Bill drafted for social enterprise profits

Bill drafted for social enterprise profits

A draft bill on social enterprises requires each social enterprise to reinvest at least 70% of profits into social activities, says a Finance Ministry source.

The ministry is holding a public hearing on the draft bill.

The bill stipulates that social enterprises must reinvest at least 70% of their profits for the benefit of the underprivileged, the disabled, farmers or others, as specified by the cabinet.

According to the bill, social enterprises are defined as companies or juristic persons incorporated under Thai laws with the objective to sell products or provide services to encourage hiring locals, address problems or develop the community, society and environment without a mission to maximise profit.

The draft bill also requires the formation of an office of the national social enterprise promotion and a committee that will be chaired by either the prime minister or the deputy prime minister.

The committee map out a master plan and strategy to propose to the cabinet for approval, advise the cabinet on efficiently executing the master plan and strategy, and coordinate with related public and private sectors to promote social enterprise.

Social enterprises have been present for years, with the Thai Social Enterprise Office, a government agency to promote social enterprises and develop a network, being set up in 2010.

There are many well-known social enterprises in Thailand, including Doi Tung, a development project under the Mae Fah Luang Foundation to create jobs and develop hill-tribe communities in Doi Tung.

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