Thai Government Has Put Relief on E-Receipts on Properties

On 21 December 2021, the Thai Cabinet authorized a draft ministerial policy intended to sustain the issuance of e-tax invoices, as well as e-receipts, and to prolong tax obligation alleviation actions relating to the reduction of transfer, as well as mortgage charges for properties and financial debt restructuring.

To know about Individual Receipts [ใบเสร็จรับเงินบุคคลธรรมดา, which is the term in Thai], please visit the link.

Guidelines connecting to e-tax billings and e-receipts

The draft guideline concerning the issuance of e-tax invoices as well as e-receipt defines certain essential terms and sets forth information safety procedures. Various other arrangements call for those signed up for VAT purposes to submit an application as well as obtain authorization from the Director-General of the Revenue Department to prepare, send out, get, as well as maintain e-tax billings as well as e-receipts.

The provider of e-tax invoices, as well as e-receipts, would be required to follow the demands for the preparation, delivery, receipt, as well as retention of such e-tax invoices as well as e-receipts, i.e., via a data protection system that can offer properly, as well as completely the e-tax billings and e-receipts.

The issuance of the ministerial policy will not influence the barrel registrants that have been accredited to issue e-tax invoices and e-receipts using the “e-tax billing by email” system under the previous rules.

Reduction of transfer as well as home mortgage charges for properties

The Cabinet extended the period of the decrease of the transfer cost from 2%-0.01% and home mortgage charge from 1%-0.01% for the sales of certain properties including residences as well as condos. The purpose is to offer assistance for individuals looking to purchase real estate.

Tax obligation relief procedure to sustain financial debt restructuring expanded for an additional 5 years

The Cabinet accepted actions to expand an exception from taxes and fees with regard to financial debt restructuring for earnings originated from particular events that are carried out or implemented within the five-year period 1 January 2021-31 December 2026.

To read about Inventory Stock Application [โปรแกรม สต๊อก สินค้า, which is the term in Thai], please follow the link.