Mazars Thailand Tax Update – February 2012 Part 2 - Mazars - Thailand
Mazars Thailand Tax Update – February 2012 Part 2
On 4 January 2012, the Cabinet approved another flood relief measure for individuals affected by floods during 25 July 2011 to 31 December 2011. This tax deduction will apply to repairs and maintenance of immovable properties and vehicles.
02/02/2012
Keywords: Tax Deduction, Flood, Thailand, Insurance Claim
Individuals, who are owners, lessees or users of the immovable properties, will be eligible to deduct expenses for repairs of such properties from their taxable income in the 2011 and/or 2012 years up to a maximum of Baht 100,000 under the following conditions:
- The damaged properties must be located in those regions that the government has declared as a flood crisis area;
- The repairs and maintenance expense must be paid between 25 July 2011 and 31 December 2012;
- Only the amount spent that exceeds the insurance claim will be entitled to a tax deduction and such deduction shall not exceed in total Baht 100,000; and
- Individuals must claim for the tax deduction in the year that the payment is incurred.
The cabinet also approved similar measures for repairs and maintenance of motor vehicles affected by the flood. Owners or lessees of vehicles can claim a maximum of Baht 30,000 for repairs to vehicles that was caused by the floods between 25 July 2011 and 31 December 2011. The deduction can be made in either the 2011 and/or 2012 tax year in respect of payments made between 25 July 2011 and 31 December 2012 but will only apply with respect to amounts not covered by insurance claims.
Contact us
- Copyright 2012 - Mazars - Thailand
- RSS
- Site map
- Legal and privacy
- Accessibility
- Copyright 2012 - Mazars - Thailand
