Thailand Gift Tax Exemption for Athletes
Update | February 2017
On 17 Feb 2017, Ministerial Regulation No 325 (BE 2560) was gazetted, putting into effect the Government's resolution to provide an exemption from tax for athletes receiving gifts for competing at sporting events. This Tax Advantage Insight Article has been updated for this law change.
Tax Insight | September 2016
On 27 Sept 2016, the Government resolved to approve a Ministry of Finance's proposal to exempt gift tax for Thailand athletes retroactively from and including 1 February 2016.
Following the enactment of the Revenue Code Amendment Act (No 40) which applies from 1 February 2016, Section 42 (28) of the Revenue Code exempts from personal tax:
But it is a tradition in Thailand for public and private persons and companies to provide gifts to athletes who compete at Olympic Games, Asian and world sports competitions etc.
From and including 01 February 2016, the income tax burden is alleviated for athletes who bring fame and honor to the country, as follows:
This is a general information Tax Insight Article only. It should not be used to determine any matter without consulting with an experienced Thailand tax advisor.