The Thai government wants to impose another measure to encourage big companies to help SMEs. According to Apisak Tantivorawong, Thailand’s Finance Minister, this initiative will allow the big corporate players to request tax deductions one to two times higher than for normal expenses for helping SMEs.
The government is set on developing and helping SMEs grow, as there are up to 2 million operators in the small and medium enterprise segment. Businesses can provide SMEs with accounting advice, computer software or be a loan guarantor for new entrepreneurs. Apisak Tantivorawong, Thailand’s Finance Minister comments,
If we can upgrade 500,000 or 1 million firms to be strong players, it will be a powerful driving force for the economy.
The government sees that small players should receive proper support and perhaps narrow the gap with the larger corporations.
“Large corporations have money to pay for cutting-edge technology, which will eventually replace the human workforce. So it makes sense for us to boost growth in SMEs, who will help the country maintain the employment rate,” said Mr Apisak.
A version of this appeared in Bangkok Post on July 2. Read the full article here.