SEC says TISA making progress as direction takes shape, awaits Finance Ministry decision on tax privilege cap

RegulationMacro
โดย Prachachat·TH·Read original
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Pornanong Busaratrakul, Secretary-General of the Securities and Exchange Commission, disclosed that the Thailand Individual Savings Account project, or TISA, has a clearer main direction after the relevant agencies aligned on their approach. The next step is to drive forward the details and prepare systems so that operators can support the service. Key details, especially the investment cap that will receive tax benefits, still await consideration by the Ministry of Finance, as they involve tax policy and the impact on government revenue. The preliminary structure of TISA is one account supporting two savings objectives. The first part is retirement savings, with the idea of bringing existing retirement products under the same structure, such as provident funds, retirement mutual funds, the Government Pension Fund, and annuity insurance, and there is an idea to add an option for direct investment if investors have the knowledge and can accept appropriate risk. The second part is long-term investment that is exempt from tax on returns such as interest and dividends, through core products such as stocks, bonds, and debt instruments, which must be invested through the project's account or system to link data and verify the use of tax privileges. On expanding the investor base, Thailand currently has more than 7 million stock trading accounts, but after removing duplicate accounts, about 5 million investors remain, while investors who are active over a period of about 6 months number fewer than 1 million, compared with a population of more than 60 million. On system readiness, the SEC is working with operators, building on the system structure that already supports existing retirement products, and has not required that every operator be ready to provide the service at the same time. Service providers that are ready can join first.

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