Raising Ceiling for Statutory Contributions to Social Security Fund & Easy E-Receipt

Welcome to Wissen & Co Newsletter

In this issue, we provide our clients, members of the Chamber of Commerce, and friends with up-to-date information and details regarding the new ceiling for statutory contributions to the Social Security Fund and the Easy E-Receipt for tax deduction.

Raising Ceiling for Statutory Contributions to Social Security Fund

As of now, Ministerial Regulation No. 7, B.E. 2538 (1995) issued by virtue of the Social Security Act, B.E. 2533 (1990) (“Social Security Act”) sets the minimum and maximum wage rates used as a basis for calculating statutory contributions of an employee to the Social Security Fund at 1,650 baht per month and 15,000 baht per month, respectively, which has been in force since 30 March 1995.

In brief, the key elements of the draft of the new Ministerial Regulation re: Setting Minimum and Maximum Wage Rates Used as Basis for Calculating Statutory Contributions to Social Security Fund issued by virtue of the Social Security Act (“Newly Drafted Ministerial Regulation”) are as follows:

The Social Security Office conducted the public hearing to gather necessary data and information for consideration of adjusting the said maximum wage rates which ended on 28 February 2023. After finishing drafting the new Ministerial Regulation based on public suggestions, the draft will be presented to the Cabinet as the next step. On 5 January 2024, the Deputy Spokesperson for the Office of the Prime Minister confirmed that the Newly Drafted Ministerial Regulation has not been finalized or enforced.

The Newly Drafted Ministerial Regulation sets the ceilings for wages used as the basis for calculating the amount of statutory contributions to the Social Security Fund and the timelines for the implementation are as follows:

Period	Minimum Wages	Maximum Wages	Contributions
2024 – 2026	1,650 Baht/Month	17,500 Baht/Month	875 Baht/Month
2027 – 2029	1,650 Baht/Month	20,000 Baht/Month	1,000 Baht/Month
2023 Onward	1,650 Baht/Month	23,000 Baht/Month	1,150 Baht/Month

Easy E-Receipt

Easy E-Receipt is a government policy aiming to encourage domestic consumption in early 2024 by offering tax deductions for purchases of goods or services in the Kingdom from 1 January to 15 February 2024 having the following restrictions and criteria:

Only an income taxpayer who is a natural person can enjoy this benefit, excluding an ordinary partnership and a group of persons not regarded as a juristic person;
Maximum tax-deductible expenses are 50,000 Baht;
e-Tax Invoice or e-Receipt is required;
- e-Tax Invoice is required when purchasing goods or receiving services from a VAT-registered vendor except for the following goods or services;
  - liquor, beer, and wine;
  - tobacco;
  - cars, motorcycles, and boats
  - fuel and gas for vehicles
  - utility costs, water bills, electricity bills, telephone signal charges, and internet signal service fees;
  - service fees with a service agreement and the service recipient can use the said service beyond the period from 1 January 2024 to 15 February 2024; and
  - non-life insurance premiums;
- e-Receipt is required when purchasing goods or receiving services from vendors who are not VAT-registered only for the following goods or services;
  - Books, newspapers, and magazines;
  - Online books, newspapers, and magazines; and
  - Product registered as One Tambon One Product.

Mr. Wichien Harnpraween
Managing Partner

wichien.h@wissenandco.com
Tel:+662 2592627 thru 9
Fax: +662 2592630

Raising Ceiling for Statutory Contributions to Social Security Fund & Easy E-Receipt

Welcome to Wissen & Co Newsletter

New Measures Protecting Passenger Rights against Delayed Planes & Cabinet Green Light to Real Estate Stimulus Measures

Passing the Same-sex Marriage Bill & Unfair Trade Practices in Franchising

Raising Ceiling for Statutory Contributions to Social Security Fund & Easy E-Receipt

New interpretation of the Revenue Department on foreign-sourced income brought into Thailand

Amendment of Labour Protection Act relating to work from home arrangement

Amendment of Thailand CCC relating to company laws

Details regarding the new type of Long-Term Resident visa

The enforcement of PDPA and new draft labour protection law.

Royal Decree to postpone the enforcement in some provisions of PDPA

The Ministry of Industry announced new Ministerial Regulation