Thailand Rental Income Tax for Foreign Owners: The PND.94/PND.90 Filing Loop Explained

What you owe and why

Section 40(5) of the Thai Revenue Code defines income from "letting of property" as assessable income — taxed under the same progressive personal income tax brackets that apply to Thai-resident wages. The brackets in 2026 run from 0% on the first ฿150,000 to 35% on income above ฿5,000,000. There is no separate "foreigner rate."

Thai-source rental income is taxable in Thailand regardless of your residency status. Tax residency (≥180 days in a calendar year) only changes whether your non-Thai-source income gets pulled in — a separate topic outside this guide.

The two filing instruments are:

• PND.94 — half-year return covering income earned January through June, filed by 30 September of the same year.
• PND.90 — annual return covering the full calendar year, filed by 31 March of the following year (extended to early April when filing electronically). You credit any tax already paid via PND.94 and any withholding credits, and pay (or claim a refund on) the difference.

Skip the PND.94 and the Revenue Department charges a 1.5% per-month surcharge on the underpayment from the missed September deadline. Skip the PND.90 and penalties stack — the Land Office may eventually flag the property at sale.

How the 15% withholding credit works

If your tenant is a juristic person (a Thai company renting for an executive, an embassy, a corporate apartment program), Section 50(4) requires them to withhold 15% of each rental payment and remit it to the Revenue Department, filing a PND.3 showing the withheld amount. They give you a withholding tax certificate (50 ทวิ form) at year-end, which you claim as a credit on your PND.90.

If your tenant is an individual renting for personal use, no withholding applies — you collect 100% of the rent and declare it yourself.

15% of gross rent is often more than your final tax liability once deductions are applied. A Bangkok condo renting at ฿35,000/month produces ฿420,000 of gross annual rental income. After the 30% standard deduction and the ฿60,000 personal allowance, net taxable rental is ฿234,000 — about ฿4,200 in tax. But if your tenant has withheld 15% of every payment, ฿63,000 has already gone to the Revenue Department. You're owed a ฿58,800 refund, payable within 90 days of PND.90 filing into a Thai bank account in your name.

Foreign landlords who never file PND.90 leave that refund on the table. Across a 10-year hold, it's a six-figure baht loss.

Flat 30% deduction vs actual expenses

Section 5 of Royal Decree No. 11 (B.E. 2502) gives you two ways to deduct expenses against rental income. You must pick one per filing — you cannot mix.

Option A: Flat 30% standard deduction. Declare gross rent, subtract 30%, pay tax on the remaining 70%. No itemizing, no receipts beyond the rental contract.

Option B: Actual expenses. Subtract the expenses you incurred earning the rental income (common-area fees, repairs, depreciation on furnishings, agent commission, mortgage interest, building insurance, utilities you paid). Keep all receipts. No cap, but the Revenue Department will challenge any expense without a clear nexus to the rental.

If your actual deductible expenses exceed 30% of gross rent, Option B saves you tax. Otherwise Option A saves the bookkeeping.

For a typical foreign-owned Bangkok or Phuket condo:

• Common-area fees (~฿50/sqm/month on a 60sqm unit) ≈ ฿36,000/year
• Annual sinking fund contribution ≈ ฿6,000-15,000/year
• Agent commission on a 12-month lease (one month's rent) ≈ ฿35,000
• Mid-cycle repair / repaint between tenants ≈ ฿20,000-50,000
• Furnishing depreciation (linear over 5 years on ฿200,000 spend) ≈ ฿40,000/year

That's ~฿130,000-180,000 on a ฿420,000 rental — 30-43% of gross. Option B usually wins for actively-managed condos and loses for villas held for personal use and rented opportunistically.

Rule of thumb: if a property manager files for you, ask them to run both calculations on your prior-year numbers and pick the lower one. A competent Bangkok manager does this without prompting.

Annual Land and Building Tax: the April bill most landlords miss

Separate from income tax, Thai property owners owe Land and Building Tax (พระราชบัญญัติภาษีที่ดินและสิ่งปลูกสร้าง พ.ศ. 2562) — an annual tax on the appraised value of the property, billed by the local municipal office (in Bangkok: the BMA district office) and due by 30 April each year.

Rates depend on use:

For a foreign-owned ฿8M condo rented year-round, the bill typically runs ฿800-3,000/year — small money, but missing the April deadline triggers a 10% surcharge plus 1% per month interest. The bill arrives at the chanote address, usually the condo unit itself. If you don't live there, your tenant gets it — and tenants are not legally responsible. Set up forwarding with your property manager or check the BMA district office's online portal annually.

Worked example: ฿35,000/month rental, juristic tenant

Gross rental income (Jan-Dec): ฿420,000. Withholding remitted by tenant: 15% × ฿420,000 = ฿63,000.

PND.94 (September, half-year):

• Income Jan-Jun: ฿210,000
• 30% standard deduction: ฿63,000
• Half-year personal allowance: ฿30,000
• Net taxable: ฿117,000
• Tax under half-year proration: ฿0
• Less withholding credit (Jan-Jun): ฿31,500
• Refund due: ~฿31,500 (or rolled into PND.90)

PND.90 (March of following year, full year):

• Income Jan-Dec: ฿420,000
• 30% standard deduction: ฿126,000
• Full-year personal allowance: ฿60,000
• Net taxable: ฿234,000
• Tax (0% on first ฿150,000, 5% on next ฿84,000 taxable here): ฿4,200
• Less withholding credit (full year): ฿63,000
• Refund due: ~฿58,800

With an individual tenant (no withholding) you'd owe ฿4,200 net at PND.90 with no refund — same final liability, different cash-flow path.

What to do this month

1. Pull 2025 rental contracts, monthly payment records, and any 50 ทวิ withholding certificates. PND.90 for tax-year 2025 is due by 31 March 2026 (~9 April if e-filing).
2. Run Option A vs Option B on actual numbers; pick the lower.
3. File PND.90. Refunds typically arrive within 60-90 days into a Thai bank account in your name — open one before you file if you don't have one.
4. Calendar: PND.94 due 30 September 2026, PND.90 due 31 March 2027, Land and Building Tax due 30 April each year.
5. If the rental exceeds ฿20,000/month and you're new to this, hire a Thai accountant for the first cycle (~฿5,000-10,000 to file PND.94 + PND.90 + Land and Building Tax). The withholding credit alone pays for them several times over.

What MangoGo shows you

Every Thailand listing on MangoGo carries the expected annual tax burden — a Land and Building Tax estimate based on the asking price plus a "rental tax exposure" estimate in the rental-strategy view. We don't file your taxes (we're a property platform, not an accountant), but we surface the obligation upfront.

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Sources & further reading. Thai Revenue Code Sections 40, 50, 56, 65 (Revenue Department, rd.go.th); Royal Decree No. 11 (B.E. 2502) on standard deductions; Land and Building Tax Act B.E. 2562 (2019) and BMA implementing regulations. Companion reads: Foreign Property Ownership in Thailand: The 2026 Guide for the structural setup before you become a landlord; TM.30 Compliance for Foreign Landlords for the immigration-side filing every Thai landlord owes.