Economic ministers approve touring receipts for income tax deduction

BANGKOK, 7 June 2010 (NNT) – The Council of Economic Ministers has approved the use of domestic traveling expenses for personal income tax deduction in an effort to bolster the Thai tourism industry.

During today’s meeting of the economic ministers chaired by Prime Minister Abhisit Vejjajiva, a green light was given to measures for assisting tourism business operators affected by the recent anti-government protests. Two key measures include the use of receipts from domestic tour packages for personal income tax deduction of no more than 12,000 THB.

The other measure is the provision of up to 5 billion THB in loans for tourism businesses with an 8-year installment plan, -3% minimum loan rate and exemption of the capital for the first 2 years.

In addition, the council also authorized the Small and Medium Enterprise Development Bank of Thailand (SME Bank) to increase the loan ceiling amount from 1 million THB to 5 million THB for each troubled business operator at Ratchaprasong Intersection, Siam Square and Center One shopping mall.

All above-mentioned measures will be forwarded to the cabinet for review tomorrow.