Keywords: Thailand, Tax Incentive, First Home Owner
- The taxpayer must not have previously owned a property used as residence;
- The cost of immovable property, including building and land or condominium shall not exceed THB 5,000,000;
- The purchase of property and the registration of ownership must be completed between 21 September 2011 and 31 December 2012 and the first claim for the tax credit must be made within five years;
- The taxpayer must retain ownership of the immovable property for five years from the date of registering the ownership and must not be partly or wholly transferred; and
- The tax credit is limited to 10% of the purchase price of the property (maximum THB 500,000) and must be spread over five consecutive fiscal years.
In the event that the above conditions are not met, the tax exemption will be cancelled and the taxpayer will be subject to a surcharge at the rate of 0.5% per month effective retrospectively from the first year.