Government approves tax breaks to support artists' financial well-being
The Thai government has announced two significant tax incentives aimed at stimulating the art market and supporting home-grown artists, aligning with its policy to promote Thailand’s "soft power" in the creative industries.
- Tax Deduction for Art Purchases: Effective from January 1, 2022, to December 31, 2027, taxpayers can deduct expenses for purchasing visual artworks up to 100,000 baht per year from their taxable income. Eligible artworks must be created by National Artists, Silpathorn Award-winning artists, or artists registered with the Office of Contemporary Art and Culture. Purchases can be made through registered companies, partnerships, foundations, or associations engaged in selling or auctioning these artists’ works. Full tax invoices or receipts are required as proof.
- Increased Lump-Sum Expense Deduction for Artists: Artists who earn income under Section 40(6) of the Revenue Code—mainly freelance fine arts professionals—will see their lump-sum expense deduction raised from 30% to 60%, effective permanently from the 2025 tax year onward. This applies to all types of artists regardless of their art form.
These measures are projected to stimulate at least 100 million baht in additional annual art sales. They aim to encourage more art production, provide financial relief, and incentivize purchase. The incentives also aim to promote national and international art exhibitions in Thailand, supporting tourism and cultural exchange.
By boosting the value and global standing of Thailand’s creative industries and cultural capital, these measures are expected to enhance the country’s soft power on the international stage. The tax incentives are part of the government’s efforts to support the art industry and encourage private sector participation in the arts market, fostering a robust ecosystem that elevates Thailand’s creative economy and cultural influence internationally.
The Deputy Finance Minister of Thailand, Julapun Amornvivat, made this statement at a weekly cabinet meeting on Tuesday, where the measures were approved. The measures are proposed by the Finance Ministry through the Revenue Department.
[1]: Eligible artworks must be created by National Artists, Silpathorn Award-winning artists, or artists registered with the Office of Contemporary Art and Culture. [3]: Purchases can be made through registered companies, partnerships, foundations, or associations engaged in selling or auctioning these artists’ works. Full tax invoices or receipts are required as proof.
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