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Cabinet approves new tax breaks for SMEs, general public


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BANGKOK (NNT) - Members of the Cabinet have approved a set of new tax measures that include special corporate tax exemption for eligible firms, individual income tax deductions, and tax measures to promote climate actions.


Lavaron Sangsnit, Director General of the Revenue Department, said these measures include a new tax-exempt offer for Small and Medium-sized Enterprises (SMEs) facing a liquidity crisis, and businesses with restructured non-performing loans through the Office of SMEs Promotion. These measures are expected to cost 2.187 billion baht from the government’s revenue stream. For individual taxpayers, donations made to educational institutions can be counted towards personal income tax deductions twice the actual amount. These donations must be made via the Revenue Department’s e-donation platform from January 1st of 2022 until December 30th of 2024, and exclude donations made to non-formal educational institutions and private higher education institutions.


The new measures will also offer tax benefits to engagements made by corporate and individual taxpayers on climate change. This includes tax exemption for companies’ net profit on domestic carbon credit sales, as well as a special personal income tax deduction from donations to the Royal Forest Department. These donations must be made via the Revenue Department’s e-donation platform from January 1st of 2023 until December 31st 2027.


Source: https://thainews.prd.go.th/en/news/detail/TCATG221229094322064


-- © Copyright NNT 2022-12-29

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