BANGKOK, 17 March 2011 (NNT)-Since the devastating quake rocked Japan last Friday, government and private sectors in Thailand have continuously been making donations to help Japan cope with the tragedy.
The Revenue Department of Thailand has also provided tax cuts for those who donated money to the quake victims on the following conditions:
Those who donate through government-owned Channel 3, 5, 7 and 9 will be allowed to deduct the amount donated from the amount of tax due on their returns; however, the amount deducted must not exceed 10% of their after-tax income. To be eligible for the deduction, donors are required to provide the Revenue Department with proofs of their donations in the form of deposit or transfer slips.
Business entities will be entitled to a deduction of no more than 2% of their net profit for the year the donations are made. Those donating their products to the relief effort will be exempted from VAT entirely. However, the above conditions will only be applied when donations are made only through government agencies including the Ministry of Foreign Affairs , which will later present it to the Japanese government.
Once the government sector has issued them donation slips, only then will donors be eligible for the cut stated in the first and second paragraphs. Those who donate directly to the victims will be precluded from receiving the benefits.
