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Thailand Considers Further Tax Relief For Flood Victims

by Mary Swire, Tax-News.com, Hong Kong

26 December 2011


Thailand's Finance Minister, Thirachai Phuvanatnaranubala, has disclosed that further tax relief, for both individuals and companies affected by the country’s recent floods, will be proposed for Cabinet approval shortly.

In particular, it is expected that, if the proposals are approved, individuals would be allowed income tax deductions of up to THB30,000 (USD958) for repairs to their cars, and up to THB100,000 for repairs to their homes.

The Finance Ministry is also to recommend that businesses affected by the floods should be able to count on a 125% depreciation allowance on the cost of replacement machinery, instead of the 100% normal rate. It is reported that a 40% allowance would be applicable in the first year, with the remainder to be taken within the following five years.

These new proposals are in addition to the recently-announced emergency measures of the Board of Investment (BOI) to help companies and entrepreneurs to write off imported raw materials damaged by the flooding. The BOI is also allowing a six-month extension of an exemption from import duty on machinery brought in to replace flood damaged items.

TAGS: individuals | tax | business | corporation tax | Thailand | manufacturing | tax breaks | import duty | individual income tax

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