Thailand: New tax deductions proposed to help SMEs cope with min wage hike
Thai Ministry of Finance will propose to the Cabinet an increase to tax deductible expenses, as a way of helping businesses shoulder the minimum wage hike which is set to take effect in April.
Deputy Prime Minister Dr. Somkid Jatusripitak (Source: thainews.prd.go.th)Bangkok (NNT/VNA) - Thailand's Ministry of Finance will propose to the Cabinet an increase to tax deductible expenses this week, as a way of helping businesses shoulder the minimum wage hike which is set to take effect in April.
Businesses, especially small and medium sized enterprises, are expected to be impacted by the minimum wage hike. The new tax measure will only apply to businesses with annual incomes of less than 100 million baht.
Deputy Prime Minister Dr. Somkid Jatusripitak said it is important to raise the daily minimum wage, since the cost of living has also risen. He also cited the need for workers to improve their skills, in order to cope with the ever-changing technology.
The new daily wage increase, between 5 and 22 baht, varies from province to province, according to the tripartite national wage committee. However, the wage increase is still subject to Cabinet approval. - VNA
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