Bangkok, Tuesday 10 March 2020 - SEC has expressed its readiness to implement the cabinet resolution on establishing the Super Savings Fund (SSF) which has the policy on investment at least 65% of net asset value in listed securities on SET, saying that relevant regulations will be issued by 16 March 2020 including a waiver of fund application and registration fees for asset management companies.
At the cabinet meeting on 10 March 2020, the
cabinet approved several measures in the
first-phase relief package to reduce both direct and indirect impact of the
COVID-19 epidemic on the economy. In a move to restore capital market
confidence, the cabinet approved an additional tax privilege for people who
purchase investment units in Super Savings Fund (SSF) which invests not less
than 65% of net asset value in listed securities on the Stock Exchange of
Thailand. Investors are permitted to deduct an actual investment amount, but
not exceeding 200,000 baht, from annual assessable income as an additional
personal income tax allowance, separate from the tax allowance for investment
in Super Savings Fund regular, and not subject to the ceiling of the
tax-deductible amount applied to retirement-related funds. Purchases must be
made between 1 April 2020 and 30 June 2020 and investors must hold their investment
units for not less than 10 years. Other conditions shall be made as per the
notification of the Revenue Department’s Director-General.
SEC Secretary-General Ruenvadee
Suwanmongkol said that the SEC will (1) finalize the regulations establishing
these funds by 16 March 2020, (2) waive application and registration fees for
asset management companies, and (3) consider approving these funds by an auto-approval
scheme.