Thailand Pushes TISA to Revive Stock Market as SET Awaits Global and Political Clarity
New long-term savings scheme proposed amid weak market and uncertainty over interest rates and domestic politics
The Stock Exchange of Thailand has put forward a plan for a Thailand Individual Savings Account, or TISA — a tax-favoured scheme modelled on Japan’s NISA — as part of a broader strategy to revive investor confidence in a market beset by a sharp fall in valuations and uncertainty abroad.
The proposal is now under review by the Finance Ministry, while investors keep a close watch on global monetary policy and domestic political developments that could shape the scheme’s future.
Under the proposed TISA structure, individual investors would enjoy tax exemptions on income and capital gains from shareholdings, encouraging long-term equity investment rather than short-term trading.
The SET is pitching TISA as a key complement to its new “Jump+” programme — a multi-year initiative to support listed companies in governance, sustainability, and business growth.
The combined reforms aim to attract retail and long-term investors, improve liquidity, and restore market confidence after the SET index slumped sharply in recent months.
Despite the promise, TISA remains at an early stage.
The Finance Ministry has not yet granted formal approval, a delay highlighted by the SET’s president as a major hurdle.
The hold-up comes as the country navigates volatile external conditions — including shifting global interest-rate expectations and the rippling effects of international trade tensions — while waiting for clarity on the domestic political front.
Recent political uncertainty has increased pressure on the central bank to consider further interest rate cuts, which could influence local investor sentiment and capital flows.
Market analysts argue that TISA, if implemented with favourable tax incentives and transparent regulations, could help revive Thailand’s capital market by encouraging savings over speculation.
However, they caution that its success will also depend on broader stability — including global macroeconomic conditions — and on whether investors regain confidence in the long-term growth prospects of Thai companies.
With the capital market already preparing legal reforms and enhancements to listing rules under its four-point recovery plan, setting TISA in motion — alongside structural reforms — would mark a significant step toward reshaping Thailand’s equity market dynamics and long-term savings culture.
The proposal is now under review by the Finance Ministry, while investors keep a close watch on global monetary policy and domestic political developments that could shape the scheme’s future.
Under the proposed TISA structure, individual investors would enjoy tax exemptions on income and capital gains from shareholdings, encouraging long-term equity investment rather than short-term trading.
The SET is pitching TISA as a key complement to its new “Jump+” programme — a multi-year initiative to support listed companies in governance, sustainability, and business growth.
The combined reforms aim to attract retail and long-term investors, improve liquidity, and restore market confidence after the SET index slumped sharply in recent months.
Despite the promise, TISA remains at an early stage.
The Finance Ministry has not yet granted formal approval, a delay highlighted by the SET’s president as a major hurdle.
The hold-up comes as the country navigates volatile external conditions — including shifting global interest-rate expectations and the rippling effects of international trade tensions — while waiting for clarity on the domestic political front.
Recent political uncertainty has increased pressure on the central bank to consider further interest rate cuts, which could influence local investor sentiment and capital flows.
Market analysts argue that TISA, if implemented with favourable tax incentives and transparent regulations, could help revive Thailand’s capital market by encouraging savings over speculation.
However, they caution that its success will also depend on broader stability — including global macroeconomic conditions — and on whether investors regain confidence in the long-term growth prospects of Thai companies.
With the capital market already preparing legal reforms and enhancements to listing rules under its four-point recovery plan, setting TISA in motion — alongside structural reforms — would mark a significant step toward reshaping Thailand’s equity market dynamics and long-term savings culture.
