Bangkok – Thailand’s Ministry of Finance will propose to the Cabinet next week an increase to tax deductible expenses as a way of helping businesses shoulder the minimum wage hike, which is set to take effect in April.
Businesses, especially small and medium sized enterprises, are expected to be impacted by the minimum wage hike and the new tax measure will only apply to businesses with annual incomes of less than 100 million baht.
Deputy Prime Minister Dr. Somkid Jatusripitak said it is important to raise the daily minimum wage, since the cost of living has also risen. He also cited the need for workers to improve their skills, in order to cope with ever-changing technology.
The new daily wage increase, between 5 and 22 baht, varies from province to province, according to the tripartite national wage committee. However, the wage increase is still subject to Cabinet approval.
