The Finance Ministry expects the new tax-deductible retirement savings scheme, known as the Thailand Individual Savings Account (TISA), to become available in the next tax year, according to the Fiscal Policy Office (FPO) chief.
Vinit Visessuvanapoom, director-general of the FPO, said the ministry is preparing an overhaul of the TISA framework to increase flexibility and expand investment options for taxpayers.
The revised structure broadens the range of eligible assets beyond investments made solely through mutual funds, aligning with changing economic conditions and evolving investment technologies, he noted.
The ministry believes there are more effective monitoring mechanisms and a wider range of investment assets available, so it is considering allowing taxpayers to independently choose to save or invest in individual stocks approved by the Securities and Exchange Commission (SEC), said Mr Vinit.
The reform would allow individuals to select investment vehicles that best suit their financial knowledge, preferences and needs, he said.
The savings scheme is divided into two groups: independent management of stocks and assets approved by the SEC, and for those unfamiliar with investing or preferring fund management, mutual funds are available. The latter group may be subject to management fees.
Mr Vinit said the ministry is reviewing the savings limits and conditions to ensure they are appropriate. Previous discussions considered an investment ceiling of 800,000 baht, but this figure is being reviewed to match the economic context, he said.
The ministry is gathering opinions from relevant agencies to determine the most suitable conditions.
Regarding the timeline, the ministry aims to finalise all details and regulations as soon as possible, allowing taxpayers to begin purchasing and planning investments under the new framework in the next tax year, said Mr Vinit. The ministry intends to announce the scheme in advance so people can plan their finances before the launch, he noted.
The TISA scheme is part of a long-term review of the government's revenue and tax structure to align it with the medium-term fiscal framework, said Mr Vinit. The Revenue Department is considering the issue in tandem with the country's revenue generation system to identify appropriate tools for generating sufficient income to support national development and sustainably provide public welfare services.
