Government House, 15 Oct. – Government spokesman reveals that the Cabinet has prepared a large package of measures to help people and entrepreneurs, reducing taxes and providing low-interest loans.
Mr. Jirayu Huangtrakul, spokesman of the Prime Minister’s Office, revealed that at today’s cabinet meeting, Ms. Paethongtarn Shinawatra, Prime Minister, gave instructions to the cabinet meeting, especially relief measures for flood victims in over 50 provinces, with the approval of 9,000 baht per household to help flood victims recover their problems. The government has ordered all agencies to restore their lives and incomes by 10,000 baht per household, which is currently under investigation, including the exemption of electricity and water bills in flood-affected areas, which is expected to be known next week.
It also provides the Ministry of Finance with tax measures to reduce expenses, as well as loans to rehabilitate housing and businesses, namely: 1. Exempt personal income tax and corporate income tax, equa
l to the amount of compensation received from the government. 2. Exempt corporate income tax for companies and limited partnerships that have received assistance.
In addition, the Ministry of Finance has also set up a soft loan project based on the previously approved credit line of 50 billion baht and SMEs affected by the floods at a low interest rate of no more than 3.5 percent per year for a period of 2 years. Each line will have a credit line of approximately 40 million baht. For more information, please contact the banks that people use, both state banks and 16 commercial banks participating in the project.
There is also a project of the Small Industry Credit Guarantee Corporation (BIC) which is a loan guarantee of approximately 1 billion baht, with a credit limit of 10,000-2,000,000 baht per case, a fee of 1.25% per year, and a guarantee period of no more than 10 years.
The Government Savings Bank also provides assistance to existing debtors by suspending principal payments without interest for a per
iod of 6 months for loans not exceeding 10 million baht. As for credit card holders, the minimum payment rate will be reduced to 3% for 3 billing cycles, whereas in the past, they had to pay more than 3% or pay in full.
While the Bank for Agriculture and Agricultural Cooperatives or BAAC, debtors with normal status or who are in arrears for no more than 3 months can request an extension of the debt repayment period for up to 20 years, with a grace period of no more than 3 years and an exemption from the full amount of the interest.
There are also emergency loan measures for liquidity enhancement projects and necessary consumption in an amount not exceeding 50,000 baht per person, with a loan period not exceeding 3 years. In the first 6 months, the Ministry of Finance will not charge interest, but after that, the MRR interest rate or the minimum lending rate that banks charge from good retail customers will be charged.
As for the loan measure to develop the quality of life, the investment program for home r
epairs, including repairs of various agricultural equipment, the credit limit per person is not more than 500,000 baht, calculated at an interest rate of MRR 2% per year, with a loan period not exceeding 15 years.
The Government Housing Bank (GHB) will also have measures to help. The Islamic Bank and many other banks will also have measures to help.
Mr. Jirayu also revealed that the measures that are under consideration and will have to be brought back to the cabinet meeting are the issuance of regulations and laws, such as tax reduction measures. It will be determined that expenses for home decoration or construction in flood-affected areas can be deducted from taxes in order to ease the burden on the people, which will be another measure of the Ministry of Finance. -317.-Thai News Agency
Source: Thai News Agency