Personal Income Tax Relief on spending in Thailand for up to THB 30,000
The Thai government announced last week that individual taxpayers can claim personal income tax relief on purchases of eligible goods and services up to an aggregate amount of THB 30,000 per taxpayer between 23rd October and 31st December 2020.
Shopping needs to be at outlets that are registered to pay VAT (which should include all the well known stores you see in the shopping malls). It also includes books and OTOP scheme goods (One Tambon One Product) but excludes alcohol, tobacco products, fuel, lottery tickets or travel and accommodation.
We understand that the provision of food and non-alcoholic beverages in restaurants and bars is acceptable provided that VAT was charged, alcohol is clearly excluded and that the outlet can provide an acceptable tax receipt.
It also includes the services provided by MBMG Group.
MBMG Group provides advice on a wide range of personal legal, tax and financial issues, including our digital, confidential personal tax filing service (THB 5,000 + VAT) which incorporates consultation and advice now to ensure that you maximise your potential personal tax shelter under this new arrangement as well as under existing exemptions such as RMFs, SSFs annuities and life assurances. All advice fees, up to THB 30,000, paid to MBMG Group between 23rd October and the year-end can be eligible for inclusion in the personal income tax deduction. This additional allowance makes it possible for to plan deductions of up to THB 630,000, resulting in a potential tax saving of THB 220,500 for this year. For more information, including the details of this latest package, such as the specific document requirements, which we fear many retailers might be unaware of, please contact MBMG personal tax advisor, Khun Nam at nam@mbmg-investment.com
Receipts must be kept until you submit your income tax return after the end of the 2020 tax year, when they can be uploaded to the Revenue Department’s online submission portal. The expenditures can be claimed as a deduction against Personal Income Tax. Any resulting tax refunds can be processed in the usual way, such as the one stop payment system at Krung Thai Bank used by foreign nationals.
Source: https://www.bangkokpost.com/business/1998351/b30-000-tax-break-gets-nod
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