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, says government spokesman Anucha Burapachaisri.
The cabinet unanimously agreed yesterday on the drafting of a royal decree on tax deductions for personal and corporate income tax covering the measure.
Support is needed to develop vaccines starting from research to distribution.
"The private sector will be granted the privilege for donations of money or assets to the NVI," he said.
Individuals can deduct the tax payment equivalent to the amount of the donation.
But when it is included with other donations, the deductible amount must not exceed 10% of taxable income after deductions and exemptions.
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 go beyond 2% of net profit.