Cabinet endorses assistance measures for SMEs afflicted by 300 baht minimum wage

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BANGKOK, 24 April 2013  The Cabinet has endorsed measures to assist small and medium enterprises that have been adversely affected by the 300-baht minimum wage hike. 

According to Prime Minister’s Office deputy spokesperson Chalitrat Chantharubeksa, the Cabinet has given a nod to the Ministry of Industry to proceed with its proposed assistance measures under the fiscal 2013 budget. The measures call for support to be provided to SMEs in the aspects of business plan creation and consultation for loan requests. These supports will be provided under a budget of 201 million baht.

Another measure calls for partial subsidization of interest rate for borrowings made by SMEs, giving them access to loans that incur no more than 3% interest in the first year. Each SME will be entitled to no more than 1 million baht under this scheme; 6,300 businesses will be provided with the subsidy.

SMEs afflicted by the wage hike will also be exempted from duty when importing machinery, in addition to a 3-year full exemption from income tax. Some businesses will be entitled to 8-year exemptions on income tax and machinery import excise.