The Cabinet has agreed on a bill allowing tax deductions for donations to the National Vaccine Institute (NVI), to help spur COVID-19 vaccine development.
Government spokesman Anucha Burapachaisri said the Cabinet unanimously agreed yesterday on the drafting of a royal decree on such tax deductions of personal and corporate income tax. Support is needed to develop vaccines, from research to distribution.
He said the private sector will be granted the deductions for donations of money or assets to the NVI, but when it is included with other donations, the deductible amount must not exceed 10% of taxable income after deductions and exemptions.
Individuals can reduce the tax payable, equivalent to the amount of the donation. For corporates, the money or assets donated can be deducted as expenditure equal to the amount donated but, when other donations are included, the total sum must not exceed 2% of net profit. (NNT)
