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The personal income tax exemption amount on severance pay for terminated employees is now increased, following the publishing of the relevant Ministerial Regulations in the Royal Gazette on 17 July 2024.
Further to our client alert on 26 June 2024, the Ministerial Regulations, Volume 394 (B.E. 2567), (2024) under the Revenue Code Regarding Revenue Tax Exemption ("Ministerial Regulation") was published in the Royal Gazette on 17 July 2024 and has already entered into force from that date. As a result, the personal income tax exemption amount on severance pay for terminated employees is now increased to the employee's last 400 days' wages or THB 600,000, whichever is less. The new tax exemption shall be applicable to assessable income received from 1 January 2023.
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Thailand: Adjusted tax exemptions for severance pay to be expected soon
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