Totalization Agreement With Thailand
Capital tax – No payroll tax – The income tax is withheld by the employer and is generally paid monthly to the tax authorities. Property tax – The assessed rental value of real estate is taxed at 12.5%. Tax is deductible for calculating tax debt. Social contributions – Employers and employees must contribute 5% of the monthly earnings (up to 15,000 THB) to the employee (i.e. the monthly contribution limit is 15,000 THB 5% or THB 750). Stamp duty – Stamp duty is generally 0.1% for leases, work rentals, share/bond transfers, loans (limited to 10,000 THB), etc. Transfer tax – The gross proceeds of the real estate transfer are subject to a specific business tax of 3.3% (including a 10% communal tax), a withholding tax of 1% of the gross proceeds of the transfer and a starting tax of 2% of the valuation value. The specific business tax and transfer amount will be reduced to 0.11% and 0.1% for transfers made before the end of March 2010. Others – Foreign companies that operate in an international transport business and have an office in Thailand may be taxed as a percentage of gross product and not at normal corporate tax.
If you have any questions about international social security agreements, please contact the Office of International Social Security Programs at 410-965-3322 or 410-965-7306. However, do not call these numbers if you want to inquire about a right to an individual benefit. The single-family home rule in U.S. agreements generally applies to workers whose interventions in the host country are expected to last 5 years or less. The 5-year limit for leave for exempt workers is much longer than the limit normally set by agreements in other countries. To qualify for benefits under the U.S. Social Security program, a worker must have earned enough work credits, known as insurance quarters, to meet the “insurance status requirements” specified. For example, a worker who turns 62 in 1991 or later generally needs 40 calendar terms to be insured for old age pensions.
As part of a totalization agreement, SSA accounts for periods of coverage acquired by the worker under the social security program of a contracting country when a worker has some U.S. insurance coverage but is not sufficient to qualify for benefits. Similarly, a country that is a party to an agreement with the United States takes into account a worker`s coverage under the U.S. program when it is required for that country`s social security benefits. If the combined credits in the two countries allow the worker to meet the eligibility requirements, a partial benefit may be paid depending on the proportion of the worker`s total career in the paying country.