Thai Personal Tax Rate Over 65 Years Old

[scorecard]

A friend just mentioned that the personal taxation rate for anybody over 65 years old is 1%.

 

Can someone confirm this, please.

 

Sorry folks not interested in your opinion of what the rate should be, just the specific regulations. 

 

Thanks. 

[watcharacters]

 

 

 

I always thought finding anyone at all paying taxes in Thailand would be rarer than finding someone who tells the truth.

[tonray]

I am not sure the posted rates are reduced but at 65 you get a much larger personal exemption making one's effective rate much lower.

[blackcab]

1 hour ago, scorecard said:

Can someone confirm this, please.

 

I don't see any evidence if personal income tax rates being reduced for the over 65s.

 

36 minutes ago, tonray said:

I am not sure the posted rates are reduced but at 65 you get a much larger personal exemption making one's effective rate much lower.

 

I don't see any evidence of increased deductions or allowances for over 65s.

 

http://www.rd.go.th/publish/6045.0.html

[tonray]

1 hour ago, blackcab said:

 

I don't see any evidence if personal income tax rates being reduced for the over 65s.

 

 

I don't see any evidence of increased deductions or allowances for over 65s.

 

http://www.rd.go.th/publish/6045.0.html

Income exemption of 190,000

Guide91_090359_eng.pdf

Edited October 15, 2017 by tonray

[scorecard]

3 hours ago, tonray said:

I am not sure the posted rates are reduced but at 65 you get a much larger personal exemption making one's effective rate much lower.

 

The PIT page kindly shared by another posted doesn't seem to mention this but maybe I'm missing something.

 

Can you please share a bit more information on this point.

 

And thanks.

 

 

 

 

[KittenKong]

3 hours ago, blackcab said:

I don't see any evidence if personal income tax rates being reduced for the over 65s.

I don't see any evidence of increased deductions or allowances for over 65s.

 

I understand that pensions are exempt and it is reasonable to suppose that persons over 65 are more likely to be receiving a pension. Admittedly this is not a global age-related allowance.

 

I also understand that persons over 65 and/or disabled get an extra 190,000B exemption (under B: Exempted Income, item 5) on top of the general 30,000B taxpayer allowance (under C: Allowances, item 1).

[scorecard]

 

Thanks for all the replies, much appreciated.

[fletchsmile]

My understanding is that people over 65 get an increased personal allowance, up to but not exceeding THB 190k

 

Quote

 

Taxpayer who is 65 years of age or older is entitled up to 190,000 baht

of income exemption from his total income.



Taxpayer with disability who obtains a Disabled Person ID Card is entitled up to

190,000 baht of income exemption from his total income, regardless of age. The

taxpayer can select to apply the exemption to any category of incomefrom 40(1)

– (8) , but the aggregate exempted amount cannot exceed 190,000 baht

 

 

 

http://www.rd.go.th/publish/fileadmin/download/english_form/90_Guide_200360.pdf

 

Never heard of this 1% rate. Sounds like someone saying what their own personal effective tax rate becomes when adjusting their personal allowances. i.e taking their tax due (after allowances) and dividing it by their income and saying it works out at 1%

Edited October 16, 2017 by fletchsmile