Thailand Older Age Employees Corporate Tax Deduction
Tax Insight | March 2017
On 02 Mar 2017, Royal Decree No 639 was gazetted putting into effect the Government's plan to provide a corporate income tax deduction concession to corporate entities that hire employees over the age of 60 years. This Tax Insight Article summarizes the tax deduction concession prescribed in Royal Decree No 639.
The Tax Concession
An exemption from corporate income tax equal to 100% of the amount of expenditure paid out for hiring employees over the age of 60 years (i.e. a 200% income tax deduction for the employment costs).
For accounting periods (financial years) that begin on or after 1 January 2016.
Rules and Conditions
Royal Decree (No 639) prescribes that an employee over the age of 60 years shall:
Royal Decree (No 639) additionally prescribes that claimants of this corporate income tax deduction concession shall:
If you wish to claim this corporate tax deduction concession, it's important to comply with all of the Director-General's additional rules, prescriptions and conditions, as a failure to do so will cause the Revenue Department's tax audit officers to disallow the claim.
This Tax Insight Article is general information only. It should not be used to determine any matter without consulting with an experienced Thailand tax advisor.