As the annual tax season approaches, it’s time for salaried employees to get prepared! First-time filers, in particular, should take the time to study the process and plan ahead. A well-thought-out tax strategy not only simplifies financial planning but also ensures a systematic and efficient approach. Moreover, various tax deduction categories offer additional benefits. For example, tax-saving funds like SSF, RMF, and Thai ESG not only reduce your taxable income but also provide opportunities for investment returns. Similarly, AXA Thailand’s comprehensive insurance plans deliver well-rounded solutions, offering extensive coverage for health and accidents while helping you save on taxes with ease.
4 Tax Deduction Checklists Every First-Time Filer Should Know
- Personal and Family Tax Deductions: These are basic tax reliefs provided under the law that everyone is entitled to. They include personal expenses of 60,000 baht, 60,000 baht for a spouse, and 30,000 baht per child. Additional deductions cover childbirth expenses (up to 60,000 baht), parental care for parents over 60 years old (30,000 baht per parent, applicable to both your parents and your spouse’s), and support for individuals with disabilities (60,000 baht per person).
- Insurance, Savings, and Investment Deductions: This category allows deductions based on financial products or contributions to government-approved funds. Examples include social security contributions (9,000 baht), health insurance for parents (15,000 baht), personal health insurance (25,000 baht), life insurance and endowment plans (100,000 baht), and retirement planning funds (up to 500,000 baht). Eligible funds include Retirement Mutual Funds (RMF), Super Savings Funds (SSF), the Government Pension Fund (GPF), and the Thai ESG Fund (300,000 baht). Note that each fund comes with specific conditions, so be sure to review the details carefully before investing.
- Charitable Donations: Donations fall into three categories eligible for tax deductions: 1) General donations, deductible based on actual amounts up to 10% of taxable income, 2) Donations for social welfare, deductible at twice the actual amount donatedup to 10% of taxable income, and 3) Political party donations, capped at 10,000 baht.
- Government Economic Stimulus Deductions: These deductions are part of various government initiatives, including: Easy e-Receipt Programme 2024: deductible up to 50,000 baht; Secondary City Travel Programme 2024: deductible up to 15,000 baht; Interest on home loans for purchasing a residence: up to 100,000 baht; and New Home Construction (2024–2025): deductible up to 100,000 baht.
Making tax planning effortless with tailored insurance solutions, AXA Insurance is here to help you plan your tax exemption the smart way. With a curated selection of standout insurance products designed specifically for tax benefits, AXA ensures that customers and interested individuals can choose plans that align with their lifestyle needs while maximising financial savings. Here’s what’s on offer:
AXA Health Insurance: Comprehensive Care with Peace of Mind, Free from Worry About Costs
- SmartCare Essential: Offers all-inclusive coverage with paid in full medical expense benefits.
- Hello Health: Comprehensive coverage for medical expenses includes 21 common diseases, such as influenza, mosquito-borne diseases, hand, foot, and mouth disease (HFMD), gastrointestinal infections, foodborne illnesses, rabies, leptospirosis, and other infectious diseases, as well as various types of accidents.
- SwitchCare: The ultimate health insurance plan for you and your family, providing cancer coverage and emergency treatment outside area of cover.
- Tropical Disease Insurance: “Diagnose, Pay, Done” – provides lump-sum benefits p to 30,000 baht. Open to children, with immediate benefits paid after just one night in hospital.
- Cancer Insurance: Covers all types and stages of cancer, both invasive and non-invasive, with a lump-sum benefit up to 900,000 baht upon diagnosis.
AXA Accident Insurance: Your Safety, Your Choice – Immediate Coverage with No Upfront Payment Required
- AXA PA Save Dee: Affordable personal accident insurance (PA2) offering cost-effective protection against unforeseen risks, ensuring peace of mind.
- AXA Sabuyjai My Life / My Plus: Personal accident insurance for working persons and retirements, offering up to 1 million baht sum insured.
- AXA Sabuyjai My Exclusive Med: Tailored accident insurance for working professionals, providing robust protection against life’s unexpected events. Enjoy comprehensive coverage with premiums that deliver exceptional value, offering benefits of up to 5 million baht.
Purchasing health and accident insurance not only provides coverage for medical expenses, room and board, and doctor’s fees, but also offers tax deduction benefits for policyholders. If you’re considering health and accident insurance that provides comprehensive protection for yourself and your loved ones, while also offering tax deduction advantages, you can explore more about AXA’s health insurance options at https://www.axa.co.th/th/personal-health-insurance and accident insurance plans at https://www.axa.co.th/th/personal-accident-protection.
