Athletes to enjoy unlimited tax-free rewards

Athletes to enjoy unlimited tax-free rewards

A convoy of Thai athletes who participated in the Rio Olympic Games drives through the inner-city area from the Victory Monument to Government House to attend a reception party hosted by the government on Aug 26.  (Bangkok Post file photo)
A convoy of Thai athletes who participated in the Rio Olympic Games drives through the inner-city area from the Victory Monument to Government House to attend a reception party hosted by the government on Aug 26. (Bangkok Post file photo)

The cabinet has lifted the income tax-exemption ceiling for athletes who have received prizes from international sports events, as well as gifts from the public and private companies.

The tax-free amount is currently capped at 10 million baht. It applies to athletes and sports personnel taking part in predefined global and Asian sports competitions at both professional and amateur levels, such as the World University Games, Olympic Games, Asian Games and Paralympic Games.

Nattaporn Jatusripitak, an adviser to the commerce minister, said the lift aimed to alleviate the tax burden of athletes, coaches and other sports workers who bring fame and honour to the country. It would also encourage Thai sportsmen to improve their capabilities.

The new tax regulation will take effect on Feb 1, he said. 


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