Picture courtesy of Bangkok Post
Thailand must urgently adjust its tax structure and increase tax participation to address future expenses related to its ageing population, according to Deputy Finance Minister Julapun Amornvivat.
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Thailand must urgently adjust its tax structure and increase tax participation to address future expenses related to its ageing population, according to Deputy Finance Minister Julapun Amornvivat. The Finance Ministry is exploring a negative income tax (NIT) system to assist individuals with incomes below a government-set threshold.
Julapun clarified that the goal is to ensure residents can sustain their livelihoods, not to reduce state welfare expenditures. He emphasised that long-term welfare assistance needs to be assessed to manage the budget burden, especially as Thailand has been classified as an aged society.
In 2005, Thailand became an ageing society, with people aged 60 and older exceeding 10% of the population. By 2023, this segment accounted for 20% of the population, or 13 million people, according to the Department of Older Persons.
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