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Selected policy options for reducing compliance costs and providing incentives for small businesses in the standard regime. The Fiscal Policy Office, Ministry of Finance of THAILAND. Ms. Sumalee Satitchaichareon Director of Income and Consumption Tax Policy Division Tax Policy Bureau.

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Selected policy options for reducing compliance costs and providing incentives for small businesses in the standard regime

The Fiscal Policy Office, Ministry of Finance of THAILAND

Ms. Sumalee Satitchaichareon

Director of Income and

Consumption Tax Policy Division

Tax Policy Bureau

outline
Outline

General Background

Policies for SMEs

Tax Scheme for SMEs

Policy Direction

how is smes important to thai economy
How is SMEs important to Thai Economy?

Large source of employment

Source of generating new entrepreneurs

Generating Income

Income distribution

1. General Background

supporting agencies
Supporting Agencies

1. General Background

OSMEP: Office of Small and Medium Enterprises Promotion

Promotion, supports and supervision.

SME Bank: Small and Medium Enterprise Development Bank of Thailand and SBCG: Small Business Credit Guarantee Corporation

Financial assistance

Revenue Department

Tax Incentives and tax measures

tax perspective
Tax perspective

Others

90%

Share of taxpayer

Share of tax revenue

SMEs

10%

2 policies for small and medium businesses
2. Policies for small and medium businesses

SMEs:

fundamental

economy

Investment

promotion

alleviate

economic

effects

Financial

assistance

3 tax scheme for smes
3. Tax scheme for SMEs
  • Policy
    • Tax Incentives
    • Special Rules
  • Administration
  • Compliance
  • Simplified tax payment
tax measure to promote venture capital business

Policy

Tax Measure to promote Venture Capital Business

Investor

SMEs

Venture

Capital

Capital

Capital

Investor

Investor

Dividend/

Capital gain

Dividend/ Capital gain

Tax exemption

Tax exemption

compliance

Administration

Compliance

(1) VAT exemption for small entrepreneurs (< 1.8 mil. Baht)

  • (2) VAT registrant being a retailer
  • abbreviated tax invoice
  • no tax invoice issue
simplified tax payment

Administration

Simplified tax payment
  • Simplified accounting system
  • e-filing
  • Gross expense deduction
4 policy direction
4. Policy Direction

Taxation Assistance for SMEs

Accounting

Adjust law and regulation more easier to understand and follow up for both taxpayer and tax collector

Provide information