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Thailand Approves SME Tax Breaks

by Mary Swire, Tax-News.com, Hong Kong

10 January 2013


Following a proposal from the Ministry of Finance, Thailand’s Cabinet has approved a package of tax measures to provide assistance to small and medium-sized enterprises (SMEs) and lessen the effect of the government’s minimum wage policy.

While the government has already lowered corporate tax from 30% to 23% last year, and has adjusted the rate even lower to 20% in 2013, there have been calls for further help to SMEs, with annual revenues of up to THB50m (USD1.65m), to counteract the increased wage costs caused by the introduction of the country’s THB300 daily minimum wage on January 1.

In particular, in 2013, the annual income tax exemption for SMEs will be increased from THB150,000 to THB300,000, and there will be a 15% tax rate on their profits between THB300,000 and THB1m. The normal 20% tax rate would apply to incomes above THB1m.

It is estimated that the tax measures will cut Thailand’s tax revenue by about THB2.8bn annually.

TAGS: Finance | tax | business | corporation tax | Thailand | ministry of finance | small and medium-sized enterprises (SME) | tax rates | tax breaks | revenue statistics

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