Picture courtesy of Chaiwat Satyaem
The Cabinet has sanctioned a tax exemption for corporate income derived from insurance payouts for policyholders impacted by this year’s floods.
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The Cabinet has sanctioned a tax exemption for corporate income derived from insurance payouts for policyholders impacted by this year’s floods.
Government spokesman Jirayu Houngsub announced after the Cabinet meeting that companies in flood-affected areas with insurance coverage against floods will have their insurance payouts exempted from income tax, as per the Finance Ministry’s directive.
For business operators needing loans to repair flood-related damage, the ministry has introduced soft loans amounting to 50 billion baht (US$1.5 billion). These loans carry an interest rate of 3.5% for the first two years, with a ceiling of 40 million baht (US$1.2 million) per borrower.
Applications are to be submitted through state financial institutions and 16 commercial banks nationwide. Businesses without sufficient collateral can receive loan…