Govt prepares fresh set of tax incentives for entrepreneurs
The Finance Ministry is planning to stimulate domestic investment this year by lavishing more tax reduction incentives on entrepreneurs.
"We've yet to come up with final figures but it will be more than the incentives we have offered before," Finance Minister Uttama Savanayana said on Saturday, adding the cabinet will have a final say soon on how generous the tax deduction will be.
He did not spell out the new amount. A previous deduction for private sector investment expenses from corporate income tax was set at 1.5 times.
"If the new incentive comes into effect, it will last one year to mark 2020 as the year of investment promotion," Mr Uttama said.
The government wants to encourage entrepreneurs to buy new machines and install more modern technology, particularly from abroad, in their factories.
"It is also the right time to make purchases from foreign countries because of the baht's appreciation," the minister said.
He also urged both private and state-owned banks, including the Export-Import Bank of Thailand, to help increase investment in the country by offering more loans to business operators.
In another development, the government is preparing to hold a new round of registration for state welfare cards for low-income earners next month.
The government has already registered 14.5 million welfare cardholders, but is yet to decide on whether this group will still qualify for the privileges.