The Thai cabinet approved a package of 14 measures to help flood victims yesterday (Tuesday), as proposed by the Ministry of Finance, according to Government Spokesman Anucha Burapachaisri.
The measures include:
- A maximum of 100,000 baht for house repairs and 30,000 baht for car maintenance to be deducted from taxable income.
- Tax exemption for compensation received from the government, public donations or compensation from insurance companies to cover the damage sustained by individual income earners and legal entities.
- Donations to state or charitable organisations to help flood victims are to be exempt from taxation, but the amount of donations must not exceed 10% of the taxable income of an income earner and not exceeding 2% of the net profits of a company.
- Materials which are imported to help flood victims are exempt from customs duties.
- The Treasury Department will exempt rental fees owed by tenants whose houses are completely destroyed, for two years. In case of partial damage, rental fees will be exempted for one year. In case a tenant fails to pay rent, they will be spared penalty fees on the defaults.
- Financial assistance provided by the Thailand Tobacco Monopoly for its staff who sustain damage to their houses or other property will be exempt from taxation.