less than their initial investment.
For more information, or to request a prospectus, please contact Bangkok Bank at 1333
BBL Asset Management, call (66) 0 2674 6488 and press 8 or visit www.bblam.co.th
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