Finance Minister Extends Tax Deadlines For Flood Victims

Finance Minister Extends Tax Deadlines for Flood Victims

The cabinet has expanded the deadline for filing income taxes as well as for personal income tax payments.

Finance Minister Korn Chatikavanij has announced measures to help the flood victims in the South.

The measures include the suspension of principal and interest payments, forgiving loans for those who have died in the flood, interest rate cuts, and loans for house repairs and business restoration.

Flood victims will also be excused from paying income taxes, including the income they receive from donations and from the government.

Moreover, businesses in affected areas will be excused from paying corporate income taxes.

The Finance Minister added that those who donate money to help the south can use the amount as an income tax deduction, under the criteria that the total donation does not exceed 10 percent of the net income.

Corporate donations to the South are also eligible for corporate income deductions, under the criteria that the amount does not exceed 2 percent of net profit.

The Comptroller General's Department had also expanded the emergency fund ceiling for each of flood-affected provinces from 50 million baht to 100 million baht.

The measure applies to Phatthalung, Chumphorn, Nakhon Si Thammarat, Surat Thani, Trang, Krabi, Songkhla, and Phangnga provinces.

Meanwhile, Energy Minister Wannarat Channukul said water flooded some 32 fuel stations out of 492 stations.

He said as soon as the water level lowers, authorities will inspect fuel quality before allowing it to be sold in the market again.

-- Tan Network 2011-04-05