Baby boom: Tax deduction available for second, subsequent children
The Revenue Code has been amended to allow an annual Bt30,000 tax deduction for each additional child born in 2018 to couples who already have at least one child.
This change, punished in the Royal Gazette on Sunday and in effect from Monday, is designed to encourage married couples to have more children as the government seeks to increase the national birth rate amid a shrinking workforce and ageing population.
Taxpayers could already claim a Bt30,000 deduction for their first child. Beginning early next year, the same amount can be claimed for a second child.
The proportion of elderly people is expected to rise to 30 per cent of the overall population by 2036, designating Thailand as an “ageing society”.
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