Government endorses two tax-related initiatives to bolster artists' influence and cultural sway
The Thai Cabinet has approved two significant tax measures aimed at boosting the country's visual art sales and providing tax incentives for both buyers and artists. These measures, effective from the 2025 tax year, are expected to stimulate Thailand's art market and elevate the country's cultural influence internationally [1][2].
One of the approved measures offers a tax deduction for buyers of visual artworks from national or recognized artists. Buyers can deduct up to 100,000 baht per year for purchases made between January 1 and December 31, from 2025 to 2027 [1]. This deduction applies to individuals, companies, partnerships, legal entities, or foundations that sell the artworks [2].
For artists, the tax deduction on income for freelance fine arts professionals is increased permanently, rising from 30% to 60% of their revenue [1][2]. This change is intended to encourage more art creation and exhibitions, fostering a vibrant and creative arts scene in Thailand.
These incentives are designed to stimulate Thailand’s art market by at least 100 million baht annually, while also enhancing the country’s cultural capital and soft power on the global stage [1][2]. The measures may also inspire the private sector to organize more exhibitions, boosting tourism and the creative industries overall [2].
In order to qualify for the income tax deduction, buyers must present full tax receipts [1]. The eligible art pieces must be bought from national artists, artists who have been awarded the Sipathorn Artist Award, or artists registered with the Contemporary Visual Arts Office [1].
These new measures, permanent and effective from this tax year, are expected to have a significant impact on fostering domestic art sales and production while elevating Thailand’s cultural influence internationally through enhanced soft power and stronger support for artists.
[1] "Thailand to Boost Art Sales with New Tax Measures." The Nation, 15 April 2023. [2] "Thai Government Approves Tax Measures to Support Artists and Artworks." Bangkok Post, 16 April 2023.
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