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Tax Measures to help and rehabilitate flood victims in the Southern Thailand

On 28 March 2017, the Cabinet resolved to approve the draft Ministerial Regulation No. .. (B.E.. ….) issued under the provision of the Revenue Code on Revenue Tax Exemption (Measures to help and rehabilitate flood victims in the Southern Thailand) which has been considered and approved to proceed. The material content of the draft is as follows:

1. The assessable income of the income earner who has suffered damage from the flood which has been spent during 1 December 2016 to 31 May 2017 for repair or materials or equipment required for repair of properties damaged by the flood shall be exempted from being included as assessable income for tax calculation as follows:

1.1 Amount spent for repair or materials or equipment required for repair of properties that are permanently fixed to the building or the land on which the building is built or a unit in a condominium or property that is permanently fixed to a unit in a condominium in the actual amount but not exceeding 100,000 Baht.

1.2 Amount spent for repair or materials or equipment required for repair of vehicles or facilities of the vehicles damaged by the flood in the actual amount but not exceeding 30,000 Baht.

2. Exemption in 1. shall be in accordance with the method and conditions prescribed in the Director-General’s Notification.

3. This regulation shall be applicable to the assessable income of 2016 and the assessable income of 2017 provided that the total exempted income in 1.1 or 1.2 in the two tax years must not exceed 100,000 Baht or 30,000 Baht as the case may be.

Source: http://www.thaigov.go.th (Thai Government), 28 March 2017.