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BANGKOK, Nov. 4, 2022 /PRNewswire/ — In a observe as much as its new five-year technique launched final month, the Thailand Board of Investment (BOI) introduced right this moment new incentive packages together with, for the primary time, a set of particular privileges to help growth by lengthy standing buyers, a complete relocation program masking headquarters in addition to analysis and manufacturing amenities, and a primary bundle for funding in sustainable actions such because the manufacturing of hydrogen automobiles and the setup of electrical car (EV) battery swapping stations.
The measures, authorized at a gathering of the BOI board held yesterday, additionally embody premium incentives for industries involving innovation and excessive expertise reminiscent of biotech, nanotech, and superior supplies, help measures for the analysis and manufacturing of novel meals, the addition of latest financial corridors, or particular funding zones, in 4 areas of Thailand, and the introduction of a particular mechanism to enhance the benefit of doing business by addressing ache factors flagged by buyers.
“The incentive measures all reflect the strategy’s aim to upgrade our industrial capacity with a focus on high technology and innovation, to build the industrial base of the future and to make Thailand the center of international business and the technology hub of the region,” Mr. Narit Therdsteerasukdi, Secretary General of the BOI, informed reporters throughout a press convention. “At this critical juncture when the world is facing multiple crisis, we want to highlight Thailand’s strengths to help address some of these issues, such as food security, the search for renewable energy, and supply chain resilience.”
The 2023-2027 Investment Promotion Strategy introduced in October goals to assist restructure the nation’s economy and guarantee Thailand is revolutionary, aggressive, and inclusive because it competes within the publish Covid-19 world. The technique units to encourage technological development, the transition to inexperienced and good Industries, expertise growth, in addition to creativity and innovation, to strengthen the nation’s standing as a regional hub for business, commerce and logistics. The technique additionally units 5 sectors of strategic significance to industrial growth as precedence industries, specifically the bio-circular-green (BCG) sector, the EV provide chain, electronics manufacturing, the digital economy, and inventive industries.
Below are particulars of the authorized measures, and extra advantages which investments in designated sectors will obtain on high of the usual incentives, in response to the particular packages introduced right this moment:
Retention & Expansion Program
Long standing buyers, that means firms which over the previous 15 years have been granted funding advantages for at the least three tasks, with a mixed funding worth of not lower than 10 billion baht (ca. 265 million US {dollars}), and getting approval for a brand new venture or growth venture with an funding of 500 million baht or extra will obtain particular incentives together with an extra company revenue tax (CIT) exemption for as much as 3 years or a 50% CIT discount for as much as 5 years, relying on the kind of exercise.
“This is the first time the BOI is issuing a package to reward investors who have expressed confidence in Thailand and actively participated in our country’s industrial development over a long period of time,” Mr. Narit stated.
Relocation Program
The relocation program will grant an extra CIT exemption for 5 years to firms relocating all their actions, that means regional headquarters, analysis and growth (R&D) heart, and manufacturing amenities to Thailand. The firms relocating their manufacturing and regional headquarters will obtain extra 3 years of CIT exemption whereas these transferring their manufacturing and R&D heart will moreover obtain between 1 and 5 years of CIT exemption, relying on the trade. All the CIT exemptions apply solely to income from the relocated manufacturing actions.
Creation of New Industry Categories
To speed up the transfer to the brand new economy, the board authorized the creation of latest promoted trade sectors particularly sustainable actions, that can obtain particular incentives. The new classes embody the manufacturing of hydrogen automobiles, the setup of electrical car (EV) battery swapping stations, novel meals, natural meals, and so on.
With regards to renewable vitality, the brand new forms of promoted companies embody hydrogen manufacturing and associated actions, reminiscent of inexperienced ammonia, in addition to energy and steam era from hydrogen.
Advanced Technology Sectors
Premium incentives will likely be granted to investments in upstream industries entailing innovation and excessive expertise reminiscent of biotech, nanotech, and superior supplies that contain expertise switch and cooperation with Thailand’s increased training establishments and analysis entities. Such tasks, categorized as “A1+” within the BOI’s nomenclature, will likely be eligible, relying on the exercise, to 10 to 13 years CIT exemption with no cap. Wafer fabrication has been upgraded to this class and will likely be eligible for 13 years CIT exemption, up from 10 years beforehand.
New Economic Corridors
The board additionally authorized the designation of latest financial corridors as particular funding zones in 4 areas of Thailand, masking a complete of 16 provinces. Investments in such areas obtain a variety of incentives.
The 4 areas, specifically the Northern Economic Corridor, North-Eastern Economic Corridor, Central-Western Economic Corridor, and Southern Economic Corridor, will add to the present industrial and high-tech growth space referred to as the Eastern Economic Corridor.
Ease of Doing Business
The board additionally authorized the setup of a Sub-Committee on the Resolution of Obstacles and Facilitation of Investment, which, in cooperation with the Prime Minister’s Office and different state businesses, will function a particular mechanism to additional enhance the benefit of doing business by addressing particular ache factors flagged by buyers.
The new incentives will likely be efficient from January 2023.
For extra data, please contact:
Thailand Board of Investment
Tel. +66 (0) 2553 8111
Website: www.boi.go.th
YouTube: Think Asia, Invest Thailand
Photo – https://mma.prnewswire.com/media/1938187/BOI_SG__1.jpg
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