More tax incentives to investors in special economic zones in South approved

More tax incentives to investors in special economic zones in South approved



BANGKOK: -- The cabinet yesterday endorsed several economic stimulant packages to help the private sector and the people to cope with the economy.

Kobsak Phutrakul, assistant minister to the Prime Minister’s Office, said that one of such packages is to extend tax incentives to help businesses in special economic zones in 5 southern provinces.

These include Narathiwat, Pattani, Yala, Songhkla and Satun provinces.

Before this, an earlier tax incentive package was granted but was to run only from 2015 – 2017. The cabinet has now extended this to 2018 – 2020.

Furthermore, it has granted operators the right to deduct procurement and CCTV (closed-circuit TV) installation costs from their taxes as well.

For assistance to farmers, the cabinet ordered the registration of all farmers in the country to be speeded up so that compensation payments for the 2016/2017 crop year to be speeded up as well.

This however only applies to farmers who have already registered with the Bank of Agriculture and Cooperatives.

The cabinet has specified that payments will be handed out within 3 days after forwarding of documentation.

These compensation payments amount to 1,000 baht per rai but set a maximum ceiling not exceeding 10 rai per person.

Source: http://englishnews.thaipbs.or.th/tax-incentives-investors-special-economic-zones-south-approved/

-- Thai PBS 2016-07-13