Bangkok – Parents with two children or more are to be entitled to a new tax break.
The National Legislative Assembly (NLA) endorsed the amendment of the Personal Income Tax Act, with 144 lawmakers voting in favor, none against, and 3 abstentions, giving parents with two or more children a tax deduction of 30,000 baht per child a year.
The move encourages Thai couples to have more children in the hope of increasing the birth rate and addressing future labor shortages, as well as creating a balance between the number of young people and the number of senior citizens.
The lawmakers say that a balance between the young and the old will cater to the development of the economy and society.
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