Finance Ministry extends income tax deadline to June

Finance Ministry extends income tax deadline to June

The Finance Ministry is poised to extend the deadline to file personal income tax returns by another three months through June to give taxpayers liable for additional tax bills more time to comply.

The filing deadline for the personal income tax of the previous year normally ends in March, but the three-month extension will enable taxpayers subject to additional payments to pay in three monthly instalments until September, said a source at the Finance Ministry who requested anonymity.

The Revenue Department's law concerning personal income tax allows taxpayers to pay due taxes in three monthly instalments after a tax form is filed.

The filing deadline extension is part of the government's new stimulus package offering taxpayers more breathing room, the source said. 

The 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 state-owned 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 them, 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 on Monday.

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 in need of funding, as well as those whose debts have soared or 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 extends the credit-guarantee period of the portfolio guarantee schemes (PGS) 5, 6 and 7 for another five years. 

Finance Minister Uttama Savanayana said commercial banks have been urged to speed up loan extensions to SMEs to achieve the 60-billion-baht target.

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