Finance rolls out tax measures to help businesses to keep their employees
Thailand’s Finance Ministry has introduced tax measures to help cushion the serious economic impacts of COVID-19 on businesses and employment.
The Finance Ministry’s spokesman, Mr. Thanakorn Wangboonkongchana, said today that, in Thailand, many businesses in the export, industrial and tourism sectors are being forced to close, leaving millions of employees redundant.
To help them retain their employees, he said that the Excise Department has cut excise tax on certain products and services. For instance, he said that the excise tax on electric tricycles will be reduced from 4% to 2% and the enforcement of new excise taxes on cigarettes and tobacco will be postponed until October next year.
Export goods which are exempt from taxation and kept in a tax free zone can now being kept there for up to 30 days, which can be extended up to a maximum of 120 days.
Service operators, who can prove that they are retaining their employees, despite the pandemic, will be exempted from taxation on revenues earned until end of September 2020.