A number of entrepreneurs whose businesses have been damaged by the flooding have registered with the Ministry of Industry to seek the Government’s assistance under the recovery and restoration program. According to the Ministry of Industry, the program is divided into two parts, covering business and production rehabilitation processes.
In the business process, a team of experts will be sent to give advice, with an emphasis on management, business and marketing plans, and distribution channels. The production process focuses on assistance in repairing machinery, production equipment, buildings, and other facilities.
The Ministry of Industry and the Industrial Estate Authority of Thailand have joined hands in setting up a one-stop service center for seven flood-hit industrial estates to facilitate immediate resumption of their operations. The seven industrial estates include Saha Rattana Nakorn, Hi-Tech, Bang Pa-in, Rojana, Factory Land, Nava Nakorn, and Bangkadi. They are located in Ayutthaya and Pathum Thani provinces, which are among the locations worst-affected by this year’s floods.
A package of assistance measures to flood-hit companies by the Board of Investment BOI.
For instance, BOI-promoted companies will be allowed to move machinery or raw materials out of factories in emergency cases. They may seek to receive import tax exemption on machinery brought in to replace that damaged by the flooding. Raw materials imported under Section 36 duty-free importation for export manufacturing that are damaged beyond repair will be recognized as part of waste allowance and therefore relieved of tax burdens. As for the raw materials that are still in a usable condition, the companies can use them in other ongoing projects still entitled to benefits under Section 36.
BOI also allows the affected companies to outsource temporarily some parts of the production process in order to maintain business continuity. Concerning tax relief, the Revenue Department has offered income tax exemption for government compensation equivalent to damage incurred for flood-affected persons who have registered with state authorities. Tax deductions will be provided for donations at 1.5 times the value of the donations.
The Revenue Department has also offered VAT exemption for VAT-registered entrepreneurs donating their products to help flood victims.Relevant agencies have agreed to facilitate visa and work permit applications for foreign experts who will enter Thailand to assist in the rehabilitation of damaged factories.
Large Shopping Malls in Bangkok Will Be Closed until July 25th
Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.
Downside risks loom for Thai economy due to Prolonged COVID-19 Outbreak
The most important issue for the Thai economy at present would be the procurement and distribution of appropriate vaccines adequately and timely.
The Bank of Thailand (BoT) has revealed that Thailand’s economy faces significant downside risks, because a prolonged COVID-19 outbreak could cause the economy to underperform the baseline projection, squeezing business liquidity and slowing employment.(more…)
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