Mazars Payroll Flash News - April 2024
New tax deduction for expenses related to house construction from 9 April 2024 to 31 December 2025.
On 9 April 2024, the Cabinet approved several measures to stimulate the property sector. One of these measures allows individual taxpayers to claim a tax deduction for expenses related to house construction, as set out below:
- The construction expenses must be incurred for payments made to contractors registered for VAT.
- The construction contract must be executed sometime during the period from 9 April 2024 to 31 December 2025, with stamp duty being paid electronically.
- Construction must commence sometime during the period from 9 April 2024 to 31 December 2025.
- Individual taxpayers can claim a tax deduction of THB 10,000 for every THB 1 million of construction costs, up to a maximum deduction of THB 100,000.
- The tax deduction can be claimed for only one house (regardless of whether this house is that of a first-time house buyer or not) for the tax year in which construction is completed.
Source (in Thai) :Royal Thai Government
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