Thai Cabinet approves new tax breaks for SMEs
The Thai Cabinet has approved a set of new tax measures that include special corporate tax exemption for eligible firms, individual income tax deductions, and those to promote climate actions.
Lavaron Sangsnit, Director General of the Revenue Department (Photo: pattayamail.com)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 THB from the government’s revenue stream.
For individual taxpayers, donations made to educational institutions can be counted for personal income tax deductions twice the actual amount. These donations must be made via the Revenue Department’s e-donation platform from January 1, 2022 until December 30, 2024, and exclude those 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, including 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 1, 2023 until December 31, 2027./.
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