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 has also been offered to flood-hit
companies by the Office of 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.
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