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Thai Cabinet Approves Mid-Year Economic Stimulus Measures Including Tax Incentives

The Thai Government has issued a release on the measures approved during the Cabinet's 30 April 2019 meeting, including tax measures to support the economy in 2019. These primarily include a number of personal income tax deductions (allowances), including:

  • A tax deduction of up to THB 15,000 for expenditure on domestic tours, hotel accommodation, and certified homestay accommodation in primary cities from 30 April 2019 to 30 June 2019, and up to THB 20,000 for the same expenditure types in the same time frame in secondary cities;
  • A tax deduction of up to THB 15,000 for purchases of educational and sports equipment and clothing from VAT-registered businesses from 1 May 2019 to 30 June 2019;
  • A tax deduction of up to THB 15,000 for purchases of local OTOP products from 30 April 2019 to 30 June 2019 that have been registered by the Community Development Department;
  • A tax deduction of up to THB 15,000 for purchases of books and e-books between 1 January 2019 and 31 December 2019; and
  • A tax deduction of up to THB 200,000 for the purchase of a residential real estate (a house with land or condominium) with a value of up to THB 5 million between 30 April 2019 and 31 December 2019, subject to certain conditions, including that the purchase is the first such purchase for the taxpayer, the property is used as a residence, and ownership of the property is retained for at least five years.

With respect to corporate income tax, the measures include a double deduction for expenses incurred for investment in electronic tax invoice/receipt systems between 30 April 2019 and 31 December 2019. This includes investment expenditure for computer systems and equipment and computer software for the preparation, delivery, receipt, and maintenance of electronic invoices/receipts, as well as expenditure for related cloud services. The double deduction is only available for VAT-registered taxpayers and is subject to certain conditions, including that the systems must not have been used by the taxpayer before, they must be acquired and actually used by 31 December 2020, and they must be used for at least three consecutive tax periods.

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