Private sector confident government’s injection of 130 billion baht will boost public spending

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BANGKOK, 03 September 2015,  The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) is confident that the government’s plan to inject 130 billion baht into the local economy will help stimulating spending within 3 months. 

The committee’s comment came during the JSCCIB’s meeting on Wednesday, where it suggested to the government that the latter come up with more short-term economic stimulus packages. It also offered several ideas of its own, such as lowering tax for Small- and Medium- Enterprises (SME) to between 5-10 percent depending on the sizes of the business. Currently, SME operators are subject to paying 20 percent tax regardless of the sizes. Lower tax would attract more entrepreneurs to get into more business, while making it easier for them to get the capital necessary for their operation.

Other suggestions includes measures to increase border trade value to offset the contracting export, provide assistance to various export promotion units, and an inclusion of consultants from the JSCCIB in each provincial economic team.

The JSCCIB also advised the government to strengthen various cooperatives across the nation, while joining hands with the private sector searching for representatives for Thai traders to compete in the global arena.