scorecard Posted October 15, 2017 Share Posted October 15, 2017 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. Link to comment Share on other sites More sharing options...
watcharacters Posted October 15, 2017 Share Posted October 15, 2017 I always thought finding anyone at all paying taxes in Thailand would be rarer than finding someone who tells the truth. Link to comment Share on other sites More sharing options...
tonray Posted October 15, 2017 Share Posted October 15, 2017 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. Link to comment Share on other sites More sharing options...
blackcab Posted October 15, 2017 Share Posted October 15, 2017 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 Link to comment Share on other sites More sharing options...
tonray Posted October 15, 2017 Share Posted October 15, 2017 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 Link to comment Share on other sites More sharing options...
scorecard Posted October 15, 2017 Author Share Posted October 15, 2017 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. Link to comment Share on other sites More sharing options...
KittenKong Posted October 15, 2017 Share Posted October 15, 2017 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). Link to comment Share on other sites More sharing options...
scorecard Posted October 15, 2017 Author Share Posted October 15, 2017 Thanks for all the replies, much appreciated. Link to comment Share on other sites More sharing options...
fletchsmile Posted October 16, 2017 Share Posted October 16, 2017 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% Link to comment Share on other sites More sharing options...
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