Cabinet nod for tax measures to relieve burden on flood victims
THE CABINET Tuesday gave the green light for tax measures to relieve flood victims in the South, allowing donations for them to be made tax-deductible and extending tax-filing deadlines for those affected by the flooding.
Nattaporn Jatusripitak, an adviser to the commerce minister, said after the Cabinet meeting that under the first of the approved measures, individuals, companies or juristic partnerships that donate money or assets to flood victims in the South between January 1 and March 31 could use the donated amount as a deductible expense in calculating their income taxes.
The measure is in addition to the normal tax deduction for donations, with stands at 50 per cent of the donated sum or asset value, he said.
As to the extension of tax-filing deadlines for the flood victims, their filings for withholding tax, value added tax, specific business tax and stamp duties – usually due this month or next – will not now need to be filed with the authorities until the end of March.
