The cabinet meeting on Tuesday approved tax incentives to encourage donations towards the renovation of ancient remains, ruins and artifacts, as proposed by the Ministry of Finance, reports said.
As a general incentive, tax payers donating money to the Fine Arts Department for renovation of ancient sites will be able to claim the full amount as a deduction on their annual income tax declaration, up to a maximum of 10% of their income eligible for tax after other deductions.
This will be effective for the payment of income tax for the year of 2013, with income tax returns having to be submitted by the end of March 2014.
As a special case incentive, taxpayers are allowed to claim up to twice the donated amount if, when added to their tax exemption for donations supporting educational projects approved by the Ministry of Education and to education institutions to support education and sport, if the total deduction amount does not exceed 10% of income liable to tax after deductions.
This special incentive is intended to encourage more donations, and applies to donations made from Jan 1, 2013 to Dec 31, 2015.
Deputy Finance Minister Tanusak Lekuthai said many ancient sites were severely damaged by the great flood in late 2011, and the Fine Arts Department needed large sums of money to renovate them. The tax incentives would encourage donors, he said.
Sathit Rangkasiri, director general of the Revenue Department, added that the tax incentives would garner additional support for the state's efforts to renovate ancient remains under the supervision of the Fine Arts Department, to preserve them as part of the nation’s identity.