It is also strengthening competition mechanisms to support SMEs, improve liquidity and create a business environment conducive to sustainable growth.<\/p>\n
Supree Thongpetch, president of the Thai Small and Medium Enterprises Council, said the new rules were a significant step towards tackling SMEs\u2019 liquidity problems.<\/p>\n
Smaller firms, in particular, have faced lengthy waits for payment while having to cover wages, raw materials and other operating costs.<\/p>\n
Supree estimated that cutting payment periods from 60 to 45 days would return about THB250 billion in working capital to the SME sector.<\/p>\n
Reducing them from 90 to 45 days could release up to approximately THB750 billion in additional liquidity.<\/p>\n
This would allow businesses to use the funds in their operations, pay for raw materials and wages, and reduce their reliance on borrowing to sustain their activities.<\/p>\n
The measure aims to support more than 3 million SMEs so they can continue operating and compete more fairly.<\/p>\n
Assoc Prof Sudharma Yoonaidharma, chairman of the Trade Competition Commission, said prolonged waits for payment were affecting SMEs\u2019 liquidity and ability to operate.<\/p>\n
Shorter payment periods would help establish standards for business practices and reduce the scope for using trading conditions that disadvantage smaller firms.<\/p>\n
The Trade Competition Commission, an independent body under the supervision of the commerce minister, follows government policy to preserve the ability of smaller businesses in remote areas to operate by helping ensure they have working capital.<\/p>\n
Such capital is an important factor in economic and community development.<\/p>\n
The commission aims to enforce the rules in accordance with the law and the conditions set out in the notification, promoting fair competition while helping relevant businesses understand, adapt to and comply with the requirements.<\/p>\n","protected":false},"excerpt":{"rendered":"It is also strengthening competition mechanisms to support SMEs, improve liquidity and create a business environment conducive to…\n","protected":false},"author":2,"featured_media":665258,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,2897,113,61,60,8453,113129,12204,1667],"class_list":["post-665257","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-cash-flow","tag-economy","tag-ie","tag-ireland","tag-payment","tag-pressures","tag-smes","tag-thailand"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/665257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=665257"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/665257\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/665258"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=665257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=665257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=665257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}