100 million baht in compensation offered to provinces affected in border clashes
Relief package includes tax breaks, loan holidays, and repair grant
Thailand’s Ministry of Finance approved 100 million baht in compensation for residents in each province affected by the ongoing border clashes.
Deputy Prime Minister and Minister of Finance, Phichai Chunhavajira, reported that approximately 160,000 residents in the border provinces had to evacuate to emergency shelters and were forced to stop working due to the continued violence in the area. Locals lost their sources of income, and many also lost their homes in the clashes.
In response, the Thai government introduced a set of relief measures to assist residents and businesses impacted by the situation along the Thai-Cambodian border. The assistance package is divided into two main components: local-level support and financial aid through state-owned financial institutions.
Phichai outlined the local-level measures, which include an increase in the emergency budget allocation for provincial governors to 100 million baht per province, with the possibility of further increases if necessary.
Tax relief measures have also been implemented. The deadlines for filing and paying various taxes, including personal income tax, corporate income tax, withholding tax, value-added tax (VAT), specific business tax, and stamp duty, have been extended from August 31 to September 30 this year.
Additionally, affected people may claim deductions of up to 100,000 baht for housing repairs and up to 30,000 baht for vehicle repairs resulting from the unrest.
As for the measures related to state-owned financial institutions, a variety of support programmes will be offered, including loan repayment holidays and low-interest loans.
For example, unsecured personal loans of up to 20,000 baht per person, repayable over 12 months, at an interest rate of 0.60%. Emergency loans of up to 50,000 baht per person, with zero interest for the first six months.
Special loan terms, offering a symbolic interest rate of just 0.01% for the entire loan term, will be provided to anyone whose homes were completely destroyed or who were disabled or lost their lives as a result of the conflict.
Those wishing to apply for loans to rebuild completely damaged homes will also have access to zero-interest loans for the first six months.
These measures aim to alleviate the financial burden on those affected and support the recovery of communities along the border.
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