The government will offer a personal income tax deduction of up to 100,000 baht for those who purchase artworks as part of a campaign to support the Thai art sector.
Prime Minister Paetongtarn Shinawatra delivered the news in a post on her X account on Wednesday about the first meeting of the year of the National Soft Power Strategy Committee.
Three key issues were highlighted: tax measures to support Thai arts, the Thai Youth Streets Art competition for students, and preparations for the grand Maha Songkran festival next month.
The Revenue and Customs departments have introduced tax policies aimed at positioning Thailand as a global hub for international art exhibitions by having world-class art galleries and storage facilities to attract collectors, artists and tourists. Those who purchase artworks can deduct the full amount from their taxable income, up to 100,000 baht a year.
This aims to stimulate public interest in Thai arts and boost the creative economy and industry, Ms Paetongtarn said.
The income tax deduction ceiling for creators of arts, now capped at 30%, will be raised to 60%. This aims to reduce financial burdens and encourage greater artistic production.
The measures are expected to be introduced via a ministerial regulation to be announced in the Royal Gazette by the second quarter of this year, the prime minister said.
As well, free trade zones for art galleries will be introduced, exempting imported artworks from customs duties.
This aims to make Thailand a major art storage and exhibition hub in Asia, she said.
Meanwhile, the government has launched the Thai Youth Streets Art contest and invited school and university students to showcase their talents by creating public murals under the theme “Dream of Thailand”.
The contest will take place across 33 provinces and 46 universities from March 29-30. Applications are being accepted now.
