The cabinet has approved tax relief proposals for small- and medium-enterprises (SMEs) affected by the increase in the nationwide minimum daily wage to 300 baht, which took effect on Jan 1.
The measures are aimed at helping SMEs with annual revenue not exceeding 50 million baht a year, and were proposed by the Finance Ministry after an approach by the private sector.
Revenue Department chief Sathit Rangkasiri said the measures include raising the income tax exemption limit for SMEs from 150,000 baht to 300,000 baht a year. SMEs declaring income between 300,000 and one million baht will be taxed at 15% and those with over one million baht profit will pay tax at 20% on the difference.
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