BANGKOK, Nov 3 (Reuters) - Thailand’s cabinet approved on Tuesday an extension of tax incentives for long-term-equity funds (LTFs) for three more years from 2016 to help revive flagging stock market sentiment and boost domestic savings, the finance minister said.
“The cabinet agreed with the tax extension today to make it clear to investors of the Thai stock market. We consider LTF as a saving tool,” Finance Minister Apisak Tantivorawong told reporters.
Under the scheme, taxpayers can deduct contributions of up to 15 percent of their personal income or up to 500,000 baht ($14,068.66) for invesment in LTFs.
The cabinet adjusted the holding period of LTFs to seven calendar years from five, he said.
$1 = 35.5400 baht Reporting by Kitiphong Thaicharoen; Writing by Viparat Jantraprap; Editing by Shri Navaratnam