InfoQuest (December 3, 2019) -- Ms. Narumon Pinyo Sinwat, spokesperson for the Prime Minister, revealed that the cabinet approved the Finance Ministry's Super Savings Fund (SSF), in place of the Long-term Equity Fund (LTF), which will allow investors in the SSF to deduct 30 percent (originally 15 percent) of their investments or not more than 200,000 baht from their taxable income. When combined with investments in other funds, the total must not exceed 500,000 baht a year, and the holding period is extended from the original seven years to 10 years.
"Investments in SSF units are tax-deductible up to 30 percent of a buyer's taxable income in the tax year, but not more than 200,000 baht. Together with other funds, the amount of deduction shall not exceed 500,000 baht," said Ms. Narumon.
At the same time, the cabinet also approved the adjustment of the retirement mutual fund (RMF) standard. Tax-deductible investments in the fund will double to 30 percent of taxable income but the cap remains at 500,000 baht.
"The existing RMF fund allows a deduction rate of personal income tax of not more than 15 percent with a deduction amount of not more than 500,000 baht, and a purchase amount of not less than 5,000 baht or not less than 3 percent of taxable income, and holders must continue to purchase the fund every year until the age of 55. The cabinet now raised the RMF fund's personal income tax deduction rate from 15 percent to 30 percent, but the total deduction amount remains the same as before, which shall not exceed 500,000 baht," the spokesperson said.
Source: InfoQuest, by Kasamarporn Kittisamphan / Sasithorn, translated by Xinhua Silk Road
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