Thai government approves economic relief for border regions
Finance minister approves tax, financial, and tourism relief measures
Finance Minister Pichai Chunhavajira has approved a set of economic relief initiatives proposed by the Thai Chamber of Commerce (TCC) to support communities impacted by recent disturbances at the Thai-Cambodian border.
The communities in need are located in the provinces of Trat, Chanthaburi, Sa Kaeo, Buri Ram, Surin, Si Sa Ket, and Ubon Ratchathani.
After discussions with TCC Chairman Poj Aramwattananont yesterday, August 21, Pichai, who also serves as a deputy prime minister, affirmed the government’s intention to mitigate the effects of the conflict. The relief measures focus on areas such as taxation, finance, tourism, labour, and agriculture.
The TCC has suggested a variety of tax incentives, including double deductions for companies conducting conferences or study trips in the impacted provinces and a 90% reduction in local taxes such as land, building, and signage fees.
Additionally, the chamber has advocated for flexibility for local businesses, such as waiving surcharges and penalties for late tax submissions or lower profit declarations.
The TCC also proposed extending tax deadlines by up to six months and temporarily reducing the withholding tax rate from 3% to 1% for one year for entrepreneurs in border regions.
Regarding financial support, the TCC recommended that state-run banks provide soft loans of up to 50,000 baht per household, with interest capped at 1% and a one-year repayment moratorium. It also suggested the creation of a 5 billion baht restoration fund to revitalise the local economy.
To boost tourism, Bangkok Post reported that the chamber urged the Thailand Convention and Exhibition Bureau (TCEB) and the Tourism Authority of Thailand (TAT) to allocate budgets for conferences and seminars in the affected provinces, focusing on safe areas.
Nationwide, government agencies and local organisations were also encouraged to organise meetings and study trips in these regions to help channel income to the affected communities.
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