Tax deduction for OTOP purchases
On 12 July 2016, the Cabinet approved a personal income tax deduction of up to 15,000 baht for taxpayers who purchase OTOP (One Tambon One Product) goods from 1 to 31 August 2016.
Keywords: Mazars, Thailand, Personal Income Tax, PIT, OTOP, VAT, CDD
3 August 2016
This incentive was introduced to promote local products and to stimulate the economy.
To obtain the tax deduction, taxpayers must buy these goods from a business registered for VAT, and need to obtain a full tax invoice from the seller. The tax invoice must specify that the goods purchased are OTOP goods. Also, the goods must be registered with and certified by the Community Development Department as OTOP goods.