Tax benefit for first-time home buyers
On 9 February 2016, the Ministry of Finance issued Ministerial Regulation No. 313, which provides details of a tax benefit for first-time home buyers.
Keywords: Mazars, Thailand, Tax, Ministry of Finance, Property
03 March 2016
Taxpayers are entitled to the tax benefit set out in this regulation if they meet the following conditions:
i. The taxpayer must not have previously owned property.
ii. The cost of the immovable property, which can be a building with land, or a room in a condominium, must not exceed THB 3,000,000.
iii. The purchase of property and the registration of ownership must be completed between 13 October 2015 and 31 December 2016.
iv. The taxpayer must retain ownership of the immovable property for five years from the date of registering ownership, but this does not apply in the event of the taxpayer’s death, or if the property is damaged severely or destroyed.
v. The expense is tax-deductible at up to 20% of the purchase price of the property (a maximum of THB 120,000 a year) over five consecutive fiscal years.