Bangkok, Wednesday 4 March 2020 – SEC Secretary General Ruenvadee Suwanmongkol said : “Following the issuance of regulations establishing Super Savings Fund (SSF) on 3 February 2020, and in order to facilitate asset management companies to promptly sell SSF units to business operators as soon as possible, the SEC has introduced an auto-approval system for non-complex SSFs. As of 4 March 2020, SEC has approved a total of 17 SSFs”.
The
Ministerial Regulation on Revenue Tax Exemption granting tax privileges to SSFs
and the Notification of the Director-General of the Revenue Department providing detailed rules are published in the Royal
Gazette, respectively. Meanwhile, the Association of Investment Management Companies (AIMC) would prepare a notification
of investment unit redemption systems, to be approved by SEC. This is to ensure
that asset management companies have standardized work and also ensure that
they are consistent with conditions for tax privileges.
The investors
investing in SSF units could get tax deductible for up to 30% of assessable
income, but not exceeding 200,000 baht. When combined with investing in retirement
mutual funds (RMF), pension insurance premiums and other retirement-related
funds, the maximum tax-deductible amount is capped at 500,000 baht. Individual
taxpayers are not required to make contributions every year. Moreover, SSF provides
policies allowing the investors to invest diversely. They can invest in equity
securities, debt instruments and alternative assets. Investing in SSF units
offers an alternative, especially for those who have just started their careers
and for those who are saving up for long term financial security, as they can
choose to invest in different investment policies to suit their risk appetite.
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