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.
SSF Investment Conditions (For investment made before December 31, 2024)
- 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.
In the case that the tax privilege was acquired, and the investor breached conditions (For investment made before December 31, 2024)
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.