Ekniti to roll out SME support package, to be tabled at economic cabinet meeting within two weeks

Deputy Prime Minister and Minister of Finance Ekniti Nitithanprapas revealed that the Ministry of Finance has prepared a package of support measures for small and medium-sized enterprises (SMEs), which will be proposed to the Economic Cabinet within two weeks. This will form the fourth pillar under the government’s Quick Big Win policy and consists of three main components:

Package 1: Financial measures

This package focuses on direct financial support such as loan guarantees and low-interest loans (soft loans).

Package 2: Tax measures

This package involves taxation and customs duties, aiming to ensure fair competition for Thai entrepreneurs. These include accelerating tax refund processes for SMEs, which falls under the responsibility of the Revenue Department.

In addition, the Customs Department will issue a regulation requiring the collection of import duties starting from the first baht of product value, to ensure fairness and enhance the competitiveness of domestic businesses.

Package 3: Supporting the purchase of Thai products

At present, the Comptroller General’s Department is working with the Federation of Thai Industries, the Thai Bankers’ Association, and the Thai Chamber of Commerce to promote the purchase of Thai SME products through government measures.

Furthermore, the Bank of Thailand (BOT) is considering a more targeted package to provide additional support for SMEs, in the form of a fund designed to improve access to credit under more flexible conditions than those offered by the Thai Credit Guarantee Corporation (TCG). Funding would come from the Financial Institutions Development Fund (FIDF).