New stimulus programmes are badly needed during the first half of this year and should help small and medium-sized enterprises (SMEs), many of which have yet to benefit from state spending schemes, says the Federation of Thai SMEs.
Federation president Sangchai Theerakulwanich specifically highlighted the government's Easy E-Receipt scheme offering tax rebates of up to 50,000 baht to people who purchase products from eligible businesses that are registered under the value-added tax system.
The scheme runs from Jan 1 to Feb 15, offering a tax rebate for spending at businesses that issue e-tax invoices and e-receipts.
The scheme is a good idea, but large companies, including international firms, are likely to benefit from it, said Mr Sangchai.
"We have yet to see clearly how Easy E-Receipt will significantly help SMEs. Its benefits seem likely headed to large companies," he said.
Mr Sangchai said previous stimulus programmes such as the 50/50 co-payment scheme could better direct help to those who need it most, including small retailers and low-income earners.
Under certain conditions, the government subsidised 50% of individuals' purchases.
"If the government launches new stimulus programmes in the third quarter, it may be too late to help some SMEs," he said.
Small enterprises are struggling to deal with the impact of weak consumer purchasing power and high household debt, as commercial banks adopt stricter criteria when granting loans.
Mr Sangchai also expressed concern about the government's plan to increase the daily minimum wage after Prime Minster Srettha Thavisin said the latest 2.37% hike was insufficient for some workers and vowed to initiate a more reasonable wage rise.
He said he also wants the government to speed up budget disbursement through state infrastructure development projects as it should help improve the economy.
The budget planning for fiscal 2024 was delayed for months as there was a lengthy process to form a coalition government following the general election.
"Budget spending will support the construction sector and generate new jobs," said Mr Sangchai.
