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Is tax invoice tax-deductible?

Is tax invoice tax-deductible?

February 06, 2024

5 minute

Have you ever tried exercising your tax deduction right to avoid a ton of taxes? That also includes personal tax deduction, children's tax deduction, parents' tax deduction or tax deductible funds. Nevertheless, don't forget that there is another type of tax deduction called tax invoice which is tax deductible. How much is it tax deductible for personal tax? How many types of tax invoice are there? What does tax invoice look like? Is it the receipt that we receiving when shopping or it’s a form that must be requested from the store separately? Let's get to know tax invoice better so that you don't lose your rights and can feel at ease in using tax invoice for tax deduction.

What is tax invoice?

What is tax invoice? Is it important?

Tax invoice is an important document that sellers or service providers register for VAT, well-known among the shoppers. Tax invoice must be issued to buyers or customers every time to show the value of products or services. Tax invoice is issued upon the purchase every time.

Types of tax invoice

How many types of tax invoice are there?

Tax invoice is hard to understand, but this is definitely not too difficult. Let's get to know what each type of tax invoice is.

  1. Abbreviated tax invoice
  2. Full tax invoice
  3. Debit note
  4. Credit note
  5. Receipt issued by the government sector for auction sales
  6. Receipt of the Revenue Department, the Customs Department, or the Excise Department, specifically for Value Added Tax (VAT)

What is abbreviated tax invoice?

What is abbreviated tax invoice?

Although there are many types of tax invoices, most people only know a few of them. One of them is abbreviated tax invoice which is a document evidence of product sales where business owners collect additional taxes from retail customers. However, for retail businesses, entrepreneurs must already be registered for VAT as an evidence of product information each time, most of which are businesses that sell products directly to customers, and the customers can use it themselves, such as restaurants, retail stores and convenience stores. When you go shopping, don't forget to ask for the tax invoice.

Key information in abbreviated tax invoice:

  • Must state that it is "abbreviated tax invoice"
  • Name and 13-digit tax identification number of the seller
  • Tax invoice issue date
  • Tax invoice number
  • Name/Type/Category/Quantity/Price of the products
  • Price of the products and services including VAT
  • Other wordings specified by the Revenue Department.

*Abbreviated tax invoice cannot be deducted from output tax in calculating VAT to submit Phor. Phor. 30.

What is full tax invoice?

What is full tax invoice?

Another important and well-known type of tax invoice is full tax invoice which is a document that is the evidence of business owners registered for VAT. A full tax invoice can be issued to the customers upon request. If customers don’t ask for the full tax invoice, they will receive an abbreviated tax invoice instead. For the full tax invoice, the buyer will be able to use it as input tax. The full tax invoice contains additional information from the abbreviated tax invoice as follows:

  • Must clearly state that it is "tax invoice";
  • Name, address, and tax identification number of the seller;
  • Name, address, and tax identification number of the buyer.

*Full tax invoice can be deducted from output tax in calculating VAT to submit Phor. Phor. 30.

Is tax invoice tax-deductible?

Is tax invoice tax-deductible?

When we have the tax invoices ready, don't forget to include all items for the total amount used for tax filing when it's time to file your taxes.

It's the tax filing season now. If you already tax invoices, you can use them to deduct your tax now. For 2024, don’t forget to ask for tax invoices for better tax reduction planning. If anyone is interested in other tax deductible items, we have health insurance with premiums tax-deductible up to 25,000 Baht.

Be more assured with lump sum health insurance to deal with medical expenses for both common diseases and critical illnesses with the coverage amount range you can select from 200,000 Baht to 100,000,000 Baht for heart disease, cancer, common diseases and modern treatment technology. The entry age is 90 years, with long-term coverage until the age of 99 years.

full tax invoice

For more information:

☑️️ Call Tel. 1766, available 24/7.

☑️ Contact life insurance agent or Kasikornbank branches.

  • Health riders must be attached to an effective policy.
  • Coverage period of the rider must not exceed the coverage period of the life insurance policy that this rider is attached to.
  • Premium is eligible for tax deduction. Conditions are as specified by the Revenue Department.
  • Underwriting is subject to the Company’s rules.
  • Conditions are as specified by Muang Thai Life Assurance PCL and the Bank.
  • Conditions are according to the medical standard and necessity.
  • Please study the details of coverage, conditions and exclusions before making a decision to purchase insurance.

Sources: data retrieved on 22/01/2024

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