BANGKOK: Thailand's cabinet on Tuesday (Oct 20) approved an additional 10.51 billion baht (about US$312.4 million) to compensate around 1.48 million households hit by floods since September, alongside relief measures including soft loans and tax breaks.
Claims have outstripped the original budget, government spokesman Ekkapob Pianpises said, noting that over two million households have applied for aid totaling 15.8 billion baht.
The cabinet approved 4.7 billion baht on Sept. 29 for victims in 66 provinces and Bangkok. The government has since paid out more than five billion baht, Ekkapob said. The new funds will cover applications still being verified, and verification time has been cut to two days.
The Finance Ministry, working with state-owned financial institutions, announced a package to help flood victims and businesses recover.
For individuals, state lenders will offer debt moratoriums, lower interest rates, and longer repayment terms. They will also provide low-interest loans for victims to repair or rebuild homes, emergency loans with an initial interest-free period, and credit for farmers to repair equipment.
For businesses, the package offers low-interest working capital loans, temporary credit-line top-ups, suspended loan-guarantee fees, and a government-backed soft-loan scheme for small and medium-sized enterprises.
On taxes, the ministry will waive import duties on replacement machinery for flood-hit factories and hotels. Individuals can claim income tax deductions for home and vehicle repairs. Deadlines for filing and paying revenue and excise taxes have been extended in affected areas. - Xinhua
