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

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 reg

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  1. 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

  2. Outline General Background Policies for SMEs Tax Scheme for SMEs Policy Direction

  3. How is SMEs important to Thai Economy? Large source of employment Source of generating new entrepreneurs Generating Income Income distribution 1. General Background

  4. 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

  5. Tax perspective Others 90% Share of taxpayer Share of tax revenue SMEs 10%

  6. 2. Policies for small and medium businesses SMEs: fundamental economy Investment promotion alleviate economic effects Financial assistance

  7. 3. Tax scheme for SMEs • Policy • Tax Incentives • Special Rules • Administration • Compliance • Simplified tax payment

  8. Policy SMEs corporate tax rates

  9. Policy Accelerated Depreciation

  10. 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

  11. 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

  12. Administration Simplified tax payment • Simplified accounting system • e-filing • Gross expense deduction

  13. 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

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