Thursday, August 13, 2020

SEC approves rollout of 17 Super Savings Funds for long-term investment

Mar 05. 2020
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By The Nation

The Securities and Exchange Commission has approved the launch of 17 Super Savings Funds (SSF) as of March 4 , SEC Secretary General Ruenvadee Suwanmongkol said on Wednesday, adding that they would be available to investors soon. 

Once the Revenue Department publishes  investment conditions and tax incentives of the funds in the Royal Gazette, the Association Investment Management Companies will make an announcement on the terms of investment transaction approved by the SEC, she said.

The SSF mutual fund scheme was initiated by the Finance Ministry to offer investors an alternative for long term savings, and will replace the long-term equity fund(LTF) which expired at the end of last year.

Individual investors in SSFs are eligible to a tax deduction of up to 30 per cent of their annual taxable income, capped at Bt 200,000. Total tax reduction must not exceed Bt 500,000 a year, taking into account the tax deduction under provident fund and other types of retirement mutual funds.

Investment in the SSFs is not limited to equities as it includes bonds and alternative investments. Investors have to hold the investment units for 10 years, but not required to invest every year. However, tax privileges under SSF is lower than that of LTF.

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