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Hua Hin
Monday, December 4, 2023

New tax incentives for small enterprises and the general people have been authorized by the Cabinet

Members of the Cabinet have approved a package of new tax measures, including special corporate tax exemptions for qualifying businesses, individual income tax deductions, and tax measures to support climate action.

Director General of the Revenue Department Lavaron Sangsnit stated that these initiatives include a new tax-exempt offer for small and medium-sized businesses (SMEs) facing a liquidity crisis and businesses with restructured non-performing loans through the Office of Small Business Promotion. These actions are anticipated to cost the government 2.187 billion baht from its revenue stream. Donations to educational institutions can be deducted at a rate of two times their real value by individual taxpayers. From January 1, 2022 to December 31, 2024, these contributions must be submitted through the Revenue Department’s e-donation platform, except contributions to non-formal educational institutions and private higher education institutions.

The new policies will also provide tax incentives for firms and individual taxpayers who take action against climate change. This includes a tax exemption for firms’ net profit on domestic sales of carbon credits and an unique personal income tax deduction for contributions to the Royal Forest Department. From January 1, 2023, through December 31, 2027, these contributions must be submitted using the Revenue Department’s e-donation platform.

Author: annie

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