The holiday shopping tax break, which allows taxpayers to deduct up to THB15,000 from their taxable income, will come a little earlier this year, starting this Saturday.
The tax deduction scheme, which is dubbed “Shop for the nation,” will last from Nov. 11 – Dec. 3. The government expects THB22.5 billion in tax breaks will be claimed and cost them THB2 billion in revenue.
The campaign has been run over the new-year holiday in the past two years. During those periods, shopping malls were crowded with Thai shoppers waiting in line for the stores to issue their tax reduction forms.
Last year, the scheme lasted from Dec. 14-31. Taxpayers saved a total of THB15 billion in goods and services and cost the government THB1.8 billion in revenue.
So, could you take an advantage of it? To put it simply, if you’re a resident who pays tax and earns an annual income of more than THB150,000, you can.
During the campaign period, ask any registered business where you spend money to issue a tax reduction form every time to buy something or use a service. This includes restaurants, clothes shopping and purchasing of other goods. Check out our simple guide from last year here.
