Measures to help citizens with income taxes are another way of the government to support the financial situation of the households of the people through the difficult times caused by the Covid-19 crisis. What are the government's tax measures to help with? Dr. Satit Phongthanya, Senior Director, Head of Estate Planning & Family Office and Khun Sornchai Sunetta, Managing Director, Chief Investment Officer, Siam Commercial Securities Company Limited (SCBS). talk in detail the tax measures to ease the burden on the public sector.
Dr. Satit said that the government has issued measures to look after and remedy the effects of the coronavirus (COVID-19) on the Thai economy, both directly and indirectly phase 1, March 10, 2020, phase 2, March 24, 2020, and phase 3, April 7, 2020. With details of interesting tax issues to alleviate the income tax burden to the general public as follows
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Measures to build confidence in the capital market system
by allowing the general public to deduct the cost of purchasing investment units in the Super Savings Fund (SSF), a special division. Which has a policy to invest in securities listed on the Stock Exchange of Thailand not less than 65% of the net asset value as actually paid but not more than 200,000 baht. It is separate from the normal deduction of the purchase price of SSF investment units and is not subject to the total deduction limit in all retirement funds. (Including a deduction limit of 500,000 baht).However, in obtaining special tax privileges Must buy special unit SFF units within April 1, 2020 - 30 June 2020 only, with holding conditions not less than 10 years from the date of purchase.
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The Revenue Department has issued measures to postpone the filing and payment
of personal income tax, the tax year 2019 (Income Tax Form 90/91), round 2, additional 2 months from the end of 30 June 2020 to 31 August 2020. In order to alleviate the burden of taxpayers, which originally had measures to postpone filing deadlines. From the end of March 2020 to June 2020, and in the case of having to pay taxes of 3,000 baht or more, the taxpayer can apply for 3 installments. The 1st installment is due to be paid by 31 August 2020. The 2nd payment is to be paid by 30 September 2020 and the 3rd payment is to be made by 31 October 2020.
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Exemption of personal income tax
for risk compensation received from the Ministry of Public Health in the fiscal year 2020 of medical and public health personnel who are responsible for surveillance, investigation, prevention, control, and treatment of patients infected with the Covid-19 virus. Such as doctors, nurses, medical technicians, disease investigators, drivers, and including people who are not civil servants or civil servants with knowledge, ability, and experience in medical and public health counseling, etc.
- To increase public health insurance coverage and the burden of health care costs has decreased from the tax year 2020 onwards. In the income tax deduction item, The Revenue Department has increased the deductible limit for health insurance premiums. From the original, which can be deducted as actually paid but not more than 15,000 baht, increased to the deductible as actually paid but not more than 25,000 baht. And when combined with the deduction of life insurance premiums and lifesaving deposits, the amount must not exceed 100,000 baht.
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The Royal Decree prescribing the number of deposits that are generally covered by 2020,
effective from 11 August 2020 onwards. According to the Cabinet meeting on 7 April 2020, it was agreed to extend the period to enforce a deposit protection limit of 5 million baht from 10 August 2020 to an extension of 10 August. 2021. To build confidence and protect interests during the current situation and makes depositors confident about using the financial institution's services normally. At present, a Royal Decree has been issued specifying the number of deposits that are generally protected by 2020, effective from 11 August 2020 onwards.
เTax matters involve all of us. Which the government issued measures to oversee and remedy the effects of the Covid-19 crisis Can help alleviate the tax burden at this time
Source: LIVE SCBTV, Opportunity in the Covid-19 Crisis, Episode 5: Public Tax Measures To remedy the effects of COVID-19, broadcast on Facebook SCB Thailand on May 26, 2020.
References :
https://www.rd.go.th/publish/fileadmin/user_upload/news/news22_2563.pdf
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