Ministry extends income tax filing deadline to June
The Finance Ministry is poised to extend the deadline to file personal income tax returns for another three months through June to give taxpayers who are liable for additional tax bills more time to comply.
The regular filing deadline is at the end of March, but the three-month delay will enable taxpayers subject to additional tax to make instalment payments until September, said a source at the Finance Ministry who requested anonymity.
The Revenue Department’s law concerning personal income tax allows taxpayers to make three-month instalment payments after a tax return is filed.
The filing deadline extension is part of the government’s new stimulus package offering taxpayers more breathing room in case they are reeling from tax bills, the source said.
The deadline extension will not affect the fiscal position because the treasury reserve is adequate for government spending, the source said.
In related news, the Finance Ministry urges commercial banks to accelerate loan extensions to small and medium-sized enterprises (SMEs) after the cabinet approved the Thai Credit Guarantee Corporation (TCG) raising its non-performing loan coverage ratio to 40% from 30% under the government’s sponsored Portfolio Guarantee Scheme 8 (PGS8).
If additional measures to help SMEs are required, the ministry has been authorised to consider, Deputy Prime Minister Somkid Jatusripitak said after a meeting with the ministry, the Bank of Thailand, the Thai Bankers’ Association and the Office of Insurance Commission yesterday.
The government earlier this month gave the green light to the new relief package for SMEs, comprising credit guarantees, loan schemes and debt restructuring to help those who want to access financial sources but cannot, as well as those whose debts have soured and those who can access financial institution lending but need additional liquidity.
Under the aid measures, TCG offers a 60-billion-baht credit guarantee facility to SMEs to boost their liquidity and stretches the credit guarantee period of the portfolio guarantee schemes (PGS) 5, 6 and 7 for another five years.