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Thinking about going wild on a shopping spree? The festive season is here, and today the government announced that it will bring back another New Year’s tax break to boost the economy.
The cabinet today approved the Shop Dee Mee Keun (Go shopping, get something back) program as another so-called New Year’s gift for the people. If we’re being honest here, we preferred its more frantic former name, Shop Chuay Chart, or Shop to Save the Nation!
Shoppers – Thai and foreign-born alike – can score tax deductions by shopping either online or at VAT-registered stores for maximum write-offs of up to THB40,000 (US$1,150) per person from New Year’s Day until Feb. 15. So throw some Valentine’s shopping in while you’re at it.
However, the total deductible of THB40,000 must be divided between the proper VAT-registered stores (THB30,000), while up to THB10,000 can be credited for purchases from online platforms that provide electronic tax invoices.
The good news is that most types of products are eligible: clothes, accessories, cosmetics, medicine, food supplements, food, and beverages. Knock yourself out. Electronics, furniture or IT swag (i.e. laptop and smartphone) can also be purchased to ease that tax pain.
Over the years, the maximum tax break has grown from THB15,000 in 2017 to today’s THB40,000.
Shoppers must save receipts and collect tax invoices from VAT-registered businesses. That means asking for a tax invoice after making a purchase, and hanging onto it to file with your taxes by the tax deadline. Always make copies.
If you don’t do your own taxes, find out who does, starting with your significant other or HR representative.
And understand a tax deduction is not the same as a tax refund. All this trouble is likely to add a few thousand baht to your life, depending on your tax bracket.
But liquor, tobacco, gasoline, motorbikes, cars, boats, newspapers, magazines, hotel fees, tour guides, or utility bills? Forget about it.
Happy new spending! Buy stuff to write off up to 40K baht in Thai taxes | Coconuts
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