Measures to Alleviate Effects of COVID-19 on the Thai Economy
The Thai Government has introduced a number of measures to look after and alleviate the effects of the COVID-19 situation on the Thai Economy. The Joint Foreign Chambers of Commerce in Thailand (JFCCT) of which the Thai-Norwegian Chamber is a member has put together a detailed list of the measures and contact telephone numbers for enquiries. Below is a short description of the measures
First Phase
The measures include financial support at low interest rates, relaxation of repayments, relaxation of loan requirements and employer financial support at low interest rates if staff numbers are maintained. In addition, Thailand’s Revenue Department are reducing the withholding tax and allows companies to deduct interest on loans during a limited period of time. Finally, time to receive VAT refunds have been reduced and social security contributions have been reduced from 5% to 4% for both employers and employees.
Second Phase
Personal Income Tax Submissions have been extended for employees until the end of August 2020. In addition, the limit of of tax deductables on insurance expenses have been doubled. For Entrepreneurs, low interest loans are offered through the SME Development Bank. For this group Corporate Income Tax Submissions has been extended until the end of August 2020. In addition, Thailand’s Revenue Department have extended deadlines for tax payments in a number of sectors. In addition, import duties have been exempted for goods for treatment, diagnosis and prevention of COVID-19. Finally, the Revenue Department has also introduced special tax measures for debt restructuring.
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