Thai Cabinet approves tax exemption for RMF investors using provident funds

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Cabinet approves tax exemption for RMF investors using provident funds

  

BANGKOK, 5 September 2016 (NNT) - The Cabinet endorsed a proposal to allow money to be transferred from provident fund accounts to retirement mutual funds (RMFs) with a minimum investment period of five years. 

The approval with a retroactive effect on January 1st, 2016 will exempt anyone investing on RMFs using their provident funds from personal income taxes. They will be able to invest in the funds until they are 55 years old. 

The Cabinet also rescheduled the launch date for the development of a drip irrigation system, an improvement of cassava production and processing standards as well as a loan scheme for cassava farmers from December 1st to October 15th this year. 

The cassava farmers, who are clients of the Bank for Agriculture and Agricultural Cooperatives (BAAC), will be able to have their principal payments temporarily suspended from September 1st until August 31st 2018. 

They can also apply for a maximum loan of 20,000 baht from BAAC under a loan program which will kick off next month. They are required to repay their loans and a monthly interest rate of 0.5% within a year. 

Also during the Cabinet meeting, Cabinet members approved a draft bill on the Eastern Economics Corridor Development (EECD) which spans across Chachoengsao, Chonburi and Rayong provinces. An EECD fund will be set up to collect money from investors and used in other regional development projects.

 

-- nnt 2016-10-05